to think most people will work till they're dead and won't see retirement age?

[tugging]

Ok massive generalisation but I see a lot of people talking about how they're 40 or so and have 20 + years before they retire.

As a society, we're more sicker, more stressed and more busier than ever. These things would shorten your life expectancy. I can't imagine working till I'm nearly 70- I'm not even 40 and I'm already knackered! I think I'll be dead before I reach retirement age. I know so many people who have died before 60. They never got to retire and enjoy a work free life.

I know people can retire earlier but not many people have a decent pension that i know of and are forced to work till they're nearly 70 or till ill health.

Yep! My DH and I are buying a house and we've had to factor in working til 75 as part of that. We both have jobs we can do flexibly. Doubt we'll both make it much beyond that 🤷🏻‍♀️

Hopefully not.
I grew up around here, I know most of the neighbours from childhood, housing built in 1972 mainly bought by newlyweds 20's. Most older neighbours are 70's.
There are a lot of widows or couples living with someone who has dementia or requires lots of care.
It's only the lucky or really healthy who have a spring in their step.
The difference is shocking.
Enjoy the moments on the way.

The average lifespan in the UK is 79 (men) and 83 (women) as of 2020.

At 40 as a woman you are at the midpoint of your life. Barring health issues (which are usually lifestyle culprits) there is a lot of living to do between your 40’s and retirement age.

Perhaps less looking forward to slowing down and more activity and momentum is needed.

Just my opinion 🤷‍♀️

I agree with you, although I think there’ll be a clear societal divide between the haves and the have nots.

The haves will have large inheritances....many of my peers (in my 40s) have parents and even grandparents still alive, who are sitting on million pound plus houses, or very expensive housing with inheritance money from their own parents/family, in the bank. Several peers have parents who own multiple properties too. If they do inherit this and realistically there’s no way it will all go on care home fees, then they’ll be very wealthy and can count on this. Ditto for those who have mortgages paid off due to inherited wealth or have moved from an expensive area to an inexpensive area. Several of my peers are very confident they’ll be retiring in ten years time due to inherited wealth.

Then you’ll have the have nots like me. I have a very good job but private pensions aren’t great and I pay in loads extra. I won’t get much inheritance by the time it’s split with my DB and my DH certainly won’t get a penny. So I’ll have to work until retirement age. My job is very stressful and pre COVID required lots of travelling, which it certainly will again one day. I can put long hours in and it’s not a job that I’ll be able to reduce hours in either.

Given my own DM died young; pre current retirement age, I expect a similar outcome and therefore to die in service. My own health isn’t great, due to a long term condition and I don’t believe my body will cope with another 20 years of this. I also have a parent to look after, without help and I expect this to become a significant workload in time, looking at the family history profile on their side.

On the plus side, my DC will benefit from the death in service payout, so hopefully that will be life changing for her, so she doesn’t have to work herself into a grave! I’m so convinced that this will be my outcome, I genuinely don’t even worry about it

Yup. No pension to speak of, no expectation of living to a great age. I'll be working until I drop, sadly.

YADNBU

My family are very short lived, none have seen 70 and I'm meant to retire at 67.

They became very 'old' very quickly and I'm following in their footsteps, with musculoskeletal problems dogging me since my twenties.

I have dutifully paid into pensions wherever I've worked and so far, the combined total of projected forecasts won't pay my current council tax, let alone be worth much at all in the future.

I can't see me surviving long on state and combined pensions, without some sort of job on top.

@YukoandHiro

Yep! My DH and I are buying a house and we've had to factor in working til 75 as part of that. We both have jobs we can do flexibly. Doubt we'll both make it much beyond that 🤷🏻‍♀️

Yup that's our main issue too. It's going to take forever be pay off the mortgage.

Lupinhere37 I'm very much in the have nots group too.

I’m not even employed and have no pension. I’m 48 with a 4yo, fuck knows what I’m going to do about it. All doors seem to be closed at the moment

Retirement doesn’t suit a lot of people. If you enjoy what you do and can still do it why give it up. My grandfather was a farmer and worked into his 80’s. He wouldn’t have known what to do with himself otherwise. It was his life.

I retired but it didn’t suit me either. I went back to work in a different profession after a couple of years off work. I’m not forced to work money wise but can see me doing something for a good few years yet.

YANBU. I'm 30 and definitely won't be able to afford to retire until I get my state pension, which probably won't even exist by the time I get there.

@Pyewackect raises an interesting point. I think there’s a lot to be said for working a job you love, or one that you can see yourself more happily doing for the rest of your days. I adore my job, which makes it easier to know life expectancy for woman in my family is 65, and my state pension isn’t due until I’m 69.

YANBU.

I’m a teacher and contrary to public opinion will not have a great pension or lump sum (pensions were changed 10 years ago) so those of us in our 40s and below will need to work to state retirement age.

I grew up in poverty so there is nothing for me to inherit, everything I have ever wanted/needed I have had to buy myself. The one positive of this is I made very sensible decisions and put finical security over ‘fun’ in my 20s therefore by the time I’m 55 I will be mortgage free.

I agree with a PP. I don’t think I’ll live to see retirement age. Me dad passed away at 50 and my mum has been in extremely ill health since 40. My life insurance premiums are sky high but my children will have a very decent pay out and with my pension will be in a good financial position. I too accept that and feel quite pleased!

I agree and am fortunate that I am expecting to retire early 50s in the next few years as I started my pension at 16 and have worked full time. It isn't a DB but will mean I can comfortably get by.

I have seen far too many people not get to state retirement age or died soon after.

I think that financial literacy should be on the national curriculum. Ive always been scared of never being able to manage on a state pension and started paying into my private pension from a young age. Hoping to retire or at least work PT in 5 years.

I am 66, If I had stopped worked when I got to pension age I would have worked for the best part of 51 years, given that a lot of people don't start work now until after uni even a state pension age of 70 will mean that a lot wont have to work for as long as me in fact it would only be out 48 years of work for a lot of people.

My current circumstances is that I got a promotion last year at 65 so am still working, however my DH did retire at 65, got a job volunteering in a charity shop, then 2 days paid work, then paid full time manager and now at age 72 runs two shops, I don't think either of us will stop work at the moment, DHs Dad worked until he was 72 my dad worked until he was 84

A lot of people seem very clueless about financial matters. I totally agree that it should be on the national curriculum. I'm always a bit when people post that have got no pension at 50 and don't know what they're going to do about it. How does that happen? 30 years of potential working life have passed and nothing to show for it pension wise. If you've chosen not to work that's a different matter - it shouldn't be a big surprise. Teaching financial to all at school would help prevent people ending up like this.

I’m wondering whether the type of job you have makes a difference. I’m exhausted now teaching full time and I’m only 42. I can’t imagine how I’ll feel at 68!

I agree, for a lot of people retirement is going to disappear. I don't work full time because of my mental health but I can see myself ever being able to stop working. Even my pension age is likely to move. It was 60 when I started working, it's 67 now and I expected to see it change to my early 70's at some point.

Now with the changes to pensions no longer requiring annuities I am hoping people do save for retirement more.

Even a small amount can help bridge that gap between retirement and the state retirement pension age and quite frankly you cannot assume you will be able to carry on working in good health until you are almost 70.

A lot of people seem very clueless about financial matters.

I disagree, I think a lot of people bury their head in the sand about pensions etc when in their 20s and 30s, retirement seems a long way off and they are too busy 'enjoying' themselves. When they hit their 40s and realise they've made no provision for retirement, they look around for someone to blame, and inevitably go for the easy option - it is their schools fault.

I think there will be an expectation that we retire later than the previous two generations - which I think is completely correct. Healthy life expectancy has increased enormously and the state pension was never intended to cover two or three decades of paid-for retirement at the end of your life. If we’re living much longer then it stands to reason we should work longer.

As an aside, if you are not even 40 and “already knackered” then that’s probably something to visit your GP about because that really isn’t normal or healthy.

I think there will be an expectation that we retire later than the previous two generations - which I think is completely correct. Healthy life expectancy has increased enormously and the state pension was never intended to cover two or three decades of paid-for retirement at the end of your life. If we’re living much longer then it stands to reason we should work longer.

As an aside, if you are not even 40 and “already knackered” then that’s probably something to visit your GP about because that really isn’t normal or healthy.