[Closed] Does anyone still believe they'll ever retire?

I'll tell you in 6yrs 3mths and 2 days

I fully expect to retire using my private pension and savings earned and not spent over a lengthy working career to do so.

Dont you?

I already have.

I'm reckoning on 70. I'm hoping not 75.

I don't expect to able to rely on any state provision.

Depends on your age now, I suppose.

I'm 36 - I'm assuming I won't be retiring.

I can't imagine being retired for 25 years, tbh, which it looks like I might be based on the average life expectancy is for someone my age.

What do you do for 25 years? Watch Jeremy Kyle? Think I'd rather carry on working, tbh.

Plus having enough savings for a 25 year holiday doesn't seem likely.

My drug cartel is showing a nice return at the mo,so I am in no rush.

🙂

Lucky escape bruneep. I was set to go in 12 but im going to do 20 instead now (at least) thanks to lewis and his cronies

I don't expect to able to rely on any state provision.

+1
And it's not something I'm in a position to do much about. Fingers crossed for a wealthy, elderly relative out there somewhere.

If you look at how life expectancy and other factors have changed since the introduction of the state pension, reform is inevitable and essential. But I do think we'll look back on the post-war generation as having eaten all the cake...

Never have, despite constantly bitching about work I enjoy it and would miss the banter that you don't really get anywhere else. I'm of the opinion that retirement is bad for most unless you've got enough money to be out and about traveling and generally keeping yourself very active.

I don't expect to make it to that age, but if I do I fully expect to be working for a living, at least until the day I die.

I don't expect to able to rely on [to even SEE, in my case] any state provision.

I agree. Fortunately I'm building a decent private pension, but I don't hold out much hope of seeing that either given the catastrophic pensions meltdown we're due in the next 50 years.

binners - in the future retirement will become an urban myth, a story of old told to kids to help them sleep at night like tales of unicorns and castles.

I'm just happy now when my dad asks how my pension is going I can look him in the eye and say its crap, my generation has to keep working to support him and his mates living longer and enjoying a sunny life on a final salary.

What do you do for 25 years? Watch Jeremy Kyle? Think I'd rather carry on working, tbh.

If you were lucky enough to be a baby boomer like my Dad who retired a couple of years ago, the answer seems to be 25 years of doing all the things you'd have liked to have done if you didn't need to earn a salary. I reckon he's busier (and happier) now than he's ever been.

clubber - Member

I'm reckoning on 70. I'm hoping not 75.

This.

Did anyone read Ben Goldarcre's letter in the times regarding the old stealing from the young? (It was all over twitter but I can't link to it at the moment)

Very compelling stuff. Can't anything changing though as old people vote and turkeys 'aint gonna vote for Xmas.

Thats my thoughts Flaperon. I've packed in paying into my private pension, as I reckon the whole private pension system will implode before I get a sniff of anything from it. And I'm taking it as read state pensions will be long gone by that point

Yes I shall retire and all you young people will paying for it. He he!

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If you were lucky enough to be a baby boomer like my Dad who retired a couple of years ago, the answer seems to be 25 years of doing all the things you'd have liked to have done if you didn't need to earn a salary. I reckon he's busier (and happier) now than he's ever been.

I was going to post something very similar to that in response to what I see as a lack of imagination. There's more to life than work if you're lucky enough...

I did on October 31st, 38 years at the same company and the offer of an early leaver package was too good to refuse

Don't know how I found the time to go to work, loving every minute and feel so much better physically and mentally

Can't be a good thing all the oldies staying at work, how about jobs for the youngsters. Maybe the government should offer a scheme where you can voluntarily pay more into the state pension so you can retire at a sensible age

I don't expect to able to rely on any state provision.

Why? pensioners vote as long as that remains the pension will remain

FWIW minimum for a single person on unemployment is less than £80 if over 25 and the minimum for a retired person is over £150 per week.
Plenty of other benefits available as well

The real issue is that the current retired folk , who got free education , full employment and cheap housing are the ones who have not paid enough to cover their retirement costs and we have to pay for them and us.

As the poster above shows they really care about shafting their kids and grandkids from the position of being the richest folk to have ever lived and getting others to pay for it

Says something about humanity that does tbh.

The fundamental problem is people are living too long. When the state pension was introduced, there were about 20 people working for every retiree - now it's about 3.

You don't need to be a mathematician to see that's a big problem.

TBH, I don't have a problem with working longer - I'll also live longer, so it evens out.

The real issue is that the current retired folk , who got free education , full employment and cheap housing are the ones who have not paid enough to cover their retirement costs and we have to pay for them and us.

Everyone gets free education until the age of 18 and can't remember full employment in the Thatcher years. Houses were certainly not cheap either with mortgage interest rates far above those of today.

I don't expect, or want to retire.

Retirement in general is a weird concept. Originally you retired when you were about to die. They screwed up badly using that age rather than using about to die -1.

How will we work out 'about to die -1'?

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depends how rich you are in the poorest (glasgow, blackpool etc) parts of Uk average male life expectancy is 73 its nearer 85 years in kensington and chelsea

and healthy life expectancy?

is below that line in poorer areas

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The fundamental problem is people are living too long. When the state pension was introduced, there were about 20 people working for every retiree - now it's about 3.

The fundamental problem is that current retirees won't change their "package" in relation to this change in life expectancy. Instead choosing to force the young to pay for "what they were promised" but they failed to fund.

I'd say ****-em. Means test the state pension, tax private pensions to the hilt, make people pay for their own care homes if they can even if it means selling their house (since they no longer need it) and force them to spend their savings by increasing inhertiance tax.

It will be good for the economy since all that grey cash will be released into circulation and its nothing less than they are doing to us by clinging onto their unaffordable benefits.

Never going to happen though as all of the polictical parties need to pander to the grey vote to be in power.

I'm 33 and full expect to work for another 40 years. I also expect the state pension will be long gone. You have to remember the state pension age of 65 was introduced when life expectancy was something like 53 so by the same theory it should be be around 90 years old now.

How will we work out 'about to die -1'?

The original retirement age set at 65 because very few people lived that long.

even if it means selling their house (since they no longer need it) and force them to spend their savings by increasing inhertiance tax

Problem is, I'm kind-of relying on what I'll get from my parents to fund my old age...

but they failed to fund.

Well they didn't really did they. The organisations (be they corporate or government) told them what they had to pay to get X benefit. It's hardly suprising that they paid what they were asked to and expect to get what they were promised.

The problem really is that like so many things, governments never made the hard, correct but unpopular decisions that they should have done and this in turn is down to all of our faults in making them behave that way by voting them out if they do those things...

Jfleth, interesting idea. Basically those who have saved and prepared for their retirement financially should be taxed to pay for those that didn't? Hmm, I can see a debate on political ideology coming on...

Well they didn't really did they.

"They" as a generation/cohort, whatever you want to call it failed to put enough asside to pay for what "they" as idividuals were promised.

Well they didn't really did they.

Yes they really did pay in not enough to cover what they would get out and passed this on to future generations who do not get free education nor the pensions they recieve

The organisations (be they corporate or government) told them what they had to pay to get X benefit. It's hardly suprising that they paid what they were asked to and expect to get what they were promised.

Of course they could say **** off, you pay for it you bastards - I was not even alive when the "promise" was made so it seems entirely reasonable I fund it and get less than they get and for a shorter period. Thanks richest retirees we will ever have who retire for th elongest time.. Happy to pay for what someeone else promised you
That is the fair solution here to this problem I assume

Its does show the power of voting [ and the weakness of democracy]no one messes with them as they vote just like car drivers

Problem is, I'm kind-of relying on what I'll get from my parents to fund my old age...

Chicken and egg though isn't it.

The reason our generation isn't able to save for our retirement is that the baby boomer generation stole all the money (in the form of house price rises and unaffordable pensions). If we stop them hoarding all the stolen money then you would be able to save, rather than relying on you getting your own individual slice of the stolen money.

to be honest with the size of inheritance I've got coming and by selling of some of the family lands and estates, I'll be sitting on my arse and taking it easy before I'm 50.

The reason our generation isn't able to save for our retirement is that the baby boomer generation stole all the money (in the form of house price rises and unaffordable pensions). If we stop them hoarding all the stolen money then you would be able to save, rather than relying on you getting your own individual slice of the stolen money.

Shag more and get rid of planning restrictions and you could solve the problem in 20 years.

The whole system relies on endless growth so it has to collapse eventually.

I've pretty much given up on the idea that I'm ever going to retire.

Based on the amount you post on here I'd always assumed you must have retired already. 🙂

The reason our generation isn't able to save for our retirement

What about the younger generation buy to let landlords who will use that income to provide for their old age

A colleague at work has just suggested that when you turn 65 , punch your line manager in the face and have a couple of years signing on..... 🙁
😀

What about the younger generation buy to let landlords who will use that income to provide for their old age

The vast majority of BTL landlords are old, funding the purchase from capital in their existing mortgage free properties and capitalising on low interest rates and the inability of young people to borrow money to charge high rents. Its one of the most obvious ways the old continue to steal from the young.

There are a very small percentage of you people who are "couldn't sell" to let landlords who were unable to sell their first home at the peak of the housing bubble and used the banks willingness to fund 100% mortgages to move up the property ladder. Mostly these people are now saddled with unafforable debt and house they can't sell and are reliant on tennants to fund the interest on the mortage.

I'm 40, and my wife 38.
I've got a pretty reasonable job in Engineering, and my wife is a teacher.
We both pay into workplace pensions, for every 5% I put in, my company does the same. So I figure that even if it goes properly wrong, the pot should still be worth something in the region of what I personally put into it.
While I realise we're not going to fair as well as we would if we were 20 years older, I still think that a combination of 2 x state pensions, 2 x workplace pensions and a few other bits should allow us to retire at some point.
many of my friends don't pay into any sort of pension, so if nothing else surely I've got to be slightly better off than them?