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

abu13 said:
Its a minefield, i'm early 50's and trying to put a plan in place for when i retire.

I am due to clear the mortgage this year and don't know if im better putting the £600 a month i'll save into my pension or an ISA.

Then again i might never get to retire at this rate.
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it is complicated that’s for sure.

Higher rate tax payers - pensions are usually always the clear winner.

Basic rate - it’s not as clear cut but depends on when you plan to retire and if you will be able to extract some of the pension income and offset it against your personal allowance, effectively getting more then the usual 25% out tax free.

Pensions can be accessed from 55 so the closer people are to that, the more attractive they are.
 
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!
 
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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Dribbling and smelling of piss
 
Its a conundrum, I am thinking of semi retirement at 55. As mentioned on another thread a job with no responsibility whatsoever probably along the lines of a postman because I think I would be bored if I didn't work. I have done OK, mortgage free, Military pension and savings. My only problem is to me its all about location to be able to do stuff that I enjoy, that means I will probably need to relocate but not too far, I need my City fix.
 
Semi retirement sounds like the way forward. We've started to cut down at work and this virus may have done us a favour, price rise and cherry pick my best clients already sorted so hours would be down. No mortgage other than a BTL on the rental, not one for spending loads, no finance on the cars, cheap to run wife and a hobby that does a bit more than pay its way. I'd rather wear out than rust out, the thought of daytime TV and filling a bag with piss every day fills me with horror.
 
Gaudion M said:
I always think with this that once you get to 85 you are not going to need a whole lot of disposable income and if i'm still going at 90 I will just hit the coke and hookers until i'm done in.
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You’re going to wait until you’re 90?

I guess one advantage is the next day you’ll have forgotten you did the coke and hookers, and decide you need to do it before you die.
 
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