Retirement...when, how old and how much??

Tuearts right boot said:
That's the question....My dad died earlier this year ages 87 and my mum just passed last week aged 85, hence the posting.....I'm 59 so I'll take another 15 - 20 yrs of reasonable health if it's offered, whether I'm capable of doing anything constructive after that is anybodies guess.
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Sorry to hear about your parents mate. Having said that, I’d take 87 or 85 today given the option. I don’t see much to look forward to after mid 80’s?

As others have alluded. Plan a big 10 years...a comfortable 10 after that shouting at tv and embarrassing your grandkids, then overdose on cocaine and hookers with the last 10 minutes of the 6-1 playing on loop in the background.
 
Brightwells left peg said:
Sorry to hear about your parents mate. Having said that, I’d take 87 or 85 today given the option. I don’t see much to look forward to after mid 80’s?

As others have alluded. Plan a big 10 years...a comfortable 10 after that shouting at tv and embarrassing your grandkids, then overdose on cocaine and hookers with the last 10 minutes of the 6-1 playing on loop in the background.
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or...Kevins free kick, Vinnies howitzer or Segios 93.20 stunner
 
55yr old teenager said:
Did 22 years in Army. Left in 2009. Got 35k tax free lump sum and fixed payment every month. When I hit 55 it became index linked. Get 14k pa now. Mortgage free, no debt. Work max 12hrs per doing a job I really enjoy. Life is pretty good for me at the moment.
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If you wanted to buy a pension of £14k a year index linked, it would cost around £0.5m which illustrates how valuable that is.
 
denislawsbackheel said:
You also need to factor in the inevitable decline in quality of life.
Your first five years of retirement you may be fit enough to climb mountains, cruise the world, ride for miles. You could spend lots.
The last five you may well spend dribbling in front of a communal tv. You won’t spend anything, apart from care home fees!
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Which will cost a damn sight more than what it cost to live when you first retired.. Judging by what the Mother In-Law is paying
 
Millwallawayveteran1988 said:
If you wanted to buy a pension of £14k a year index linked, it would cost around £0.5m which illustrates how valuable that is.
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I agree. The Army had its faults but the pension is great, especially as it was non contributory. It certainly made me stay in for the last few years when I was getting a bit pissed off with the whole situation. If I had my time over again I would absolutely still have joined. In the whole it was a brill 22 years.
 
55yr old teenager said:
Did 22 years in Army. Left in 2009. Got 35k tax free lump sum and fixed payment every month. When I hit 55 it became index linked. Get 14k pa now. Mortgage free, no debt. Work max 12hrs per doing a job I really enjoy. Life is pretty good for me at the moment.
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I’m in a similar boat (ex Crab) and was made redundant on March 31st at 56 from my Civvy job..

SWMBO has just started to receive her NHS pension at 55. We’re also totally mortgage free and have a second property in Chester we have tenants in so although we’re not rich per se we have enough for me to avoid looking for another job and give us the chance to travel In our motorhome (covid permitting)

I am easily bored but even I am surprised how well I’ve coped with three months of no work and lockdown so far... the signs are promising that this retirement lark may be just what I needed. I’m fitter than I have been for ages and a lot less stressed.

I’m very thankful that we both have index linked public sector pensions or we’d be in trouble
 
55yr old teenager said:
I agree. The Army had its faults but the pension is great, especially as it was non contributory. It certainly made me stay in for the last few years when I was getting a bit pissed off with the whole situation. If I had my time over again I would absolutely still have joined. In the whole it was a brill 22 years.
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Ditto.... Our eldest is now a Cpl on Voyager and he’s got a “Bobby’s Job”... I’d do it all again tomorrow
 
An index linked pension without a doubt.
Too many people on here have never known anything but virtually zero inflation.
Return to 5-10% annual inflation and index linking will be essential.
 
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Mikeegrini said:
Genuine question. Which would you be better off with? The £0.5m pension pot paying as above or £0.5 million in cash?
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Depends on health, age, whether any dependants and attitude to risk really. Transfer values are high currently and I can see why people are tempted. The FCA have Just reviewed around 100 cases relating to the British Steel Pension Scheme and the advice to transfer out and of around 100 cases reviewed, the advice to transfer out was only fully justified in around 20% of the cases. It has led to the regulator changing the ways in which advisors can be paid on DB Transfer advice.

Personally I have always been a believer in income being the only thing that is important in life. Capital is nice but it is income that gets you through each month.
 
denislawsbackheel said:
So?
You can’t pay for it in advance.
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No idea... She’s lucky that she has a pension that covers the monthly fee. She’s in sheltered accommodation although there are also residents who need total care in the same (Methodist Homes) development and she’s in a small minority of people who can pay.. over 50% have their residency funded by the state so the haves are penalised (you may think this is fair) if they have above ~ £16k savings I believe
 
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denislawsbackheel said:
Haves are not penalised.

don’t haves are helped.
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I get that... but for a family to see all their loved one’s hard earned savings taken until they have the bare minimum left is “challenging” when others get the exact same care and shelter for nothing...

Some (the vast majority I’d hope) of those who are receiving this “free” care are deserving... some however have never made an effort to provide for themselves... Why would they when the state will pay the bills for them?
 
It's a lottery really. No one knows how long we will live so it's a balancing act between enjoying life to the full and keeping one eye on the future that if we keep good health might be 20+ years.

I took early retirement two months before my sixtieth birthday. I worked on the ships on a week on/week off basis. In my week on I lived onboard and worked 7x12 hour shifts. As I got older I was finding my week off was becoming a recovery week as I was so shattered by a long stressful week, plus inclement weather at times. This tiredness was exasperated by getting bleeding on the brain the year before by slipping on the ice rink the club created in the south stand back then.

I sat down and looked at my finances and what I was working for. Two holidays a year, my season ticket, a few nights out and bits and bobs. I had a decent bit of savings, my mortgage was paid and I would get a navy pension. Although not massive it would pay my bills, buy my food and the couple of nights out a week. My savings would pay for holidays and any other expenses. I had six years before I could claim my state pension when my income would then jump by a fair bit, so six years to duck and dive really. I'm doing okay, spending almost three months on holiday a year and have no one dictating my life and time anymore. I do miss the banter and people at work and that sense of satisfaction when you've had a challenging day or week and got through it. I do get bored at times but I won't do a part time job as once again someone will be telling me what to do and dictating my free time.

It's an individuals choice but who knows how long we have to live so I say go for it if you can.
 
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