[Closed] Retirement.....and pensions. Whats your plan?

We did this recently but good whyskie and a revolver.

I’ve a gold plated pension that I’ve now got to work an extra 10 years to receive while still paying in despite maxi out about 10 years before. So, probably a reclining chair commode.

http://singletrackworld.com/forum/topic/retirement-plans-whos-actively-working-toward-one

I will get a limp sum

Best typo I’ve seen this week...

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45 now. Got 10 years in a final salary pension, 11 years of contributions in two more pensions. Mortgage finishes when I'm 58.....but I had kids quite late and let's say they go to uni, that will take until I'm 63.....so bang goes any idea of really early retirement.

What I'd like to do is gradually work less....so maybe 9 day fortnight/compressed working hours before too long....4 day weeks at 50...3 day weeks at 55...something like that.

No idea what I'll actually do when I'm retired as you can't read papers/drink coffee/ride the bike every single day and I'm not old enough to have taken up golf yet.

I do like the idea of taking maximum lump sums out and using that money to generate an income.

By way of balance, I'm a 41 year old solicitor with no pension at all. My retirement plan is to pay off my credit card bills over the next 5 years 🙂

My parents/grandparents have done alright compared to my £0 so inheritance ftw

retire in 775 days on my gold plated PS pension. Plan is to enjoy my new job as a pensioner.

By way of balance, I'm a 41 year old solicitor with no pension at all. My retirement plan is to pay off my credit card bills over the next 5 years

I go in 3 years at 60. Me and t'missus have bits and pieces of pension and a small flat ( her old one) we rent out. ~We will travel cheaply 6 months of the year and let our main flat for holiday lets during that time. I will work part time on the nurse bank the remaining six months. We will not be rich nor have the recommended amount of pension but who cares. I will get to retire finally properly at 67 when we get our state pensions.

I have a "great master plan" in 94 stages and am now at stage 57 😉

Since the last thread I’ve put some more thought to t. I’d be more than okay if I work till 67... but that’s a bit sucky.

Current plan, grind out another 18 years till 58, by which time youngest will be 21, then try to find some easier, zero stress job to keep me out of trouble. I read a fellow STWer recently got a job driving old people to hospital and whatnot, sounds pretty good to me, do a 5-10 stretch of that and they kick back on the recliner with the Worthers Origials and tell the Grandkid increasing exaggerated tales of my youth.

41 in a few months with two very young kids. My plan is to ensure they are well educated and hopefully they’ll look after me. That or I become the local, loveable, eccentric homeless guy.

retire in 775 days on my gold plated PS pension. Plan is to enjoy my new job as a pensioner.

I thought you were older than 38. 😉

No plans what so ever other than at about 60, I'm going to buy the fastest motorbike i can afford and let fate decide on what happens after that.......

My plan is to take notes on everyone else who has a plan and then rob them when it's time.

What's this 'retirement' thing you speak of?

(35 now and I fully expect to have to work until I die. Any form of retirement will be a bonus)

I'm 40 this year and seem to be putting a fair whack into a non-final salary scheme, but the retirement earnings don't seem to be going up at all!

Currently will be mortgaged until I'm 68 anyway. Kids still primary school age so I'll be 57ish before uni is done with, if thats the path they take.

That gives me 10 years to sort out retirement top-ups properly. Bearing in mind my own Dad expired at 51, i kind of have a mental block about the whole thing.

We will have some inheritance from both sets of parents, depending on how much is left after the current government have made them pay for current medical conditions and any potential end of life care. This will only go towards kids uni and mortgage shortening, do perhaps thats a slightly macabre glimmer of hope....

I have to say it isnt something ive 'worked' towards. Its kind of been thrust upon me with my work conditions. Im glad, because without this obligation i would be high and dry.

So if you had a tiny house with no mortgage, and were the recipient of £100k lump sum and £1200 a month what would you do for the rest of your days?

I also saw a great semi-retirement job the other day....driving all over N Yorkshire checking and calibrating ANPR cameras. You even got a van to put a bike in for lunchtime rides out!

Cant't think of many better ways of collecting £25k....

With that I would be off to see the world on bike and on foot

So if you had a tiny house with no mortgage, and were the recipient of £100k lump sum and £1200 a month what would you do for the rest of your days?

I'm 40 now and have just dropped to a 4 Day week, doing full days Monday, Wednesday, Thursday Half days Tuesday & Saturday, Friday and Sunday off fully.

Hoping to get Saturday's fully off by the summer as well.

living mortgage free due to inheriting a house so I'm hoping to get this done up, sell for £100-110 k and get a small flat for £55-60 k then keep the change 😀

I've a car loan, but once that's paid for, my bills will be £280 a month so, hopefully, enough left to spend on the house and having fun.

[quote=Drac ]

I thought you were older than 38.

don't be fooled by my boyish good looks 😉

Have you read Catch 22?

You know the bit about them getting rotated after 25 missions, then as they set off on their 25th, they raise it to 30? Then as they’re flying their 30th, they raise it to 35.....

And so on, and so forth until they’re all dead anyway?

This is the government blueprint for the state pension

And all private and final salary schemes are totally unsustainable Ponzi schemes, which will all collapse soon enough

You under 50?

You’re not retiring

Ever!

Live your life accordingly 😀

death

Thamks Binners! However on this one you are wrong!

Ah, state pension...ypu are prob right!

don't be fooled by my boyish good looks

That’s what a goodnight sleep does for you. 😆

A bank job.

Food and accommodation for life either way.

Or sell up and live like a king (illegally) in India.

Half consisting the latter. I know someone that has actually done it!

I retired at 52 a couple of years ago, with MrsKenny likely to join me later this year. Yes, we both could have worked a bit longer and made a bit more money, but as time went by we both became increasingly aware of that old truism "no-one ever lies on their death bed wishing they'd spent more time at the office". We've got enough to get by, and have both seen too many friends die at tragically young ages. What's the point of working till you're 60 then popping your clogs a fortnight after you retire?

Fair enough if you really enjoy your job, or you're doing something socially vital like fireman, nurse or pizza chef, but for the vast bulk of people (we two included), the jobs we do are ultimately of no great importance.

Quit early while you're still young enough to enjoy life. Okay you need to work to earn a certain amount, but you can retire on a lot less than you think.

I have a recently retired friend who has rented his bungalow and has moved himself and wife to Goa. Renting a house, renting a car, and ALL his bills in lots of drink and the gym is £700 pcm. V attractive 🙂

38 and not a penny in a pension having spent far too long at Uni and then worked self employed ever since.

Need to set up a pension scheme before the end of this tax year and dump as much as I can from this year into it. Have just been offered a good job with a good pension (9.5% employer and I would top it up with 11.5% myself to make it a nice round number) which will help or I have the option of a very lucrative contract somewhere else which is inside IR35 so I would dump about £40-50k into my pension over the next year which should help rectify the current lack of any pension.

Police pension at 55. My wife will be working for another five years or so after that 😀

Probably just knock about with my pals being a nuisance. Same as now but full time. And sleep lots.

breninbeener - Member
I have a recently retired friend who has rented his bungalow and has moved himself and wife to Goa. Renting a house, renting a car, and ALL his bills in lots of drink and the gym is £700 pcm. V attractive

That's sod money over there!

He'll, it is over here if you know what I mean?

I'd be doing it real, real cheap if I do.

I spent a mouth in Goa hosteling and loved it only a few years back. Never too late to start. 😀

My only concern is the medical side of things but I have a few cunning plans.

mikewsmith - Member

We did this recently but good whyskie

You started already?
Hang about a bit longer bruv! 🙂

No pension. Never will have a pension. My wife will have a pension and hopefully one day (15+ years away) my house will be paid off so will downsize and hopefully that will give me some funds for old age. I'll be a cheap retiree. Don't drink/smoke, don't need holidays etc.

I look at my pension pot and seems like a nice sum. Then I look at the illustration of what I'd get from an annuity from it adjusted for inflation and in today's money, and feel very depressed.

Private pension world is just crap and I've been chucking loads at it.

Don't assume just having a pension will sort you out.

I've been a saver for some time, with no overall purpose until I had a bit of an epiphany last year.  I'm 37.

I now have a plan that sees me claim my first pension at 60, then second & state pensions at (?) 68.  I will need to fill the partial gap from age 60-68 and then any time I want to retire earlier with savings.

I'm on-track to retire and not work again from age 50.  If I can up my savings from their current level and have a part-time / low paid job, I could achieve "pretirement" at age 46.  That's in 8-9 years time, so I'm getting excited.

I should add that I am seriously tight, but mainly through growing my expenses slower than income so far.

I'm married with 2 kids of 5 and 8, so this could all go wrong - but it's good to have something to aim for!!

Honestly I’ve been saving away into a pension for about 20 years and in the past made the best use use of the allowances when I could, thank you Gordon Brown. I’ll keep on doing much the same, despite the current government restrictions that are coming in.

As as for what I’ll be doing well it’s over 20 years away so who knows.

Mix of (5!) old company DB pensions ranging from a few hundred quid a year to maybe £7k, personal pension from when I was contracting and now paying 10% into the company DC pension (and they do the same) and overpaying mortgage. I'm 43 and want to retire as soon as I can.

So, I'm 45 and my wife 42.
I've been paying into a 'defined contributions' scheme for 10 years (which I know is pretty worthless) and she has almost 20 years in a teachers pension (which has been massively de-valued, and she now needs to work until state pension age to get it)
We've got a huge mortgage which runs until I'm 67, but we also have +60% equity in a nice house, which if needs be we could downsize from and reduce/kill off our mortgage.

We've got no prospect of inheriting anything so need to make our own way.

Ideally I'd like to both go when I'm 65ish, but in reality i'll be working in some capacity until state pension age, and hopefully my wife can retire a couple of years before hers.
Our kids are 10+7 so in 20ish years time they'll hopefully be financially independent from us.

I'm well aware how fragile life is - my brother died at 36 so I'm all about living for the moment, rather than saving for a retirement I might never see..

Having checked my bank statement, I could retire tomorrow and live like a king for the rest of my life*

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*Assuming of course that I die on Friday lunchtime 😉

I hit 41 with no pension. That's the main reason I quit the private sector and went to the civil service.

My wife is also public sector (since leaving uni though) and we are both at decent professional grades. I think I will have to work on (currently 46) but my wife has been paying into her public sector pension for 26 odd years now. She may retire early.

The plan is to get both kids through uni hopefully and mortgage paid off by mid - fifties. Increase savings for 10 years and if we are both still alive we will retire mortgage free and a combined pension income of around £45k a year if I don't get promoted (excluding any state pension if still available).

Would love to buy a small place on the continent and live out my last years there. Wife is a homebird though.