Does anyone still believe they'll ever retire?

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  • Does anyone still believe they'll ever retire?
  • Moses
    Member

    Mrs M was made redundant after 30++ years teaching. I’ll have to work beyond 60 to fund her fun lifestyle of coffees and cakes and pub lunches and generally having a very good time.

    deviant
    Member

    This will bite the government on the arse, some people will be able to work until 70 and they’ll be fine, both my parents have officially retired and are in their mid 60s but continue to work because they enjoy it….however in my work i go to lots of people in their 60s who are suffering with dementia and all manner of physical ailments that would exclude them from being a serious employment prospect for most companies….what then?….i;m guessing there will be a raft of new claims for incapacity benefit, disability benefit, medical retirement etc etc….in the long run it might be cheaper to just chuck people a decent pension instead.
    Interesting times ahead.

    alpin
    Member

    We used to go out to work at 16 and pay tax straight away but today this seems to mark someone out as a failure unless they are at university until they are 21.

    here in Germany i know of only one guy that was working in his teens. all the others stayed at school until 19/20 and then had a further 4 years at uni. i know of some people that have only just started work at the age of 31(!).

    as in the UK, the population here is shrinking (BR of 1.3), aging and living longer.

    my landlord profited from the war, inheriting five or six flats from uncles that fell in the war. i know of one guy, a cobbler, that sits in his little 10sq ft shop six days a week despite owning over 100 flats in Munich (and Munich rents being the highest within Germany).

    my folks are both retired and are ok. they have a decent sized, paid for house and can afford their bi-annual holidays, a cleaner (as if they don’t have time for that!), car each, golf club membership, pub lunches, etc…. but as many have said above they have worked for it, well, my old man has worked for it, mum has spent it.

    i’m one of those that didn’t go to uni and end up with a desk job. i’m a self-employed chippy who doesn’t contribute to a state pension (i have to opt in to the system here). i can’t imagine doing the work and hours that i do now in 15-20 years time.

    i can’t see how i should afford heating bills on top of the rent when i’ve no longer got money coming in. even if i changed direction and had a small workshop knocking out little odd jobs i’d still need a large amount of capital to set it up and then enough money coming in to cover costs.

    fortunately i’ve got about 60K in shares/funds that i was wise enough to stuff away a few years back when i had a few successful years. if what i was told turns out to be true that should be worth 200k-ish (pot roughly doubles every ten years….true?) which together with half the proceeds from the sale of my folks house should be enough to fund my hobo lifestyle.

    planning on buying a big sprinter/camper and chasing the sun. i can’t see how i should afford heating bills on top of the rent when i’ve no longer got money coming in.

    have said in the past that my/our parents generation have been able to milk it and that we’ll not have it so good.

    Premier Icon Imabigkidnow
    Subscriber

    I’ve got a small private pot going, nothing astounding though (emphasis on the nothing i.e. I think last prediction was £750 a year for what that’s worth if I retired at 65)
    I work for a company with less than 5 employees too so I prob won’t be doing the opt-in thing for a good few years yet, but I will pay in when it starts.

    My mortgage company things I’ll retire at 72 for what that’s worth as that’s what I told them.

    I’d prefer to pay 5%-10% hell maybe even 15% more tax/NI now to help pull this country out of it’s jacksie sooner and keep S.P. at 65 an earlier age and give myself a choice rather than pushing it back and back. Sorry if that’s rather socialist (I have close Scandinavian relatives, look at their systems).
    I’m 32 btw

    I do reckon [in a distinctly uninformed manner] that we’re going to start dying younger again anyway coz we’ll be having to work longer and harder again.. vicious cycle innit.

    Moses
    Member

    Pensions are a tax on the poor for the benefit of the rich, in the main.
    We all contribute, but those with a healthy & comfortable lifestyle (usually associated with being richish) live longer & suck up the pension pots of those who die younger, who are generally poorer.

    grum
    Member

    I’m planning to take up wing suit base jumping when I get to retirement age – should only last a few years after that and I can probably scrape by during that time.

    Anyone got a better plan?

    slackalice
    Member

    Anyone got a better plan?

    Not really, but I think I’m going to spend the next 20 or so years working and cultivating a very good friendship with a Vet. They seem to have the best drugs for departure.

    Premier Icon binners
    Subscriber

    I’ve been steadfastly applying my master plan for my entire adult life. The carefully calculated fags/beer/drugs/cheese/pubs/pies and wine programme should ensure I won’t be spending too much time telling people I used to come ‘ere when it was all fields, while smelling of wee

    It has the advantage of being rather good fun too. A win/win 😀

    Macavity
    Member

    The people who take early retirement at 60 with a really good final salary company pension. Then come back into their old job, after a month or two, on a “temporary” (as long as they like) contract for double the money. Therefore claiming on the company pension while the lower paid people around them are still paying into the company pension. They are the ones who know how to do it in style.

    You can’t beat a good Ponzi pyramid scheme…. er…. sorry pension scheme.

    chewkw
    Member

    Pension? What is that?

    I have a part-time job with peanut pay so only relying on whatever I can save … survive as I earn.

    Yes, I will retire once I strike the jackpot.

    🙄

    TheBrick
    Member

    I expect to be wrong into my 70s but don’t have a problem with that. I don’t expect to be doing the same job, and I would like to be working part time but would not expect to though I would expect it to be a “easier going” job. People most people see to think working to 70 means doing the same job as you were doing at ages 30 or 40 at the same pace, and it clearly does not. People I know working in their 60s / 70s either have a a low stress basic job or are self employed in some manor or training young people with the benefit of their experience. Due to this fact the idea of oldies take jobs away from young people is wrong. Add to that the fact that as population growth (hopefully) continues to reduce having more people working can help increase the countries economic activity.

    Premier Icon Vortexracing
    Subscriber

    The fundamental problem is people are living too long

    let me correct you on that point

    The fundamental problem is people are living existing too long

    MrSalmon
    Member

    I expect to retire as in I’ll stop working, but I reckon I’ll be well into my 70s (I’m 43 now) and don’t expect it to be the same ‘retirement’ that a lot of people are currently enjoying.

    crikey
    Member

    The people who take early retirement at 60 with a really good final salary company pension. Then come back into their old job, after a month or two, on a “temporary” (as long as they like) contract for double the money. Therefore claiming on the company pension while the lower paid people around them are still paying into the company pension. They are the ones who know how to do it in style.

    I think you’ve been at the brandy butter.

    People who retire on a really good final salary company pension are people who have spent the last 40 years at work, so having a decent pension is a perfectly acceptable outcome.

    When you come back into work after retiring, you usually earn less, still pay tax, and end up on a shorter fixed term contract, often only a year or so long.

    This allows the company to benefit from all those years of experience, pay less for said experience and still allows the employee to contribute and pay tax.

    Be careful that you don’t end up knowing the cost of everything and the value of nothing.

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