To dread retirement

My Mum is 71 and still working a 45 hour week, told me the other day she may give up in a few years but maybe not. Me on the other hand will retire the second I can.

Have you put your pension figures into entitled to . Com to see if you will get any help towards your rent? As a renter I also worry about my retirement so I understand.

It's all very well saying how things should be but this is op's life and she has to grapple with how things actually are

If you live in a council property could you exercise right to buy?.with the discount it might be affordable if you have a decent pension and you take the top lump sum?

I would find a way to work part time for a bit whether in your current job or find a different one that you can do part time

You can use the period you work part time to find some volunteering opportunities and build up a new network

I love retirement. When I worked full time I thought I wouldn't retire at 65 (retirement age here), but I took voluntary redundancy at 59 and loved my taste of freedom so much I never worked full time again. My days just fly past, even though I'm not really doing much, and I don't miss work at all. I live alone and rent, but I've always led a simple life.

Again there’s a lot of talk of people continuing to work. How marvellous! Why wouldn’t you want to keep busy, staying at home - gosh how boring! Yes
lets expect those who have worked their socks off to keep working and to continue to pay loads of tax whilst those who have never/barely worked still get everything paid for.

If you have worked and paid your taxes it should be a choice, it’s moving to not being a choice but a necessity. To pay for those who don’t and/or have never contributed.

I’ve got an idea - if you’re over retirement age and work you pay NO tax on your earnings.

Start to think about hobbies and all those things you wanted to try to do but never had time for. Start to look forward to it and plan for it. In the first year I will... and in the second year....

With respect you are overthinking.I know lots of retired people who go on to do something really different like working in a supermarket or as an office clerk in a school, and love it. Different from their original job, but still interesting to them.

As for activities - things like U3A, volunteering, gym etc - I would love to have time to explore all the things out there to do.

I agree that we are heading to a real train crash of people renting in retirement as younger people can't get on the property ladder, but a civil service pension after 35 years is the absolute definition of working paying off. A final salary pension + state pension will be a reasonable income.

I have to say OP I hear you and unfortunately your story is going to play out over and over in years to come. People like you who have worked all their
lives but haven’t been able to buy are now stuck paying rent and expenses and have a basic standard of living which is not dissimilar to those who haven’t and continue to get a lot paid for plus additional benefits.

I don’t concur with many on this thread who are basically saying that of course you’ll get taxed etc and should be happy with what you’ve got. Although I sound concede a council property is very safe.

This theme of working hard but this not seeming to pay off in retirement, or indeed through people’s working lives, is a big problem. Why will people give 30+ years of working to be marginally, if at all better off, than someone who hasn’t done this.

IMO going to work should pay significantly more and lead to a better lifestyle than not. We are at a crunch point now, it needs to change and fast.

You are in a really good position, you have secure housing and a good pension. You also have the ability to keep working if you want to, or you could go part time to ease yourself into retirement and see how you find it.

Ah, you live in a council property. You are better off than a lot of us then. Secure tenancy, repairs and maintenance all paid for by the council, cheap rent. You say it's well-insulated. Lucky you I say. A lot of people will still be paying mortgages into our 70s, as well as having to pay for the maintenance of our homes, or private renting. You are fortunate.

You need proper financial advice from a Financial Planner. Things are probably a lot better than you think.

@citygirl1961

I think maybe your anxieties are muddling your thinking.
You come across as thinking your neighbour is better off because she gets her rent paid. But you will have your state pension and your CS pension. You are not going to be worse off at all.
I'd suggest the first thing you do is speak to a financial adviser about your specific situation so you can have a clear and accurate prediction of your situation.

I left the civil service 18 months ago under redundancy. I will be 60 this year. I have taken a preserved pension a year early which represents about 60% of what will be my final civil service pensions. Add on my state pension and at 67 I will be comfortable - not multiple luxury cruises a year type comfortable, more caravan in Wales type of comfortable. Which is fine because I like caravans and Wales.
I am single and do own my house but whilst I have no rent, I do have to plan for maintenance of my somewhat wonky Victorian terrace.
I haven't retired as such, I'm now a full time foster carer as I do need to earn income until I'm 67.

Most of my social life now is breakfast and lunches with friends. But I do go to the cinema and theatre a lot, never minded going on my own.
I look for exhibitions and events at museums and art galleries. Yesterday evening I went to a free art exhibition on my own and ended up having lovely chats with the women from the Ukranian Women's group and a woman who had collected stories of people who had come over on Windrush. On Thursday my city is having a big event to celebrate VE day, all free. I'll go and have a mooch and probably end of talking to some random people and having a thoroughly nice time.

There are literally endless opportunities for volunteering - it's not all charity shops. I'm part of a Good Neighbour scheme - I go and visit someone who is housebound once a week, we have a natter and a cup of tea. Its an hour or so out of my week but is a vital contact for him.
I do have a cat, an allotment and a son. I'd wanted an allotment for years and got it several years before I really had time for it but I'm glad I planned ahead, it takes up a lot of my time and Ive made friends with other plot holders. The boy is away at uni so doesn't take up much time.

You have 3 years to plan, forget the worries, in your ideal but realistic world what would you hope your life to look like? What do you wish you had more time for now? What are your passions and interests? Now is the time to start building some contacts and networks, to find out what's happening in your community and to get involved.
Shift your mindset to start thinking about the opportunities retirement could bring you.

I think you need some professional pensions advice. I imagine work will provide this. As I understand it you don't have to take state pension at 67 - you can defer it and it will be bigger when you do eventually take it. Ditto work pension.

Don't think too hard about the future.
Live in the moment.
If your too busy worrying about the future you can't enjoy today.

There are loads of things you can do on retirement. You can't work forever.

If you add the current state pension and your company pension together , is your salary much more than that ??
is your flat council ir privately rented?

There are loads of things to do. Look up your local U3A group. Volunteering, loads of different things and groups, just ask at your library. Go on tours with a theme. DH read a lot and listened to podcasts about the Plantagenets, so we planned a few days in France going to some of the sites associated with them, which made a holiday a bit more interesting. Earlier this year we started going to a beginners line dancing class, which is good fun, sociable and with the dance in the City is Ours, is becoming fashionable again. For the first time in my life, I am ahead of the curve. We were self employed and thought we would work for at least 5 years longer, buy the collapse in high street footfall forced us out earlier than planned, traumatic at the time, but so glad we did now. Embrace it and enjoy it while you can.

So not defer state pension for every year you defer you recover the income in 8 years once you retire - even considering paying tax you are better off taking it and investing / savings / spending

Take up volunteering

Ah you didn't say you were In a Council place.

Even better then. You wont be evicted by a ll selling up or significant rent increase.

You have a private pension. And state pension. You can. Keep working or go pt or retire.

You have plenty of options and are in a good position.

I don’t know why OP isn’t addressing this frequently asked Q either. OP is lucky she works for the CS as they will accommodate her as I know some employers can get funny with more mature staff. OP could then just retire with a larger income with more years worked and then stop once she feels it starting to become taxing.

There is no compulsory retirement age for civil servants. Why can't you go on working, if you want to?