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Retirement

Planning your retirement? Join our Retirement forum for advice and help from other Mumsnetters.

Original poster

What age do you think you will retire by?

277 replies

SleepDreamThinkHuge · 18/02/2023 18:03

I am close to 30 and I have read reports during my time retirement age could easily reach 75. Currently have no savings, investments or pension contributions due to needing money for unexpected circumstances. Gaining experience in the public sector now it things go well and I can progress hopefully a better salary in the next few years which should help me save more and invest my money. Realistically the latest I would like to stop working full time is by 60-65. I do not mind working part time after 65. However that depends how much I can save, salary progression etc..

When do you think you can realistically fully retire by or work part time only?

OP posts:
daffodilandtulip · 03/03/2023 13:52

60 from my proper job but will still do some bits until the state pension (hopefully) kicks in.

spacechimp79 · 03/03/2023 14:50

I honestly wish I could retire now as detest my job. Unfortunately I need to work at least another 5 years to get enough national insurance contributions so am aiming to retire at 60. DH loves his job but will retire at the same time as me when he is 65.

purplehair1 · 04/03/2023 08:39

I’m 55 - when I was in my thirties and started my private pension I put 55 down as my retirement age (it seemed so far away!) there are ‘retirement homes’ near me that you can buy an apartment in at 55! I’m still in full time work and I can’t see myself being able to afford to retire til I’m about 70. On the plus side I enjoy my (freelance) work but it is stressful and full on, and I do wonder if jobs might start to dry up as I perhaps get viewed as ‘past it’. So retirement may be forced on me.

backinthestoneage · 04/03/2023 20:04

allthegearandnoideaatall · 26/02/2023 08:09

Really interesting thread. There are a lot of very organised posters on here! Can I ask how old you all are? Straying to feel in my mid 40s I should have a much morE detailed and solid plan…..

In my 40's I started paying additional pension contributions (and Mr Stone) and making extra payments on the mortgage.

We adopted a 'fire-lite' approach - not that the kids noticed.

Some friends took a similar approach, some retired early during lock time and others are retiring between 60/62. On the flip side, there are some that didn't and they have been boosting savings/investments during lockdown and by WFH.

Onemorewaferthinmint · 04/03/2023 23:10

I’d like to retire this year or next, 58 or 59. Funnily enough I would never have said I’d retire “early” even 3 years ago. But lockdown and three years of wfh later … just so tired of it all. Will need a bit more money then I’m out of the door. Life’s too short..

allthegearandnoideaatall · 05/03/2023 07:44

backinthestoneage · 04/03/2023 20:04

In my 40's I started paying additional pension contributions (and Mr Stone) and making extra payments on the mortgage.

We adopted a 'fire-lite' approach - not that the kids noticed.

Some friends took a similar approach, some retired early during lock time and others are retiring between 60/62. On the flip side, there are some that didn't and they have been boosting savings/investments during lockdown and by WFH.

Show quote history

Thank you @backinthestoneage that is good to know. Maybe there is hope for us yet….

Puppypaw · 06/03/2023 12:31

I retired early at 58 years and three months 🙂

I started planning to go at 60 following a signifcant health scare aged 56 but then events conspired to mean that i could go unexpectedly earlier and four months in, I'm really not regretting it at all.

I may still do a bit of work but I am about to pick up my work pension. I know I am in a fotunate position and very thankful. I don't need to work financially going forward because of my pension which I appreciate is a position not to take for granted as so many other people in the UK (and beyond) can't see an end to work.

My one bit of advice to my younger self would have been to pay in extra to the pension. I used extra money to pay off the mortgage earlier instead. Again, I was fortunate and I am thankful for this every day.

DH is likely to retire at 60 (2025).

Miajk · 30/03/2023 18:25

Targeting 45.

Double income, no kids.

Amotherlife · 31/03/2023 14:18

I'm 63 and still don't know! Some of my friends have retired, others are actively planning to soon. I like working (do 4 days a week) but my lovely boss of 7 years is leaving (retiring) and we're getting someone new. Would have prefered to see my time out with current one, but have no desire to get a new job, so I do feel that if I don't like what the new boss does, it will be relatively easy to just give up (decent pension).

Had kids in my 40s though so both still at home and neither earning enough to contribute to much beyond their own immediate needs / wants as yet. Husband has own business and no pension so would need to sell it to finance his retirement (uncertain how much he would get obviously) and he wants to get it ready to be sold over the next few years. We could downsize though we don't really want to, as we live in a sought after area. So finances are not too much of a worry.

Just don't think I'm ready to see myself as a retiree and not sure what I want out of retirement - no burning dreams beyond more travel at cheaper times of the year. I don't feel old and am still fit and active. I enjoy the gym, classes, country walks etc but not sure a life of those would seem enough. Definitely not into volunteering- would rather get an easy, stress-free job.

Countdown2023 · 31/03/2023 21:12

Missed resignation date to go at the end of this academic year, too much dithering, so will go in December instead.

Justcashnosweets · 31/03/2023 21:19

67 for me. So another 20 years of work hell. 😭

CurlyhairedAssassin · 01/04/2023 17:06

purplehair1 · 04/03/2023 08:39

I’m 55 - when I was in my thirties and started my private pension I put 55 down as my retirement age (it seemed so far away!) there are ‘retirement homes’ near me that you can buy an apartment in at 55! I’m still in full time work and I can’t see myself being able to afford to retire til I’m about 70. On the plus side I enjoy my (freelance) work but it is stressful and full on, and I do wonder if jobs might start to dry up as I perhaps get viewed as ‘past it’. So retirement may be forced on me.

Have you since changed your retirement age with your private pension provider? I'm not sure what kind of pension you have but with some it matters what retirement age you tell them as they will move the investments to less risky ones near to your stated age of retirement.

Amboseli · 01/04/2023 17:58

@Amotherlife I'm 53 but I think I'll be the of the same thinking at your age. I like working, I'm in a stress free flexible but relatively well paid job.

Other than off peak travel I don't know what I'd do all day. I can't imagine going to social events at this age and saying I'm retired. None of our friends are retired so don't know who I'd socialise with during the working week apart from other retired people who are likely to be older.

Once youngest DC goes to uni hopefully next year, grades permitting, I think I'll feel like I am retired anyway.

Nepmarthiturn · 01/04/2023 18:49

Amboseli · 01/04/2023 17:58

@Amotherlife I'm 53 but I think I'll be the of the same thinking at your age. I like working, I'm in a stress free flexible but relatively well paid job.

Other than off peak travel I don't know what I'd do all day. I can't imagine going to social events at this age and saying I'm retired. None of our friends are retired so don't know who I'd socialise with during the working week apart from other retired people who are likely to be older.

Once youngest DC goes to uni hopefully next year, grades permitting, I think I'll feel like I am retired anyway.

Not everybody wants to socialise constantly! 🤣

sanityisamyth · 01/04/2023 19:05

68 apparently. 28 more years to work ...

Coastalvenues · 02/04/2023 09:58

I do think it's a bit sad that people can't imagine what they'd do with their time when they're retired, like work is literally all you can think of doing?

Cupcakequeen75 · 02/04/2023 14:40

Coastalvenues · 02/04/2023 09:58

I do think it's a bit sad that people can't imagine what they'd do with their time when they're retired, like work is literally all you can think of doing?

I agree.

Retired in 50's and we have plenty of plans none of which involve socialising, foreign travel, clubs etc.
We will be travelling the UK and when at home, enjoying the local area plus of course our own house & garden. We have plenty of interests & hobbies to keep us occupied.
We are those annoying people who say they don't know how they found time to go to work.
Living the dream!

RudsyFarmer · 02/04/2023 15:16

Coastalvenues · 02/04/2023 09:58

I do think it's a bit sad that people can't imagine what they'd do with their time when they're retired, like work is literally all you can think of doing?

If your income is going to be limited in retirement and you can’t travel, rent your home so no home improvements or perhaps no garden to garden in. No grandchildren to care for. Limited amount of friends. I can easily imagine a scenario where masses of time looks very bleak indeed.

Countdown2023 · 04/04/2023 11:07

Retirement planning is important. It is not meant to be sitting around in god’s waiting room.

Planning, life chances, life choices and health will impact upon everyone’s retirement.

Amboseli · 04/04/2023 22:58

@Coastalvenues We're living a lovely life right now and we're not retired. We've travelled extensively with the DCs, have time for hobbies, friends, family even though we both work full time.

We're lucky to have flexible well paid jobs that allow time and energy for a life outside work.

Who knows what might happen between now and retirement, we might not even make it that far. Or only live a few years into retirement.

I'd rather live the dream in the here and now and don't want to wait until retirement to do that.

FranziskaSchmidt · 04/04/2023 23:02

At 55, I hope. Am 50 now and been paying into pensions since 23. I should be OK.

SeasonsBleatings · 05/04/2023 19:56

I feel the same. If I work until 68 I could have a relatively huge pension. I don't only want 5 or so years' retirement in good health (if I even make it to 50 which two of my grandparents didn't). I'm going as soon as I have enough for a comfortable life. I started my pension at 25 and make additional contributions to cushion the actuarial reduction made for me retiring early.

pompomdaisy · 05/04/2023 20:02

63 , I'm 56 now. I plan to drop to two days a week from 61 though.

SoShallINever · 01/05/2023 14:38

Dh is 63 and has just retired, unfortunately he has also just been diagnosed with a progressive neurological condition and we feel a bit cheated. We have saved so hard for retirement and have many hobbies that we wanted to pursue.
Kind of wish we had worked less and had more holidays.
I am younger , was planning to retire at 55 and then pick up something part time, but maybe given our situation now, I will cut my hours sooner.

Zuve · 05/05/2023 15:53

Very happy part time at 72. I will go at 75.