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'd love to retire at 55 but more likely 60. Depends on how our investments work out 🤷‍♀️

It all depends how the next 20 years go really. Our mortgage runs until we’re 67 and 69 but we have plans to overpay and retire at 60, or at the very least quit and get a part time job until pension kicks in at 65/67.

If nothing goes wrong that should be fine but you never know what life will throw at you I guess. So not counting my chickens!

You can stay sharp as a retireree..... I'm semi retired at 57 ....2 days a week I work and will go completely at 59 ....I will get the same pension if I live to 100...so will my partner.... most people I know are public sector workers and will have the same pension type as me ..... nobody I've worked with had ever worked full time past 58 or part time past 62 ....and they all are as 'sharp' as they ever were

I'm saving like the clappers. I'm NHS and can't envisage another 22 years of this shit.

I'm aiming to be either retired or doing substantially fewer hours by 55.

I haven't ruled out a second career doing something much lower paid post retirement. I will need to be busy.

DH will retire on near enough final salary (it was capped a few years ago but still ok) at 62.
I intend to retire when he does so 60, currently 45. I only do 2 days, Tuesdays and Thursdays and intend to continue this and not increase.
We are mortgage free already and have a mortgage free rental property bringing in an income as well as our pensions. I also stand to inherit a fair amount but without that (my parents may need a lot of care so not banking on it) we could live comfortably but not extravagantly. We’ll be able to afford to keep our house an have a few holidays a year hopefully.

I’m aiming for 55 which is 16 years away 🤞 We currently both have full time jobs and a growing business which we do on the side. Our plan to help with the early retirement is probably to downsize if we still have a large amount left on the mortgage at that age. DH is due around £150k min in inheritances but obviously we’re not counting on that and just relying on ourselves. If we get that, it’ll be a nice bonus.

I also think people start to go into a bit of a mental and physical decline once they have retired, and I want to stay sharp.

The only people I know that you could say that about never really were 'sharp' as you describe it before retirement.

I use my brain as much out of work as I do in work. My physical health suffers badly when working as I work full time including extra unpaid hours because it's the nature of the job. I have much more energy to exercise when I am on holiday and will be taking on all the decorating and general maintenance of the house in retirement rather than having to pay someone else to do it because I am tired and it's too much now I am getting older to try to do both.

I do get that for some people work defines them and I can imagine retirement would be seen as negative but for me although I like my job I also love not having the stress and time pressures even more.

Nobody who has retired early is likely to notice that they have become less mentally sharp, let alone admit it!

It's the statement that retirement is the cause of that I disagree with.

You also see such people clinging on while working so I don't think retiring has anything to do with it. Health often declines as you get older which is why I don't plan (fingers crossed) be working until I die.

@Iamthewombat

it depends on the individual though doesnt it?

If you are someone who is so wrapped up in work that you can’t imagine what you will do in retirement, I can see where that decline might happen,
Personally I work to pay my bills, nothing about my identity is wrapped up in my job.

Given that I spend 8-9 hours a day chained to a desk, I can’t see how retirement will send me into physical decline - I’ll be down on my allotment, making fuller use of my gym membership, I might even have a dog again. What I won’t be is slumped in front of a TV all day.
Mentally, I can’t say my job keeps me on my toes, its my existing outside interests thay do that, which I will have time to do more of, and maybe some new ones to pursue.

If you can't imagine what you would do with yourself in retirement that's a pretty sure sign that you don't have enough interests outside work.

I’ve never earned enough to pay into a pension. I’ve always been on zero hour contracts and min wage. I started paying in the absolute minimum amount when it became compulsory several years ago, but prior to that I had never paid a single penny because I couldn’t afford it - forget the future, I need my money to pay the bills today.

For a number of years I worked cash in hand because I couldn’t afford to pay stuff like NI when I needed to buy food. I’ll be lucky to even get my state pension. So I won’t be retiring, I’ll probably just work till I drop.

I figure there’s no point worrying about it because there’s nothing I can do about it. As a last resort I could always commit suicide if I physically can’t work and I have no money for food.

I have some sympathy for that. But there's a lot of people who do decline if they don't have that structure. I know my husband is going to be a nightmare when he retires as he really loves working. So we've discussed him carrying on working - probably in a different field.

I can't see I'm going to have a problem keeping busy as long as I keep my health. The family history isn't great for that unfortunately...whereas his family history is they are still bouncing around at 90.

Interested to know what % of current salary others are planning for their pensions. I'm aiming for 53% from 60 increasing to 68% from 67 when my state pension kicks in. I should be mortgage free by then. I've been open with DH that I'm ensuring I have enough to be comfortable in the event we separate as family experience has taught me that women should never rely on a husband/partner for pension income.

I need about 60% of current salary I reckon. I am fortunate enough to have a deferred DB scheme and a MP one so can use the Map one to help me retire early using pension flexibility rules.

I agree with this.
I have many, many friends (and former colleagues) who were / are MUCH healthier in every aspect in their retirement years than they were when they were working.
People take up a sport or the gym or swimming. People start cycling. People have the time to walk places rather than jumping in the car. Many start working in their garden. That's just the physical side, but so many do so much more with their hobbies, with volunteering, even just leisure things like visiting places they never had time for, or taking out season tickets - for sport, for the symphony orchestra, for the theatre, for English Heritage or the local museum or National Trust.
Not for me, but I know many who start to study in retirement.
I long to start reading for pleasure again.
I know people who have joined choirs or other things like bell ringing. I have a friend of 94 who has decided to learn an instrument, now he is a bit less able physically, which he never got round to before as he didn't have time.

I really really thought and hoped I’d be retired by now early 60s. I could and should be but my DD has needed ongoing support for a long time (really bad career choices, not good with money). I should be in a good position owning home, ok investments, pension, but that’s nowhere near supporting the money I need to spend myself and for her on a monthly basis. It’s my own fault for letting the situation develop like this, and not being practical on her career. I ve made a lot of mistakes :(

Depends. DH is well paid, but has yet to start a pension (am working on this). I’m paid a middling salary but have an excellent pension scheme. However I started earning well a bit later, so don’t have a huge pot.

Assuming we don’t divorce and his salary keeps going up we’ll probably be ok, but likely only retire around 68-72. Will we have loads to live on in addition to state pension? Doubt it.

Will need to sell our house to pay for care when the time comes, I expect.

The days of retiring at 55 will not be the norm for our generation (we’re top end millennials).

I retired early a few months ago, Dh is still part time atm but retiring at the end of the year. We're almost mid 50's.
We downsized a few years ago and bought a home and a rental property outright from the equity. We have savings and private pensions which will last us until we get our work pensions at 60. We may get some inheritance but not relying on it.
We have gym membership, NT membership, cinema membership, hobbies, motorcycles, lots of family and a huge social circle. Lots of holidays and travel plans.

Won’t be able to afford to retire at 67! Will have to keep trudging on and on until I drop - can’t save anything for pension pot sadly on my terrible wage!

I hope I can go part time in my 60’s

fully retire I don’t know if I shall be able to afford to. My dad retired at 78 and rapidly went down hill he would prefer to still be working

it’s depressing thinking about it

About 20% but that is because we are throwing most of our wages into savings and investments in preparation for early retirement.

We worked out our bills, an amount for general stuff/maintenance and an amount for holidays and went with that amount.

About 40% pre state pension then nearer to 60% once that kicks in. We currently effectively live off one salary (equal earners) after mortgage and other bills that we won’t have by then, including uni costs so know we don’t need more than this.

Perhaps it was more to do with your Dad's age of 78, which is fairly old, why he went rapidly down hill rather than him retiring?

I'm saying 60, but maybe before if I get bored of work before then. I do like my job/sector, so I'll probably be happy to work until 60, although I'll most likely drop my hours by quite a bit a little before retirement.