@tjagain, I didn't say it was everyone. Some do well, but a lot do not. And by definition, the ones who don't you're not likely to hear much from.
There’s many interesting points amongst the last two pages some hidden in the text but thanks for posting. There possibley many people in indecision right now - at least those of us that don’t/can’t live in the moment - about this kind of thing.
Personally speaking I thought I’d retire at 60 and probably could on Ton style basis, but actually want a little more out of post retirement. I do bored very badly, and don’t enjoy diy or gardening or those kinds of Daily pottering things, which doesn’t help my decision making when I think of the sudden amount of time I’d have on my hands. So I find myself in a position where I could command a decent salary as one of those 50-60yo’s you see in civil engineering companies, pumping money into a pension but working 60 hours a week. But as I’m doing that now with chagrin, the thought of doing that for 10 and even 17 years more makes me a bit sick. Despareate to find a job I enjoy, my middle ground would be a lesser paid more enjoyable job, yet I’ve kids and Uni’s to think about… etc.
I know I’m not the only one in my position, but it can be a difficult point in life if your of a certain disposition to overthink or worry about all of these facts presented so far. The default position of course is to do nothing and let the universe decide one’s fate…. 🤷♂️
IFA went through the numbers and reminded her that retirement has three stages each need a decreasing amount of money per year.
Very good point.
From amongst my peers I think patterns of retirement are changing. Few will go from full time work to 100% retired. Many will go from full time decently paid work to part time lessor paid work topped up with whatever bits of pension they have or savings and not retire fully till on or after 68
Its quite common in the health service to do this. Take your pension at 60 ( those who can - newer entrants cannot without penalty) then move to a part time lower grade post for their last 5-10 years
Have a friend who retired 5 years earlier than she thought she could IFA went through the numbers and reminded her that retirement has three stages each need a decreasing amount of money per year.
Go Go stage, Go Slow stage and No Go stage.
Assuming of course you don't need some sort of care in your end days.
The home my wife works for is £80k a year with very few council places. They will pick up the tab after a few years though.
That's the price of decent care.
tj - that may be the case for NHS employees but, typically, is not true of private sector employees.
Take your pension at 60 ( those who can – newer entrants cannot without penalty) then move to a part time lower grade post for their last 5-10 years
Mrs S is planning to take her (NHS) pension at 60 and then do part time in her current post.
A friend of mine retired to Cyprus (he's 50% Greek Cypriot) at 57 a year before the pandemic, on the basis his pensions would be enough to allow them to live and eat out twice a week until they couldn't.
He's been eating out almost daily, and has had several trips to long weekend euro destinations - he's a very social person - and agrees now he needs a small part time job to top up the funds. He's putting it off, but it's coming. The reason he's putting it off is that its seasonal around the tourist season so means working at a bar / waiting table in the worst of the summer heat most likely, not something he wants to do.
It reminds me of those programs on TV you see of people that move to Spain for " a better life" then end up working for 14 hours a day - no thank you!
Some of the private sector folk are also doing this. I know at least two in their 50s who are either about to do this or have done it. Gone from a full time high paying job to a lower paid part time job in their late 50s / early 60s. Yes its easier in the public sector but it can be done in the private sector
I do think this will be a pattern that becomes more prevalent. Partial retirement or graduated retirement rather than a cliff edge.
People in high pressure jobs simply cannot keep up that level of commitment and stress into their late 60s so the last ten years or so of their working life will be lower hours / lower stress jobs.
It's common in my industry as folk wind down. They do 2-3 days a week consultancy in their area of expertise.
I do bored very badly, and don’t enjoy diy or gardening or those kinds of Daily pottering things, which doesn’t help my decision making when I think of the sudden amount of time I’d have on my hands.
I also do bored very badly but conversely that was my reason for taking early retirement. Life is now far more interesting and enjoyable than spending 8 hours a day at the office. Genuinely haven't been bored for a minute. All my retired pals say the same.
The boredom/interesting thing can work both ways.
Onlyfans or UBI?
growing really old looks a bit shit
until you consider the alternative.
well it depends what you mean by really old. Staying healthy and capable is the important bit, regardless of age. My FiL was perfectly fine up to about 90, but the Alzheimer’s is starting to kick in now.
A friend of mine retired to Cyprus (he’s 50% Greek Cypriot) at 57 a year before the pandemic, on the basis his pensions would be enough to allow them to live and eat out twice a week until they couldn’t.
Private swimming pool maintenence? could be a nice little earner.
It's easy work in the winter, could easily do about 10 pools on a part time basis.
Hoover the pool, net any surface leafs,check and adjust chemicals, top water up. Only needs to be done once a week in winter, but twice a week in summer.
My pool guy charges me €90 a month in winter, double in summer. In winter it's about 2 hours per pool per week, tops, as long as you keep on top of it.
If the pool is not getting regular heavy use it's even easier as you don't need to worry about copious amounts of sun tan oil in the water like you would get with a hotel pool.
That said, I thought it sounded a bit pricey, so I got some quotes in from some rival pool maintence companies, and they are all charging pretty much the same.
I’m 43 and there is no way I could do my job until 60 it would break me. I’ve given myself 7-10 years and then I’ll drop days or lesser role. This goal motivates me to keep going when it gets tough.
I am 55 and have no intentions of retiring yet. I have a low stress job that pays VERY well so giving up that money is a major life change.
Probably think about it around 62 and look to tie it in with a cheeky redundancy payout (which will be around 14 months of that very good salary). Before that I am thinking of going down to 4 days a week which will make a good difference.
I don't think I would have enough to really do 7 days a week all year around so am happy working. Hobbies are great for weekends days off and I would like more time to cycle but I don't need to do it every single day.
<growing really old looks a bit shit
until you consider the alternative.
well it depends what you mean by really old. Staying healthy and capable is the important bit, regardless of age. My FiL was perfectly fine up to about 90, but the Alzheimer’s is starting to kick in now.>
Yep, thats the bit of growing old that I meant. I'm doing my best to look after the parts of me that I can control, I've even managed to cut down on the booze, fingers crossed.
I don’t think I would have enough to really do 7 days a week all year around so am happy working. Hobbies are great for weekends days off and I would like more time to cycle but I don’t need to do it every single day.
I find that attitude rather sad. Sure there are some dull days but by 'eck I do not know how I ever had time to work. Despite my "troubles" I have achieved so much in the lat two years from the long bike tour to a lot of work on my flat to a lot of visiting folk that I would not have had time for.
And in massive thread-creep; for all those thinking about retiring really early...
HMRC can nobble you for 55% if they regard your pension payment as unauthorised. Consider any schemes that sound too good to be true very carefully
Not read the whole thread, but does your work do the government pension scheme thing - I think (which tends to be wrong when it comes to money!), that they do the the workplace pensions scheme (which, I think the company puts in a smaller percentage to a pension for the employee)...if so, have you got that?
I'm of the opinion that it is never too late to start a pension with any amount that can be spared, so even starting anything now will be better than not.
However, I know absolutely nothing really about pensions other than they are good and we should all have one as we are living longer and the government are reducing the state pension stuff so might end up vanishing at some point.
Someone mentioned pool cleaning for tourist area work, friend of mine does tourist accommodation inspectionspart time which is perfect for them. Like a few on this thread have implied they will be, they wasnt ready to wind down completely. By the time I get to retirement (which will not be early sadly), its the sort of work Id like to do to both top up my meagre pension AND to provide routine, as there's a very good chance my body wont tolerate my current hobbies by that age unfortunately.
Kerley - just checking, do get a VERY good salary?
Kerley – just checking, do get a VERY good salary
Mmm, yes. We need to know. Does it start with a 1 or a 2 ?
HMRC can nobble you for 55% if they regard your pension payment as unauthorised. Consider any schemes that sound too good to be true very carefully
Can you elaborate please?
Also @choppersquad . Bit disappointed you haven't replied to my post, given how germane it is to your situation. Have you checked the pension payments that your employer was obliged by law to provide for the last 10 years?
Can you elaborate please?
The whole article is worth a glance...
https://www.gov.uk/guidance/pension-schemes-and-unauthorised-payments
Things I think I’ve learnt…
Martyn Lewis – the age you start your pension is the percentage of your wage that you will need to put in each year.
HALF your age. HALF. So start at 20y, 10% for life. 30y = 15%.
Mmm, yes. We need to know. Does it start with a 1 or a 2 ?
Only a 1 but it is the context of being a pretty easy, low stress job with very normal hours. To give that up and the money that goes with it would be a big choice, especially if I don't mind doing it and still have time to do a lot of what I want to do. I could go down to 4 days a week and it would still start with a 1 so for me that would be the choice I will be taking some time soon.
My pension pot is pretty good but if I retired now and live to say 85 (cycling lifelong vegetarian so should live forever statistically) that is 30 years so it will need to be.
So, less than £20k.
Or >£125k which is what you're clearly suggesting.
If the latter, you could help STW by becoming a paying subscriber; the cost would be less than small change to you.
HALF your age. HALF. So start at 20y, 10% for life. 30y = 15%.
It doesn't work though, because if you start at 60 you'll not have much in a pension pot by the age of 67 even if you're putting 30% of your salary in. It's a good thing to think about based on zero info about the person, their situation, their salary growth etc
If the latter, you could help STW by becoming a paying subscriber; the cost would be less than small change to you.
Were you a chugger in a previous life?
Regardless of income it's absolutely nobody else's business what they choose to spend their money on or not.
If the latter, you could help STW by becoming a paying subscriber;
No thanks, I only use the forum. Used to buy the magazine back in mid 2000's when single speeding was big and it was a lovely magazine for me at the time but the forum is certainly not worth paying for as I can argue the toss with other people for free...
People recommending Vanquish. Are they noticeably better/ easier than other companies?
There’s no place for smart-arse arseholes like Kerley here surely? Absolutely no need for that sort of person. I hope you are happy in yourself Kerley, you certainly aren’t making other people smile.
wow
People recommending Vanquish. Are they noticeably better/ easier than other companies?
vanguard. low cost in terms of fees. if you're not too savvy (i am not) then a lifestrategy investment with them gives broad exposure to the markets without you having to screw around at minimal cost. if you need a home for some money in an ISA and acn average over a decent time period (years) which 'should' work out to 5% growth over that time they're a go to IMV.
The best time to start a pension was whenever you started working. The 2nd best time is now*.
Understandably there's a lot of people in a tough spot but hoping you'll die before it becomes a problem is a hopeful strategy. I think at the moment the average life expectancy in retirement is 20+ years and the vast majority of us will reach retirement age, with a fairly decent chance that a sizable minority of us will live to 100.
*Caveats being you earn enough to benefit from 20 or 40% tax benefit and an employer contribution, and don't have any immediate financial crises to deal with
To give that up and the money that goes with it would be a big choice,
Yep, thoughts and prayers mate 🤨
Johndoh - that is a bit harsh
There’s no place for smart-arse arseholes like Kerley here surely? Absolutely no need for that sort of person. I hope you are happy in yourself Kerley, you certainly aren’t making other people smile.
made me smile!
t
Johndoh – that is a bit harsh
in the context of this thread, nope, not at all. He comes across as a very horrible person and it’s not nice.
Because his personal situation may be seen as enviable? Yes he might be a bit brash with it, but unless I’ve missed something (and I’m willing to be shown where if I have), I’m not sure that warrants calling him a very horrible person.
I’m happy to be proven wrong though!
The clear emphasis on VERY feels completely at odds to the question the OP raised. Apologises if I am misreading, but it feels, to me, very much like they are bragging about their comfortable situation when others are, quite rightly, very concerned about their financial situation going into retirement.
Not bragging about anything. One of the things that comes with my autism is that I am VERY honest and not very sensitive/don't have empathy in the right situation. Those who know me realise that, those that don't can be put out by it.
Benefits come with it, such as being very analytical and very objective which helps in my job for example - which pays okay (is that better?).
Still, being called a horrible arsehole because of the way I am is not unusual. Everyone pretends to care about neurodiversity until when they don't.
I may not be as nice as you but then you don't seem that nice to be honest - I am always honest 🙂
Its not because of the way you are, its because of the way that post sounded. It sounded very " I'm allright Jack, sod you"
However I have read enough of your posts to realise that is not what you meant.
Its back to missed nuance in text based conversations
Thanks, yes it is and no I am very much not an I'm alright jack person. I was particularly discussing the retirement discussion around what people do, age of retirement etc,. without thinking back about the start of the post around having no pension.
Luckily I don't care about how people perceive me, I got over that 20 years ago although before that it was a bit of a struggle at school, early jobs, social activities etc,.
Everyone pretends to care about neurodiversity until when they don’t.
My response to your post was nothing to do with caring (or not) about people with neurodiversity, it was about how you came across in the post. As it happens, I am a foster carer for a child with complex needs, one of which is suspected autism, so in this case I do care.
