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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:
Spectre8 · 26/02/2023 09:30

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…..

Just turned 40, always wanted to retire early. Spending my 20s to save for a house so I got one at 30 has helped massively as mortgage will be done by 47 and I've been overpaying.

I dont have kids so that probably helps my plans. I won't fully retire at 55 just go down to 3 days or go contracting and do 6 months work 6 months off. Fully retire at 60 as final salary pension can be taken at 60 with no penalty

Cupcakequeen75 · 26/02/2023 09:53

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…..

My old dad told me when I left school to start paying into a pension as soon as I could as it was the most important thing to have and I never forgot that advice. As it turned out the job I got at 18 had a compulsory DB scheme so that was sorted.
When I got to my early 40's the mortgage was paid off so I started directing my additional money into AVC's and when the DB scheme closed 10-years later I paid the extra into the new DC scheme.
My retirement has come along a bit earlier than expected (I will be 57 when I finish work) so all I can do is thank heavens I took my dad's advice and got organised when I did.

Amboseli · 26/02/2023 10:15

@kitcat15 we all have to do what we feel comfortable with but I can't imagine never leaving the town I grew up in.

I've always encouraged DCs to travel, see the world, broaden their horizons, just as I did when growing up. I'd actually be disappointed if they always stayed in the area they grew up in. Both mine and DHs family is scattered across the globe so it's just what we're used to.

Kennykenkencat · 26/02/2023 11:07

Cupcakequeen75 · 26/02/2023 09:53

My old dad told me when I left school to start paying into a pension as soon as I could as it was the most important thing to have and I never forgot that advice. As it turned out the job I got at 18 had a compulsory DB scheme so that was sorted.
When I got to my early 40's the mortgage was paid off so I started directing my additional money into AVC's and when the DB scheme closed 10-years later I paid the extra into the new DC scheme.
My retirement has come along a bit earlier than expected (I will be 57 when I finish work) so all I can do is thank heavens I took my dad's advice and got organised when I did.

Show quote history

Paying into a pension is good if the pension scheme wasn’t taken to prop up the failing company

I paid into a pension when I was young

My pension is worth £0

I won’t even get state pension and can’t even apply for pension credits.

I am going to get working until I drop

UserNameSameGame · 26/02/2023 11:57

Kennykenkencat · 26/02/2023 11:07

Paying into a pension is good if the pension scheme wasn’t taken to prop up the failing company

I paid into a pension when I was young

My pension is worth £0

I won’t even get state pension and can’t even apply for pension credits.

I am going to get working until I drop

Show quote history

I don’t doubt you @Kennykenkencat , but I just don’t understand how that situation arises. Genuine questions.

How come you don’t have any years NI contributions towards state pension?

The pension you lost - was it recent? Did you not have any opportunity to pay into another pension afterwards?

How come you can’t claim pension credits?

Have you taken advice about all of this?, Because it shouldn’t be possible to fall through the gap to that extent.

Cupcakequeen75 · 26/02/2023 12:44

Does sound a bit strange.
I know there were cases of this (Maxwell is the most famous) but I thought things had been tightened up and for those that suffered some government help was available?
Also how come you have no NI, I thought even if you were contracted out (and didn't that stop mid-90's) it counted for something?

kitcat15 · 26/02/2023 13:54

Amboseli · 26/02/2023 10:15

@kitcat15 we all have to do what we feel comfortable with but I can't imagine never leaving the town I grew up in.

I've always encouraged DCs to travel, see the world, broaden their horizons, just as I did when growing up. I'd actually be disappointed if they always stayed in the area they grew up in. Both mine and DHs family is scattered across the globe so it's just what we're used to.

🙄

furryfrontbottom · 02/03/2023 08:42

I'm in my early sixties and part retired, had planned to carry on until my state pension kicks in but am now considering leaving earlier. There is nothing wrong with my job except that it takes up time I would rather spend doing other things.

Heronatemygoldfish · 02/03/2023 09:15

I'm going to 67/8 unless my health gives out. I'm in my 50s now, and have never thought I'd want to retire early as I'm the active one and always get bored when I'm on leave. Kicking around a house with a DH who would rather sit on his arse watching TV is not my idea of fun.

MavisCruet2023 · 02/03/2023 09:48

Being optimistic, 77-78 at the very earliest - but more likely I will have to work til I die.

Prettypaisleyslippers · 02/03/2023 09:54

Ideally 62, also hoping medication and treatments improve in the next 15 years to help me enjoy retirement

Cheesemas · 02/03/2023 14:22

My dad is 90 and still running the same business he started when he was 30 years old. He doesn’t plan on retiring.
I’m 46 and employed in an education institution. I don’t expect to be able to retire, I’d like to move to part time hours when I am older, after the mortgage has been paid off.

Ali85 · 02/03/2023 16:45

Cheesemas · 02/03/2023 14:22

My dad is 90 and still running the same business he started when he was 30 years old. He doesn’t plan on retiring.
I’m 46 and employed in an education institution. I don’t expect to be able to retire, I’d like to move to part time hours when I am older, after the mortgage has been paid off.

I guess it depends on the job but don't most jobs in education come with a decent pension?

DrMadelineMaxwell · 02/03/2023 16:59

Teaching does. The TAs dont have access to the same scheme. And a lot of academies and private schools have opted out of the TP scheme.

Doone21 · 02/03/2023 17:47

80 probably

Cheshiresun · 02/03/2023 17:59

Retired recently, late 30's.

RaininSummer · 02/03/2023 18:42

That's kind of early to retire. What's your plan for the next 50 to 60 years?

xJoy · 02/03/2023 18:45

even a private pension won't give you even an actuarially reduced pension til 50! and if you release your money you're taxed to high heaven. So.................... do you mean @RaininSummer that you got made redundant, you're just never going to work again? at 39 you couldn't have enough for a state pension either.

blueshoes · 02/03/2023 19:06

Cheshiresun · 02/03/2023 17:59

Retired recently, late 30's.

Are you retired or just unemployed?

Ali85 · 02/03/2023 19:23

Well there are people who build up significant investments outside a pension too and then aim to live off the investment for life. See the FIRE movement explained here www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

Cheshiresun may well have done that, plenty of the people who follow it aim to be independent by late 30s/40s but it does require a lot of discipline and luck (or a huge inheritance or similar)

blueshoes · 02/03/2023 19:28

Ali85 · 02/03/2023 19:23

Well there are people who build up significant investments outside a pension too and then aim to live off the investment for life. See the FIRE movement explained here www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

Cheshiresun may well have done that, plenty of the people who follow it aim to be independent by late 30s/40s but it does require a lot of discipline and luck (or a huge inheritance or similar)

Sure

Cheshiresun · 03/03/2023 00:38

blueshoes · 02/03/2023 19:06

Are you retired or just unemployed?

Show quote history

Retired, after working full time since 16 and running a business from home. Due to unfortunate events I wouldn't wish on anyone.

LieInsAreExtinct · 03/03/2023 07:49

ASAP with the rate people I know are dying in their 50s and 60s... another friend's husband died suddenly last week in early 60s- he had retired from police and did a very part-time job, but she is still working 4 days a week. Cancer, heart attack, stroke, accident, and not always the people you would expect to die young. If you love your job (I don't) I can see the reasons for staying beyond absolute financial necessity. I will probably do 'something' but would like to retire soon, 57-58. Won't get my full pension until 67 but a couple of small lump sums and I do have another modest income so, living frugally, I can manage and still have some fun! Just need to get my son through last years of education, so can't consider it yet. And in the meantime, keep trying to get him to shut doors, turn off lights etc!

ijphoo · 03/03/2023 09:04

I do not really think about retirement. For me, it will most likely be more a case of managing my workload, and possibly cutting down as I get further into old age.

I am in my early sixties, and quite a number of my colleagues are significantly older (well over 'retirement' age) and they are still 'going strong'.

I have significant caring responsibilities as well as work, and my work somehow keeps me grounded.

My current ideal would be to keep going for as long as I can, but to be very part time before I die at a ripe old age. My fear is that my mental faculties will deteriorate and I will not be able to work, nor will I be able to enjoy not working.

I think there is an increasing number of people who, like me, do not see a realistic prospect of retirement.

Jakadaal · 03/03/2023 13:26

I am 58 and am retiring at the end of March