When Will or Did you Retire?

[carpiste]

I retired 6 years ago aged 55
People said I`d hate it, I`d get bored, I couldn`t afford it!

Ha ha! I love it, never get bored and although less cash I don`t have to pay to get to work, expensive and unhealthy lunches!
Retirement has been a complete joy. How do you get bored when you can do the things YOU want to do when YOU want to do it?

 

[Pennine-Paul]

4 years 1 month and 8 days till I retire,not that I'm counting!
Although Mrs PP will retire in 18 months,she may decide to sell up and move to South Wales where her some of her relatives live,
this will entail a change of forum name to Pendine Paul

 

[steve292]

4 years 1 month and 8 days till I retire,not that I'm counting!
Although Mrs PP will retire in 18 months,she may decide to sell up and move to South Wales where her some of her relatives live,
this will entail a change of forum name to Pendine Paul

you'll love it there.

 

[kayakerles]

Just turned 65, the Mrs 61, we're still happy and healthy, I'm going to push on til I'm 70. We live in Maryland just a Metro ride from Washington DC. We've been renting the last 8 years since moving to the area from Oklahoma. Houses cost SO much here, ridiculous. But it’s been a good time here, sold our auto 5 years ago, everything is so convenient. Who knows where we'll go next. Maybe Pittsburgh, closer to our son, maybe Delaware. Time will tell. I just hope it has nice places to ride. Pittsburgh is MONSTROUSLY STEEP-hilly. If we wind up there, my self-bought retirement gift will be a pedal-assist bike!

 

[oldwheels]

I did not so much retire as taper off my workload and slowly wound down our businesses from the age of about 65. Probably took at least 10 years over it.
I did start a few small sidelines but nothing too onerous and nothing for the last 8 years or thereabouts. I had to become a full time carer for my wife which took up all my time and was much harder than actually doing paid work.

 

[Hill Wimp]

3yrs ago aged 50 after 30 years serving the Queen and her subject in the Police. Just WAITING for @Fab Foodie to pack it in now so we can enjoy it together.

 

[Pedalabitslower]

I took early retirement at 60...haven't regretted it for one minute. Just make sure you pay your NI stamp for final years, regardless of having the required number of qualifying years.

 

[SpokeyDokey]

I took early retirement at 60...haven't regretted it for one minute. Just make sure you pay your NI stamp for final years, regardless of having the required number of qualifying years.

Sorry, not understanding that.

If you have the required number of qualifying years why pay any more if you have the option not too?

 

[lazybloke]

Am recently into my 50s and want to be out of the rat race before I hit 60.
But I've got a business plan after that which involves various animals; so no plans for retirement on my horizon! Unless health dictates otherwise.

 

[SpokeyDokey]

Am recently into my 50s and want to be out of the rat race before I hit 60.
But I've got a business plan after that which involves various animals; so no plans for retirement on my horizon! Unless health dictates otherwise.

Butcher?

 

[bikingdad90]

Sorry, not understanding that.

If you have the required number of qualifying years why pay any more if you have the option not too?

it’s a double criteria I believe. If you have the qualifying years you get the state pension in full and if you have paid enough you get the ‘top up’ element provided you weren’t contracted out.

 

[All uphill]

Retired 4 years ago and thought there was a risk I'd be bored and lonely. I wondered if we'd have enough money.
I was bored and lonely for about ten minutes and then got out on my bike!
Turns out I love a mix of company and solitude, no targets or meetings. Also turns out we don't want or need expensive holidays or possessions.

I've done a bit of volunteering in a theatre and with homeless people just to keep in touch with the outside world.

 

[SpokeyDokey]

it’s a double criteria I believe. If you have the qualifying years you get the state pension in full and if you have paid enough you get the ‘top up’ element provided you weren’t contracted out.

I think it works like this:

If you have paid the full required qualifying years you get the full New State Pension. Otherwise a pro-rata payment re the qualifying years that you have made if you have not achieved the full required qualifying years is made.

On top of that you get a payment for SERPS or S2P contributions if you made any. Now finished I think so this is paid on a legacy basis.

And then a deduction for any contracted out years that you may have had.

***

A pensions expert may correct me but that is how my forecast appears to have been calculated ie:

Full State Pension + SERPS or S2P (can't remember which) = £14000

Less £3600 re being contracted our = £10400 net.

The contracted out deduction appears to be shrouded in secrecy as to the exactly how the calculation is performed - you're just informed as to what it is and that's that.

 

[oldwheels]

Sorry, not understanding that.

If you have the required number of qualifying years why pay any more if you have the option not too?

If you continued to pay NI even after retiring up to age 70 I think you got a bigger state pension at that age. When I worked it out I reckoned it was best to stop at 65 which was the retiring age then.
Things have changed since then of course and I see no need to keep myself properly informed.

 

[delb0y]

That whole contracting out is a mystery. No-one's ever been able to explain it to me satisfactorily, and when someone finally does, someone else also does - but differently.

The way I currently understand it is I was contracted out by, but having done well in excess of 35 years I should still get the full SP. However, at the point I reach SP age (67) my company pension will go down by a couple of k. So full SP but reduction on company pension to make up for that contracting out.

There is a COPE value on my SP forecast paperwork, but (supposedly) that's just for information and doesn't affect the SP itself.

All of which is probably totally wrong. I'll guess I find out when I hit 67.