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

I actually dpnt want to retire. I just want to be fit and healthy to work a nice, very part time job but I doubt they exist. Bit like being a teen with a staturday job again.

Hoping to go part time at around 52 (10 years time) I’ll probably drop to 4 days a week until age 55. Then go to 3 days a week at 58 and then aim to retire at 61 (ish). I’d like to do it earlier but I think going part time is a nice way to have more time whilst still building up my pension. It’s Civil Service so very generous thankfully.

Not moi!
One has only just started!

Not way before, but 60-62. Part NHS pension, part private pension, and savings post mortgage.

Around 75, or maybe go part-time around that age depending on what kind of shape my brain is in.

Both mum and gran worked to that age cos they enjoyed their job and it gave them purpose and a role in community, and they lived a good lifestyle alongside work from age 50 onwards or so. I live a very good lifestyle alongside work already at 35.

I don’t understand the obsession with retirement. Is it because people hate their jobs? What do people actually do all day long when retired but in excellent health? The only person I know that retired very early ended up sitting on board, became a judge and volunteered lots and looked for hobby investments, so it sounded like just taking on a number of part-time jobs.

I spent a couple of years in my life not working as ‘the girlfriend’ and those were probably my least happy years. Only so many gym sessions and cooking complex recipes 3 meals a day + friends/hobbies/day trips you can squeeze in. I ended up writing to fill my time so basically accidentally ended up in a job anyway.

I do think some of us nearing 55 are fortunate to catch the 55 year old retirement age before it's put back to 2028.

I retired at 57 and my OH (who is 3yrs younger than me) has gone PT (2-days a week) with a view to finishing completely in a couple of years.

Good DC pension (with AVC's) that I started taking immediately plus a smaller DB pension that (based on current drawdown) is anticipated to last well into my 70's.
OH has a mixture of work & private pensions (DB & DC) which can be accessed at different times.

We moved just before I retired and house is owned outright (we upsized with absolutely no desire or plans to downsize in the future).
No debt.
Significant savings & investments.

From the day I started work I always planned to retire at 60 with the ability to lead a busy & fulfilling retirement (i.e. good income & savings). As it turned out, I managed to achieve this 3yrs earlier than my "master plan".

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.

Follow Rebel Finance School on FB and sign up for their free course starting in June. I didn't really understand investing (pensions, S&S ISAs) until I found them last year.

I'm fortunate in that I love my job and being self-employed I plan to gradually reduce my hours. I'll probably work full time until 52 as I want to see the
DC thorough University without too much debt, then I plan on spending 5 years boosting my pension pots. So maybe late 50's I'll start working 3 days a week, taking more and longer holidays but its all very flexible.

HRTFT but till I die, probably. Part time work since dc was born, low paid work and time out for mental ill health mean my occupational pension is microscopic. I’m hoping to establish a career I can do flexibly in a work area I love, so that it won’t feel like work or impede what I want to do.

What does your dad do three days a week at 75, @PoppyBaxter - and what will you do part-time? Interested to hear about working later but part time.

I’ll be 60 but I would try to get a part time job after that. Mine is a public sector pension so generous. I also hope to have paid my mortgage off by then. I’m currently skint and 43!

There was a man at my work (I'm an academic) who retired a couple of years ago aged 90. He was still publishing and teaching right up til his last year, but the commuting became a bit much. I'm not sure if he is still publishing now as it's not my area but I hope so. Really nice old bloke and I think when he dies a niche little area of knowledge will die with him (although it will obviously be written down).
I'm 47 and already work PT (have done since kids were little). Not sure whether to ramp up or stay as is now kids are secondary age and don't know when I'll retire. The job keeps me interested. DH has always said he'll retire at 50 but I don't think he will.

I’m 40 and definitely can’t see myself retiring in my 50s. I might be able to work less hours but I won’t have millions in a pension fund so I’m happy to work as long as I’m healthy to afford things and enjoy life. I’d rather work than live frugally in my later years.

I'm 62 and enjoy the structure and social interactions work provides. I hope to carry on working part time indefinitely. I've never put off holidays so will carry on enjoying them whilst earning. 30 years retirement doesn't appeal.

He's an HGV driver. Each of his days can be 14 hours long!

Retired at 60.
But …
-Took out ISA every year in my 50s but not always the full £20k.
-Paid extra contributions to pension from age of 40.
-Paid off mortgage

dm is 88 and still volunteers twice a week in a charity shop

i am rubbish when not working, no motivation

Are you in the 1995 NHS pension? Have you claimed it at 60?

I will be doing similar to you, like the idea of choosing when to work on the bank.

Ah, that must be great if he enjoys it @PoppyBaxter

@CamillaMacauley make sure your DP doesn’t intend to live off you. If you’re not married you can’t claim half his pension or assets.

If your DP hasn’t got much pension that’s his problem to solve - not yours to subsidize.

I want work as long as I can and I am enjoying working but part time. financially I can’t see when I shall be able to retire but 20-30 years retirement horrifies me. My dad worked until he sold his business when he was 80 and he very quickly went down hill, my mum retiring in her early 50’s was a huge mistake

bur I love my job though would like to work part time. At present I can’t afford to but in 5 years time (whin I am 57) o plan to work part time

I have a private pension it’s hardly worth much

I really shouldn't come on these threads..

67 for me and DH unless a miracle happens.

For anyone starting paying NI from 2016 onwards it is 35 years. The child rearing as you put it is paid until each child is 12 so potentially with a 2 year gap between 2 or 3 children you could have more than 12 paid. Other benefits also qualify.
For anyone that started paying NI before 2016 the 35 years is irrelevant, it can vary from as few as 29 to as many as 49 years of contributions.

Days would be endless I think. I think 60s for me Im on asd school bus so its quite full on. I like the idea of not rushing around and bit of travel. 52 now. Work gives good routine though.