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

[dickie davies]

I went in to semi retirement when I was 50, 12 years ago. I sold the rest of my business earlier this year. I am left with about £2.4 m in a mixture of assets with about £1.3.m in the property I live in. Reckon at best I have about another 15 years active life, add on another 6 years for the Mrs age difference so around £100k a year take home pay at today’s rates for life. Absolutely no chance with our life style of spending anything like that and with no dependants anything left is going to charity.

I'm a charity case and so is my wife

 

[gordondaviesmoustache]

Don't reckon I’ll ever fully retire: partly because I’ve got some catching up to do after going skint a decade ago, partly because I’m professionally lucky enough to be able to go on working for as long as I want - and also because I think keeping an active mind into old age helps stage off mental decline and even dementia.

Six days or so a month when I’m in my 70s would be ideal, hopefully with me being able to bill double per day over what I can now. That would be perfect.

 

[Ric]

Feel like myself and my partner are woefully ill-prepared for retirement to be honest. Her pension pot is non-existent, and mine isn’t great. Probably got another twenty years to build it up, but should really get some financial advice at some point. That said, might not even make it to that age. Also know people who have paid a lot into their pension only to see it take a hammering.

 

[Paladin]

you will have to pay them full market rent which they will Have to declare and be taxed on otherwise the govt will say it is still part of your estate.
Plus they can boot you out whenever they feel like.
It happens more often than you’d believe.

OK. My dad signed his house over to his three children back in the 80s, so we are the legal owners. He died in 2001. One of the conditions in his will (or the transfer agreement) was that my mum and my sister could live in the house as long as they wanted or until they died, rent free. They are both still there. Does our arrangement predate the rule you refer to?

 

[AJ71]

Feel like myself and my partner are woefully ill-prepared for retirement to be honest. Her pension pot is non-existent, and mine isn’t great. Probably got another twenty years to build it up, but should really get some financial advice at some point. That said, might not even make it to that age. Also know people who have paid a lot into their pension only to see it take a hammering.

I fear for my missus if I go first (unless death in service, in which case she'll be minted), however neither of us will be particularly comfortable, despite me putting more than most away. Losing my job a few years ago has really screwed things up, in and out of work, missing out on company contributions etc. Fingers crossed I can keep in work for another 16 years or so (which is about 5 years longer than I planned).

 

[flook]

I'm a charity case and so is my wife

beat me to it

 

[vincent]

Targeting 62 as my retirement age. Another 12/13 years to go. All being well, should have between 250-300k in my pot. Not great, but should be somewhat comfortable.

 

[stonerblue]

I went in to semi retirement when I was 50, 12 years ago. I sold the rest of my business earlier this year. I am left with about £2.4 m in a mixture of assets with about £1.3.m in the property I live in. Reckon at best I have about another 15 years active life, add on another 6 years for the Mrs age difference so around £100k a year take home pay at today’s rates for life. Absolutely no chance with our life style of spending anything like that and with no dependants anything left is going to charity.

I've always liked you..

 

[TheRemainsOfTheDave]

I went in to semi retirement when I was 50, 12 years ago. I sold the rest of my business earlier this year. I am left with about £2.4 m in a mixture of assets with about £1.3.m in the property I live in. Reckon at best I have about another 15 years active life, add on another 6 years for the Mrs age difference so around £100k a year take home pay at today’s rates for life. Absolutely no chance with our life style of spending anything like that and with no dependants anything left is going to charity.

Dad? Is that you?

 

[Franny 1234]

It's all about my health holding out.
I want to enjoy retirement therefore will need to be healthy.
C.T.I.D