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Retirement

Roaring Chubby said:
At least 60% of final salary / income or you will feel the squeeze. At least if you are more of a spender than a saver.
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If on about Net not gross are you saying your retirement income (after tax) ideally should be 60% of your salary net income (ie the pay that hits your bank each month after all deductions )
 

Me and my Wife retired April 2022, i was 55 and she was 51, it is the best thing we ever did and if you can afford it just do it. We had many neigh sayers telling us we’d be bored, would return to work after 6 months or be dead after a few months as “they know someone who retired early then died a few months later” 🤣, seriously the amount of people who said that to us was unbelievable, like work alone keeps you alive 🤣.
We love the slow pace of life, we can do f@ck all and be happy as Larry, we walk, travel, do all of the hobbies we love and just enjoy life and each others company. As far as money is concerned you can enjoy your life on less than you think, we are all different but i’d rather have less money and less stress than the opposite. It’s not for everyone but grabbing some life and enjoying the family is like heaven to me, it is literally living the dream for us.
Good luck to anyone who is heading that way, you‘ll love it.
 
42 said:
As long as you turned 50 before April, then being made redundant at 55 is the absolute dream if you have a DB pension. It'll be 57 or 58 for me, will be over the moon to bag a redundancy at 58
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Is that definite? I’ve been looking for information on the exact date it goes up from 55 and it’s a bit vague.
 
Select coaches said:
Is that definite? I’ve been looking for information on the exact date it goes up from 55 and it’s a bit vague.
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As far as I'm aware the change happens in April 2028

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Sounds like there's some protections for those who are 56 in 2028
 
Hopefully retiring in 7 years time at 56. Mortgage will be paid off and I will be leaving the Forces after 36 years so have a healthy pension and lump sum coming. The plan is to sell up and fuck off to Spain, buy a villa to live in and an apartment to rent out to be the wifes 'pension'. She'll be 54 and could work there if she wanted to, but hopefully not.
 
houghton cut head said:
Then you will get to 55 and be praying for your redundancy (I am at 54, hoping for payoffs next April, none are planned yet, but fingers crossed)
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Indeed. I'd be delighted to take redundancy at 55 I will have 10 years service then.

We've just had a reorg of our sales teams and one of the sales directors has just been made redundant at 56 after 15 years service and with 3 months gardening leave - he's laughing all of the way to the bank and is getting paid to take the summer off.
 
stan said:
Hopefully retiring in 7 years time at 56. Mortgage will be paid off and I will be leaving the Forces after 36 years so have a healthy pension and lump sum coming. The plan is to sell up and fuck off to Spain, buy a villa to live in and an apartment to rent out to be the wifes 'pension'. She'll be 54 and could work there if she wanted to, but hopefully not.
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Not so easy to move to Spain now thanks to Br-you-know-what. Hopefully freedom of movement will be back before I retire.
 
Sunderland Til I Cry said:
Me and my Wife retired April 2022, i was 55 and she was 51, it is the best thing we ever did and if you can afford it just do it. We had many neigh sayers telling us we’d be bored, would return to work after 6 months or be dead after a few months as “they know someone who retired early then died a few months later” 🤣, seriously the amount of people who said that to us was unbelievable, like work alone keeps you alive 🤣.
We love the slow pace of life, we can do f@ck all and be happy as Larry, we walk, travel, do all of the hobbies we love and just enjoy life and each others company. As far as money is concerned you can enjoy your life on less than you think, we are all different but i’d rather have less money and less stress than the opposite. It’s not for everyone but grabbing some life and enjoying the family is like heaven to me, it is literally living the dream for us.
Good luck to anyone who is heading that way, you‘ll love it.
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Absolutely this! The time to enjoy life is priceless
 
Retire in September this year. Just did all the sums yesterday and I'll have £33k after tax. My pension is index linked so will go up each year with the cost of living. Mrs (no) also has a small pension of around £6k year and currently works part time. I think we'll be OK in the coming years, just the bills to pay and no mortgage.
 
K3NA said:
Retire in September this year. Just did all the sums yesterday and I'll have £33k after tax. My pension is index linked so will go up each year with the cost of living. Mrs (no) also has a small pension of around £6k year and currently works part time. I think we'll be OK in the coming years, just the bills to pay and no mortgage.
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Sounds perfect Marra, enjoy!
 
Sunderland Til I Cry said:
We had many neigh sayers telling us we’d be bored, would return to work after 6 months or be dead after a few months as “they know someone who retired early then died a few months later” 🤣, seriously the amount of people who said that to us was unbelievable, like work alone keeps you alive 🤣.
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Only been packed in coming up for a couple of months but agree with this. The amount of people who said I'd be bored was unbelievable I just used to laugh. They were always stuck for an answer when asked "So how are you going to cope when you actually retire, or are you just going to work til you die?"
 
Sunderland Til I Cry said:
Me and my Wife retired April 2022, i was 55 and she was 51, it is the best thing we ever did and if you can afford it just do it. We had many neigh sayers telling us we’d be bored, would return to work after 6 months or be dead after a few months as “they know someone who retired early then died a few months later” 🤣, seriously the amount of people who said that to us was unbelievable, like work alone keeps you alive 🤣.
We love the slow pace of life, we can do f@ck all and be happy as Larry, we walk, travel, do all of the hobbies we love and just enjoy life and each others company. As far as money is concerned you can enjoy your life on less than you think, we are all different but i’d rather have less money and less stress than the opposite. It’s not for everyone but grabbing some life and enjoying the family is like heaven to me, it is literally living the dream for us.
Good luck to anyone who is heading that way, you‘ll love it.
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That is the 'feel good' post of the day. Tremendous to read enjoy every minute of it.

I'm 52 and the wife is 51, we're planning to retire when I turn 60. We have an eleven year old daughter so we'll keep working until she at least finishes high school. Mortgage is effectively paid off now, we're keeping it open as an easy line of credit as we're looking to buy an apartment up in the tropics of Australia to spend a month or two of our Winter up there.
 
Which? magazine do an annual survey of pensioners and what life as a pensioner costs.

Latest survey based on March 2023 data is here.

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They reckon a single person needs £13k for a basic lifestyle and £32k for a luxurious lifestyle.

Based on their assumptions I reckon I need £22k to live in luxury. I'll be trying it out at the end of this tax year as I'm withdrawing from the workforce in March next year at hte age of 61.
 
I could retire now, but my missus is several years younger than me and isn't ready yet. Saying that I currently have a stress free job, which allows me access to a free gym and cheap on-site dining (if I want it). Our mortgages are both paid (missus had a house before me that she lets out) and we have just the regular monthly bills to take care off and our social costs. I already get a military pension (£13k) and my missus has been paying into her NHS pension for nearly 30 years, so should be OK when she eventually stops. My fear is that if I retire before her, I'll be stuck at home and will get bored.... which will probably lead me to drinking/eating too much and getting out of shape. Hopefully I'll persuade her in the next couple of years to sack it and we can start jetting off...
 
Metalmicky said:
I could retire now, but my missus is several years younger than me and isn't ready yet. Saying that I currently have a stress free job, which allows me access to a free gym and cheap on-site dining (if I want it). Our mortgages are both paid (missus had a house before me that she lets out) and we have just the regular monthly bills to take care off and our social costs. I already get a military pension (£13k) and my missus has been paying into her NHS pension for nearly 30 years, so should be OK when she eventually stops. My fear is that if I retire before her, I'll be stuck at home and will get bored.... which will probably lead me to drinking/eating too much and getting out of shape. Hopefully I'll persuade her in the next couple of years to sack it and we can start jetting off...
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Whilst I'm a few years off retirement, I have a similar issue of having a younger misses. However she wants to retire ASAP.
As soon as I retire, I'll be constantly nagged with "it's not fair that I have to go to work & you don't etc"
So I need to build up enough to get her out early, which I think is doable if she listens to me, but she also likes to spend. So it's a challenge.
 
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