Not a good time to retire

Blame this tory government for not being able to retire at an appropriate age.

youngsters crying out for a job, and old men still clocking in over the age of 65 - absolute disgraceful - some wont see any retirement, they'll be dead whilst still holding a spanner, pen or stop-watch.
66 now Johnny and add women in @ 66 too.
 
I hope to retire in 8 years, at 62, mortgage paid off, 42 years in a decent company pension, wife will still be working for a while longer, so hopefully enough in the pot to bridge the gap to the state pension kicking in.
 
In the industry I worked in, I can only remember one person actually retiring over the age of 65, the reason he continued, he loved his job. He has retired now. Everyone else who retired there in the last 5-10 years were either late 50’s or early 60’s. All the people that retired were replaced by younger people, apprentices who had come up through the ranks or younger staff in the offices. They all paid into a good pension throughtout their working life
 
Retired earlier this year (at 58) after 41 years of unbroken work. Best decision I ever made. No work stress, off on holiday again this week for some Winter Sun - totally chilled and enjoying a completely unstructured lifestyle after years of being restricted by demands of the job. .
If you can afford it, which is a big if, it is a great life having absolutely no responsibilities and devoting time to yourself and those you care about. Not for everyone and many find great satisfaction in working and don’t want to stop - I was a like that but you can end up making your job your life!
 
According to my ONS spreadsheet of registerd deaths by age in UK

in 1974 - as far back as it goes

73 years was the peak registered death age for men, at 12,095
81 years for the ladies at 11,828

Move to 2018

86 for men at 10,730
88 for women at 12,981

whist this is not the same as life expectancy it is an indication of it. That's an improvement of 13 years for men , amazing. Guys you get 13 years more on average in the shed or garage staying out the way of the Mrs for the main part of the daylight hours :D
 
You must have a good job erimus 😉
Everyone I've worked with says retirement is the best thing they've ever done.
I count myself lucky tony

Its not for everyone

My last nightshift, before our days off, we worked outside in the pouring rain all night, soaked right through, but there are other times its dry, but freezing, the majority of times the weathers ok, take the good with the bad
 
Annuity rates have risen a lot in the last few months, now you can get 7.4% @ 65

This means a £200,000 lump sum gives £14,800 for life for someone in good health.
If you are searching for an annuity, make sure you tell them you aren't in good health, smoke 60 cigs a day, drink 40 units a day, like sky diving, mountaineering and holidaying in eastern Ukraine. 😊
 
Retired earlier this year (at 58) after 41 years of unbroken work. Best decision I ever made. No work stress, off on holiday again this week for some Winter Sun - totally chilled and enjoying a completely unstructured lifestyle after years of being restricted by demands of the job. .
If you can afford it, which is a big if, it is a great life having absolutely no responsibilities and devoting time to yourself and those you care about. Not for everyone and many find great satisfaction in working and don’t want to stop - I was a like that but you can end up making your job your life!
Glad to see you're happy with the choice you made Duffman, good on ya mate, well deserved, unbelievable 41 years, wow
 
.... annuities ...

For those interested ..... at 55 with a 3% annual uplift, you are getting 3.75%.

I went with a flexible drawdown when I triggered my pension @ 62. The fund is more or less the same size after 4 years of withdrawals .... let's see ....

Currently decamped to the warmth of Turkey for the month. So retirement can work, if you are one of the lucky ones.
 
.... annuities ...

For those interested ..... at 55 with a 3% annual uplift, you are getting 3.75%.

I went with a flexible drawdown when I triggered my pension @ 62. The fund is more or less the same size after 4 years of withdrawals .... let's see ....

Currently decamped to the warmth of Turkey for the month. So retirement can work, if you are one of the lucky ones.
It's great when you withdraw from your pot and it magically fills up again.
👍
 
The issue of "retirement" is really about adjusting your work / life balance and weighing up your financial and health priorities.
Its all too easy to get sucked into the notion that you cant survive on less money than you are used to, but stepping back can help and view your options in the clear light of day.
I did just that during the covid pandemic and questioned which is more important: good health or money? Before the pandemic it was 40:60, but now its 70:30 in favour of good physical and mental health.
When you look at the outgoings - some of which may have become taken for granted over the years - with a steady income its often over-looked how much you dont need to pay-out.
Do we need the "package" of bloatware from Sky, or the numerous channels and rubbish we pay extra for?
Subscriptions and DD`s can add up to a useful sum every month, which could be more helpful towards fuel and food costs than Netflix?
How many cars does the family have? Can you manage with one?
If its a megga-big-lookatmydik car - why not get a smaller one and compare how much it costs.
Find out if you have any pensions from previous employment and assess the feasibility of taking a lump sum, as well as guaranteeing a regular income.
You might be able to clear your mortgage or outstanding debts.
If the kids have grown up and left home - do you still need extra bedrooms and the fancy dishwasher. Do you still need a chest freezer in the garage?
There`s lots of options out there.
Its easy to get trapped into the "what if"and irrational panic of "I couldnt manage without my job" mentallity.
Its amazing the feeling when you realise you didnt need to be trapped and you can free up your bank balance as well as start to do some of those things you darent do before.
There`s always part-time work, of course. No one has to be tied down.
And even though that may mean you dont have the protection of full-time, you can decide when and where you want to work.
Its worth thinking about.
Its an individual decision.
But its always a good time to consider reassessing your life / work balance(y)
 
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I took retirement at 51 earlier this year to care for my son. Best decision I have ever made, it's so nice being able to plan things without checking my work schedule, no 3am alarms and to wake up each morning being able to do what I like. There still aren't enough hours in the day to do what I want though.
 
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