Can you do your current job until 68?

[CrystalVision]

Me and DH are trying to work out plans for the future. I'm 44, he's 48. I'm high up in an office based professional role (think Head of HR) and he's a builder. I'm trying to get to a Director position as I think I'll be better protected against younger (cheaper) whippersnappers doing my job but I feel like this will be completely exhausting in even 15 years time, never mind 25. It's even worse for DH as building is a young persons game (his words). The reason we're worrying is that we've recently moved and to afford it, the term is currently running til we're 73. Obviously we're trying to overpay and will reduce the term when the five year rate ends, but it's got us worried that we won't be able to work at the same rate we do now when we start to approach retirement. Two kids (4&6) so at the point we might be looking to drop hours, we'll be part funding university! Are we the only ones in this position??

In theory yes because I'm office based but in all honesty I work with people aged 20-80 & those over 60 haven't really kept up to date with technology & it's extremely frustrating for the younger cohort when we have to do things like phone to let someone know we've sent them an email because they don't check them regularly.

For those over 70 there's definitely a marked difference in the speed that they work at so it takes them longer to complete tasks which has a knock on effect on the workload of younger staff.

I'd like to think that if I was at that stage I'd realise & retire, the issue is financially people won't have that option so essentially by continually extending the state pension age (there is no statutory retirement age anymore) the government are forcing people to remain in the workforce who aren't fit, physically or mentally, for the job.

And that's before we look at the capabilities for driving safely at such an age - if the state pension age goes above 70 they'll need to revise the expiry of a drivers license the day before you turn 70 if people are still going to be commuting to work at that age.

Disclaimer: I know some over 70's are capable of working & driving but the fact is the majority of those that I know aren't.

Surely you paid into the Teacher Pension Scheme during your 40 years teaching ?

I’m a uni lecturer. I’d like to think I could go to my early 60s, maybe 65. I mean I’m not sure I’ll be as switched on and good at my job but 🤷‍♀️

I agree. There comes a point with money vs health, where you work out what is "enough" retirement income to live on and keep the wolf from the door, while retaining your sanity.

I'd rather not work at all in my 60s, but if fate deals a kind hand, any of us to could fall into an unexpected role we love, doing something totally left field, unexpected and stress and commute free.

I did, but I worked part time for the years that all of my children were young. It was quite small.

The thing I found difficult about working into my 60's in a stressful office job was my memory wasn't as good as it was and remembering loads of different things at once became more difficult.

I'm an early years teacher and SLT so ideally I'll move into consultancy.

I'm a pastoral behavioural support worker.

I'll be impressed if I'm still able to do it at 50!

Completely burned out at 63 then had a virus that left me with complete heart block so no, I didn’t get to 68.
I’d had a premonition shortly before that I wasn’t going to live long enough to get my state pension at 67 too 🫣
Luckily managed to get the mortgage paid off so survived on very little for a few years.

I think my job is the sort of job that could be done by a 68 year old if it stays as now

But I dont know about my personal health and how technology will change the role. I'd actually be amazed if it still existed. It seems very likely for AI to take over.

You're not meant to last until 68, just plan. That's when the state pension (currently) kicks in. It may not and I'd really not plan for that to happen.
So if you want to retire earlier than that you need to save money.

How're your pensions? Hopefully you are maxxing those as that's the key to stopping early. The mortgage should naturally get easier as time passes with increased income / same repayment level making overpayments much easier after the first few years.

I was director level in financial services and it's (mainly) a younger persons game. Ill health didn't help. Thankfully we paid off the mortgage with redundancy and overpayments and had good enough pensions to quit early. We're living on a lower budget now but still have a decent standard of living and it's definitely worth it.

I’m the same age as you and went to 4 days a week after having children. They are teenagers now but I just don’t feel like I could cope with working full time but can hopefully work part time for longer. I think I’d rather do this than work full time over less years. I have a pretty basic lifestyle though and a small house, so I won’t have to fund a massive mortgage or fancy cars etc. You would also have the option of ‘downgrading’ your lifestyle if you don’t want to work in a high powered job into your 50/60/70s.

Absolutely not. Consultant anaesthetist I’m currently part time (32 hours a week) and plan to carry on until 60, job is very stressful and literally people’s life’s depend on me. Not sure I will be sharp enough by 67

I'm a music teacher, and could go on as long as I wanted to (and still getting results). I have colleagues who are 71 and 78, both doing 2 days a week to supplement their pensions. I may do something similar.
Edited to add - DP and and I met and had DC late. Mortgage term ends when I'm 68.

Physically - yes, I will have to, its office based so should be ok. Mentally? I work in MH for the NHS and there is no way I can last another 10 - 15 years unless there is a miracle.

No way on earth. Teacher.

I think so, yes. Mine is part-manual, part desk-based, but it is the desk-based part that tires me most. Whether I actually want to is another matter.

I plan to stay in the same company but go part time in a less stressful role. Maybe two days a week and term time

Nope. I’m a headteacher.

The physical and mental load is just too much. 2 weeks in and I’ve got heart palpitations and poor sleep. Not the pupils - nasty parents/WhatsApp/keyboard warrior emails.

Currently not sure how I will manage until 50!

Yeah I basically sit on my fat arse all day telling people not to do stupid things and sending shitty emails. It’s my natural habitat.

Definitely, I have no plans to retire.

I am self-employed though so I just plan to work a little less as I get older, especially as I don't have much of a pension.

I’m 52, local govt. employee. I’m hoping to work until 55 without having to take ill health retirement, I’ll keep taking the tablets and hope that I can stay healthy for the next 2.5 years. I’d be surprised if I can work until 60, 67/8 no way that will happen. But that said I’m in a completely different situation to OP, my DC are 22 & 24 and we paid the mortgage off in 2018.

I am 63 and work 2.5 days a week, my husband is retired. We are/were both teachers. I think the difference is that we paid off the mortgage at an age where OP is buying bigger. Our house is small but it does mean we can retire and for that I am grateful. For me 60 was when I suddenly felt to hit a bit of a wall and although I had plans of keeping going I think I will stop this year.

I love my job and although I am knackered at 50, have no plans at the moment to finish before 67. Dh, however, who has one of those posh jobs with lots of travel, plans to retire at 60. I think this will be great. He loves cooking and domestic stuff, but never has time (usually because he is in another country, not just because he'd rather watch the telly in the evening), which means I will (hopefully) have a few years of going to work and knowing that for once I am not responsible for cooking, cleaning and laundry. It will be ace, like having a butler.

In theory.