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

[denislawsbackheel]

LOL!

 

[asahartford1]

My mum died at 60 and dad at 72
I'm 57 and in good health. I was cancer screened a couple of months ago and am in the low risk category
I'm looking to jack in work in five years, which should give me ten good healthy years in which no fucker, not even the Mrs, will be telling me what to do on a daily basis and I intend these ten years to be one long holiday

A lad I worked with is now 67 and in good health. Two years ago he qualified for his state pension, his Mrs works part time and qualifies for an NHS pension and is coming up to state retirement age. He's mortgage free and, two years ago, had a personal pension pot of £400,000
He loves his holidays and they have their first grandchild
He's very fit for his age but his family has a very dark history of hereditary bowel cancer for which he's checked every year
I asked him why the fuck he was still working as he'll never get to spend his pension money. He said that he wanted just one more year of work to pay for the kitchen extension then he would retire. Two years from that chat and he hasn't. The stock market has crashed which will have hugely impacted on his pension value and will take probably five years to recover
Lovely bloke but I think he's been a greedy fool

It is

My mum died at 60 and dad at 72
I'm 57 and in good health. I was cancer screened a couple of months ago and am in the low risk category
I'm looking to jack in work in five years, which should give me ten good healthy years in which no fucker, not even the Mrs, will be telling me what to do on a daily basis and I intend these ten years to be one long holiday

A lad I worked with is now 67 and in good health. Two years ago he qualified for his state pension, his Mrs works part time and qualifies for an NHS pension and is coming up to state retirement age. He's mortgage free and, two years ago, had a personal pension pot of £400,000
He loves his holidays and they have their first grandchild
He's very fit for his age but his family has a very dark history of hereditary bowel cancer for which he's checked every year
I asked him why the fuck he was still working as he'll never get to spend his pension money. He said that he wanted just one more year of work to pay for the kitchen extension then he would retire. Two years from that chat and he hasn't. The stock market has crashed which will have hugely impacted on his pension value and will take probably five years to recover
Lovely bloke but I think he's been a greedy fool

It is peoples different philosophies I find interesting. Setting a target date, the pension pot, are issues I get to listen to alot.Almost as if it starts a new life. I also visit the homes of many retired people, and don't like what i see. It is often not healthy. Sitting in front of the box all day.Inward negative attitudes abound.
I have a lifelong mate who has 10 apartments , a good income, and property portfolio. He wears tatters, buys cheap food, does his own post let cleaning etc, because he wants number11. The gathering of wealth is his only hobby. He will die a very rich lonely old man. I asked if he wanted to come out to my gaff in Spain, but he didn't want to be away from the property , and has stopped playing golf because he isn't fit enough.
I think getting the attitude correct is the key.
I am potless, but have my place in Spain which i go to every 3 or four weeks in Winter. Work about 20 hours a week, which i intend to carry on doing, play golf 3 or 4 times a week, managed 36 holes yesterday . I love travelling but still do it cheaply.
Exercise, health, being fit are far more important than expensive cruises, or flash cars. Time more important than money. Having no debt, but spending every penny I have is my way.
Fitness is the key, and joining a gym is the first thing people should do when they stop work.Yoga or pilates are great for the body and mind, impossible to enjoy wealth without the body and mind to do it. Your post implies that you already have a positive and thoughtful approach.

 

[dickie davies]

It is


It is peoples different philosophies I find interesting. Setting a target date, the pension pot, are issues I get to listen to alot.Almost as if it starts a new life. I also visit the homes of many retired people, and don't like what i see. It is often not healthy. Sitting in front of the box all day.Inward negative attitudes abound.
I have a lifelong mate who has 10 apartments , a good income, and property portfolio. He wears tatters, buys cheap food, does his own post let cleaning etc, because he wants number11. The gathering of wealth is his only hobby. He will die a very rich lonely old man. I asked if he wanted to come out to my gaff in Spain, but he didn't want to be away from the property , and has stopped playing golf because he isn't fit enough.
I think getting the attitude correct is the key.
I am potless, but have my place in Spain which i go to every 3 or four weeks in Winter. Work about 20 hours a week, which i intend to carry on doing, play golf 3 or 4 times a week, managed 36 holes yesterday . I love travelling but still do it cheaply.
Exercise, health, being fit are far more important than expensive cruises, or flash cars. Time more important than money. Having no debt, but spending every penny I have is my way.
Fitness is the key, and joining a gym is the first thing people should do when they stop work.Yoga or pilates are great for the body and mind, impossible to enjoy wealth without the body and mind to do it. Your post implies that you already have a positive and thoughtful approach.

I love keeping fit. Myself and daughter have had home routines going since gyms closed and I've enjoyed these as much as the gym, plus we've done a 3 or four mile walk every day
Walking is a hobby that I want to do more of and it's also something my mrs enjoys, so we certainly won't be cabbaging in front of a tele when we stop working

 

[Blue Maverick]

That plan will only work if you own the house as tenants in common.
Most houses are owned as joint tenants where you both own all of it.
They never do “take the house”.
They put a charge on it until the survivor dies then call in the charge.
As they will on the half your wife will still have if she needs care.
Furthermore you want to hope your daughter doesn’t divorce after you’re gone and her ex demands his share of the assets...

I didn’t know that I’ll have to look more into this, as for the daughter thing, i will actively encourage her never to get married and hopefully by the time she does pre nuptial agreements will be legal in this country.

 

[Its in The Blood]

https://honeylegal.co.uk/people/martinswindells

We can help people to protect their assets and make sure that it is the people you want to inherit that do and not their partners!!!

 

[idahoblues]

Retirement. The biggest con. Set up as some kind of lifelong aim by the powers that be. You will notice the rich and powerful do not aspire to "retire".
Work as little as possible, play as much as possible, stay as healthy as possible.
I wish I had the the statistics for the amount of people who die within two years of retirement, leaving more wealth than they have had at anytime in their lives, " not spent"

That's the way I live my life, if I get fooked over by getting old and skint then so be it. Maybe a good time to take up Banzai skydiving

 

[MCFC_ Phil]

https://honeylegal.co.uk/people/martinswindells

We can help people to protect their assets and make sure that it is the people you want to inherit that do and not their partners!!!

I'd advise to use a solicitor for matters of such importance

 

[Its in The Blood]

I'd advise to use a solicitor for matters of such importance

That’s why we have our own in house SRA regulated legal team. Plus regulated by CLC and are regulated by the FCA.

 

[MCFC_ Phil]

That’s why we have our own in house SRA regulated legal team. Plus regulated by CLC and are regulated by the FCA.

Fair enough. I've worked in a solicitors practice before, and appreciate you've got to market yourselves like this to get the business. Very competitive area.

 

[halfmist]

It is


It is peoples different philosophies I find interesting. Setting a target date, the pension pot, are issues I get to listen to alot.Almost as if it starts a new life. I also visit the homes of many retired people, and don't like what i see. It is often not healthy. Sitting in front of the box all day.Inward negative attitudes abound.
I have a lifelong mate who has 10 apartments , a good income, and property portfolio. He wears tatters, buys cheap food, does his own post let cleaning etc, because he wants number11. The gathering of wealth is his only hobby. He will die a very rich lonely old man. I asked if he wanted to come out to my gaff in Spain, but he didn't want to be away from the property , and has stopped playing golf because he isn't fit enough.
I think getting the attitude correct is the key.
I am potless, but have my place in Spain which i go to every 3 or four weeks in Winter. Work about 20 hours a week, which i intend to carry on doing, play golf 3 or 4 times a week, managed 36 holes yesterday . I love travelling but still do it cheaply.
Exercise, health, being fit are far more important than expensive cruises, or flash cars. Time more important than money. Having no debt, but spending every penny I have is my way.
Fitness is the key, and joining a gym is the first thing people should do when they stop work.Yoga or pilates are great for the body and mind, impossible to enjoy wealth without the body and mind to do it. Your post implies that you already have a positive and thoughtful approach.

Sounds the perfect description of what not to do and what to do

 

[Its in The Blood]

Fair enough. I've worked in a solicitors practice before, and appreciate you've got to market yourselves like this to get the business. Very competitive area.

It is not a problem. I only joined the thread after being told about it. I totally agree that it can be a minefield out there due to so many companies have joined the market place but are not regulated so can be here one minute gone the next. That is the reason we became fully regulated for Our clients own piece of mind.
We offer a totally free consultation and it is up to the client to decide once we give them our proposal.

 

[halfmist]

I didn’t know that I’ll have to look more into this, as for the daughter thing, i will actively encourage her never to get married and hopefully by the time she does pre nuptial agreements will be legal in this country.

I had a bit of that attitude when I met my wife. She had her own job own house, car etc as I did.

When we first started going out together we were both looking at up grading our houses separately which seemed a bit weird.

All joint expenses were shared in “proportion to salary” as I earned about 3x what she did.

Eventually I decided it wasn’t working as I kept forgetting to claim her share and I decided everything should be shared via the 1 pot

Weirdly since the arrangement all those years ago she has no bank card or cheque book and I just give her any cash she asks for

However if she ever decides she has had enough after 31 years we will just split our total assets down the middle.

She has no idea what we are worth so I have had to list everything down just in case anything happens to me

I would hate to feel she could not leave me for fear of financial insecurity so a pre nup was never going to be on the cards.

 

[Ardwick Green Blue]

I was 66 last week and I'm still happily working. My job involves driving around the UK visiting my customers and my bosses are in Germany. I like dealing with people and tbh most of my customers are friends plus I enjoy using the experience I have gained over 40 years in the industry I work in.

Financially I can finish tomorrow so I will keep going until I don't enjoy it or I can no longer do it.

Lockdown has reinforced my view that retirement isn't something I would enjoy.

 

[Blue Maverick]

I had a bit of that attitude when I met my wife. She had her own job own house, car etc as I did.

When we first started going out together we were both looking at up grading our houses separately which seemed a bit weird.

All joint expenses were shared in “proportion to salary” as I earned about 3x what she did.

Eventually I decided it wasn’t working as I kept forgetting to claim her share and I decided everything should be shared via the 1 pot

Weirdly since the arrangement all those years ago she has no bank card or cheque book and I just give her any cash she asks for

However if she ever decides she has had enough after 31 years we will just split our total assets down the middle.

She has no idea what we are worth so I have had to list everything down just in case anything happens to me

I would hate to feel she could not leave me for fear of financial insecurity so a pre nup was never going to be on the cards.

You’ve obviously never been through a divorce and for that you’ll be eternally grateful believe me, whatever you may think, most of the time they get nasty especially when money comes into it. I’m on my second marriage and like most blokes they tend to marry to women younger than them second time round, usually this means they will have some better finances, if that all goes tits up then you can be in a world of hurt if you end up losing half that.

 

[halfmist]

Your right B M . I haven’t and if I did, I am sureI would feel different. I used to carry out audits at firms of Solicitors to ensure they were complying with the rules. Client confidentiality was over ruled by what was then the Law Society so I had un hindered access to the client files. Murder cases were obviously the most interesting but the divorce files came a close second. Often they started with my theory of split down the middle, keep it simple, want a quick painless divorce etc. However once one of the party saw the other out enjoying themselves with their new partner the cases usually reverted to form. Arguments about money, unfaithfulness, access to the kids etc. So your right life is not normally a bed of roses in divorces.

 

[Blue Maverick]

Your right B M . I haven’t and if I did, I am sureI would feel different. I used to carry out audits at firms of Solicitors to ensure they were complying with the rules. Client confidentiality was over ruled by what was then the Law Society so I had un hindered access to the client files. Murder cases were obviously the most interesting but the divorce files came a close second. Often they started with my theory of split down the middle, keep it simple, want a quick painless divorce etc. However once one of the party saw the other out enjoying themselves with their new partner the cases usually reverted to form. Arguments about money, unfaithfulness, access to the kids etc. So your right life is not normally a bed of roses in divorces.

ye pal, the biggest influence is other parties stiking their noses in, take him/her to the cleaners etc, especially pensions, for me if youve put your money away properly and the other party has frttered theirs away, why should theybe allowed that, not that this has happened to me (yet) but to me its a morale thing and the law can piss off, unfortunately it doesnt.

 

[abu13]

Just had a look at my pension statement, now i knew it wasn't going to make good reading but it has dropped by £30k since January despite me putting in over £6k this year. I wouln't want to be setting out on retirement at the moment.

 

[Bill Walker]

Just had a look at my pension statement, now i knew it wasn't going to make good reading but it has dropped by £30k since January despite me putting in over £6k this year. I wouln't want to be setting out on retirement at the moment.

And just about everything has gone up in price.

 

[Kompany Car]

Just had a look at my pension statement, now i knew it wasn't going to make good reading but it has dropped by £30k since January despite me putting in over £6k this year. I wouln't want to be setting out on retirement at the moment.

Pensions are a long game investment. You’re currently buying shares/investment cheap which will recover once the current turmoil subsides. It’s a problem if you want to retire within the next few years but if you are 7-10yrs away then you will be fine.

 

[grant1977]

I was 66 last week and I'm still happily working. My job involves driving around the UK visiting my customers and my bosses are in Germany. I like dealing with people and tbh most of my customers are friends plus I enjoy using the experience I have gained over 40 years in the industry I work in.

Financially I can finish tomorrow so I will keep going until I don't enjoy it or I can no longer do it.

Lockdown has reinforced my view that retirement isn't something I would enjoy.

Funny you should say that. I’m no where near retirement age but I now have to WFH everyday now and I hate it with a passion