How long before you can retire?

[vickster]

Not really thought about it. I'll be mortgage free fairly soon (I could be now but I prefer to have lots of savings). Have been paying into pensions on and off, but I expect I'll have a lot of cash when I do come to retire. I'm 43, I imagine I'll keep working until I'm 60, probably not full time.

As a freelancer, I can charge £350-400 a day, on that basis I'm sure 4 days a week will be ample. I don't plan on going back into corporate wage slavery any time soon

I'm not sure what I'd do if not working, so may as well carry on, but on my terms . If I fancy an extended break, it would be easy enough to do

 

[London Female]

i love my job but its starting to hurt now..back is telling me every day that its going to go on strike soon...
I keep perusing the recruitment sites and wracking my brain for ideas...

Same here. I fell down the stairs at home and have made my back worse but so far haven't seen any jobs I fancy. Not sure I fancy a desk job though.

 

[midlife]

As an aside, just got the forms to cash in my private pension. Projected at £400 a year when I'm 65. Might not even make that age so going too use it to help put the kids thru' Uni.

Shaun

 

[screenman]

[QUOTE 4240117, member: 9609"]but are they age dependant ?
and did I, when and how ?[/QUOTE]

Well you are making choices right now, and was it your choice to try hard at school and your choice which job to take and how long to stay in it. I come from likely the same background pre 15 as yourself, yet we have likely trod different paths.

 

[screenman]

[QUOTE 4240117, member: 9609"]but are they age dependant ?
and did I, when and how ?[/QUOTE]

I would say age can certainly cloud a person judgement. I also feel there are plenty of 60 or 70 year olds fitter than some half thier age, when it comes down to physical labour.

I should point out that 70% of my work is manual and quite physical, just in case you thought I rested at a desk all day.

 

[screenman]

As an aside, just got the forms to cash in my private pension. Projected at £400 a year when I'm 65. Might not even make that age so going too use it to help put the kids thru' Uni.

Shaun

I take it you have about £10,000 in there, do not forget the tax bit.

 

[midlife]

I take it you have about £10,000 in there, do not forget the tax bit.

Not exactly sure about the amount but yep, a quarter is tax free and then 40% for the rest............ I started it 20 years ago with the intention of retiring at 52

Shaun

 

[screenman]

I get your point enviroments, but I honestly had the same bad experience of education but so did many others that have done better than myself. I went self employed at 19 as employment just could not pay enough to support the three of us. It was my choice though and worked out well.

 

[SpokeyDokey]

I get your point enviroments, but I honestly had the same bad experience of education but so did many others that have done better than myself. I went self employed at 19 as employment just could not pay enough to support the three of us. It was my choice though and worked out well.

Every credit to you. I had a crap upbringing and did pretty well for myself all things considered. Alcoholic and physically abusive father plus no great education and I ended up with several director level job roles.

Nonetheless, we still live in a society where exiting the right womb can massively influence the likely trajectory of your life.

In extremis take Kate M's children and stack them up against a couple of similar age youngsters from an impoverished sink estate, maybe with a single mum looking after them who is poorly educated herself. I'd bet my entire savings that the likely differential of every measure at every key stage of their life will be in favour of the royal duo.

 

[screenman]

They could choose to do drugs and blow it all In some cases thier choices are less than our's.

 

[marinyork]

I think retirement for generation Ys and even younger will be well into their 70s if they don't die first. This is just extrapolating from the rising state pension age and employment trends. I can't ever imagine having enough to retire. By the time I retire the set age I think it'll be 71 or 75 and it will be uneconomical not work at least part time.

Going to be a lot of people earning a lot less than their parents did in their 20s, 30s and 40s with far less generous pension provision and this is going to have (via a series of knock backs such as student debt, high rents, later home ownership etc) big consequences on retirement age.

 

[arranandy]

My dad got early retirement when he was 54. After 6 months he was bored so he went back to work doing 3 or 4 days a week. He eventually fully retired last year at the age of 76.
As for me I'd love to retire when my mortgage is paid off which is in 10 years time when I'll be 57. However paying 2 daughters through college/uni might put the dampeners on that idea.

 

[postman]

5 years ago

10 years in August.

 

[Deleted member 1258]

Finished last Xmas, state pension kicks in next Xmas.

 

[fossyant]

We all make choices. My wife worked for a bank, but then went to work for her mum and dad's business for a long time - no benefits unfortunately. That business got took over, my wife left but her parents were 'sacked'. Her parent's had no private pensions, but luck took a sick turn in that their eldest son died in his mid 40's but had a good pension and the death benefits went to my in-laws, so that kept them afloat. As my MIL is disabled, she actually gets a tidy sum each month from the state. Unfortunately, my wife won't have much pension as she worked part time since the kids arrived. That's our choice, but she's not worked for companies that contributed until the law change. What private pension she has put away, the investment hasn't grown much.