If you're mid 40s when are you planning to retire?

[Replays]

Call it Monday blues after a sunny weekend but I'm starting to think how many more Mondays to go!

When are you hoping to retire?

I'm mid forties, have been in the public sector for about 6 years and have a defined benefit pension (career average) accruing. Previous bitty pension pots currently sitting at a grand total of 50k (I need to consider consolidating, maybe?)

DH in similar (but slightly better at this precise point in time) position but reverse - now private sector with contribution based pension.

Can't access workplace pension until state pension age (currently 67). I'm a few years off qualifying for full state pension, according to the forecast, so that should be easily achievable.

I had just assumed I'd have to work right up to 67, but being in the public sector it's rare for people to be currently working past 60 today, and lots go partial late 50s. (Old pension scheme!!). If we do retire at 67 we should be ok, mortgage will be paid off, kids early 30s...

But I'm now thinking what can we do to actually have some chance of retirement earlier when we're still fit & well.

Or do we decide to 'enjoy' life more now rather than try and save more for an early retirement.

I know people will range from having barely anything to million plus pension pots, but it's not something I've ever discussed with anyone in real life.

Have a look at the FIRE starter thread over on the Money board. It's really, really interesting.

I am mid 40s, it will be 70 at least I imagine as I'm expecting the state pension age to go back further. I do like my job so I don't mind but would dearly love to cut my hours, anytime from now really!

Never. Unless I’m physically incapable I expect I will continue working. What else is there to do?

I'd like to retire when I'm 60 but it's looking like I'll have to take medical retirement in the next few years.

@CarolinaWeeper

Have a look at the FIRE starter thread over on the Money board. It's really, really interesting.

Oh that is interesting - thanks! I have bookmarked for later

An example of the kind of thinking I'm going through right now - I really would like a nice garden dining table, can envisage evenings of food & family & friends outside, but would that £700 set I've got my eye on (0% over 12 months!) be better going towards investing for retirement

@Hdiebfhs

I'd like to retire when I'm 60 but it's looking like I'll have to take medical retirement in the next few years.

Sorry to hear that, yes that is obviously a consideration for us all.

I am early 40's and thinking of either:

1. Going back to work FT and saving really hard (I work off the idea I will need £30k a year in today's money) so I can retire at 58; or
2. Stay working PT and having a bit more time to myself and with DC now but not retiring until around 63.

I am fortunate that I am in a job where I can be quite flexible with hours and I have colleagues in their 70's who work a few hours a week (mainly ones who did not save towards a pension though!).

I have always been pretty good at saving into my pension - my parents drilled that into me from a young age - but it is astonishing how much you need to save to have a modest retirement from your 60's (which is what my parents have).

I am not going to wait until state pension age, that's for sure. It will probably be 70 by the time I get there.

I wish I had a defined benefit pension - maybe I should consider a move to the civil service 🤔

My DH ‘enjoyed life now’ but always put quite a bit in the pension pots each month. We never really saved much as rubbish at saving but didn’t worry too much as long as the pension pot was growing. We’ve just retired aged 52 and 55.

Never. Unless I’m physically incapable I expect I will continue working. What else is there to do?

Everything! Travel, read, craft, exercise, look at the view, take a picnic, visit a gallery, laze in bed, watch TV, meet people, potter, garden, skydive...

I hope to retire c60, like OP I won't get workplace or state pension until 67 but will use savings to bridge that gap

I’m 48 and recently realised I want to go not long after 50.

DH is 10 years older than me and I want to enjoy his 60s with him, travelling mainly but just enjoying life, developing hobbies, seeing friends and family more.

Mortgage will be gone this summer.

I’ve done lots of calculations over the last year that made me realise it’s possible. We might consider part time or short contract work but I think I am nearly done with my (quite stressful) job.

Everything! Travel, read, craft, exercise, look at the view, take a picnic, visit a gallery, laze in bed, watch TV, meet people, potter, garden, skydive...
I greatly doubt I’ll be able to afford to travel on a state pension and I’ve never earned enough to afford a private pension. Reading, exercising, gardening etc are weekend activities not a full time occupation. When I retire I’ll be broke, not enjoying myself. It makes sense to keep earning for as long as possible.

I’m 49 and DH is 52. Our youngest is 14 so pre pandemic, we were planning for when we were 57/60 respectively. Now, with increased job insecurity, we’re attempting to rejig our plans to bring that forward a few years just in case we don’t have the choice due to redundancy. The plan is to work interim contracts until we can access our private pensions but who knows what the market will be like when push comes to shove.

Approx 60. I have a reasonable teacher pension I have been paying into for 24 years so far and an AVC I started 22 years ago, which should make up for anything lost in my years of part time hours after having kids.
I can take it at 60, but everything from 2014 is not.going to mature until I'm 67, so it will be reduced if I take it early. But I'm planning to retire then, do a bit of tutoring or work somewhere a few hours tto supplement my pension until my state pension age.
13 years to go!

I'm early 40s and am going to increase my pension contribution to 32% (incl. Employers Cont) for a couple of years.

By doing that now it gives me the option to go part time later on.

If I go part time later on I will have enough to live on and cover essentials and have some holidays.

Part of the plan would be to take a lump sum cash amount and buy a rental property which I have not looked into.

I'm assuming drawing work pension at 60 as I have Chronic health issues but may be later.

State Pension would then kick in from 68.

Is it possible to have more qualifying years accrued towards your pension that actual years of work? For example, could person a have 15 qualifying years if he only work 13 years?

I think you also need to be realistic about what your pension pot will buy you. A pot of £100,000 will only get you around £2,500 pa. To get £30,000 pa you will need a pot of around £1 million which is out of most people's reach!

Just realised this is an old post!

I'm mid 40s , don't imagine it'll be feasible or even especially desirable to retire before I'm about 70. I pay quite a lot into mine each month, DH has been freelancing for years and I'm not sure had saved any pension in that time. We have a fairly valuable house, so could release a lot by downsizing. My line of work may allow me to move pt for a bit before retiring, but I imagine I'll keep going through my 60s.

When I take my last breath.

Please can you link that @CarolinaWeeper

I'm in a good job, with a good salary, good housing situation and pension in a good state too. However, I'm in a situation sadly where I can't see a clear path to retirement.

I'd be OK with respect to my own finances. The problem is DD career and her choices. She has min wage, only occasional work and lots of expenses (arts/media area). To date I've been supporting her. I couldn't do that if I retired. Hopefully she'll be able to get something more stable. She has made really poor career choices from financial perspective.