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.

I reduced my hours to 3 days a week at 44 and will retire at 60 which is 2 years away.

I do not have a big pension but i do get disability benefits.

I actually need very little money to survive - i have no mortgage, low council tax, i am economical on fuel (although this is scary at the moment) and many of the skills i need to take care of my myself such as basic mechanics and home maintenance. I just fitted a new kitchen that cost me £120 for paint and glue grout etc and £280 for new worktops, all the tile, units etc were free on facebook. I'm using my slightly higher income now to ensure i am well set up.

I rarely buy new clothes or anything else and my food bills are around £20pw

People tend to focus on maximising income but if they start looking at minimising outgoings your financial outlook and seem very different.

I know this will not solve everyone's situation but it is worth a serious look

I think people need to remember that if you own your house, you need to allow for some big expenses between say age 60 retirement and dying age 92.
Over those 30+ years even if your good at budgeting, you will probably need lots of house stuff done still. Potentially new roof, windows, rewiring, heating system, new kitchen appliances etc. Your car if still driving, paying for extra dental stuff. Loads

There’s a lot of hype talked about an ever increasing state pension age.
pension age increas3d as life expectancy increased.

however for last 5 years,life expectancy has stagnated, and last 3 it has fallen a lot.
Thenissue the government has to balance with increasing state pension age is that people become sicker- we live longer but longer with more health issues. This makes working difficult of not impossible, particularly with people who do manual work. If people loose their jobs in later years before retirement they find getting work almost impossible.
The result of this is that these individuals then have to claim other benefits to meet that gap between being un-employable due to health and fitness constraints, and state ensign age. It also closes jobs to younger generations. Unemployment will massively increase in. This isn’t actually any benefit for the economy- it merely moves people form pension benefits to unemployment benefits and that is actually more expensive.

and that older age group tend to be more right wing and conservative voting. The very party who’d be most likely to further raise pension age. They’d be shooting themselves on the foot.

I think people need to get into perspective that the pension age was increased by 3 years (ok, much more for women but that was in the name of equality and an entirely different shitty situation). This pension increase of 3 years was announced 20 years before it is actually going to happen, with a sliding rise for pension increases announced more than 20 earlier. If you are in your late 40 or 50s it is highly unlikely that your pension age will change again as many people seem to think. Whilst the rise is ,imho unacceptable particularly to manual workers, it wasn’t announced overnight and hasn’t been constantly increased year on year as I think people seem to believe.

Yes, my in laws keep stressing this - they have a very good retirement income - but need to pay out on house etc. They are fit and healthy into their 80s and still want to holiday, go out etc, have 2 cars ....

I'm supposed to retire at 67 but would love to retire before 65. It won't happen though as I'll struggle for money having left my husband last year (I'm 58).

I know there will be exceptions, but I can't see loads of companies wanting employees 67+ years old, so I goodness knows where we're all supposed to work and earn a decent wage until we can afford to retire.

Yes which is why it is important to look at your expenses and write down what you spend.

We have a car fund for another car as we know we will need to replace one in retirement. We also plan to holiday in arrears so what we have as excess from the previous year we will use for holidays which will mean if we have had a big bill one year it will mean cheaper holidays the next.

I think it's interesting seeing the different responses from different generations.
I have very little faith that there will be any meaningful state pension or NHS when I am old. We have just taken out a mortgage that will run until my husband is 70 (I'm younger). I cant really imagine a scenario in which we can afford to retire before 70.
In contrast, both my grandparents retired before 60 (and are all still alive 30 years later. It is conceivable that their retirement will be longer than their careers). My parents are on track to retire at 60.

So true Lizzie. Ive got enough to have a comfortably life and still save a bit. I obviously cannot spend as much as if I were still working, but my way of life now is priceless and takes precedence over material items. I spent a terrible time after my husband died, struggling financially when I still had a mortgage. When I turned 50, I knew my next chapter saw me needing to escape the rut I was in. x

Anybody else agree that both men and women should be eligible to retire at 60?

Missisipihallelujah

If you look at the National stats, the average age that people now die has increased over time, due to better health care & improved living standards (not including covid) to 80+ for both men & women

So, no I do not agree that the state pension age should be 60

I’m really struggling with this. There is ALWAYS something I didn’t budget for. I’m constantly saying ‘well that’s a once in a decade thing’ but there’s so many unexpected expenses, that aren’t essential food and clothes, but aren’t anything close to luxuries either. Smoke alarms, printer ink, the extra phone bill to sort out a bank mistake (cost me 30 quid!) my kid’s passport, replacement dog harness. I can’t not buy these things, but they’re not in any budget either. I’m only noticing because I have literally no contingency at the moment. I hate to be retired and discover how much of an impact they make.

I'm aiming for retirement by 57. Currently attempting to max out my pension without going over the lifetime allowance... We'll see how that goes 🤣

Agreed. I was planning to go at 60 anyway, which was the earliest I could claim my work pension without penalty. My mum then passed away when I was 56 and I got a substantial inheritance. So it seemed a no-brainer when the voluntary early exit scheme was announced 2 years later to go for, especially as my job was going die to restructuring. Never regretted it.

7 months ago aged 53 . Tip don't spend more than you earn. Get a good financial advisor even audition them. Save, do without, don't buy designer labels. It's a car not a status symbol.

People tend to focus on maximising income but if they start looking at minimising outgoings your financial outlook and seem very different.
The trouble is in a couple both of you have to have this approach. DP is an Amazon Prime-addicted, buy it on the never-never, “what’s a bit more mortgage?” type while I’m a “let’s work a bit less, darn our clothes, plant our own potatoes” person. I can only minimise so much! Hopefully he’ll die first and I can have his pension

Yes plan to retire before 60 or at 60

Soon I will have paid 30 years into private pensions & I can access some money at 55

Soon I will have my 35 years of National Insurance contributions required to receive a state pension

Mortgage free + savings

I have some other assets that I plan to sell

Possibility to leave the current industry & down shift my job to something that I "would like to do" & with some months off not working to travel & do hobbies. Possible short term contract work, instead of FT.

However, the stopping work completely does concern me & as a previous poster mentioned, there is always something unexpected to pay for !

State retirement age already increased from 65 to 68 & could increase further.

I am fortunate that I have some choices

I am fortunate that I currently have my health

I know a few people that said another year at work, another year, then they passed away & didn't get to enjoy any retirement at all

All the retired people that I have spoken to, have recommended retirement 👍

Or I can continue where I am working FT.....because there is no option for PT

Decisions

Decisions

I’m late 50s and looking to increase my income significantly. Happy to work as hard as necessary in that regard. Don’t ever see myself retiring. Will work as long as health permits.

I was hoping 55 but it’s looking more like 60 now. I’m not arsed how much money I have left by 80 if still alive as it looks a pretty dull life by that age anyway judging by the people I see in my work. I may try for 58.

On the subject of there is always something to pay for.

For me I spend a lot because I am time poor. When retired my food bill will be dramatically reduced because I will have time to hunt for bargains and cook. I spend a fortune making up for the fact I work full time.

The next 10 years will matter far more to me than the 10 after that (and that assumes I have 20+ years left to live).

I'm 28 now and work very part time but intend to work FT again in the future. I can retire now, but sensibly I'll probably give up work at 40/50. DH will retire at 50, he's 40.

I'm 42, Husband 43. House paid off when he turns 50. I currently work part time and when I hit 50, will go full time and both work till 60 then retire is the plan.

I hope to go part time a long while before I retire entirely. I'm in no rush to retire, IA lot of people lose their drive and identity when they retire, and 30 years with nothing to fill your days sounds a lot. But I would like to, by the time I am 60-65ish, have enough saved to (1) find employment that I can do purely, or at least mainly, because I enjoy it and (2) work part time.

I have a 69 year old friend, who regrets not investing in private pensions. She now draws her state pension and lives solely on that, plus assisted housing benefit. I am not fortunate enough to have a private widow's pension and a small private pension that pays for one week's groceries, petrol and communication. I cashed this in and took a bigger lump sum at the time. I would advise anybody to please please top up anything you can, to maximise help for when you need it x

I’m 50. I don’t want to retire before I’m 60, and I might work longer. This is why:

1. I like working. It’s good for you. It keeps your brain on top form, and work is the place where I spend time with colleagues of different ages and backgrounds, which is also good for you: keeps you grounded and in touch with other people’s thoughts and opinions. I wouldn’t encounter such a range of different people in my private life.
2. I’m a very good earner, I’ve worked since I was 21, and I’ve been disciplined about saving into pensions and ISAs, but I wouldn’t want to bankroll myself through 15+ years to state pension age (currently 67, will probably rise to 68). Most of my occupational pensions are linked to state pension age. I don’t want to run out of savings before then.
3. I like my lifestyle. If retiring early means less money to spend on doing nice things and having nice clothes and shoes, I’m staying in work. I don’t want to be frugal.

I probably wouldn’t want to go part time either: that’s career suicide and I don’t want to take orders from anyone who isn’t as good as me. Lucky I like work, then! I will be stashing money into ISAs and SIPPs until I actually retire, then I can enjoy retirement.

I’m not expecting to be financially rescued by inheritance either: my parents are ancient and I’m not an only child. I told them to spend everything on enjoying themselves. They didn’t, and I’m accepting of the fact that their house may be sold to fund care fees if they need care. In fact, I’m happy that their modest house in the north west will buy them a more comfortable life when they can’t look after themselves.

My countdown has started - end of next year. I will be 60.

Mortgage paid off. Kids finished uni and employed.

Employed a Fire-Lite approach so have built investment portfolio over a period of time