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Retirement

42 said:
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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I think my missus would retire (or reduce hours) sooner - but is perhaps a little worried that our pot won't be enough.... even though I know it would. She's currently looking into starting up a business of her own, and if she can sort it she would be able to dictate her own work schedule and decide the days she works - and this may be the route to an earlier retirement for me..
 
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I’m 45 and hoping to be done in 10 years. Got nearly 300k in a pension pot as of now and about 75% of my mortgage paid off. Next task is to start saving for the 3 or 4 years I’ll need to cover before I can access private pension. Part of my financial planning is a redundancy from work which seem to come around every few years. I’ll be taking the next offer. Might semi retire last few years and work contracts or part time remotely if possible from somewhere a bit warmer like spain. Plan is to spend a big chuck of my pension pot by the time im 70. Would like a good 15 years of living life before then starting to slow down and hopefully surrounded by grandchildren who I’ll blow the rest on and then let the state look after me when I start shitting myself. What could possibly go wrong 🤣🤣
 
Slatz63 said:
Which? magazine do an annual survey of pensioners and what life as a pensioner costs.

Latest survey based on March 2023 data is here.

You must be logged on to see external links


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.
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All depends on how you define "luxury".
 
Grr, just read the earliest retirement age is going to be 57 soon.
Suppose I could live off savings for a while between when I want to pack in and then.

Or more likely, do a few months of a contract once a year from 50 onwards. Mortgage paid off when I'm about 52 iirc, so that's £1k/month less I need to earn.
 
PTR said:
Grr, just read the earliest retirement age is going to be 57 soon.
Suppose I could live off savings for a while between when I want to pack in and then.

Or more likely, do a few months of a contract once a year from 50 onwards. Mortgage paid off when I'm about 52 iirc, so that's £1k/month less I need to earn.
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You could divert some of your pension payments into an isa? No tax relief on payments but no tax to pay on withdrawal
 
I retired 31 May this year at 55. All good so far. I have a DB pension, but took the 25% lump sum. I’m paying off the mortgage this week. I think this year will be a little different with the tax implications, but next year should be fine. Like many have said, you don’t know when your number is up, so I want to make the most of it.

I do my chores in the morning, go for a walk in the afternoons. Pilates and spin classes twice a week. Only downside so far is I went for my first bike ride since I broke my hand. I was 0.4 of a mile in when I fell off. Only a few cuts and bruises, but the ribs are very sore.
 
Slatz63 said:
Which? magazine do an annual survey of pensioners and what life as a pensioner costs.

Latest survey based on March 2023 data is here.

You must be logged on to see external links


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.
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Cheers interesting read and thankfully brief


You must be logged on to see external links
 
I’m decent with money but I need to get a decent grip on my pensions. I’m 35, got £15k in one, probably a grand in another and I’ve got £2,500 from my last job which I cashed in when I left. No way do I want to work until I’m past 60.
 
HettonSAFC said:
Yeah me too. I’m 57 and Looking to drop a day or even two with a finish at 62. No way I’m getting up to 67. That’s a fecking disgrace tbh.
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I'm planning something similar too.....if we can work it out? I'm 54 and plan to 'work' for three more years, then gradually wind-down for a couple more than call it a day pre-60.

We have no mortgage, reasonable savings, decent pension pot and a rental property - plan to liquidize the lot - downsize and then just crack on with it ;)
 
I would say £300 a week would be ok, if your mortgage is paid off, probably £450 for a couple.
I have got a DB which will be around £24k a year , then add on the state pension when I get to 67.

I think my main issue is I actually really enjoy work , I love going in for the crack and challenge.
I know when I retire I will get a new dog , probably travel to watch the lads more, but I think I need to work on a hobby now , as it does worry me how to occupy myself.
I have seen too many retired fellas hanging round the shops on a morning, chatting , then in the club from 2 till 6 and then home for tea every day.
 
Deckchair said:
Circumstances vary. I’d like to be able to drop the kids / grandkids a few quid on birthdays / Christmas, pay for family meals etc. some money put away for family emergencies.

Things like hosting the family at Christmas cost £100’s. You’re hands never out of your pocket with a family and don’t really want a line in the sand moment where it all stops suddenly.
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The hardest adjustment to make is if you are planning to live on less when you retire yet you have more leisure time and want to do more for your family as you say.

Iam not sure that going from full on working to zero in one go is right anyway. Keeping your mind active and earning a little is best way to spread the pension I think.
 
joebolton said:
I would say £300 a week would be ok, if your mortgage is paid off, probably £450 for a couple.
I have got a DB which will be around £24k a year , then add on the state pension when I get to 67.

I think my main issue is I actually really enjoy work , I love going in for the crack and challenge.
I know when I retire I will get a new dog , probably travel to watch the lads more, but I think I need to work on a hobby now , as it does worry me how to occupy myself.
I have seen too many retired fellas hanging round the shops on a morning, chatting , then in the club from 2 till 6 and then home for tea every day.
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You do realise you'll be getting nearly £600 a week with those figures don't you?
Your last sentence proves what I said in my first post, those fellas might be living their dream, obviously not yours and there's nothing wrong with either. I've just been out on my bike and got drenched some people will think that's the worst thing ever but I enjoyed it 👍
 
I am 60 in December, Mortgage paid off and going through the numbers as we speak.
Have a pension advisor on stand by but most you can get a good view yourself.

I want out, just a case of hoping I have enough.
Awaiting on old Pension that was a final salary. Getting a transfer fee benefit and the costs based at 60. Likely will take 25% tax free out of the pots. However will need the numbers before that decision can be made.

Had enough of work, grafting since 16.
Could always downsize the house, all about options.
 
Swindon On Tour said:
I am 60 in December, Mortgage paid off and going through the numbers as we speak.
Have a pension advisor on stand by but most you can get a good view yourself.

I want out, just a case of hoping I have enough.
Awaiting on old Pension that was a final salary. Getting a transfer fee benefit and the costs based at 60. Likely will take 25% tax free out of the pots. However will need the numbers before that decision can be made.

Had enough of work, grafting since 16.
Could always downsize the house, all about options.
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Going thru same myself just getting all lined up taking redundancy and turned 55 so sticking FS pension into a drawdown bit of a gamble but hey ho.
Done my bit let the youngsters take over 😂
 
I'm Spartacus said:
Got less than 2 years before I get my final salary pension, it’ll be around 24k a year (should have been nearer 30k if I wasn’t robbed) I’ll only be 53 so will most likely work till I’m 60 and build up a nice savings pot so I can enjoy the years before I’m either deed or stuck in a chair, stinking of stale shite/piss while a nurse spoon feeds me gruel and wipes dribble off my wrinkly wobbling lips.
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Fireman by any chance?
 
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