To be worried how I will manage to work until I am 67?

[brasty]

I am in my mid fifties. I already get more tired than I used to when younger. I wonder how I am going to manage to work full time until I am 67 years old. And continue to do my share of cooking, cleaning, family stuff and actually having some fun.

Sproglet, what's that plant? Just curious. You can PM me.

There you go OP. This poster's dad is still working full time at 70.

And I know someone who smoked 40 a day and lived to be 85 so you might as well have a fag while your at it. FFS

Dignitaries or similar is in my future. I'm guessing around the age of 70 I'll be pursuing that as the final option. I honestly don't mind. As long as my kids are left with something I'll be very happy indeed. I look forward to the long sleep.

Another one who is hoping euthanasia is made legal by the time I can't work any longer ( kind of the futurama suicide machines, choices are: quick and painless, slow buy painful and megadeath)

*Dignitas

sleep I have thought of dignitas too. And I am close to my late 20s than 70. I really do hope euthanasia is legalised by the time I want to die.

I would rather try to be as healthy as possible for as long as I can by keeping fit and by the way a positive attitude and keeping worry at bay will improve the chance of you feeling better in general

More clever little tips! How to avoid serious illness and disease now...

I really upset my sister when i flippantly said that my long term plan is to work until I can't. Cash out my entire pension. Take a dream holiday to the USA and then buy a gun.
I know it's a pretty grim thought but there's a big chunk of me that thinks it might be the realistic option.

I think that many won't be able to work post 60 (as an example age)

They won't be "employable" = JSA
They won't be able to work = ESA
(or JSA if not fairly assessed)

Those with savings will deplete them entirely.

Those with houses will have to sell and move to cheaper areas, and then deplete their savings.

New rules could be made to force people to take private pensions from X age before they can get JSA/ESA - and thus deplete their savings

When you have nothing left but JSA/ESA you will be entitled to subsidised housing if facing homelessness. But this housing will not be self contained as we would expect now, but more shared housing options.

Or... the economy does go in cycles. Perhaps some of the people worrying now will retire when the economy is in a good state (Britain rich through leading the way in AI, perhaps...) and be looked after well.

There are plenty on this thread who don't have a spare penny retirement planning - you have my sympathy. But there are other people who do waste money on crap, or nice but unnecessary things (I'm looking at my fingers tapping on an iPhone SE when I didn't need to upgrade from my 4, or have an iPhone at all) and we need to take responsibility for saving. It's too easy to say "one upgrade won't make any difference". I'm not suggesting we have no fun in life, or that a phone is the difference between a paid off mortgage and not. But a lot of people - not everyone - could be saving more.

It's like anything in life, it's all about priorities, and for us, preparing for old age was something we thought about years ago

Until serious and unexpected life changing scenarios pop up and get in the way of well laid plans. See previous posts.

My well laid plan of having a comfortable old age fell by the wayside when I was forced to give up work to care for my very disabled daughter. My pension never got fed any cash so I have £20 a month
from my pension that I prepared and thought about 40 years ago.
I had planned to work till I was 60. Never happened. I was thrust into the financially unrewarding life of a carer. Short of putting my disabled child up for adoption (which of course I would NEVER have done, only saying it to make a point) there was nothing I could do, pension wise to secure my financial future. And now they've whipped my state pension away from under my feet.

Feeling undervalued.

Oh god I don't think about this tbh. We're in the US just now and I dread to think what will happen if we stay here. They're so indoctrinated to start planning for the future here, we will be screwed. Even returning to the UK, I'll have no pension and DHs will be small. He thinks he'll just keep working until he 80 or so as a consultant or something, but he hasn't factored in ill health in his plan. Not sure what we'll do. As soon as I work again I'll start a pension up, but I'll be limited by caps.

I do think that housing will change massively. Many more older people looking to rent individual rooms, and many more older people needing to let them out to boost income.

Perhaps there'll be policy adjustments to encourage that. The rent a room scheme already allows quite an income tax free.

Perhaps if you own a home, you won't be able to claim any pre-retirement benefit (JSA/ESA) if you are assessed to have an empty bedroom that isn't being offered at market rate. A sort of form of bedroom tax.

I think there will seriously have to be a system like oz, 15% of whatever they're at now, put away for pensions, that the employer pays. Actually that reminds me, i have a bit of money ina pension there

Possibly Beachy Head for me. A.K.A. Undignitas.

Yes 20 year olds to get a pension of £12,700 at 66, have to pay in £350 a month every month, and more if the stock market performs poorly. That is for a pretty modest pension, and beyond many people to pay that for 46 years. Is that right? By my reckoning saving £350 a month for 46 years would give you a lump sum of £193,200 without any interest being added (or return on investment of some sort.) So some of that money is earning interest for 46 years. The first year you would have invested £4,200 which at an interest rate of 3% would be worth £16,665 after 46 years, next year would be worth £16,173, in total at 3% a year that would give you about £410,000. Surely you would get more than £12,700 income from £410,000? That would be a 3% return but then you wouldn't be touching the principal. A good IFA would get you more than 3%.

Hmm having kids and working part-time has screwed my pension.
My boss was moaning because one half of her and her husband's pension (his pension, not hers) would 'only' bring in 1300 per month! She tells me to save more but she's on double my salary with no kids.....

grannytomine I googled about pensions and this was an example given. It was based on average returns over the last 15 years.

I’m no financial advisor, but my understanding is that most pension forecasts are based on annuities, that are a complete rip off.

As an example, one of my pensions is a very small pot of £14,000, which will give me an annuity of £500 a year at 67. I’d have to live to 95 to get my money back.

Drawdown will be better, I can take £1000 a year till I’m 81, I reckon I won’t need much by the time I’m that age anyway.

Keep in mind if you retired at say 60, you’d need 7 years of higher income, then you’d get your state pension, so you can lower the amount you draw out of your pension accordingly.

I’d get some financial advice if I were you OP.

brasty, I think my calculations are right at 3% and I know my private pension was doing much better than 3% over 12 of the last 15 years, I retired 3 years ago. Maybe they were trying to scare people into saving more. The first figure is easy enough 350x12x46 and that definitely gives you £193,200 and with compound interest at 3% it should easily double so I don't think I can be far out.

Well, considering the average life expectancy is over 80 and rising, it's unreasonable to expect to retire in your early 60s, if the taxpayer is going to have to maintain your lifestyle.

That's just the reality of it. The retirement age should have been gradually increased a long time ago.

Drawdown, yes that was what I was trying to think of. If you were taking £20k a year from that £410,000 it would last you over 20 years and that is without it earning any interest.

I can't work til 67, I'll be exhausted, i'm going to rent out city house and live in another cheaper version of the same thing but in the country and live off savings and the difference until state pension kicks in.

I don't feel as sorry for the 20 year olds as the 50 year olds - albeit on this one issue, I'm not trying to argue which has it harder financially overall!

But the 20yo's start with pension uncertainty and can plan.

I'm mid 40s. I joined a company with a final salary pension scheme that paid a lower salary than another job offer I had - thinking long term.

In 15 years, my pension has gone:

• final salary
• final salary but now I have to pay a larger contribution for same benefit
• career average with still higher contribution, lower accrual years and take it 5 years later (65)
• defined contribution with yet a higher contribution and the pot that was career average now only available at 67

(and my state pension has been put back)

When we went to defined contribution my pension projection became 2/3 of what it was. Bear in mind that's 2/3 and now a theoretical number based on stock market, not 3/3 and guaranteed.

I have lost the opportunity to save more, because during the time I was being pretty sensible opting for a lower salary in a FS scheme and choosing the highest contribution option, it was all before FS schemes started being closed.

World's smallest violin for me because I'm lucky to be in a position to save into a pension, and I'm crazily lucky to have a portion of it locked into a FS scheme (with that FS frozen)

But I wanted to point out the moving goalposts situation.

When I was 20, I thought - pension pension pension.

To my 21yo SD, I'd say - prioritise a mortgage over a pension so you'll have somewhere to live, even if it is cold and rundown as you age!

I feel really sorry for people where the changes have come too late for them to make different choices.

Today's 20yo, for example, might not take the SAHP earnings break that their parent did.

Time to debunk this myth that we can't afford our state pensions.

If HMRC addressed the problem of uncollected tax there would be a substantially greater amount of revenue available. According to the latest available official figures, tax avoidance accounted for £2.7B and tax evasion £4.4B, and the total estimate of uncollected tax was £34B.

That's BILLIONS.

tinyurl.com/y95a8w25

I don't absolve the previous centrist New Labour administration of all blame as they were collusive in the state pension age increase, but I do blame the current administration for perpetuating the myth of 'no magic money tree' when there patently is money available if they want it to prop up their mandate.

Vote Corbyn.

I also reallly want to know what this common suicide plant is too ! I remember reading the Oryx and Crake books and the Toby character had a whole loads of natural remedies I loved it

Can the lady who was PM , PM me !