Retiring

flook said:
Thats interesting, and is certainly clearer than the HMG site. So according to that I can factor in an additional £18 a week to my pension planning budget. I'll be retiring a couple of days earlier then :)
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Steady....Maybe a day and a half :)
 
Indaparkside said:
The more I read of fantasy islands post the more I realise How he looks down on people less fortunate than himself. There’s many posts he has made this clear if someone was drowning in a pool he’d put his foot on their head, he has no shame it’s like when that **** from the edl went to wythenshawe with his racist shite views fantasy’s reply a breeding ground for his supporters just because your less fortunate than other people in life doesn’t make you a scumbag there’s lots of decent people in society who have not had the opportunity’s other people have had
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Tbf, the benefit system should be there to help those that need it not those that want it. An old friend of mine lost his parents in an air crash in 1980, I lived with him for around a year after (we were lifetime friends and both aged 21) to help him deal with the devastation. He turned to the booze and was very messed up and has suffered physiological difficulties ever since. To cut a long story short he now lives in a bed sit provided by the council and lives on a tiny income, just enough to pay his bills and is left with just enough to feed himself, he has no Digital TV, no broadband, no car, no holidays, no money to go for a beer, etc. Now we see families and single parents being able to afford all the above without attempting to work, it's galling in the extreme. If benefits were paid to those that really need it, the sick, the ones with learning difficulties, carers, the under 66's who can't work due to the physical nature of their jobs, physically impaired, etc the benefits would be quite a bit more and fully deserved. Like my mate, if you are a single bloke with no dependents you are totally shafted.
 
dozzie26 said:
I'm 27 and don't plan to work a day after 50. Life is too short, and there's many a man with dreams of retirement but health and work stress get the better of them.

I'm too honest to climb the corporate ladder I'm currently at the bottom of, fighting for a seat on the gravy train. But hoping some shrewd savings and living within my means long term will set me right. I won't get to the superstar wage, certainly not with my current empliar, sorry employer. But hoping I can save enough to afford a house and my own family one day.
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Lol, my plan was 55 with a modest income, still working (kind of part time) at 61, good luck with your 50 target. Squirty Flower gave some good advice on here the other day, record everything you spend on a spreadsheet for a couple of years to see how much you actually spend as opposed to what you budget for, you will be staggered how much "life" costs.
 
Blue Maverick said:
im sure the difference from 67 to 68 is minimal on your health, make people pay more and finish early or at least let them have the choice to do so.
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Not wishing to be flippant, and I'm sure you appreciate this, but there is a choice to finish early. Anybody can retire at any age they like IF they can afford it. Retirement age and state pension age are not the same. The state pension should only be part of any retirement plan. If you are fortunate to earn enough to save into company or private pensions or ISA then do so. All can be part of retirement planning.
 
Tommy_Catons_Perm said:
Not wishing to be flippant, and I'm sure you appreciate this, but there is a choice to finish early. Anybody can retire at any age they like IF they can afford it. Retirement age and state pension age are not the same. The state pension should only be part of any retirement plan. If you are fortunate to earn enough to save into company or private pensions or ISA then do so. All can be part of retirement planning.
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I agree however to keep increasing the state pension age is ridiculous, they say people are living longer but I’d say they are surviving longer not “living”. The people who make these decisions havent done a hard days graft in their lives, it’s easy to say work until you are 67/68 when you are sat in a nice warm office, try laying tarmac or plastering a house in all weathers, my mate is the same age as me and has been a plasterer since he was 16 he’s absolutely fucked at 51 and he does the relatively easier rendering. His back and arms are knackered and he’s got to do that for another 15 years, he will end up an invalid. Let people pay more into the state if they wish to retire earlier along with their private pension, obviously those who don’t can pay less and work longer.
The fire service increased pension age to 60 from 55, they know full well most will leave before then and lose a percentage of their pension, so the government are pocketing that, I couldn’t imagine doing fires and the other crap at 60, the shifts alone take a toll never mind the job itself.
 
Blue Maverick said:
I agree however to keep increasing the state pension age is ridiculous, they say people are living longer but I’d say they are surviving longer not “living”. The people who make these decisions havent done a hard days graft in their lives, it’s easy to say work until you are 67/68 when you are sat in a nice warm office, try laying tarmac or plastering a house in all weathers, my mate is the same age as me and has been a plasterer since he was 16 he’s absolutely fucked at 51 and he does the relatively easier rendering. His back and arms are knackered and he’s got to do that for another 15 years, he will end up an invalid. Let people pay more into the state if they wish to retire earlier along with their private pension, obviously those who don’t can pay less and work longer.
The fire service increased pension age to 60 from 55, they know full well most will leave before then and lose a percentage of their pension, so the government are pocketing that, I couldn’t imagine doing fires and the other crap at 60, the shifts alone take a toll never mind the job itself.
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Yes. Agreed. Also it can hard for someone in their late sixties to do office work involving calculations and learning new software etc.
 
Blue Maverick said:
im sure the difference from 67 to 68 is minimal on your health, make people pay more and finish early or at least let them have the choice to do so.
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You can take pension from the age of 55. You can pay into personal pensions on top of state and/or occupational.
 
SWP's back said:
You can take pension from the age of 55. You can pay into personal pensions on top of state and/or occupational.
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Or how about the option to not pay into the state and just use it all for personal, I know this then puts the ball in each persons court to save but then they have total control over it?
 
Mad Eyed Screamer said:
In the process of buying a mobile home (cash) in a wonderful woodland setting. Lot rent will be just under $600 a month which is $1,000 less than I renting an apartment currently.
Investing most of that each month into a retirement plan and in 5 years (aged 63) will go part time with work, just enough to pay rhe lot rent each month.
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Blue Maverick said:
Or how about the option to not pay into the state and just use it all for personal, I know this then puts the ball in each persons court to save but then they have total control over it?
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Because people cannot be trusted to do it and if they lose their job they won't be contributing, but being unemployed still adds to your NI contributions
 
Blue Maverick said:
Or how about the option to not pay into the state and just use it all for personal, I know this then puts the ball in each persons court to save but then they have total control over it?
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You would find it extremely difficult to get a return better than the state pension. Especially if you are not well paid and claim the state pension for a long time.

For example there are plenty of women in their nineties who retired at age 60. Say £8,000 a year pension for 30 odd years and it's a quarter of a million quid. I doubt NI contributions over 40 years working life come anywhere near that. And how many poorly paid 60 year olds have that much cash saved up? And state pension is index linked

Also you not well off on state pension alone. So you need to save half a million quid in a DC pension.

Very crude calc not accounting for inflation, tax etc.
 
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Blue Maverick said:
Or how about the option to not pay into the state and just use it all for personal, I know this then puts the ball in each persons court to save but then they have total control over it?
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and then when they've pissed it up thewall for 40 years and have nada when they retire, what happens then? Government stands back and watches them starve to death? No, they get paid anyway because it's the humane thing to do, so it becomes a case of having your cake and eating it, so there would be a few on that bandwagon straight away
 
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