What age are you planning to retire?

[MooFroo]

Who is actively planning to retire way before statutory retirement age?

I know a few people who have retired in their 50s - they’ve mainly stayed in the same job at the same company for many years and have a decent pension stacked up when they hit pension age. They can take out 25% tax-free at age 55, which seems to be happening more and more.

I spoke to a friend about it the other day and he said he wanted to enjoy his life after working for over 30 years. He has some health issues that have started to bother him now and he couldn’t see himself working for the next 15+ years until state pension age.

I’ve been looking online and lots of early retirees tend to travel in this pre-retirement age while you still have your health and are well enough to make the most of the adventures. That’s what DH and I’d like to do, so trying to work out how to afford it and what we need to do differently now in our 50s.

We both have very small private pensions, no ISA or any stocks/shares, no inheritance to come and will need the state pension. We do have a buy to let property which will be mortgage free in a few years and give an income.

Just wondered if people have planned an early retirement age and how you will be funding your lifestyle once you stop working. Be great to get some ideas and inspiration

Thank you

My MIL is 89 and has just been to Mexico on holiday, she has more holidays than we do (mid 50s but still have school age children so no plans to retire any time soon).

58. Civil service.

My mum retired in her 40s (company wide redundancy package offer) then went back as bank staff taking work when it suited her.

Some of my parents friends are/were teachers who now tutor online while travelling full time.

I'm a carer now for my daughter and currently not working. Im hopeful her health improves, and I'll get back to work , but I'll prob be working til I drop. No private pension, no major assets.
Before she became unwell I was aiming to retire by 50. Savings have long been spent though. I had her young and she'd have been through uni and hopefully settled and I could give her something towards her first home rather than hope there's an inheritance left at the end 😁

65 but may be later. Idk its a long way off for me

Well DH and I retired at the same time just over 3 years ago. At the time he was 63, nearly 64, and I was 59.

I won't be eligible for state pension until I am 67 but I have around £500k in a private pension fund.

DH has a mix of things. He had nearly 20 years of contributions in to a final salary scheme at the start of his career which has done very well and provides the bulk of his pension. He also now gets state pension since he turned 66 and he has various other sums from other pension schemes he has been in.

In practice we have barely had to touch my fund yet as we seem to easily live off his.

We very much see this as the time to make the most of what we have. Nobody knows what is around the corner, so while we are still relatively fit and healthy and have the means we are making the most of retirement with holidays etc.

My DF was eligible for state pension at 65 but continued for a little while after that to help out his brother with who he was in partnership. Sadly DF then got ill at 67 and died soon after so enjoyed almost no retirement at all.

Another person I knew professionally worked until he was 70. Very fit and active. Less than a year into retirement he went for a run and died of a heart attack.

FIL was able to retire at 56 on a fantastic final salary scheme. He and MIL led the life of Riley really for at least 20 years. Sadly old age and dementia caught up eventually but at least they made the most of their time while they could.

I hope we get the chance to experience a retirement more like PILs than my own parents or that poor man and his wife. But you never know so Carpe Diem and all that.

67 just like many people who weren't able to pay into a private pension or had a job that included it as a perk - nor any other person to share living costs with nor help shoulder the burden of very competently raising a disabled child to possible adult independence.

Only 4 and half years to go.

42, succesful investments.

Plan to go at 59 when DH will be 60. He'll have a 10k a year defined benefit pension at that point, plus 800k in a defined contribution pension. I'll have 4k a year DB pension at 65 and hopefully about 400k DC. Should have no mortgage and hopefully about 100k savings by then too. 7 years to go. Unless Trump really screws things up.

Dear god as soon as possible.

I never plan to retire fully, but I've just dropped down to a 4 day week at 40.

I'd love to drop to a 3 day week at 50 in a stress free job (not what I currently do) which I don't take home with me. Our finances are already in a state that I could do that now. I'd then like to work indefinitely.

My dad still works 3 days a week at 75, whereas my mum and inlaws retired as soon as they could. There is an enormous gulf between them in terms of physical fitness, cognition and fear of the unknown. And my dad can just do more (cinema and theatre trips, holidays, meals out) because he's still earning.

I’m hoping for around 55 which will fit with kids going to uni age.

Ive got money saved for them for uni/house deposits.

Im mortgage free and have a second home which brings in an income, am focusing on building up my pension pot now.

I expect I’ll carry on doing a bit of work after that age but shift the focus to lifestyle instead. I’ve got lovely visions of travelling and earning beer months along the way…

60. then travel. Might get a very part time job or do volunteering after that

I want to be very part time by the time I hit 60, or else doing short term contracts which allow me to have longer periods off work in between. I want to be able to say to my DC that I'll be around to help with their children if its what they want.

I'm putting as much as possible into my pension now to fund living comfortably retirement. DH and I will be mortgage free by then. We have already separately saved pots of money to support the DC at uni.

We’re mid-late 30s and planning to retire at 60 if all goes to plan. We both have good work pensions which are building up, we’re aiming for £800k, as well as investments that were building up, and we’re overpaying our mortgage to get that paid off early.

60, public sector transport.

As a millennial fuck knows what the state pension age will be & by work pension is tied to it.

DH is 7 years older than me so that might make a difference but neither of us plans to fully retire until at least our respective state pension ages but going part time before then may well be an option.

We have reasonable savings but we have 2 young adult children and with the housing market being what it is there is a good chance we will spend what we have on helping them rather than retiring early - no decisions made yet though and they have no expectations of this.

All my plans are for my pension to support a decent retirement at 60.

I'm 43 now and I'm working on the basis state pension will either be worthless or means tested by the time I get there. I think it's naive to assume it's going to be available for the majority - auto enrollment was brought in for a reason.

Never. I’m a farmer and although I won’t work full time I fully intend to work untilni physically or mentally can’t.

Dad is still working at 75, father in law has just slowed down a lot at 85.

I think it's naive to assume it's going to be available for the majority - auto enrollment was brought in for a reason.

Many auto-enrolment schemes have very low employer contributions though so are people really saving enough for their retirement? Plus far more will still be renting vs today retirees because of high housing costs.

cannot imagine how i could retire earlier than 67
i dont have a private pension

I’m going to retire at 55, but no idea what I’ll do with my time. Kids will probably have left. I’m on my own and while I’m independent, travelling solo is very lonely.

I didn’t live in the uk for a big chunk so my state pension contributions are behind.

As soon as I’ve paid up fully for a state pension, I’ll look to retire at 62. I’m saving as much as I can now to support retirement.

I’ve got 2 jobs. I might keep them, I might not, or I might do a bit. Either way I’m not working till I drop.

My mum planned her life around “when I retire” at 60, and died 3 months after that birthday so never got to do any of it.

This government give no shits about us, or older people, so I’ll give no shits back about what they want me to do.

I don’t see how it’s legal to stop paying state pension or means test it. It’s a contributory scheme that you pay into alongside your employer. It’s not free. You’ve paid into it for 30+ years every month as has your employer.

I’m 38 and hoping to retire around 60, or at least to be doing a fairly stress-free, part-time job at that point.

I’ve always been sensible with pension contributions but my employer pensions are tied to state pension age so I’m changing my approach now and focusing more on savings which I’ll be able to access earlier without a huge penalty. I’m worried the state pension age might be 70+ by the time I get there.