Retiring

[NorthamptonBlue]

I thought some blues might be interested in a MoneySavingExpert forum where people discuss how much they need in retirement. This is very much the fundamentalist movement when it comes to money and some get very uptight but worth a look. I would suggest starting with the most recent posts and working your way back:

Pensions Planning: The NUMBER - Page 156

As a long time lurker on here I would echo the sentiments above, this thread is worth a read.

forums.moneysavingexpert.com

 

[Bluesince1979]

If you are 43, loads of money unless you are planning to end it all by the time you are 63.
Now I may be talking bollocks and there are many more financially astute people on here than me, but if you had 1 million pounds, that’s £50k a year and in twenty years time the spending power will be like having only £25k which is nothing really.
To outstrip inflation you would need to invest in medium risk investments which fair enough you may win on but you could also loose, leaving you in your 60s with nothing.
It seems like a good idea but unless you are loaded, or have some serious assets you can liquidate if you need to it’s very risky and you will need to live like a monk.
Have you thought about just reducing your hours ? That way you can get a better work life balance but without the risk.

My plan the latter. Didnt plan well enough in early years, a divorce and selling the house at the bottom of the market meant i was screwed.
However, i have my own little business so will wind down and in turn take someone on to ease up further whilst still taking a wage.
Mrs a teacher so she’ll get a little pension too.

We are very much ‘live for the now’ and enjoy hols and weekends away when we can.

once the kids have fucked off we’ll slow down and cut our cloth

 

[Bluesince1979]

Can’t see me ever doing it. Retiring full whack. Worked from home two days during lockdown and was bored to tears. Got a few irons in the fire outside of development which I am enjoying and may evolve what I do over the next few years.

This is the thing ... retire and do what? I have a pal who retired at 55. He does fuck all and at 58 is a boring old man now. Sits there feeling smug that he retired but basically is unhappy

 

[abu13]

Really important subject and it is going to catch many people out as they realise how shite our UK pension really is. The Governments will only try and screw us all over even further in the coming years.

Really depressing the more i look into it all and I feel like one of the fortunate ones who is getting money away.

 

[SilverFox2]

This is the thing ... retire and do what? I have a pal who retired at 55. He does fuck all and at 58 is a boring old man now. Sits there feeling smug that he retired but basically is unhappy

Retirement means substituting about hours of work for someone for about 8 hours of work for yourself.

 

[Bluesince1979]

Retirement means substituting about hours of work for someone for about 8 hours of work for yourself.
By work I mean tasks, so hobbies, are many instances of r

This fella does nowt other than the stuff we do anyway.

 

[BlueMoonRisin’]

I'd like to publicly apologise for ripping into my namesake and imposter @blue moon rising a few days ago. Sorry pal, I've been a bit stressed of late. No hard feelings blue: )

 

[TheRemainsOfTheDave]

This calculator I found useful, https://www.moneyadviceservice.org.uk/en/tools/pension-calculator.

Reckon retirement at 60 is possible for me but most likely I'll be semi-retired. Just upped my contributions to £875 pm (incl. employer conts) which is staggering, and I've put money into pensions for 30 years. Never enough it seems.

 

[bluethrunthru]

Really important subject and it is going to catch many people out as they realise how shite our UK pension really is. The Governments will only try and screw us all over even further in the coming years.

Really depressing the more i look into it all and I feel like one of the fortunate ones who is getting money away.

But ....but...surely the UK pension ( like the other benefits in the system ) are superb - the "takers" sit there rolling in it watching their flat screen TV's, pub every night and 2 weeks a year in Torremolinos......we know that.....the Government, The Mail, Telegraph and Sun have spent 40 years telling us that.....

 

[bluethrunthru]

The article did assume you owned your home. I’m not sure the numbers work otherwise unfortunately.

Best thing you can do is pay off the mortgage as soon as. Saves loads of money you pay in interest going forward - the trick is though rather than behave like a sailor on shore leave with the mortgage money, invest it. Pensions and other things - you will reap the benefits later.

 

[Uncle Wally One Ball]

This is the thing ... retire and do what? I have a pal who retired at 55. He does fuck all and at 58 is a boring old man now. Sits there feeling smug that he retired but basically is unhappy

I agree with this. I know plenty of blokes who retired that age and turned into miserable and prematurely old people. Not good for you

 

[route46]

I have made my living on Betfair for the past 15 years...

I am not classed as employed or self employed, I don't have to pay tax on my Betfair winnings and I neither pay NI, I don't claim any benefits....So in reality I am not sure what I am classed as.

Will I even get a state Pension when I hit 67?

Can I put into a private Pension?

 

[Uncle Wally One Ball]

I have made my living on Betfair for the past 15 years...

I am not classed as employed or self employed, I don't have to pay tax on my Betfair winnings and I neither pay NI, I don't claim any benefits....So in reality I am not sure what I am classed as.

Will I even get a state Pension when I hit 67?

Can I put into a private Pension?

Dont think you will get much of a state pension if you havent paid any stamp mate

 

[route46]

Dont think you will get much of a state pension if you havent paid any stamp mate

Paid about 8 years 16-24

 

[Kompany Car]

This is the thing ... retire and do what? I have a pal who retired at 55. He does fuck all and at 58 is a boring old man now. Sits there feeling smug that he retired but basically is unhappy

Agree completely, what the pension should do is allow you to fill your time with something you enjoy doing, rather than something you have to do just to pay the bills.
Do I want a stressful job in my 60s ? Definitely not.
Would I like to do some charity work or keep dabbling in what I currently do but as an associate for a few hours a week. Absolutely.

 

[denislawsbackheel]

Paid about 8 years 16-24

You’ll get nothing.
To get any of the new state pension you need 10 years full contributions of NI.

 

[denislawsbackheel]

Anyone who measures their life by work must be as dull as ditch water.
Since I retired up until covid I haven’t stopped travelling, going to theatre, opera, galleries, exhibitions, etc. I have had articles published in travel magazines. I now have the time to read, dabble a bit at painting badly and play golf twice a week.
I’m as busy as fuck.

 

[TheRemainsOfTheDave]

You’ll get nothing.
To get any of the new state pension you need 10 years full contributions of NI.

Definitely worth getting 2 more full years in to qualify for potentially £50 a week. @route46 go onto the gov.uk website to check your qualifying years, some of those very early years might not be full years.

 

[denislawsbackheel]

And don’t forget you can you only make up 6 years missing NI contributions.

 

[MaineDAWG2008]

on the topic of retiring. Have income protection with LV, well have had it for 2 years now. Wanted to ask others, if its worth it or not? 40 pounds a month, which will pay me 1500 a month till im 65. Im 42 now, and dont have much savings. So incase I break a leg or semi-retire due to uncontrollable circumstances, im guaranteed that income along with state benefits.