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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:
Amboseli · 24/02/2023 22:13

@Ali85 yes I am a bit worried about that. It's very unfair if they change the rules for people close to retirement.

@UserNameSameGame I'm thinking of investing in ISAs instead of pension so the money can still grow. We have 10 years before mortgage needs to be paid off. Or more likely a combination of mortgage and ISAs.

FunnysInLaJardin · 24/02/2023 22:18

67 if possible. I am 52 and love my job which is really age friendly so would hope to go on for another 15 years tbh

Cupcakequeen75 · 24/02/2023 22:24

WillowBeeT · 24/02/2023 20:46

I won’t stop working. I love it. The .gov website says I have 37 years of NI contributions already. So I could retire next year, but there’s no way I can live on £185 a week.

How old are you at the moment?
You do realise that despite having the necessary number of years of NI contributions to get a full SP you still have to wait until SP age to receive it?

WillowBeeT · 24/02/2023 22:53

Cupcakequeen75 · 24/02/2023 22:24

How old are you at the moment?
You do realise that despite having the necessary number of years of NI contributions to get a full SP you still have to wait until SP age to receive it?

Show quote history

Shucks! I’m not going to retire anyways.
If I don’t draw a state pension, do I lose it if I die, or can I pass it on to DP who’s younger?

blueshoes · 24/02/2023 23:33

Amboseli · 24/02/2023 17:35

@blueshoes we're not going to Europe. Further afield and more tropical 😎We have connections there though and dual passport.

Lots of countries have specific retirement visas, you usually have to prove you can support yourself.

Where we're going you have to show you have a joint monthly income of £1500 in order to qualify.

That is plenty to live extremely well there including having a housekeeper to do all the cooking and cleaning.

Cost of living is 80% cheaper than UK. But you have to factor in private healthcare and cost of flights back to UK every now and then. So probably £25k pa total.

Amboseli, sounds lovely. I suspect I know which country it is. You are most fortunate to have that option.

Floofydawg · 24/02/2023 23:40

Which country is that??

WillowBeeT · 25/02/2023 00:36

Floofydawg · 24/02/2023 23:40

Which country is that??

Tristan da Cunha?

Cupcakequeen75 · 25/02/2023 06:17

WillowBeeT · 24/02/2023 22:53

Shucks! I’m not going to retire anyways.
If I don’t draw a state pension, do I lose it if I die, or can I pass it on to DP who’s younger?

Show quote history

Unfortunately your SP dies with you.

WillowBeeT · 25/02/2023 08:10

So there’s no benefit to delaying your state pension? And if you draw it and work you pay tax on it? They screw you either way unless you leave the workforce?

Seem like the labour shortage is set to continue. Lucky we’re importing our future labour force from abroad with the temptation of free hotel accommodation, food, healthcare and education. We’re going to need them because a lot of the UK labour market don’t seem willing to work, and those who are the government want to remove.

Maybe they need to make it clear, draw a line under their little PR dance of the past few years, and just declare a complete amnesty of all UK residents regardless of their current status.

Cupcakequeen75 · 25/02/2023 09:25

WillowBeeT We seem to be going off topic a little! 😬

DrMadelineMaxwell · 25/02/2023 14:45

I've logged on (successfully now after a hiccup) to my teacher pension site, my teacher AVC and my gov pension projection. So I've got all the amounts.

I'm not yet 50, but I know that when I'm 55 (earliest I can take my AVC) I want a pension advisor meeting to talk over various options.

I cannot see me teaching beyond 60. Not full time anyway. And I will have to decide between going part time, taking my pension early and working in school part time or in another capacity (someone went back as a part time TA rather than a teacher after retiring and is v happy with the work-life balance) or doing private tutoring.

kitcat15 · 25/02/2023 17:25

Amboseli · 24/02/2023 17:35

@blueshoes we're not going to Europe. Further afield and more tropical 😎We have connections there though and dual passport.

Lots of countries have specific retirement visas, you usually have to prove you can support yourself.

Where we're going you have to show you have a joint monthly income of £1500 in order to qualify.

That is plenty to live extremely well there including having a housekeeper to do all the cooking and cleaning.

Cost of living is 80% cheaper than UK. But you have to factor in private healthcare and cost of flights back to UK every now and then. So probably £25k pa total.

Do you have DC and DGC ??I couldn't leave mine no matter how lovely and hot the country

Zuve · 25/02/2023 18:31

I am 72 and still part time in a supermarket. My mum went to 74 part time in Sainsburys. We have good fun, it gets me out and its good to be one of the girls

xJoy · 25/02/2023 18:42

I can imagine that a part time job that suited me would add to my life but what I'd hate would be the knowledge that I had to keep working beyond 68.
What if I can't? I'm so healthy it's ridiculous! I'm even eating saerkraut now for the fermentation, for my gut biome! I'd better hold on to my health or I'll be raging.

EngTech · 25/02/2023 18:42

The over 50’s retired in great numbers during Covid, and now they can’t get enough people to do the work

My industry can’t get enough youngsters in to replace those that have retired early but the system does not want over 50’s

I can see big problems coming down the road about pensions as not enough people paying into the pot

Me, I am working past pension age purely to add a few years extra in my company pension pot plus get a better payout when I finally retire

I am also slowing down big time and sticking to my hours

Travelban · 25/02/2023 19:49

EngTech · 25/02/2023 18:42

The over 50’s retired in great numbers during Covid, and now they can’t get enough people to do the work

My industry can’t get enough youngsters in to replace those that have retired early but the system does not want over 50’s

I can see big problems coming down the road about pensions as not enough people paying into the pot

Me, I am working past pension age purely to add a few years extra in my company pension pot plus get a better payout when I finally retire

I am also slowing down big time and sticking to my hours

Totally agree with all of this.

Same in our industry, however ageism is rife. It 51 even though I look 'youthful' I am under bo illusion that if I was made redundant I would get another job.

Also trying to be less stupid, like working whilst very ill or set off for travel at 4 or 5am in the morning or take calls.beforen730am unless extremely urgent. I have seen so many people have heart attacks or burnout that I feel a responsibility towards myself and.my family to try not to kill myself through overworking.

xJoy · 25/02/2023 20:10

@Travelban and @EngTech I agree too and have seen this in my work.

I think recruiters need to start tapping the large market of smart women who would love to get back in to workplace

Amboseli · 25/02/2023 20:25

@kitcat15 yes we do have DC. We won't be properly emigrating though, probably spend the summer in the UK. DCs are unlikely to live in the UK anyway though, they can see what a dire state we're in and have plans to live elsewhere themselves.

kitcat15 · 25/02/2023 20:31

Amboseli · 25/02/2023 20:25

@kitcat15 yes we do have DC. We won't be properly emigrating though, probably spend the summer in the UK. DCs are unlikely to live in the UK anyway though, they can see what a dire state we're in and have plans to live elsewhere themselves.

Horses for courses i guess....I'm 58 and retired with nhs pension and returned on 2 days a week...Iwill finosh completely next year.....I have 3 GD ( oldest is nearly 8) ..... wouldn't even contemplate moving town never mind country....but thats me....I love my holidays but always want to get back to my family....I still have mum aswell so would never leave her

Countdown2023 · 25/02/2023 20:34

December 2023 - will be 60. Currently I am a secondary school teacher shortage subject.

Mortgage paid off. ISAs in place. TPS in place from 60. Private pension from non-teaching days will kick in at 65 though I dare say I could claim earlier with an actuarial reduction. Get state pension at 66.

if tax free lump sums are scrapped then I will bring everything forward. But I think if tax free lump sums are scrapped then there will hopefully be a year or so warning given

RaininSummer · 25/02/2023 21:02

If you are on the UK you won't get your state pension until you are 67 if 60 this year

caringcarer · 25/02/2023 21:26

I retired from secondary teaching at 56. I'm still a Foster Carer and look after 16 year old with complex additional needs. He has a severe learning Disability so I'm expecting him to stay living with us even when 25-30 years old. Trying to teach him independent living skills but he's not really picking them up. I get Teachers Pension each year of £8000. I get additional annuity of £4800 each year and will get full state pension when 67. I'm 61 now. I do get income from several btl houses though. DH still works full time and plans on retiring at 62-64. He can get part of his pension when he's 60 and rest at 67. Either way we are very pleased we planned our retirements from when we first worked and I also took out a Stakeholder pension to supplement Teachers Pension. DH also took out extra pension with Prudential, only small but can draw down what he'll have to keep him going between 62-64. When he is 67 he will get full state pension. Our mortgage will be paid off in May this year. We already do gifting to our 3 children but will probably buy them things too in the future.

SilentHedges · 25/02/2023 21:32

I'm 53. My (solo) mortgage will be paid off when I'm 56. Hopefully I can retire at 57. When I say retire, I mean get out of highly paid, high stress corporate work. I'll do nothing but look after my health for a year, then decide if I can face anything part time. I have a lot of hobbies and fitness activities.

I have a final salary pension I'll take at 65, and I'm currently shovelling cash into a DC pension which will bridge me from when I retire to 65.

I'm menopausal and absolutely shattered.

Countdown2023 · 25/02/2023 21:32

Yes quite right I will be 67 not 66. Just so long as I live that long ..

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…..