When do you plan to retire?

[deebyhi]

Just thinking... I'm 40 and the thought of this job full time for another, what... 20-30 years is filling me with horror.

We have a small mortgage as we've only had one house (about £150k left).

I pay the minimum into my pension.

I have three young kids.

What's everyone's plan? What should I be doing now? Clearing debt? Overpaying mortgage? We do have a credit card that we are paying off (few thousand).

The thought of doing my job at 70... it just can't happen haha

Lurking for ideas. My work pensions don’t pay out without penalty until I’m 67. I have an nhs one and a teachers one so I’m hoping they’ll be good and maybe I can take them early and have a bit less each month

my mortgage is paid off. No debt. I save about £700 a month

Aiming for 62-63 at the moment. (Currently, I am in my mid to late 50s.) Me and DH have got quite a lot saved, and have got a few good private pensions between us. If DH (nearly 60) was made redundant, he would get about £60K. That would add to our savings that are roughly the same amount, and we could both retire at 60-61 with the other stuff we have, (some private pensions - and our state pensions.) If he is not made redundant, it will probably be 62-63.

It's strange. At 40, I'd have been horrified at working this long, but I'm 63 now with no plans to retire because I really like my job.

I've done the maths on both of my pensions and whilst I'd be better off going at 68, I've watched my parents deteriorate suddenly aged 68-70 and a I'm not working until I drop dead or can't walk any more. Husband is the same, but he actually gets his 26yr military pension this year so I think he's he's going to save that each month and live off the wages of his next job. Then he'll fully retire the year before me.

Two of our four pensions will be actuarially reduced by leaving at 60 but the mortgage will be paid off when we're 50 so the biggest bill will be gone long before then.

If the state pension is still going when we get there, that'll be six pensions coming into the house, which at the moment would work out to be about £60k/yer before the massive tax bill we'll have to pay on so many incomes.

Aiming for 57 or 58. I have a very good LGPS which I’ve been paying extra into. I’ll take this early. I get less for taking it early, but it’s still plenty. I also have an old teachers pension that I can take at 60. Mortgage will be paid off. No way am I working to 67 or 70!

God, I wish!! I can't afford to retire. I work in an office and will be carried out in an archive box, then I'll have to work in a garden centre and be carried out in a grow bag.

I’m hoping I can do things the wrong way round - in an ideal world I’d like to take at least five years off - maybe more - hopefully in late forties early fifties but starting at 50 at the absolute latest or I’ll be running into the chance I might already be ill or dead. Then, if I’m still alive, go back to part time work to fund my retirement. If I can’t work then it’s equity release.

I need to make sure I have enough qualifying years for full state pension before I do this but I’m unlikely to see the benefit of it so I’m planning on the above instead.

I'm 45, I've been self employed for 10 years and have only just started paying into a private pension this year. Previous to that I paid into work (nhs) one but mostly only worked part time then when kids were little.
We have 100k left in mortgage and no debt except 1.5 k on a credit card which we should get paid off in the next 6 months.
Dh has paid into a private pension since he was 20 and he's 51 now.
I have a flat I rent out which I have about 60k equity in. I was over paying instead of a pension but thats going to get hard in the next few years.
I was hoping for early 60s when dh retired at 65-67 ish. But I think realistically it will be we both work reduced hours from late 50s and work well into our late 60s. Dh has a very physical job which to be honest he's going to struggle with as he gets older.
It's suddenly seems to have hit us ! When we look at the pension statements it's not much a month. So definitely won't be able to until state pension kicks in and who now's when that will be!
Once this credit card is paid off we really need to get some proper advice.

I'm 67 and still working. Don't intend to retire this side of 70. Ideally not then. I like working and don't want to stop until I absolutely have to.
If you don't enjoy your job now you're not likely to enjoy it 10 years from now so change it whilst you can.

Yip, I'm the same.

To be honest I doubt I'll retire this side of 70 and I'm 51. I have £50k left on my mortgage but earn rubbish money (civil service job, manager, less than £30k).

If the Queen's worked till she was over 80 and Charles working over 70 perhaps the retirement age should be over 80.

Oh we have no mortgage too. So nothing to pay there!

Are you having a laugh? 😆

I'm mid 50's. I've taken the route whereby as my income has gone up and expenses gone down, I work less. If I'd carried on as I was, I would have ended up burnt out. No point having £££ in the bank if you drop dead of a heart attack!

Rather than just working full time and retiring at a specified age. I will keep going and just reduce my hours over the coming years. Yeah I'd love to give up work completely but I can't afford that. Although I say that, it's quite possible I would miss it after the initial euphoria wore off! It does keep me in a form of routine and the jobs ok.

Hopefully 60 (2.5 years away) but with a job a couple of days a week that I love doing. I would try and put more into your pension if you can - it's surprising how much that adds up.

Your tax bill isn’t anything to do with the number of incomes it’s the total income that matters and who it goes to. Assuming the £60k is a roughly even split between the two of you your total tax bill will be about £7k per year.

I’m aiming to go at 62 latest (in about 30 years!) which is when DH will likely retire at 65. We’re pumping money into our pensions where we can and hope to have paid off our mortgage by 55 so could potentially go earlier if things are in our favour. We want to be able to go on posh holidays in retirement so would rather work a few extra years to afford this.

I've just moved to a (hopefully) much less stressful job at nearly 60. I like working and hope I can stay until I'm 67.

we are aiming to pay the mortgage off this year (£30k to go!) so I will be 44-45 and DH 49. then get as much into our pensions as we can (alongside the crippling university costs we are looking at if they both decide to go).

we both love our jobs. I hope to carry on until late 50s- early 60. DH will carry on into his 70s I think. that way we can try to give our kids a good head start too.

Aiming for early retirement, before 60. Preferably 55. Late 30’s now and partner is a high earner and putting 32% in (3% employer). Huge tax savings on putting money into his pension now and he can’t do his job into his 60s he’ll be burnt out by then. The idea is to work hard now but make sure we can enjoy it later on when the children are older

I'm 60 now and planning on doing my best to get through the next 3 years working to pay mortgage off, then I'm definitely retiring at 63I want to retire while I'm still fit and healthy

Queenie had access to the best healthcare the world could provide, long lived genetics and a life of privilege.

My genetic lineage includes familial diabetes, cancers, strokes, osteoporosis and various other things that'll affect my quality and longevity of life if I develop them in the way most of the family have. By 70 I anticipate requiring both hips replaced and various chronic conditions plus cancer.

I'm going to have a bit of fun before that shit goes down.

I'm 43, my teens are growing up very quickly and I don't want to miss these years with them. We have a major extension to build then hopefully can use savings to pay off mortgage. Then my plan is to take shorter term contracts ( 9 months) and spend the other time with my kids or only working 3 days a week. We rely on my wages but without a mortgage to pay I can work less to make time for teens. When they don't need me as much I'll be around 50 so a good few years of saving before semi retiring. I've worked since I was 14 and paid into my pension from 27, and I want to travel and see the world.

Perhaps what you need is a career change if doing your current job fills you with dread? I'm 42 and have just left my last career of 20 years. Could retire now BUT instead I'm retraining to do a different job to keep my mind active and also to do something I'm really interested in. Hopefully can keep at that until I'm in my 60s. I also need better work hours now I have family.

Just think, if you are not working and surviving day to day on savings you will not have much money coming in and everything will need to be budgeted and any unexpected expense super stressful! Also you will be very bored after a short while I am sure when you can't really spend money to keep yourself entertained! So maybe try reduce your recurring outgoings like mortgage (rates now so high!) and other unnecessary expenses so that you can make do on less, and plan on doing something different for the next 20 years which is still bringing in money but maybe won't feel like you are working so hard?

@deebyhi
Research FIRE = Financial Independence Retire Early

• Check your State Pension Every January https://www.gov.uk/check-state-pension Far easier to resolve issues promptly.
• Review your annual pension statements
• Educate yourself about how your pensions work and keep up to date with tax rules etc.
• Understand actuarial reduction - it just means a different way to take your pension.
• Remember you do not pay NI or pension contributions on pensions - just tax. Use a gross to net calculator to understand the difference.
• Try to pay off your mortgage early - depending on the overpayment rules and savings interest rates either overpay monthly or once a year. Even £10 a month makes a difference. Once it is paid off put the payments into savings and investments.
• Each time you get a pay rise (if you get one) split it into 3 1/3rd overpay mortgage 1/3rd long term savings 1/3rd use for day to day living and treats, holidays etc.
• Maximise your savings and investments but remember life is for living.
• Think about how you can phase into retirement e.g. 4 days a week then 3 days. Remember the income you lose is the part that has the most deductions, Again a gross to net calculator can help.
• Think about what sort of lifestyle you want in retirement e.g. first decade very active, second less active etc. so recognise you may reduce savings more initially.
• Research what you will need in retirement - there are usually guides published regularly https://www.which.co.uk/money/pensions-and-retirement/planning-your-retirement/how-much-will-you-need-to-retire-aNmlv7V7sVe9

Honestly I just don’t think I ever will especially now there is talk of 70’s for srp. I think I will be a DDD drop dead at my desk 😅47 now and have paid into an occ pension since early 20’s but don’t think that will be enough to live on