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Retirement


BucketBiff said:
Similar plan. My fixed rate mortgage finishes in June. 1.79% expecting next deal to jump to around 5%. Hoping to clear it this year if it’s doable. I have big gaps in my state pension as I haven’t bothered with voluntary stamp. Too late now though.
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Anything 2006 until 2023/24 ya can pay back mate. Have April 2025 to make payments on some yeats then it goes back to the six years from April 2025
42 said:
Might be out of date info on their behalf, but the legislation was brought in a few years back
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aye I’m not affected mate for my work one my private one will have to be 57 though by the looks
 
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Will e said:
I'm not wanting to be negative about your retirement plans but from what I remember of your age I very much doubt the state pension will be at 67 by the time you reach that age, more like 70 at least from what the forecasters say. having said that it's impossible to know what could happen.
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Life expectancy is dropping now I thought, which was always given as the reason for putting it up. Not 100% sure mind
 
Forty said:
Too late for me i am 3 years off retirement.
Tail end boomer, who didnt have the luxury of working for companys who even ran pension schemes up until i was in my mid 30's.
At this rate i can see me having to work an extra year or two. Just to be able to stash more money away. Just to make sure i have that bit extra to be able travel and go out without worries.
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Where did you work mate. I retired 6 months ago at 55 with 4 final salary schemes (all frozen) and 2 defined contribution schemes. Only time i didnt pay in was when i was on a casual contract for 3 years.
 
mackem1989 said:
Got a decent pension to take when I’m 55 and the house will be paid off before I’m 50

So will be done when I’m 55 both me and the mrs (no) have good pensions which can tide me over to my state pension which will have the full 35 contributing years when I am 51.

Something I’ve planned out from a young age.
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Have you checked your state pension just to be sure 👍
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houghton cut head said:
Life expectancy is dropping now I thought, which was always given as the reason for putting it up. Not 100% sure mind
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Aye, life expectancy is forecast to level out then increase again, it's the people who have I'll health of working age that has increased massively and all the associated costs NHS, tax receipt reduction etc. There's no plans to increase it further anytime soon but you never know.
 
Dodgy said:
Best thing I ever did was to "retire" over here at 52, marra. I'm still doing 12 x 45 minute spots a week over here but don't consider it work. The work, as you know, was always the travelling and setting up the gear. Without any of that, it's just a well paid hobby. I walk in they hand me a mic and a whisky and I sing for 45 minutes. When we're duo or trio there's keys and guitar to plug in but it's still just plug and play.
The missus sings 10 spots a week (some of them with me) but, ostensibly, we consider ourselves retired.

If we want to take a couple of weeks or just a couple of days off, we just give a few days notice and off we go.

When we do wind down, we'll have UK and Spanish pensions and plenty of savings from what we've made here.
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Spot on mate 👍
 
mackem1989 said:
Got a decent pension to take when I’m 55 and the house will be paid off before I’m 50

So will be done when I’m 55 both me and the mrs (no) have good pensions which can tide me over to my state pension which will have the full 35 contributing years when I am 51.

Something I’ve planned out from a young age.
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Go for it. I did the same at the beginning of last year at 55 and haven't missed work one bit. The 25+ years of financially planning for it was well worth it.
 
Anyone born After april 1977 the state pension age will be 68 rather than 67, that is already confirmed .
Also , from April 2028 you cannot access a pension until 57, rather than 55.
 
Fletch said:
Anyone born After april 1977 the state pension age will be 68 rather than 67, that is already confirmed .
Also , from April 2028 you cannot access a pension until 57, rather than 55.
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The situation is complicated for those for those born between 6 April 1971 and 5 April 1973 (which incudes me!) where you will be able to access your pension under the old rules then lose it. I still haven't got my head around what it all means

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halfpast3 said:
I can wrap my head around them changing state pension age but not then raising the age you can get your own pension
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Exactly. Get told to save save save into your own private pension and then the government change to goalposts?!? Understand, to an extent the state pension but how can they do that to my own personal private pension?!?
Just more lies from government after government. They are all corrupt, lying scum bags.
 
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im not roland rat said:
Exactly. Get told to save save save into your own private pension and then the government change to goalposts?!? How can they do that if it’s private?!?! Just more lies from government after government. They are all corrupt, lying scum bags.
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Same as anything which is private is sill subject to the laws of the land.
 
halfpast3 said:
I can wrap my head around them changing state pension age but not then raising the age you can get your own pension
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Similar with the freezing of tax allowances & reducing NI. To encourage people to work longer & pay tax to fund services. Of course you cam still retire early if you have a decent chunk in an ISA as well. It's why I made the point earlier on, that once your pension income is over the personal allowance, then your tax benefits aren't as much so it's worth taking a small hit in tax to avoid the political interference by investing some into ISAs instead of pensions
im not roland rat said:
But why stop someone from accessing their life time savings ? Why change the goal posts?
I’ve saved hard for years to be able to retire early and now I’m being denied access to my money?
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See above
 
42 said:
Similar with the freezing of tax allowances & reducing NI. To encourage people to work longer & pay tax to fund services. Of course you cam still retire early if you have a decent chunk in an ISA as well. It's why I made the point earlier on, that once your pension income is over the personal allowance, then your tax benefits aren't as much so it's worth taking a small hit in tax to avoid the political interference by investing some into ISAs instead of pensions


See above
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I’ve pulled my pension savings right back and saving into ISAs
 
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