To ask when realistically your will retire?

[fertilitybs]

I mean realistically as in, you have a pension or other provision that is set up and tracking to meet your target.

What age will you be able to give up work and what will you do after?

Also how much is your provision tracking to give you as an income?

Mid-70s I imagine. Hopefully just part-time though by then. I'm not horrified by the thought, my pension won't pay enough, my mortgage won't end until I am 70 (unlikely to be able to pay it off before) and to be honest what I've seen of older relatives, working has kept them young.

Hopefully at 55, in 5 years. The pension i started paying into at 23 is on track, and the various workplace pensions Ive had are adding up. Saving as much as I can over the next 5 years to get as much as possible in the pot.

I kind of retired this year, in that I was made redundant on furlough and I can't be bothered to look for another one.

DH retires next year, so we will both be then retired, we will be swapping like for like income and lifestyle wise thank God, and thank God for final salary schemes, we also have a very decent savings pot cooking away in the background, plus my state pension I am eight years younger, so no doubt they will have moved the goal posts by then , IF my mother dies without needing nursing care then I will have a decent enough inheritance.

We spent years on our knees financially, but stuck at the pensions, the fact that we have managed it, is still a matter of incredulity to me.

Im 58, very much doubt before 67. I work p/t . We have good pensions bit dpnt want to start yet. Im hoping dh will go p/ t at some time .

I'm 53, I like working and having a good income. My state pension retirement age is 67. I plan to work until 70, maybe have some PT years after that. My job is intellectually stimulating but not as knackering as teaching or physical work so I think it's feasible as long as I retain my mental alertness.

Just bought a house with my boyfriend and will be paying the mortgage off until I'm 68. I'm planning to buy extra years from my workplace pension in the next year or so and have just started paying into a SIPP this year (better late than never!).

I'm prone to depression and think not having the structure of a working day could easily start a downward spiral in mental health. Boyfriend is self-employed so plans to work in some capacity forever.

59 soon. If I retired at 60, not sure how I would keep myself active and engaged without the focus of work. I live alone and children are completely independent. In that case would like to continue working four days a week when my private pension kicks in. I consider myself semi-retired in the sense I changed career to something far less stressful.

When I am dead....

I think this illustrates another divide in our society. Those who'll be able to afford to retire relatively early and those with no prospect of ever being able to retire. Probably some correlation with other divides, e.g. house owners and renters.

Sometime between 57 and 60, depends if they change the rules about when you can start drawing down a private pension. It’s be a fairly simple life but I prefer that tbh.

But I had an extended break from due to health and family issues and I know I am likely to be bored in retirement as I need more purpose and stimulation in my life. So it helps me to think of that time as a “mini mid-life retirement”. Especially as both my parents died relatively young (late sixties/early seventies), so I do feel I’ve had some time for myself.

So I am about to start retraining today get into a line of work I’ll get a lot from that I can do until I’m about 70, part-time at least.

Kind of depends on dp. He's older and has private provision so I may be in mid 50's

I'm expecting to be able to retire at 65. I am mid thirties and have a decent pension with my current employer. I'd expect the income the pension will provide to be around a third of my salary now, however I expect to be mortgage free by around age 45 and plan to have some additional investments. I'm not relying on state pension as I worry it will be means tested and high income people like DH and I may not receive it or may only get it much later on, age 80 or something. I dont expect to have the level of disposable income I have now but expect my costs to reduce with no mortgage.

I rent, no chance of buying or any inheritance so I'll be working for ever more. They'll probably find me dead at me desk 🤷‍♀️

@Corrag

I think this illustrates another divide in our society. Those who'll be able to afford to retire relatively early and those with no prospect of ever being able to retire. Probably some correlation with other divides, e.g. house owners and renters.

Mine is down to divorce.

If I hadn't have divorced I would have been retiring by 50.

We’ve planned for 55 although we will continue to receive income from our properties. Currently both 30.

Oh and we plan to travel a lot!

Won't be able to retire as not home openers, and our pension despite working so hard is pitiful....

I don’t expect to ever be able to retire. We’re low income, can only afford to pay minimum into pension (and that’s a struggle and we make cut backs to do that). I am retraining to be able to earn more as there is no future in what I do, so hopefully that will improve our outlook!

I'm kind of retired at 49. Will start to take 'Defined Contribution' pensions at 55 and then 2 'Defined Benefits' from 60. The defined benefit pensions will be worth around £27k per year. I have a few very part jobs to keep me occupied. I'm now going to live off my savings until I'm 55. I appreciate I was born in an era of very lucrative pensions.

I am currently targeting 62 so about 10 years time. The mortgage will be paid and the DC through school and uni. Combination of occupational pensions, BTL income and DH qualifying for his state pension. I may well cut back on work before that and I may continue to work part time after that.
I don't think I will fully retire, I will be doing something either voluntary, studying or self employed but I won't be obliged to work to pay the bills at that point.
I agree with a PP that these threads do highlight the divide in society between those who were in a position to plan for their retirement and those that could not (often because of circumstances beyond their control).
I do think an issue within society is that a lot of the planning and big decisions are made by those who can prepare, who do have financial security and safety nets. Occasionally someone posts "we are all one pay cheque from disaster" type of comment - that is simply not true - most of the Cabinet and Shadow Cabinet probably aren't in that position. Most CEO's aren't. Most Senior Civil Servants aren't.

I don't work because we'd be no better off if I did unless I worked under 10 hours a week, and I don't see those jobs available, DH is 67 and a gardener, he's looking to retire before winter as it's getting harder to do his job. We think with his state and workplace pensions we'd be no better off.

We'll have paid off the mortgage in ten years (mid 50s) and both kids will have been through university. Will probably start cutting hours at work then (pension permitting) and gradually winding down, but hopefully sometime in my sixties. Possibly early sixties if it works out.

There's definitely a huge divide between young people not owning a property & if they do getting on the ladder later & with a much heftier mortgage & then people approaching retirement with BTLs to fund it. That's before you even look at the difference in pensions.
The government are going to have to look at increasing asset taxing &/or making people pay for care in their home because it's not going to be sustainable to just target income tax.

70 I imagine. But that doesn’t worry me too much. My parents are both late 60s still working (by choice) and don’t seem any different than they ever did. And their parents were similar, so it feels doable.

I’ll have a great pension by then, and hopefully me and DH can have some nice times travelling thereafter! Fingers crossed.

I'm not sure I will. Not because I don't want to. I'd retire last week if I could.

I'm 42 and have a variety of pensions from various jobs. Only ever contributed the minimum apart from my current job, but I don't pay that much extra. Not expecting state pension until at least 75, if at all.

The only thing I might have going for me is that I am due a nice inheritance, but of course this is not guaranteed. Anything could happen to mean my parents have little to pass on.

My first 15 years of civil service pension are paid up and I can take that part at 60, so I’ll consider going part-time then depending on health and financial circumstances at the time. For the rest I have to work till 67 (also my state pension age).