Retiring

[dickie davies]

I love how you jump on people if they dare suggest people should take responsibility for their own lives, look what has happened when the government started letting people on the benefits pay their own rent, plenty defaulted pissing it up the wall then the poor landlord then has to fight to evict them, it’s no wonder no DHSS is stated in so many rental properties. Maybe we should pop round and wipe their arses every time they have a shit just in case!
The question was if a ‘responsible’ adult you know someone who can control their own spending etc, wanted to opt out or indeed pay more to retire early why couldn’t they.
You carry on fighting the fight for these wasters and I will call them for what they are fucking leeches.

@Blue Maverick
The other problem with your NIC contributions idea is that the money that is taken from you is used immediately. None of it is invested

 

[mackenzie]

I'm hoping I can retire in about 5 years. I'll have done 45 years then in the Public Service and I'll be about 62.
I got divorced and walked away in 2012. No real money behind me so I rent now.
I'll quite happily get a part time job then if needs be, as I couldn't cope with nothing to do.
I'll see how it pans out.

 

[Blue Maverick]

@Blue Maverick
The other problem with your NIC contributions idea is that the money that is taken from you is used immediately. None of it is invested

Fair enough it was just a question mate

 

[manclad]

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.

My Dad retired in December 1991, so he is just short of 30 years taking his state pension. He currently gets £900 per month. I keep telling him that he is a burden on the nation, and needs to give up his pension!!!

 

[nw42]

Sorry to hear about your dad
That's why I would recommend as soon as you can afford to retire do so
I managed to do so at 60 .
Been on a few cruises .Spend loads of time in the sun at my Holliday home
No stress now have plenty of time to do SFA .
Ive never had a pot to piss in but what I got I manage ok

This post fills me with hope.

 

[Jordie]

@Blue Maverick
The other problem with your NIC contributions idea is that the money that is taken from you is used immediately. None of it is invested

The government involved in a Ponzi scheme shocker.

 

[cyberblue]

The way the state pension operates is just another way to put down ordinary people .
Women can no longer get it aged 60 & Men no longer get it at 65
The age people get it keeps creeping up
Everyone should get the same amount as wether it is £599 or £720 a month it still a pittance to live on
Just seen in the news MPs can claim heating bills as many are now "working" from home during the pandemic .Bless them they really need it

 

[blue for life]

I just don’t get why some think they will be bored when they retire and need to either keep on working or get a little part time job? You should never be bored. There is always something to see or do if you put your mind to it. If I could afford to retire financially I would do it now and I am 56! No prospect unfortunately. Each to his or her own I suppose!

 

[blue for life]

This post fills me with hope.

Hear! Hear!

 

[cyberblue]

I just don’t get why some think they will be bored when they retire and need to either keep on working or get a little part time job? You should never be bored. There is always something to see or do if you put your mind to it. If I could afford to retire financially I would do it now and I am 56! No prospect unfortunately. Each to his or her own I suppose!

I retired at when I was just over 60 never been bored for a minute
Been catching up doing things, going places, visiting people I couldn't do when I was working
There is absolutely so many things to do & loads of places to visit which doesn't have to cost much
Now I have no stress or worries
I would recommend early retirement to anyone who can afford to do so

 

[ChicagoBlue]

Looking for work in retirement is a lack of either resources or imagination!

If you can afford to put gas in your car, there’s always a new adventure waiting over the next hill.

 

[Newman Noggs]

I just don’t get why some think they will be bored when they retire and need to either keep on working or get a little part time job? You should never be bored. There is always something to see or do if you put your mind to it. If I could afford to retire financially I would do it now and I am 56! No prospect unfortunately. Each to his or her own I suppose!

Ha ha ! I said that every day for 40 years. Right until about a month after I retired.

Then I realised that to do all the stuff I really want to do rapidly ate into my savings and my, albeit decent, pension won't fund all the weekends away and travel I'd like to do so needs must. Obviously you have to balance the two, so I work part time. It's very different working to afford to live and working to get life's little luxuries.

 

[blue for life]

Ha ha ! I said that every day for 40 years. Right until about a month after I retired.

Then I realised that to do all the stuff I really want to do rapidly ate into my savings and my, albeit decent, pension won't fund all the weekends away and travel I'd like to do so needs must. Obviously you have to balance the two, so I work part time. It's very different working to afford to live and working to get life's little luxuries.

Well that is true if you want to spend spend spend on things that cost a lot of money. Not everything costs loads of cash. Plenty of things I want to do at very little financial outlay. Life is too short and learn that every single time a friend or acquaintance passes away. Plenty before their time too.

 

[blue for life]

I retired at when I was just over 60 never been bored for a minute
Been catching up doing things, going places, visiting people I couldn't do when I was working
There is absolutely so many things to do & loads of places to visit which doesn't have to cost much
Now I have no stress or worries
I would recommend early retirement to anyone who can afford to do so

My point precisely.

 

[worsleyweb]

Well that is true if you want to spend spend spend on things that cost a lot of money. Not everything costs loads of cash. Plenty of things I want to do at very little financial outlay. Life is too short and learn that every single time a friend or acquaintance passes away. Plenty before their time too.

this is very true.

My biggest pleasures

watching films
Walking
Gardening
Watching city
cycling
Sleeping
Shagging

Cost practically fuck all

 

[blue for life]

this is very true.

My biggest pleasures

watching films
Walking
Gardening
Watching city
cycling
Sleeping
Shagging

Cost practically fuck all

There you go. For me having the time to seriously get back to guitar playing, learning so much on that one instrument itself. I could play for hours on end. Plus having the time to learn to play other instruments. Walking in the countryside, days out here and there, spending more time with my family and friends, watching City, learning new things, simple things like spending all day in town wandering around places I haven't been for years etc etc

 

[Blue Maverick]

this is very true.

My biggest pleasures

watching films
Walking
Gardening
Watching city
cycling
Sleeping
Shagging

Cost practically fuck all

Exactly this, I dont need to be flying to a five star hotel in Dubai (although that would be nice) and what is this shagging you speak of?

 

[Newman Noggs]

Well that is true if you want to spend spend spend on things that cost a lot of money. Not everything costs loads of cash. Plenty of things I want to do at very little financial outlay. Life is too short and learn that every single time a friend or acquaintance passes away. Plenty before their time too.

Hmmmm. Nice theory and one I shared until I retired. Then I realised that the car I drive to get to see family or even the shops or just to do the simple things I want to do costs money. True you could buy an old banger but it would be unreliable when you most need it and a few hundred quid to repair every time. So you buy a newer car but even that needs servicing, delapidates and needs replacing every now and then. New tyres ? That's £80 a pop right there. Car tax ? Insurance ? Petrol ?

Then, of course, there's the house you live in. True, you could live in a rented shed you've built yourself but if you have a half decent house that delapidates too. New windows ? Yup that's a few hundred more quid if you replace them one at a time like we do. Crikey, that council tax has gone up again.

City ? Sky ? Mobile ? Golf club fees ? fishing club fees ? Food ,? Electricity ? Heating ?

Actually, sod that, I'll take the dog for a walk. Ah yes, the dog. Monthly insurance premium (which has to be topped up because it never covers the vets bill), food..

As a poster said earlier, when you are planning retirement, carefully cost everything you need, then what you want to do, even if it seems simple, it's not as cheap as you think.

As for shagging, bear in mind your partner will likely be a woman in her 60s and you probably won't be that desirable a stud yourself.

 

[Citizen of Legoland]

Another good article on state pension and COPE for those still concerned... basically the COPE figure is not taken off your state pension forecast

How is my state pension affected by being contracted out?

I am a 53-year-old man who has worked since leaving school. I belonged to a company pension which required me to be 'contracted out' for 18 years. How will this affect my state pension?

www.thisismoney.co.uk

It all depends on your NI profile.
You need 35 years of full contributions to get the full pension, doesn’t matter when that is achieved.

Just wanted to come back to you on your reply, squirty, as I think I have worked out something following Gornik's post which means you might be slightly incorrect (or I may be misunderstanding your terminology).

In the article it mentions how the government calculated everyone's state pension values as at April 2016. I fit almost exactly with the example explained within it, and would have been 29x contributing years at that time, however in my case that seems to have been about 15x full years only, i.e. I was contracted out for the remaining 14. This means my 'starting figure' is around £154 (the basic state pension plus 14 yrs of additional contributions) and with the 5x qualifying years since (come April), will reach full pension - which gov.uk confirm. That's a total of about 20 full years only, nowhere near 35.

 

[blue for life]

Hmmmm. Nice theory and one I shared until I retired. Then I realised that the car I drive to get to see family or even the shops or just to do the simple things I want to do costs money. True you could buy an old banger but it would be unreliable when you most need it and a few hundred quid to repair every time. So you buy a newer car but even that needs servicing, delapidates and needs replacing every now and then. New tyres ? That's £80 a pop right there. Car tax ? Insurance ? Petrol ?

Then, of course, there's the house you live in. True, you could live in a rented shed you've built yourself but if you have a half decent house that delapidates too. New windows ? Yup that's a few hundred more quid if you replace them one at a time like we do. Crikey, that council tax has gone up again.

City ? Sky ? Mobile ? Golf club fees ? fishing club fees ? Food ,? Electricity ? Heating ?

Actually, sod that, I'll take the dog for a walk. Ah yes, the dog. Monthly insurance premium (which has to be topped up because it never covers the vets bill), food..

As a poster said earlier, when you are planning retirement, carefully cost everything you need, then what you want to do, even if it seems simple, it's not as cheap as you think.

As for shagging, bear in mind your partner will likely be a woman in her 60s and you probably won't be that desirable a stud yourself.

Well obviously you don’t know my circumstances and I don’t know yours plus we probably want different things. I don’t have a mortgage and have a lifetime guarantee living in a house owned by my sister paying minimal rent. I won’t need a car later in life where I live. I could live without one now in fact. And I am grown up enough to know what I want and the cost of living into my old age. Oh plus two pensions and the state pension. It’s not a ‘nice theory’.