That is true and is a real dilema.
No help to you.......I retired at 63, had a lump sum and got state pension at 65. Mrs D got her state pension aged 60.
I think my daughter has to wait till she is 70.
It does cause some real problems.
Retirement calculations - Can I ever retire ?
- Thread starter kingrollo
- Start date
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No help to you.......I retired at 63, had a lump sum and got state pension at 65. Mrs D got her state pension aged 60.
I think my daughter has to wait till she is 70.
It does cause some real problems.
Donger
Convoi Exceptionnel
- Location
- Quedgeley, Glos.
That's nice of you. Having a home for as long as he wants it is fine, so long as he is at least paying for his keep. He shouldn't be costing you money. You could always keep letting him pay less than the going rate for room rental so that he can save towards a deposit for renting/mortgaging, but don't let him take advantage and end up costing you money you can't afford.
OP
OP
kingrollo
Guru
Hes a good lad - studying for qualification and is buying a property as an investment - If he was out doing coke every night I wouldn't cut him so much slack !!
derrick
The Glue that binds us together.
- Location
- On the edge of London
Getting rid of the car, i don't think so, a car is a real must for us, we run two of them, Only do about 5000 miles between us, i maintain both cars so cost is minimal.
neil_merseyside
Guru
- Location
- Wirral
We had some luck so stopped 'proper jobs' many years early, then worked 'seasons' in both winter and summer to keep us busy so we didn't have time to shop/drink/eat our nest egg away - in what would otherwise would have been lots of free time. My wife now gets a work pension and even though I'm now able to draw on my pension we don't, and instead let it sit there (was rising ever so slightly) so leaving it untapped for the moment (B word worries might change that).
We've both worked with many retirees who had returned to work to curb their spending - and to recharge their holiday/bike/whatever funds, some were on staggering 'full' personal pensions that way exceeded our previous joint incomes, but as they had carried on spending/consuming/wasting at their pre-pension rate had to return to work. Luckily neither of us is spendy/wasteful, but sometimes a call for money can just happen, better to build a really good buffer!
As has been mentioned working life outgoings have to reduce hugely for pension income, OK some of it will be dumping a car/train season passes/business suits/tools/whatever but the ability to just buy stuff on a whim is the biggest change we've seen being the issue.
I wouldn't bank on actually getting the state pension at 67 as that is only the proposed pension age...
Oh and finally I'd make plans for both of you to stop work/reduce days at the same time just for the sake of fairness.
We've both worked with many retirees who had returned to work to curb their spending - and to recharge their holiday/bike/whatever funds, some were on staggering 'full' personal pensions that way exceeded our previous joint incomes, but as they had carried on spending/consuming/wasting at their pre-pension rate had to return to work. Luckily neither of us is spendy/wasteful, but sometimes a call for money can just happen, better to build a really good buffer!
As has been mentioned working life outgoings have to reduce hugely for pension income, OK some of it will be dumping a car/train season passes/business suits/tools/whatever but the ability to just buy stuff on a whim is the biggest change we've seen being the issue.
I wouldn't bank on actually getting the state pension at 67 as that is only the proposed pension age...
Oh and finally I'd make plans for both of you to stop work/reduce days at the same time just for the sake of fairness.
cyberknight
As long as I breathe, I attack.
- Location
- Land of confusion
Due to The wifes health issues I am having to move house and having young kids one of whom isn't 18 till I'm 62 means I will be mortgaged till state pension age so I'm working till I'm dead
numbnuts
Legendary Member
- Location
- Gone over the hill and far away
I was forced to retire very early without any warning so could not prepare for it, so you cut corners, make do and mend, but after a while you adjust to the amount of money you have coming in and surprisingly you find that your money is going farther than you first thought and then you can start enjoying yourself again. 
We met with our financial advisor this morning and although we both have a decent pension provision it still means some careful financial planning, my goal is to semi-retire at 60 (5 years time) and fully retire at 65.
As we’ve been reasonably careful we won’t need to down size, just be a bit bit more mindful of our expenditure, however like others I would be prepared to carry doing some odds and sods to top up our income, I do enjoy working.
As we’ve been reasonably careful we won’t need to down size, just be a bit bit more mindful of our expenditure, however like others I would be prepared to carry doing some odds and sods to top up our income, I do enjoy working.
We always used to run two cars.
We thought long and hard about cars when we retired five years ago.
We decided to go down to one car.
In five years there's only been two occasions when we could have used an extra car. On each occasion we either walked or got the bus.
Chris S
Legendary Member
- Location
- Birmingham
While we're on the subject, I'll be 67 in 2032. Will there still be a state pension then or will we just have the government-promoted workplace pensions that most people are now paying into?
Drago
Legendary Member
- Location
- Suburban Poshshire
Just gotta work out what your projected outgoing will be, and deduct that from your projected income. Thats the only way you'll ever know.
wonderloaf
Veteran
This ^^
Mrs W & I both retired 8 months ago at 60 y.o. and this exactly what we did through our financial advisor. We had to do quite a detail breakdown for our expected outgoings to get an annual 'income' requirement from our pensions and savings and the advisor supplied a projection using this amount, telling us how long it should last for. We've decided to go for a drawdown pension (with a small regular annuity) as annuity rates are so low at the moment and hopefully this should last us until we are well into our 90's (fingers crossed).
Which? magazine did a study on how much you need in retirement and although we've only been retired 8 months our current expenditure rate is bang on their finding for a 'comfortable' lifestyle:
https://www.which.co.uk/money/pensi...how-much-will-you-need-to-retire-atu0z9k0lw3p
So did I when I was 55, but I found out that my lack of enjoyment accelerated exponentially with each each passing year.
By the time I was approaching 60, I had zero interest in it and started to resent having to do it.
God knows how I would have managed to do an extra 5 years up to 65.
I was a bit worried before I retired, and stayed on for 3 months after my retirement age (65). But with less money coming in, you pay less tax, no NI and you have no travelling costs, no business suits and no expensive lunches, so it all works out in the end.
But be warned - you don't get any holidays when you are retired.
But be warned - you don't get any holidays when you are retired.
