What age are you planning to retire?

[GutsyShark]

As the thread title states - what age are you planning to retire? I'm a long way away (decades) but would like to retire at 60 and currently trying to figure the finances out!

Anyone who has or is planning to retire before state pension age any tips on how you managed it are very welcome.

67 or older

Hopefully there will be a state pension when I retire.

I don’t think it will ever be completely done away with, although I did see a report (from 2019) saying state pension age should be increased to 75 to put it on a sustainable basis.

https://www.aon.com/unitedkingdom/employee-benefits/resources/articles/retirement-age-should-be-moved-to-75.jsp

I know nothing about the think tank behind it. But the reality might be that this is the future for the state pension.

What is a 40 year civil service job? You have to work there for 40 years to earn the full pension?

Yes it's a forty year service.

I thought I'd go at 50 and downsized my job rather than leave the workplace totally . I have now retired last September and I'm 60 this year which feels right . I absolutely wanted to go as I still enjoy good health and want to enjoy the freedom , travel , hobbies etc whilst I'm fit and well .

53, which is 4 years away.

I’m 62 and will carry on part-time working, health allowing, until the state pension kicks in at 67. I could easily retire now but I find the idea of not having an income (from work or state) really freaky, plus I bloody love what I do. Retirement looks really boring to me still, all garden centres, coffee shops and alcohol dependency. To me the decision to retire is much more about lifestyle than about money.

I'm planning to partial retire at 60 so I can take my 1995 NHS pension. To do so I need to reduce
my pay by at least 10% so will probably do that by reducing my hours by 10%. I then need to keep working until 67 so I can get my full 2015 NHS pension and state pension. I'll likely still be paying my mortgage until I'm in my 60s, so no way I can retire in my 50s.

I managed to retire at 42 (I'm 45 now).
I don't like working and I don't miss it at all.
I keep myself busy going to the gym and helping out in a number of local charities.
Afternoon and evenings are all about family time.
I could not be any happier.

That’s impressive! And wonderful to hear how well it suits you. How did you manage that? I would love to retire early. I am 49 and would retire today if I could. My kids are in high school and I cannot afford to retire where I live, so I continue working.

Ditto, I'd love to hear more about this.

If you feel comfortable to share, how much income do you have per year? Where do you draw that income from? What was your pot size when you retired at 42? Where did you invest to build the pot? What kinds of returns were you getting? Sorry if that's all very nosey 😀

I'm aiming to retire at 48 at absolute latest but trying to retire ASAP. I reckon I could do it at 42-ish but it'd be lean.

As soon as possible. I'm 48 and totally done with it all. It might be menopause talking but I'm so bored of working. My career has been super important to me previously but it seems pretty pointless now. I couldn't have a cushier gig (well paid, WFH, high level of autonomy and influence) but the corporate grind is not doing it for me anymore. DH is 56 and less desperate to retire but open to it.

Would much rather be doing fun stuff - more time to look after our physical and mental wellbeing. More time to travel - exploring close to home and further.

We're 3-6 years away. The idea of 6 more years makes me weep.

I'm conscious this post sounds very petulant!

DH is retiring at the end of next year age 58. But he's going to go full time in his side hustle which is a hobby/passion turned business.

I'll probably retire age 58/59 in 4 years time once youngest has finished uni and help in DH's business.

We will spend a lot of time travelling and spend the winters in SE Asia. But we hope to build the business up into something big. Outside of travelling I can't imagine just pottering around, I like having something to do.

I am 48 and currently work FT over 3 days so have a lot of downtime. I will be retiring at 57 on my NHS pension but may possibly do 1 day a week will see how I feel at the time.

60-63. Probably use that time to reduce my hours gradually.

Mortgage paid, old NHS pension with a good lump sum at 60, and adding lots to private (self employed) pension now.

Proably 68-70. I'm 49 now and can't imagine retirement at all!

I could have written this except I'm 53! Already starting to wind down and just reduced my hours to 3.5 days.

This is a really important issue for a lot of people born in the 70s. Our parents were pretty much all on DB pension schemes and never needed to teach us about saving for a pension. With the rise in DC pension schemes I fear a lot of people won't be saving enough for retirement. There isn't enough general financial education about pensions unless you go looking for it (then there is loads of useful stuff)
I'm 46 now and started taking my pension seriously about 10 years ago, now 20% of my salary (including employer contributions goes into the pot). Aiming to retire between 58-60 unless a lottery win allows me to go earlier 😉

The potential raise of he state pension age to 71 for anyone born after 1970 also needs thinking about now..

64.25 ...fast approaching...

I'm happy in my job still (writing software pt from home) but DH is retired, has some health conditions and we want to travel while we can.

We saved quite a lot into DC pensions and elsewhere before we had our dd when we were 38, and got the mortgage paid off - house prices weren't bad when we bought our first one in 1986 and we're not in an expensive part of the country.

Avoiding being in debt and saving as much as you can early are the main things really. That and making sensible investment choices - low fees, DH pays attention to financial matters and avoided us being too much in bonds when they were crap ('life styling' and bad financial advisers has scuppered some people of our age group)

Planned 55, actually retired at 57.

Tips: overpay mortgage each month; don't take out any other loans or card debt; put half your salary into your pension in last year (or earlier) if you can; check your state pension forecast.

I had ds at 45, so when I'm 63 he will head off to uni (in 18 months).

I will downsize the house, move somewhere smaller and further from London. I've been paying 5% into a private pension for the last 40 years so should cope ok.

I can't wait 🤗

They can't be serious about that?!

At the moment my pension age is 67. So that would be another 4 years.

How many people can physically and mentally manage to work until 71?!

I can't see it happening. I do think they'll get rid of the triple lock and put it up to 69 though.

From my current job, 55 but I’m going to reduce my hours from 50. From work altogether I’m not sure as I want to stay active doing something for as long as I can.

Retired 52. Writing books; doing yoga course; travelling; gardening; reading and general knowledge; running and fitness. Knitting doesn't come into it. Honestly don't know how I had time for work before.