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

Hopefully in 3 years, I’ll be 54. Dh is retiring this year at 59

Another one who thinks state pension will be means tested - it is in Australia I believe and it was in Nz for a while (and possibly will be again). We don’t factor in the state pension into our retirement planning. Dh will wind down at 60, I’ve been part time since dc were young so I’ll keep pottering on with contract work until mid sixties I hope

@elladella

whilst young people should follow their dreams, overseas if that’s what they want, don’t think it’s some utopia, there’s serious issues regarding housing in most countries, and in many young people routinely stay at home anyway. Young people who are earning decent money can afford to buy in most parts of the U.K. anyway, both my dd and my dsd are currently house hunting and in their 20’s, no help from us, but they have jobs that pay decently and crucially are buying with dps who earn similar (think household incomes around £75k) both 3 years out of university. Opportunities are here in this country, but to those who work hard

If you are in the NHS pension scheme and are 60 now then I presume you are in the 1995 scheme in which case the normal pension age is 60. So you could potentially take partial retirement if your employer agrees, get lump sump, draw pension return on 10% less pensionable pay. You can still then contribute to 2015 scheme. Apologies if you are in the 2008 scheme as the rules are different but I’m not sure of the normal pension age for that.

Why would I think it's a utopia elsewhere? My parents are immigrants so going abroad for better opportunities just isn't an alien concept.

I think wages are too low here, taxes are high for high earners & taxes can only keep rising.

Opportunities are here in this country, but to those who work hard

I think there are better opportunities abroad for hard workers that's all.

106 I think. Just as well I love my job!

Retired at 57

I’d be furious if they means tested the state pension. I’m nearly 50yo. What if next year I go part time because I’ve done my sums and my work pension and state pension will be enough for a nice retirement.

and then 5 years later they announce means testing and decide because my work pension is 20k a year I’m getting no state pension or minimal amount. And then I’m having to scrape by on 20k? 🤷🏻‍♀️

people make plans based on current information. That’s not unusual or unreasonable.

Not exactly retiring but before 50 I am planning to move to the country and start a lifestyle business with a few holiday cottages, keeping bees and a yoga studio.

yes i am @Gassylady
but surely i will earn less and therefore contribute less, that is my plan on the backburner for now, but it is there at least!
and of course the employer has to agree, which is the crux of the matter

@EggnogNoggin yes it’s a defined benefits scheme but if I leave and work elsewhere I don’t have to transfer it, I’ve got a deferred one from years ago, then 8years nhs pension, then currently back in local authority pension scheme but I’ve kept them seperate. I don’t think it’s final salary but if I drop my pay I just won’t transfer the others into that scheme.

One parent retired early 70s, another is still working at 71. I think I will want to work in some shape or form at the same age if I am healthy, although part time and not in a job with mental load like I have now. Something with light activity to keep me moving. I would like to drop full time working by 60 if possible, but think that is going to be unlikely.

Luckily I'm one of those people who climb the walls without anything to do, which is just as well really because I don't have much choice in terms of retirement being a renter. My pension will be paying someone's mortgage.

I'm planning to retire at 50-55. I'm not a high earner but saving aggressively. I am considering the FIRE barista route as well of retiring but still working occasionally in a low stress job.

I’ll retire at 55 unless something major happens, however I’ll retire from the career I have, I will likely then do something low pressure with a small number of hours and some volunteering.

I’d love to retire late 50s if I can. Or at least go part time for a few years then retire around 60. Will pay off the mortgage and see the DC through uni first (if they go). That should take me to around 55.
I want to be able to travel a bit while I’m still young enough

I am 54 and I work 3 days a week and do some freelancing on the side.

My plan is to continue to do that for as long as I can and to pay off my small-ish mortgage. I overpay every month and save as much as I can in my ISA.

I have a long term health condition which meant I could never work full time but it is what it is and I make the best of life while I still can.

DH has got 10 years left until he can think about retiring at 65. He has saved diligently since he started work. We’ve got 10 years left on our mortgage and DS has about ten years left in education if he goes to uni which is unlikely. I’m younger and my pension is minimal despite always working, we aren’t relying on the state pension at all. I will keep going as long as I can despite chronic illness, I really enjoy working. Both sets of parents are very long lived, well into their 80’s now so there will be no inheritance, we just plan to live a low key life. No travelling, just gardening and caring for ND DS. Parents all retired late 50’s early 60’s and have been indulging themselves for 30 years. They were the lucky ones, we’re sensible enough to know that life won’t be like that for us.

DH and I are both 50. We are aiming for retirement at 60ish - DC will be through uni (youngest will be 25), mortgage paid off, and we both have pretty good pensions as we've been paying into employer schemes since we were 25. We also plan to downsize from the family home to release some equity. There may be a bit of inheritance coming our way at some point (unless it gets swallowed up by care home fees or similar) so we would use that to give the DC a helping hand with house deposits etc. I would also like to help them with childcare if they need it.

DH and I like travel but I don't really see the need to retire to do that - we can fit quite a lot into 5 weeks of annual leave.

I agree with @ViciousCurrentBun that staying with your partner is an important part of this - the thing that could really screw up the above plans is if DH and I get divorced and need to fund two homes etc. Luckily we still seem to like each other so fingers crossed!

I am hoping to retire at 52 (currently 50) but as the user name shows I will always be looking after one of my adult children.
I was widowed in my early 40's & did get some money as a result which I invested well, I am just terrified of stopping work & it not being enough as it's not just about me, I will always need to support them as well. I can't just disappear off travelling either which was my plan, their care needs come first.
I have very little private pension as been SE for the majority of my working life but have regular income instead. I just don't have the confidence to make the jump - everything has been down to me for a long time & always will be

I'm 54 and retired 3 years ago when I gave up a mortgage. I survive on a relatively good defined benefit pension and will be cashing in another small Nest pension next year. I don't miss teaching one bit.

Hope to be retired in 2 years, I will be 52.

I’m 56 and have no idea when I’ll retire! Am very much enjoying what I do. My mum retired at 75. My dad was about 70 but was beginning to get some health issues but still helped mum out in her business.

DH is 5yrs older than me and he wants to go by 60. Our DC will be in their 20's by then.

I have a civil service pension which means I don't have to save so much outside of that - I will just have to fund 55- whatever the pension age is then (hoping it stays at 68!). If I stay working where I am I should have about £30k pa plus state pension.

I have a S&S ISA and a SIPP which I pay into each month to cover the early retirement. I started this in 2017 and I am halfway to my goal of £350k.

DH only has a DC pension which, although a decent amount, to match my DB pension he would need an eye watering £1m.

We will downsize eventually and give our DC some money out of the proceeds.

11 years to go... trying not to wish my life away and enjoy things now too.

I’m retiring early from teaching this summer at 55. This will give me enough income to supplement a part-time, lower stress job. DH will be working for another couple of years and will then do the same.

I've no intention of retiring. My parents retired at 50 and drifted into not doing a lot and sitting about. It became impossible to talk to them any more.
I'm 63, I'll give up my full time NHS job at 67 and join the bank doing the hours I want and need. I'm allowed to work to 75.
The money will allow me to do the things I want.