To ask when realistically your will retire?

[SleepDreamThinkHuge]

Do you think you can retire before 65?

And if you cannot retire before 65 do you think you will be able to work less hours (part time) topped up with your state pension and still afford life?

Anyone else think retirement will be a myth especially if you retire in the 2050s where the projection is that the retirement age will easily be 70 plus. The thought of people having to work at 70 is quite a sad sight.

Currently 52 and have no intention of retiring. Less about the money but more about the fact that I can't imagine spending 30-odd years (my bloodline have all lived into their 90s) doing....nothing.

It's interesting that you associate retiring with doing nothing.

I won't be sat at home doing nothing when I retire.

Doing…. nothing….. Well, let me see.

I volunteer two days a week for a community transport service for older and disabled people. I’ve recently spent two (separate) full days singing with different groups. I belong to to two choirs, two book groups and a mindfulness meditation group. I go out with a walking group once a month, and DH and I walk on our own. We attend various social and cultural activities and events. The week before last, we met up with friends for a day on the beach. I also have time to read, to learn about things that interest me, and looking after the house and general life admin can be done at a much more relaxed pace.

Retirement does not mean doing nothing.

Of course, different people enjoy different things, and some interests cost more to engage with than others. But there is plenty going on that is either cheap or free, if you have the inclination to look.

I'll probably retire about twenty five minutes before the doctor calls time of death.

Not by choice but because I won't have the money.

I was a teacher for over 25 years. Also a foster carer to one child. I retired from teaching at 56, got pension at 60. I am still foster carer for foster son. DH is going to retire between 60 and 62. Probably go part time after 60. We have saved to o be able to do this and be will get state pensions at 67.

This is how I envisage retirement! It's certainly what my mum and her husband do. Quality time doing only the things they want and like and enjoy.

Surely that's what retirement is for!

I won't be retiring until 67 I don't think.

For my first decent job with a final salary pension when I was 38, which is a good job really. I will come away with something semi-decent.

A big lump sum and a decent amount each month when there is no mortgage to pay.

I don't mind though. My job is not stressful and I could easy do it into my 60's.

67 when I get the state pension.
And of course people will retire. No one is physically able to keep on working. It is why workhouses used to exist.

Weird post 🙄

If the people you speak of can answer the following questions with “no”:

1. Have you retired early at taxpayers’ expense?
2. Are you whining about the state of the nation’s finances whilst simultaneously taking out more than you put in?

Then yes, of course!

You sound really bitter and uninformed Wombat. I took a 40% pay cut to move from private to public sector, exactly the same job, same professional skills required. I work every bit as hard as I did before but without the gold plated travel (international travel was the reason I chose to leave, I was tired of it) and six monthly bonus (on top of salary loss).

I had a final salary pension scheme with 14% employer contributions in the private sector, defined benefit scheme with 17% employer contributions in the public sector.

The increased employer contribution doesn't reflect anything other than the actuarial assessment of the scheme meeting its liabilities.

Not this again. No, you can be assured that I m not ‘bitter’. Nor am I ‘uninformed’.

I’m not sure what point you are trying to make. A generalised moan about how hard public sector workers have it? That’s irrelevant to the specific issue, which is this: somebody retiring early on a public sector scheme, who is likely to be funded by current taxpayers for 30+ years, is in no position to whinge about the parlous (apparently) state of the country’s finances and scaremonger about there being no state pension available for people currently in their late fifties.

That you had a final salary scheme in the private sector makes you extremely unusual, but once more that is irrelevant. Public sector DB schemes are almost all unfunded and hence are paid for by current taxpayers.

As I said, completely uninformed.

Oh dear. You’re clutching at straws now. All because you didn’t understand the question and you’re embarrassed.

True dat

Currently 52 and have no intention of retiring. Less about the money but more about the fact that I can't imagine spending 30-odd years (my bloodline have all lived into their 90s) doing....nothing.

Doing nothing?

I’m retired. I’m no less busy than when I was working. The difference is that I am busy doing things that I want to do.

My father was retired over 30 years. He often said that he didn’t know how he ever found the time to go to work.

Lovely post, which has made me smile. 🙂

Retiring at 57. Mortgage will be paid off at 50. I have a very good DB pension which I’ll take at 67 and S&S ISA to fund between 57-67. Fingers crossed all goes to plan & we stay healthy.

I went through an individual pension review session at work where they gave me a projected retirement date based on current expectations (68) and a potential projection based on the way thing may change economcally in the country (72). I'm inclined to believe the latter and anything earlier than this will be a bonus.

I think the situation is particularly hard for my generation (I'm 44) as we've seen parents retire in their 50s and really exploit the golden years period, living tremendous lives, travelling, volunteering, spending time on hobbies... I know this isn't the case for everyone and I'm trying not to generalise but certainly this is my observation and we're far from middle class in my family. I am the baby of the family and have older siblings with an average 15 year age-gap. Both of them retired at 55 and keep telling me that I need to do the same. That I owe it to myself and it's the best thing they ever did. That I can't work for "the man" all my life and there are so many things I could be doing and it's best to enjoy it while I'm still healthy, fit and able.

I try so hard not to be jealous but it does creep in. The lifestyle they lead will not be available to me yet they don't see their position as privilege - it is something that is owed to them. I suppose retirement was never meant to be like this - it was based on lower life expectancy and gave people a few years of stress-free living before they popped their clogs. Now it is seen as a rightful stage in life, to be enjoyed. We're heading back to the old way and this is the transitional generation.

I absolutely love my job, and have said on more than one occasion I want to do it til the day I die. I just cannot picture retiring.

That said, I really want and need to earn more money than I do at present, so maybe I’ll feel differently if I have a role that I don’t enjoy as much as I do this one.

I’ve worked at my current company for 19 years, and have done my current role for 9 of them because I love it so much.

Couple of years, around 50. But been out of the UK a long time and can't imagine living there so probably do another 5 in Saudi and earn enough to pay for private health care and care money in the bank. Could probably make 900k in that period. But where we will live? No idea. Husband is a pilot so grounded from 55 so will probably buy a smallholding somewhere in Europe or Turkey.

Im planning to retire around 60. Our mortgage will be paid off at 57/58 but hopefully sooner if we make overpayments. I’d like to move house to a nicer area but it would ruin our retirement plans so I’m ignoring that urge.
We both currently pay as much as we can into our pensions, I can take at 60 but it’s an NHS one so won’t be massive.
Part of our retirement plan is using future inheritances to hopefully allow this, we’ll hopefully be able to invest and keep it safe/earn a bit to allow us to do this. My parents retired at 65 and unfortunately within 5 years they have become carers for elderly relatives and have had to put much of their lives on hold.
We try to live for the now rather than the future whilst aiming to retire at a good age to travel, learn new things and hopefully help with Grandchildren

Agree with this.
It's not doing nothing all day, it's doing what you want to do all day, all week, all year.
Choosing what you want to do which in my case is loads, a few examples- holidays, hobbies, gym membership, motorcycles, NT membership, Cinema membership, volunteering for a local animal charity, family stuff, a large social circle - we have quite a few retired and semi retired friends.

Why is it sad that you spend your time doing something you enjoy?

I got tired of full time employment at age 33 and left to work freelance. Took a hit in money but now make the amount I need in my current situation with time to look at other things, creative things, ways to generate income, and work out how to fund retirement that way.

Please don’t write mea culpa - it’s pretentious and annoying, also a little unhinged.
As you were.