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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:
Idratherbepaddleboarding · 05/05/2023 17:26

60 as DH should still be able to retire at 68 and he’s 8 years olde than me. My retirement age will likely be 70 but if I retire then, DH will be 78 and past all the adventures we want to go on. Luckily, I have a decent Civil Service pension so it should be doable.

SeasonsBleatings · 06/05/2023 08:22

That's an important point, DH is older than me but I have a better pension so we should be able to coordinate (it will all be joint money anyway but if I should be on my own I'll be comfortable).

pompomdaisy · 06/05/2023 13:07
  1. I've got a project at work I want to see through first.
Sloth66 · 10/05/2023 08:35

I would have said 62, but just had a contract extended and they’ve agreed I can cut my hours. Maybe 63

Zippedydoo123 · 26/05/2023 14:56

75 although I enjoy my job and it is quite cushy too. I won't have to do many hours from 67 just two small days a week. So it isn't as grim as it sounds.

good96 · 15/09/2023 10:21

Taking early retirement in August 2024 - will be 58 at that point.
I did consider carrying on for a few more years but I’ve done 36 years in my sector so time for a change.

I will still have some monthly income as I have a rental property -( large building divided into 10 flats) that give me just under £4.5k per month once all deductions have come off! Whilst I’m still getting a salary, I’m overpaying the mortgage on the rental property to clear this quicker.

BishyBarnyBee · 16/09/2023 19:35

Miajk · 30/03/2023 18:25

Targeting 45.

Double income, no kids.

What do you see yourself doing with such a long retirement?

Countdown2023 · 16/09/2023 21:25

61 for me. I have things to do

TerfTalking · 21/09/2023 15:33

I'm done. Took voluntary redundancy at just gone 57 and was going to get "a little part time job". I haven't started drawing either my DB or DC pension yet as DH is still happy to work and for me not to.

I have decided I have no intention of working again after a summer off. I don't have time, my spare time was filled very easily and I didn't have any before I gave up work.

Miajk · 29/09/2023 23:09

By retiring I mean retiring from working because I have to, just to be clear.

I think I'll look into setting up a business, maybe working part time, maybe volunteering, or maybe travelling. Maybe a mix of everything, or I can write a book. I'm just planning to give myself the opportunity to pursue passions outside of work and do things because I want to Vs have to.

honeyandfizz · 30/09/2023 17:34

Aiming for 60 but would consider carrying on very part time but only if I wanted to, I don't want to have to at that age. 46 now and have an NHS pension that I have been paying into since I qualified as a Nurse at 21 (1995 section) that I can take at 60. My mortgage will only just be paid off then though as I got divorced a few years ago and had to start again. We shall see.

Jellykat · 30/09/2023 17:46

Whenever the state pension kicks in, i'll drop some of my jobs.
I'm 60 now, but have been Self Employed all my life and have no savings.. Trouble is my work is very physical and my Arthritis is getting worse, so pray i make it that far!

DrMadelineMaxwell · 30/09/2023 19:11

I'll know better on Monday. As a transitional member (teacher) I've paid into final career salary with a lump sum since 98 and a career average with no lump sum from 2015. They found that to be discriminatory for some, so have rolled all teachers in this bracket back into the original scheme up to 1st Oct this year. It should increase my lump sum and increase the amount of pension I can take at 60 without penalties. Only the rest I earn between now and retirement will then be reduced when I take it. So I should be on track to retire at 60 from teaching.

MistressIggi · 30/09/2023 19:17

@DrMadelineMaxwell I'd be surprised if we know on Monday! I think they just start contacting the already-retired teachers then.

DrMadelineMaxwell · 30/09/2023 19:58

Fair enough. Email said from 1st Oct will be rolled back and my statement will be updated to reflect that. So I'll see when that gets updated.

CallmeAngelina · 30/09/2023 21:17

I think they're starting with the teachers who've been retired the longest so those of us who are relatively recent will have to wait a bit (but it will be back-dated). You can get online projections estimated to give you a rough idea of what you're entitled to.

BG2015 · 01/10/2023 12:30

The Teachers Website is down for maintenance until tomorrow I believe to update everyone's Benefit Statement. I'm one of the people affected by the McCloud judgement as I started teaching in 1996. From what I've read, various forums and from what David Fountain (the ex maths teacher who is amazing) has said, I think I'll end up with a larger lump sum and a similar pension to my prediction.

RudsyFarmer · 01/10/2023 12:41

I’ll be retiring once my body gives up and no sooner.

BMrs · 01/10/2023 21:02

I'm 38 now and both me and DH invest substantially more into our workplace pensions.

We also have two rental properties that the mortgages will be clear of in 20 and 25 years which will get us a steady income. We also plan to downsize our home once our DC leave home etc.

We hope to retire by the age of 60 but I suspect my DH will want to work part time or do consultancy work after that. Im fortunate in these I already work part time since having DC and don't plan to go back full time if I can help it.

DrMadelineMaxwell · 05/10/2023 23:24

My teacher pension benefit statement has updated.

Due to slower accrual my predicted pension has gone down from £15k to £13k (with 10.5 years of contributions til I'm 60 still to add on), BUT originally, 7.5k was in the 67 age pot that would have been reduced if I went at 60, and now a lot more of it (12k) is in the pot that won't be reduced because I can take it at 60.

And my lump sum has gone up by a third.

Def planning to retire at 60 at the latest.

Countdown2023 · 06/10/2023 07:39

Good news @DrMadelineMaxwell

This is my last term but HT asked if I would be willingly to stay till Easter. That depends upon what flexibility they can offer

SunShinesOnLeith · 11/10/2023 14:39

Took early retirement April 2023 aged 57. I really hated my job but the thought of going for interviews filled me with more dread than staying put. Luckily our mortgage was paid off from an earlier redundancy payout, we have savings and between DP’s salary & my DB pension our income is enough to enjoy a comfortable lifestyle. Also, DD is at a local Uni, lives at home and has a p/t job so we don’t need to finance her.

It’s over 6 months since I retired and I’m loving it, might not be quite so much fun during the winter months but at least I no longer have the Sunday night dread wondering what crap will be waiting for me in work on the Monday.

If you can afford then I would recommend it, life is short and no-one knows what’s around the corner.

Travelban · 14/10/2023 06:53

SunShinesOnLeith · 11/10/2023 14:39

Took early retirement April 2023 aged 57. I really hated my job but the thought of going for interviews filled me with more dread than staying put. Luckily our mortgage was paid off from an earlier redundancy payout, we have savings and between DP’s salary & my DB pension our income is enough to enjoy a comfortable lifestyle. Also, DD is at a local Uni, lives at home and has a p/t job so we don’t need to finance her.

It’s over 6 months since I retired and I’m loving it, might not be quite so much fun during the winter months but at least I no longer have the Sunday night dread wondering what crap will be waiting for me in work on the Monday.

If you can afford then I would recommend it, life is short and no-one knows what’s around the corner.

This is exactly how I see it for myself too...I am 51 but thoughts are if I finish paying the mortgage in the next few years, like you I will be able to retire at 57..

Did you develop new hobbies or just had a slower pace of life? The idea sounds bliss.....

BG2015 · 14/10/2023 08:28

I've definitely decided I'm retiring in 2027 when I'll be 58. My pension will be about £16k but going to downsize and use the equity from that to increase my pension until I get my state pension at 68.

I've been looking into part time NHS admin jobs which I believe I could do easily with transferable skills from teaching for 30 years.

Good to have a plan.

Enigma52 · 18/02/2024 15:33

Never. I will be working until I die ( at this rate!(