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

[PPT]

My thoughts on this were if you pay the mortgage off your lump sum is gone forever,l got a break down month by month from the building society and saw as the mortgage was decreasing something like 7byears to go the actual interest part was actually very little something like £20 a month
My thinking was keep my lump sum that I could pay the mortgage off with in an account to attract interest and set a direct debit against this earn more interest than I'm paying on the mortgage and keep my lump sum if I fancied a holiday or new car .etc

I would also guess you have life assurance with your mortgage? That will go if you pay the mortgage off. So you would need to take your own life insurance or give it a miss.

 

[denislawsbackheel]

Nah, there was no canal underneath.

 

[cleavers]

Last full day at work tomorrow, been part time for a few years, but then end is nigh (63 years old, same company for 46 years and 15 days).

 

[Barcon]

Last full day at work tomorrow, been part time for a few years, but then end is nigh (63 years old, same company for 46 years and 15 days).

Congratulations cleavers. I’m sure it’s well earned.

 

[Barcon]

I’ve taken the last two summers off. Went back last Oct and only lasted a few months.
Not sure I want to go back this Oct.
I’ll be 62.

 

[Kippax77]

Last full day at work tomorrow, been part time for a few years, but then end is nigh (63 years old, same company for 46 years and 15 days).

Well done fella.
May you enjoy a long chilled out retirement

 

[cleavers]

May you enjoy a long chilled out retirement

I doubt my liver will take it....

 

[blue b4 the moon]

Last full day at work tomorrow, been part time for a few years, but then end is nigh (63 years old, same company for 46 years and 15 days).

You'll love it, I got out early, right place right time.

I'm currently a year younger than you and the last 12 years (yes 12) have been brilliant.

 

[cleavers]

You'll love it, I got out early, right place right time.

I'm currently a year younger than you and the last 12 years (yes 12) have been brilliant.

I've no idea how long it will last, so I (we - Mrs is doing the same) intend too enjoy every minute, first obstacle is selling our flat so we can move back north, but struggling so far.

 

[flook]

I’ve taken the last two summers off. Went back last Oct and only lasted a few months.
Not sure I want to go back this Oct.
I’ll be 62.

I did something similar, but didn't go back after the second summer never mind the third :)

 

[Worzel Gummidge#9]

I’m 35 so many years from retirement age.

In a fortunate position to be saving/investing £1700 per month which is what I've been doing since last year, hopefully compound interest takes hold of it and it has a snowball effect!

I overpay my mortgage by £100 a month as well but in a predicament at the moment as I don’t know whether to move house or stay put.

If only I had invested the money what I’ve spent on cars over the years! Having said that though you only live once, there’s a balance to everything

 

[mexico1970]

Thinking of retirement while you're still living your young life isn't for everyone. Spend the time and money when you are young enough to enjoy what you have worked for and be frugal in your later years,

 

[BrianW]

I had enough of being frugal when I was younger. In my last years, I thank God for a good pension and no mortgage.

 

[Blue Maverick]

I’m 35 so many years from retirement age.

In a fortunate position to be saving/investing £1700 per month which is what I've been doing since last year, hopefully compound interest takes hold of it and it has a snowball effect!

I overpay my mortgage by £100 a month as well but in a predicament at the moment as I don’t know whether to move house or stay put.

If only I had invested the money what I’ve spent on cars over the years! Having said that though you only live once, there’s a balance to everything

Just think how much we woukd all save if we didn’t drink when we were young, literally pissing it up against a wall, but I had some great times, I think ;)

 

[Worzel Gummidge#9]

Just think how much we woukd all save if we didn’t drink when we were young, literally pissing it up against a wall, but I had some great times, I think ;)

Yeah same here and I would do the same again if I had the chance to be fair!

 

[ob]

Last full day at work tomorrow, been part time for a few years, but then end is nigh (63 years old, same company for 46 years and 15 days).

Enjoy it as you've earned it mate

 

[Dave Ewing's Back 'eader]

I'm looking at 62-63, 3 years time..then another 4 to pick up the state pension. In the meanwhile could sell or get someone to manage the business and I'd work part time in it giving me something to do as I have a very low boredom threshold, got some savings though not a huge amount, some investments not a huge amount and rental cottage that would see me right and keep me out of trouble. Could easily fill any other time just fucking about. So how much do I need to retire in relative ease and comfort....who knows. I'll bet there are some twats on here who retired at 35 and have a private box at the Etihad...;)

I went at 62 and talking to Mrs Ewing t'other night I remarked I couldn't remember what work was. Some might have said that I didn't know what work was pre-62 but I was ready for a nice Summer term riding my bike whilst the other 'workers' slaved on!

 

[Barcon]

I did something similar, but didn't go back after the second summer never mind the third :)

Something about getting up at 5:45am to shovel a foot of snow off my truck in -20 weather. In the dark that didn’t appeal for very long.

 

[1961_vintage]

Last full day at work tomorrow, been part time for a few years, but then end is nigh (63 years old, same company for 46 years and 15 days).

Thank-you Gundo for your service.

 

[TKSG]

I got lucky and retired at age of 41 (5 years ago). What i would say, as a lesson i learnt myself is, no matter what age you retire, make sure you have something to do! It doesn't sound like much but really, i spent a few years having a mid life crisis like you wouldnt believe. All wasted time as in the end the greatest thing on this planet is what you already have. In that family, loved ones, walks in the park, swim in the sea. Try to close off from society, reading the news now is pretty grim so whenever possible ignore it. Take your dog for walk, enjoy the sunshine. As the rather cliched saying goes, happiness is not a destination, its a way of life. I say this purely in hope that a fellow blue will learn from my own mistakes and not waste a few years!