When is everyone planning on retiring

p90fool

Sporky said:

p90fool said:

You could get financially wiped out at any time, you could fall in love and emigrate, you might get a crazily risky business offer, you might even just say "fuck it" in seventeen and a half years' time and do some dumb shit you never thought you could get away with before.

Depends whether you're working on possibilities or probabilities.

Well they ALL happened to me, but maybe that says more about my personality than anything else.

Drew_TNBD

Bear in mind my dad died when he was 38. You could die tomorrow.

quarky

rlw said:

My state pension and private pensions won't add up to much - probably about £18K - but the plan is to sell the house and move oop north - York - into something similar but half the price.

So £18k and no mortgage/debts. That doesn't sound too bad to be honest. Is it the change in lifestyle that concerns you from the drop in (higher) income, because I assume most people could cope on that? My parents have only a state pension and no assets at all, but seem happy enough. But then I think they have been use to not having money for a long time!

rlw

quarky said:

rlw said:

My state pension and private pensions won't add up to much - probably about £18K - but the plan is to sell the house and move oop north - York - into something similar but half the price.

So £18k and no mortgage/debts. That doesn't sound too bad to be honest. Is it the change in lifestyle that concerns you from the drop in (higher) income, because I assume most people could cope on that? My parents have only a state pension and no assets at all, but seem happy enough. But then I think they have been use to not having money for a long time!

£18K will just about pay the rates, water rates, gas and electric and buy food for one for about a year.  Fine when I am debt free but not quite yet - hence plodding on for a bit more.  Also, there is GAS to feed which seems never to stop.

I've always lived on cashflow (not the best way I'll admit) so the whole thing of retiring and stopping an income stream is quite scary.   Mind you, if mrsrlw would countenance it (she won't) we could both retire to Cornwall next year, sell the London house and put an awful lot in the bank and just live on that for the next twenty years.   Unlikely to happen as mrsrlw insists on living in a city..................

Overall, I realise that I will be better off than many many people but cash tied up in property is not half as useful as a sodding great pension.    Our neighbours, both ex teachers, have a pension income of over £60K (paid for by us of course, although they will not admit it).  These days, that's a pension pot of at least £1M, if not more.

ToneControl

rlw said:

I'm 64 and planning to work as long as I can to keep my brain working.  Mortage is paid off next May but need to clear big overdraft and credit card debts so need to work some....

My state pension and private pensions won't add up to much - probably about £18K - but the plan is to sell the house and move oop north - York - into something similar but half the price.

mrsrlw wants to work for another four years so that's about right - I will work part time after clearing some debts and we will sell the Cornish house too, when we are too old to get down there very often.

Had I not pissed money up the wall on Porsches for about fifteen years, things would be somewhat rosier but I suppose it was fun at the time.   Also, downsizing my business by not replacing staff and dumping annoying clients was probably not the best plan ever.

So, start saving, sell all those guitars and buy financial security for your old age now

if you remortgage your house now, you can pay  tax-free into your pension whilst working, this was the tax loophole most used by directors on high salaries until Osborne plugged it with a £40k per year cap
You could save a lot on the taxes you save, and then get  at a lot of it very shortly afterwards
In the past people would remortgage, then put all their salary into the pension pot for 2 years, paying zero tax , saving  50% or so,  then  retire, tale a lump sum that nearly clears the mortgage itself.  You could save £50-60k tax easily
now you have to  do it over a longer period

quarky

Wait, so I could get a mortgage on my house, (say £120k @ 1% above BOE), so have £100k extra in the bank, and then do what? Put that £40k/year of that into a private pension over three years?

Where do I save the tax though? I am not (at the moment) self-employed?

boogieman

hotpot said:

I'm too young at 63 to get the state pension so I'll have to wait until I'm 67. 

You should get state pension at 66 I think? Maybe even 65. I'm 62 and when I checked the gov.org site it said I qualify at 66. 

hotpot

boogieman said:

hotpot said:

I'm too young at 63 to get the state pension so I'll have to wait until I'm 67. 

You should get state pension at 66 I think? Maybe even 65. I'm 62 and when I checked the gov.org site it said I qualify at 66. 

you're correct, I've just checked on the .gov site. I don't know how I got that date into my head!

thomasross20

Drew_TNBD said:

Bear in mind my dad died when he was 38. You could die tomorrow.

Shit! Sorry to hear that, Drew. Medical condition?

Drew_TNBD

thomasross20 said:

Drew_TNBD said:

Bear in mind my dad died when he was 38. You could die tomorrow.

Shit! Sorry to hear that, Drew. Medical condition?

Yeah, death.

Bellycaster

Never. If risk of Prostate Cancer runs in the Family, I'll be dead at 60 or earlier, either that or I'll have to keep working until I am physically fucked up, which has already started. Still...Stiff Upper Lip and all that.

Headphones

You're all missing the key observation about pensions.

It is a sexist invention.

Statistics make it clear us blokes will die off early and our spouses live a happy life on our pensions for many years after - so why bother with a pension at all?

In most cases the girls will retire earlier any way...

Drew_TNBD

Headphones said:

You're all missing the key observation about pensions.

It is a sexist invention.

Statistics make it clear us blokes will die off early and our spouses live a happy life on our pensions for many years after - so why bother with a pension at all?

In most cases the girls will retire earlier any way...

MISOFGGGGYYYNFZZKTTT!!!

chrispy108

rlw said:
Our neighbours, both ex teachers, have a pension income of over £60K (paid for by us of course, although they will not admit it).  These days, that's a pension pot of at least £1M, if not more.

Admit what? It was part of their terms and conditions. It's not like the state gave them their pension as charity is it? They worked for it.

I imagine I'll be working until I die though, cheers baby boomers!

Sambostar

41.  Zero pension, no wife, no kids, no house, no mortgage, no assets.  Work hard and I'm fit.  Call me stupid.  I've never understood pensions.  If I die or get ill no one will notice.  Best way to be.  People have so many expectations in life but most never hardly even live it.

jonnyburgo

Mortgage will be paid off by the time I'm 55. Lucky in that we've got inheritances in he future which should see us right, but you just never know do you? My Mums had cancer, dad's got cancer, gran and grandad had cancer etc. You just never know.

We on the front line in children's services keeps me young, and have to wrestle with the strong little fuckers in a daily basis, in fact currently nursing bruised ribs and a Nike Air Jordan imprint on my forehead, it hurts. Not sure I could still do this at this level for another 30 yrs. So hope to be retired at 60ish. After all the world needs more balding white bluesmen.

rlw

chrispy108 said:

rlw said:
Our neighbours, both ex teachers, have a pension income of over £60K (paid for by us of course, although they will not admit it).  These days, that's a pension pot of at least £1M, if not more.

Admit what? It was part of their terms and conditions. It's not like the state gave them their pension as charity is it? They worked for it.

I imagine I'll be working until I die though, cheers baby boomers!

They did indeed work for it but did not contribute anything like enough to pay their current pensions.

Their line is that we paid in so we deserve it, thinking that their contributions alone have made it possible when, of course, the scheme is unfunded and paid out of taxation.

octatonic

CabbageCat

rlw said:

chrispy108 said:

rlw said:
Our neighbours, both ex teachers, have a pension income of over £60K (paid for by us of course, although they will not admit it).  These days, that's a pension pot of at least £1M, if not more.

Admit what? It was part of their terms and conditions. It's not like the state gave them their pension as charity is it? They worked for it.

I imagine I'll be working until I die though, cheers baby boomers!

They did indeed work for it but did not contribute anything like enough to pay their current pensions.

How did you come to that conclusion?

chrispy108

rlw said

 They did indeed work for it but did not contribute anything like enough to pay their current pensions.

Their line is that we paid in so we deserve it, thinking that their contributions alone have made it possible when, of course, the scheme is unfunded and paid out of taxation.

Do you want to try reading again? I didn't say they paid in enough cash.

The pension they receive was agreed as part of their terms and conditions. Whether the Government paid them cash for teaching, which they then paid into a pension, or just cut out the middleman and the Government pay the pension. Makes no difference does it?