Retirement

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PhilSAFC said:
With fairy dust? You need to plan for old age man. You want a relaxing retirement not a one where you make decisions about whether you eat or go cold.

This sounds like another one of your stupid wind up threads anyway so I’m out.
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I think a lot don't really understand it all tbh. I'm 34, retirement feels a long way off. Equally they seem to keep cutting the state pension and things, probably get fuck all at the end of it. And they keep extending how long you have to work for. Certainly while I've got a young kid and a 16 year old I'd rather have money in my hand now. I'll worry about pensions later, knowing my luck I'll be dead before they even let me have it anyway! Be gutted if I kept firing my bonus into it and dropped dead before I got it! Way I see it when I'm old I'll not need much, mortgage will be gone so a bit heating, bit bait, sports on the tele and I'll be happy. Hopefully have more than that like but I'm probably one of many who puts it all off
 
TheWanderer said:
18 years time when I’m 60, youngest will be 22 then, if she doesn’t go to uni I’ll retire at 56...I’ll have 36 or 40/60ths of a final salary pension to play with and still own a rental property which isn’t paying itself off at the moment due to negative equity and trapped into a shite mortgage, which I hope to work out a plan to pay itself off by retirement age to either sell or as a source of a small income.

Will be looking for property abroad and downsizing current property and spending time between the two.

Will have got the clubs back out by then and be playing golf to occupy the time but I’ll be mostly sitting on my arse with a drink in my hand for my remaining days.

Don’t understand those that go back to work as they’re bored???
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No. Me neither but you definitely should have a plan. Depending on your health and wealth you need something to replace 40 hours working.
 
The state pension isn't shit by the way.
By the time you reach it, the income from it will pay for a hell of a lot things.
You will never get rich on it and if you have no savings or suplimentory income, then you might struggle.
 
Paying 10% of income into a private pension, I would pay more but I don't like the idea of having it locked away. Prefer to invest the remainder in passive investment funds. I have a specific figure, when I've hit it that's me done. I reckon by the time I'm 50-55 I'll be ready.
 
Horatio Moustache said:
Paying 10% of income into a private pension, I would pay more but I don't like the idea of having it locked away. Prefer to invest the remainder in passive investment funds. I have a specific figure, when I've hit it that's me done. I reckon by the time I'm 50-55 I'll be ready.
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What’s your number
 
niceonemarra said:
I have no plans to ever retire and I don't have a pension I opted out from day 1 and have continued to do so.

What are your retirement plans?
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Push on for another 15 years or so and make sure I am all done by 60 at the latest.

Currently looking at flipping properties out here, lower margin stuff setting up a rent to buy option for first timers.

Next 3-5 years looking to by a 20 unit condo complex preferrably in Florida.

By the time I am ready for retirement I should have enough passive income to be comfortable with my Florida home all paid off.
 
Kevj said:
We have looked into properties in southern France as the price is remarkable compared to the UK for a rural home. That said, the holiday let rates aren’t great, but you should easily be able to cover a mortgage and have a few choice weeks per year for you.
At retirement age, sell up your UK home, move to France and add the cash to the pension pot.
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That’s exactly the plan , starting new job with HMRC soon so that’ll give me 8 years to build up pension with them too as I haven’t got a huge pension pot unfortunately. Might end up with some inheritance but if it’s all spent on dads care or mams for that matter then so be it - it’s their money
 
Ginger John said:
Not sure on actual age to retire. Paying into a self invested pension.

In eight years time my mortgage will be paid off and I'll not have any dependant children, so I can work less hours.
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Fewer. :mad:

niceonemarra said:
Correct I have a life time of paid national insurance contributions so I will get the state pension, that will do me.
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Doubt you'll say that when the time comes.
 
PhilSAFC said:
What’s your number
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For savings in a passive fund £500,000, taking out 3% a year at £15,000. Add in the private and public pension later as well as having a very small (or no) mortgage then that should be fine. Still need to figure it out properly though and anything could change, I don't for a second think it will be this straightforward.
 
I'm 57 and hoping to retire at 60 but it'll all depend on finances at the time. I've got a NCB/British Coal pension that kicks in at 60, got about 14 years in it so not loads but after taking the lump sum should leave about £6-£7k per year. Then I've got 25 years in my current pension so another 3 will take it to 28, this is what I class as my main pension. Hopefully the two combined will give me £25k+ after taking the two lump sums.
Retiring at 60 means I don't get the state pension for another 7 years so I've basically written that off, don't include it in any calculations.
 
Guinness Guzzler said:
I think a lot don't really understand it all tbh. I'm 34, retirement feels a long way off. Equally they seem to keep cutting the state pension and things, probably get fuck all at the end of it. And they keep extending how long you have to work for. Certainly while I've got a young kid and a 16 year old I'd rather have money in my hand now. I'll worry about pensions later, knowing my luck I'll be dead before they even let me have it anyway! Be gutted if I kept firing my bonus into it and dropped dead before I got it! Way I see it when I'm old I'll not need much, mortgage will be gone so a bit heating, bit bait, sports on the tele and I'll be happy. Hopefully have more than that like but I'm probably one of many who puts it all off
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Spot on marra.

TheWanderer said:
I’d rather sit and stare at the wall than work, so don’t think I’ll struggle to occupy my time.
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:lol:
 
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I first retired at 48 when P&O offered me 2/3 of my salary as chief engineer as a pension to retire. I lasted a few months and got another job for a few years. Dropped down to a 3 day week as part of a phased retirement till 2 years ago when I retired completely. Don't do much now except loaf around. The Merchant Navy pension was an industry-wide fund and grew large on employers contributions during the period 1950 to 1980. I worked in the marine industry for 43 years. That fund was locked and available to old section members. Nowadays it's a lot harder to get a decent pension but I consider myself lucky and thankful for the pensions I've got. A lot of anticipating your future depends on your health as you age. If it goes, and you face the inability to earn a few bob here and there, you could be looking at a penny-watching old age. The state pension in its current form hasn't long to go. It would be good to be 25 again but with it would come the worries for the future whereas now I have none (except seeing lots of it).
 
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