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Retirement

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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:
FirstnameSuesecondnamePerb · 18/02/2023 21:53

I'm 55.
I hope to go part time/job share or something at 60. Me and dh Putting away £2k a month for 5 years. This should subsidise the 60 to state retirement years.

KangarooKenny · 18/02/2023 21:54

I’m 53 now and very happy to be able to work part time at my age.

MrsMoastyToasty · 18/02/2023 21:55

I'm one of those women who left school in the 80s believing that I would retire at 60 . Since then state retirement age has moved to 65 and then 67. I would like to retire sooner rather than later but we wiped out our savings with a mixture of my ill health, unemployment and deciding to pay off our mortgage. However I have recently started a new job and gone full time for the first time in over 16 years to replenish the coffers.
I'm currently 56 and I think 62 seems about right for me. DH wants to work longer but he's younger than me.

Icanbetherubberband · 18/02/2023 22:00

Never, I'm happy with that though. Hoping to work part time and enjoy life balance while my health is good enough, not save for when I'm old. But I've got health conditions that mean I'm unlikely to live to the retirement age anyway, so that's probably why I've always had that mindset.

Chompiemompie · 18/02/2023 22:25

I'm 51. Been paying into some form of private pension since I started working after uni.
With a 15 Yr old and 8 Yr old, I don't think I'll be able to retire anytime before 70.

My mum is 75 and still has to work. She doesn't get much state pension, doesn't have a private pension. Dad died 2 yrs ago and she got widows pension for 18 mths. He had a v small private pension which she gets which means she isn't entitled to pension credit.

She is knackered, health isn't great and would love to stop work. She's accepted that she will have to work until she dies. She leads a very very frugal life.
I try and help her as much as I can
It breaks my heart.

Orangeradiorabbit · 18/02/2023 22:49

I have an older partner, so I'm hoping to retire at 55 - otherwise DH will be ancient by the time I reach state pension age, and we won't be able to enjoy retirement together. I'm currently maxing out my pension contributions to get there, and saving as much as I can in an ISA.

blueshoes · 18/02/2023 22:52

I am in mid-50s. Plan to work full tilt until I am 60 (touch wood) by which time the youngest will have graduated (touch wood again).

Then I was start to glide down into a pt role over the next 5+ years until full retirement or very very pt retirement, depending on my interests at 65.

My dh, who is 5 years younger than me, wants to keep working. So I will have to amuse myself. Could not be happier.

Bigminnie1 · 18/02/2023 22:53

converseandjeans · 18/02/2023 21:52

@Bigminnie1 sounds good. It's nice to hear of jobs outside classroom that are available.

They are definitely there- best thing I have ever done.

vodkaredbullgirl · 18/02/2023 22:55

Till they kick me out 😂

TheFishWhoClimbedTheTree · 18/02/2023 23:00

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?

The rough rule of thumb (based on current state retirement age, so 67) is that to achieve this you need to save half your age as a % when you start saving. So if you're not 30 and have no savings you'll need to be putting in 15% of your salary, to hope for a decent retirement at 67. If you start saving later, want a more comfortable retirement or want to retire earlier than that then you need to increase that percentage.

Spectre8 · 18/02/2023 23:08

On track ro go part time at 55, ideally 3 days a week or contracting. Retire at 60.

Mademetoxic · 18/02/2023 23:12

20 never sadly. (Aged 31)
The word 'retire' will not exist.

Overthebow · 18/02/2023 23:15

We’re aiming for 60 but will obviously depend on what happens between now and then. We’re mid 30s and should hopefully pat our mortgage off by age 40, then will throw money into pensions and investments. We both have reasonable work pensions at the moment but won’t be enough by themselves for the lifestyle we want.

Orangeradiorabbit · 18/02/2023 23:17

TheFishWhoClimbedTheTree · 18/02/2023 23:00

The rough rule of thumb (based on current state retirement age, so 67) is that to achieve this you need to save half your age as a % when you start saving. So if you're not 30 and have no savings you'll need to be putting in 15% of your salary, to hope for a decent retirement at 67. If you start saving later, want a more comfortable retirement or want to retire earlier than that then you need to increase that percentage.

Show quote history

I heard this rule of thumb too, and I used to live by it, until I did the calculation and realised that method wouldn't provide enough (I have no inheritance coming my way and DH is older and a lower earner, and hasn't planned/saved for retirement).

It's worth looking at the total pot you will need (you can safely drawdown approx 4% per year - so a total pot of £500,000 would let you take a pension of around £20,000 per year) and work back from that.

I'm mid 30s and wonder whether a state pension will even exist by the time I retire 😪

RuthW · 18/02/2023 23:46

I plan to retire at 67. If I'm fit enough I may go on longer. I can take some of my pension from age 55, which is this year. I love my job though.

Onnabugeisha · 18/02/2023 23:59

I had wanted to retire at 62 but as fate would have it was forced to retire age 39 when run over by a distracted driver in an SUV resulting in life changing, life limiting and permanent disabling injuries. Now, I’m not sure I will even live to 62 and every day is measured by how much pain I am in and the list of things I loved but can no longer do is a hell of a lot longer than the list of things I can do. Plus the grief of not being able to provide for my DCs the way I had wanted to, and should have been able to continue to do.

My lost income from being unable to work just went over £1.5m thanks to that hit and run twat who didn’t even spend 24hrs in prison and got to carry on with their life like nothing had happened.

I sometimes sit and think what my life could have been. I’ve been robbed of any real retirement. If you get to retirement with your health, you’re one of the lucky ones.

FlowerPows · 19/02/2023 00:13

I retired at 52 after almost 35 years working FT I do two voluntary jobs over three mornings.

Cupcakequeen75 · 19/02/2023 00:44

Doing it this year at 57.
Mortgage paid off and although company pension would otherwise be reduced, in preparation I have been paying (a lot) extra into it for the past 10-years which will make up the reduction.
Always intended being done with work at 60 but the chance to go early came up so I took it.

Jakadaal · 19/02/2023 00:47

58 - I will retire on 31.3.23 Grin

FindingMeno · 19/02/2023 07:33

I don't think it's sad to not intend to retire. I neither love nor hate my job, but I would rather have the physical activity and social interaction that goes with it than sit on my bum watching daytime TV worrying about putting the heating on!

PandasAreUseless · 19/02/2023 07:54

FindingMeno · 19/02/2023 07:33

I don't think it's sad to not intend to retire. I neither love nor hate my job, but I would rather have the physical activity and social interaction that goes with it than sit on my bum watching daytime TV worrying about putting the heating on!

Me too.
My job isn't even remotely meaningful, but I think being in the working world - engaging with a mix of people, having a reason to get up at a certain time, achieving goals, feeling part of something - is good for you.
You can absolutely achieve this if you have an all-consuming hobby. Or a big family that needs lots of childcare support from you, for instance.
But between DH and me, 3 of our parents have spent their retirement aimlessly pottering about and watching TV quiz shows. Whereas my dad works 3 days a week at 72, in a physical job, so not easy, and seems decades younger than them.

Ali85 · 19/02/2023 08:02

Onnabugeisha · 18/02/2023 23:59

I had wanted to retire at 62 but as fate would have it was forced to retire age 39 when run over by a distracted driver in an SUV resulting in life changing, life limiting and permanent disabling injuries. Now, I’m not sure I will even live to 62 and every day is measured by how much pain I am in and the list of things I loved but can no longer do is a hell of a lot longer than the list of things I can do. Plus the grief of not being able to provide for my DCs the way I had wanted to, and should have been able to continue to do.

My lost income from being unable to work just went over £1.5m thanks to that hit and run twat who didn’t even spend 24hrs in prison and got to carry on with their life like nothing had happened.

I sometimes sit and think what my life could have been. I’ve been robbed of any real retirement. If you get to retirement with your health, you’re one of the lucky ones.

So sorry Onnabugeisha life is incredibly unfair Flowers

DrMadelineMaxwell · 19/02/2023 08:06

@converseandjeans do you mean an avc for the small teacher pension at 60?
My normal pension info gives an amount in a pension that I can take at 60 and a different amount i can take at 67 but I believe this is misleading and you have to take both at the same time.

My avc that I set up when I was 20 is the one i can take early. And i plan to use that while working part time after 60. Maybe tutoring. Maybe in a desk job somewhere....if anyone will hire a 60 year old!

BishyBarnyBee · 19/02/2023 08:10

Really interesting thread and has got me wondering what all these jobs are that people are still doing in their late 60s. Don't know if it will work but was inspired to start this thread:

www.mumsnet.com/talk/work/4746016-good-transitional-jobs-for-semi-retirement

cptartapp · 19/02/2023 08:13

DH and I are retiring at 55 as DS2 finishes uni. We both have good pensions (mine special class, NHS) and I specifically invested a six figure inheritance several years ago for this very purpose. We've had no mortgage for several years.
Neither parent made it to 70. I'm 51 and think about it every day.