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

I'm planning to reduce from full time to 2.5 / 3 days a week from 62, then hopefully retire around 64/65. A few people at work have died suddenly in their early 60s, and I would like to spend at least a few years not working. If I could afford it I would retire now 😐

i remember having a discussion with someone about an acquaintance who had to retire at 55 due to their work, ie police and the person said Imagine being thrown on the scrap heap at 55.
their words not mine

This thread has inspired me to start tracing my old workplace pensions, so thank you! I'll know more then, but I'm assuming I'll have to keep going till my early sixties. I think that might be okay if it can be fairly part-time.

I'm the same. Couldn't wait to retire at 64, but when the time came just carried on. I'm 66 now and absolutely fine, in fact no plans to retire at all.
I did drop to part-time, which did help. But once the children leave home it actually becomes easier.
Don't over-anticipate or worry because it'll probably be easier than you think.

Living in the height of luxury with servants and 24/7 healthcare whilst signing papers and chatting with subservient ministers isn't work. If the monarch chose to do nothing today/this week/month (and some would say that is their life) whilst swanning about in their latest forever home they can.

Having recently retired I wish I could have done it earlier. No one on their death bed wishes they worked longer. You don't know how long you will have good health for.

a former work colleague has a brother who left the police at that age. He was DCI, had a lump sum of 250k and a substantial pension. He isn't yet ar State Pension age but had invested in rental properties which he sold at a substantial profit. He lives in a nice house and goes on exotic holidays. No scrap heap there but able to live a comfortable life in good health.

55
At 18 I set that as my goal. I'm 49 now.

I met someone recently who at 18 set his retirement at 60 and he was v.happy he had. I hope you succeed

Oh dear.
Sorry to use your post as an example but Over paying your mortgage is not necessarily the best route and evidences the incredibly poor lack of knowledge about finances that is prevalent amongst the general public.
If your mortgage rate is particularly low, you will do better investing in other methods that generate a higher income than the cost of your mortgage. Ie let the mortgage 'be' and make your money work for you.
I think information about SIPP in particular is woefully poor but it would be. You're getting 'free' money off the Government.
I'd advise everyone to get educated on finances, pensions, ISA etc etc

Duplicate

@Squirrelchops1 I understand what you're saying but I do think there's a psychological benefit to chipping away at the mortgage with overpayments. I certainly wouldn't throw all of my spare money at it, I invest in a S&S ISA and my pension too but we still overpay the mortgage a bit each month. Only by £100 or so most months but it's quite gratifying.

Same. I'm in my 70s and no chance of retiring sadly

DH was burnt put at 58, so retired just before his 60th. Luckily his pension covers all our basic bills/breaks away (no rent/mortgage). He had another small pension which he's taken as an annuity which will cover remaining household updates/some holidays abroad.

I left one of my small part-time jobs at 58, about to leave other.

The we see it, if you can pay the basic bills, have interests/hobbies you're passionate about and a good social circle, then enjoy.

I do understand that. Sounds like you've a good idea of broader financial stuff. I'm more worried about people with less awareness.

A few people on here say they intend to keep working. Does work offer you some validation or are you just happy to keep going? If you weren't there do you think the place would shut down? Not being contentious just curious to know. If you found out you only have x amount of time left (and in fact you do only have a finite time) would you still go to work?

I carry on working because I enjoy it. It's intellectually stimulating, gives me new problems to solve and keeps me in touch with lots of different people. It gives structure to my life and stops me being bored and boring.
My parents both worked to over 80 and so did my grandparents. It kept them young and engaged with the world.

I'm now training younger people in my field and that's great too.
And I get paid.

i carry on working because i dont have a mortgage, i have rent

DH and I plan to retire together- he’s 18 months older than me so will go when I turn 60. We have no plans to move which means that our mortgage will be paid off - and both kids through university- when I’m 51. We’ll save our mortgage payment for 8 years which we’ll be able to live off comfortably for the following by 7 and probably downsize. I suspect I will also do some consulting which is usual in my line of work.

I have an LGPS pension that I will be able to access at 67.

neither of us are expecting large inheritances- DH is one of 5 and my parents are having great fun spending mine!

@BlackBean2023its not your inheritance , it’s their savings!

I was being facetious- like I say, we’re not expecting an inheritance; our retirement plan is our savings.

Plan? In this country? Whats the point? I’ve made so many plans over my life. None of them turned out the way I expected due to social change. We are living in turbulent times. You just respond as well as you can for as long as you can.

What age are you (how close to retirement)?
I agree that things change and have a habit of not turning out how you imagine but it is always best to have a plan and then adapt it as necessary.

From the day I left school, I always planned to retire at 60 and as I went through my 40's & 50's I did everything in my power to facilitate this.
Then, things changed when having just moved house (into what was to be our retirement home) I was offered the opportunity to leave work (with a generous package).
Did the sums and realised that taking my pension at 57 was going to mean we could live very comfortably while not having the stress of work, commute & office politics. Best thing I ever did.
It also meant a change of life for my OH (who is 3yrs younger than me), He wanted to continue working but left his FT job and moved into another field completely and now works 2-days/week.

Not my original plan but turned out better.

I’m not really interested in taking future retirement advice from an early gen xer/ late baby boomer.

Yes things have changed. Quite a lot.

Those of us younger have never had your life chances and opportunities. We never will.