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    • maxie014
    • By maxie014 1st Dec 17, 2:57 AM
    • 142Posts
    • 72Thanks
    maxie014
    Which one are you?
    • #1
    • 1st Dec 17, 2:57 AM
    Which one are you? 1st Dec 17 at 2:57 AM
    Two people i know one 62 been paying avc for 20 plus years to fund his early retirement!
    still working all the overtime he can on shift work.
    The other 55,decided he is retiring at 60,non negotiable he says,doesnt matter how much he has he is going then,dont care what he is getting,doesnt want much.
    which way would you go yourself?
Page 1
    • Zanderman
    • By Zanderman 1st Dec 17, 8:10 AM
    • 1,313 Posts
    • 3,742 Thanks
    Zanderman
    • #2
    • 1st Dec 17, 8:10 AM
    • #2
    • 1st Dec 17, 8:10 AM
    Without knowing anything about the relative size of their pensions it's impossible to comment.

    Unless they've been earning the same salary and have the same pension provider of course.
    • enthusiasticsaver
    • By enthusiasticsaver 1st Dec 17, 8:21 AM
    • 4,848 Posts
    • 9,162 Thanks
    enthusiasticsaver
    • #3
    • 1st Dec 17, 8:21 AM
    • #3
    • 1st Dec 17, 8:21 AM
    Neither. We gave overpayments to pension and mortgage as much priority as utilities and holidays, new cars etc. We didn't work overtime specifically to pay more but just built them into our budget with the objective of going at aged 60. As it turned out we could afford to go at 58 but only after we checked it would be enough to cover our lifestyle. We would have waited to 60 but as we had been checking annually since around our mid 30s we have adjusted our investment figure upwards a number of times after our daughters finished university and our mortgage repaid.
    1 week to go until early retirement. Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • chucknorris
    • By chucknorris 1st Dec 17, 8:25 AM
    • 9,343 Posts
    • 14,007 Thanks
    chucknorris
    • #4
    • 1st Dec 17, 8:25 AM
    • #4
    • 1st Dec 17, 8:25 AM
    Two people i know one 62 been paying avc for 20 plus years to fund his early retirement!
    still working all the overtime he can on shift work.
    The other 55,decided he is retiring at 60,non negotiable he says,doesnt matter how much he has he is going then,dont care what he is getting,doesnt want much.
    which way would you go yourself?
    Originally posted by maxie014
    I'm sort of an in-between, I put my notice in to retire last year at 58 (I'm 60 in January), but they asked me if I would work one day a week (which I think is actually better than retirement). But there isn't much point in me working full or near full time, as it is doubtful that I will spend it all before meeting the grim reaper. But I haven't really worked overtime for ages (actually it wasn't overtime as such, it was running businesses in addition to my job)
    Last edited by chucknorris; 01-12-2017 at 8:38 AM.
    Chuck Norris can kill two stones with one bird
    The only time Chuck Norris was wrong was when he thought he had made a mistake
    Chuck Norris puts the "laughter" in "manslaughter".
    After running injuries I now also hike, cycle and swim, less impact on my joints.

    For the avoidance of doubt Chuck Norris is an actor and an ex martial artist (not me)
    • Pollycat
    • By Pollycat 1st Dec 17, 8:46 AM
    • 18,565 Posts
    • 47,793 Thanks
    Pollycat
    • #5
    • 1st Dec 17, 8:46 AM
    • #5
    • 1st Dec 17, 8:46 AM
    It's a bit of a nonsense question without more information.
    Two people i know one 62 been paying avc for 20 plus years to fund his early retirement!
    still working all the overtime he can on shift work.
    Originally posted by maxie014
    Why is he still working?
    What does he consider 'early retirement'?
    The other 55,decided he is retiring at 60,non negotiable he says,doesnt matter how much he has he is going then,dont care what he is getting,doesnt want much.
    which way would you go yourself?
    Originally posted by maxie014
    Has he won the lottery?

    #1 may still have a large mortgage and debts.
    He may have a lavish lifestyle that he wants to continue in his retirement.

    #2 may be mortgage free with income you know nothing about.
    If he's expecting the state to fund his early retirement, he may be disappointed.

    If you're asking what posters did....
    I decided at a very early age (I worked in the occupational pensions department of a very large company) that early retirement would suit me very nicely, thank you very much.
    I never spent more than I earned, I actually saved a fair amount.
    I retired at 50 and 14 years on, it's still the best thing I ever did.

    I don't claim any benefits and probably will never be eligible for means-tested benefits.
    • IanSt
    • By IanSt 1st Dec 17, 10:16 AM
    • 149 Posts
    • 104 Thanks
    IanSt
    • #6
    • 1st Dec 17, 10:16 AM
    • #6
    • 1st Dec 17, 10:16 AM
    Two people i know one 62 been paying avc for 20 plus years to fund his early retirement!
    still working all the overtime he can on shift work.
    The other 55,decided he is retiring at 60,non negotiable he says,doesnt matter how much he has he is going then,dont care what he is getting,doesnt want much.
    which way would you go yourself?
    Originally posted by maxie014
    Well I certainly would not go down the second path as I'm too much of a control freak when it comes to my finances and would want some certainty that I would have enough retirement income to live on for the (hopefully) long next stage of life. Let's hope this colleague doesn't find that even his 'not wanting much' is still too much for what he'll suddenly find his income down to.

    I'm certainly more of a first path person, but there is also a life to be lived now so would make sure there is money for the now as well as the future.
    • badmemory
    • By badmemory 1st Dec 17, 12:44 PM
    • 1,058 Posts
    • 1,117 Thanks
    badmemory
    • #7
    • 1st Dec 17, 12:44 PM
    • #7
    • 1st Dec 17, 12:44 PM
    I too would not go down the second path. I really would not want to spend my retired years worrying about whether I need to turn the heating off/on/up just for financial reasons. I don't want to be one of those people in the headlines that have to chose between food & heat!
    • davieg11
    • By davieg11 2nd Dec 17, 3:46 PM
    • 256 Posts
    • 150 Thanks
    davieg11
    • #8
    • 2nd Dec 17, 3:46 PM
    • #8
    • 2nd Dec 17, 3:46 PM
    Well I'm a bit of both. I'm paying extra into my pension to get the figure I may need at age 60 but if I don't achieve that figure I'm still retiring at 60 and will adjust life to suit.
    • Terron
    • By Terron 2nd Dec 17, 5:58 PM
    • 114 Posts
    • 122 Thanks
    Terron
    • #9
    • 2nd Dec 17, 5:58 PM
    • #9
    • 2nd Dec 17, 5:58 PM
    I always planned to retire at 60, and saved a lot into my pensions so I could do so

    Of course plans don't always work out. I lost my job when I was 54 and being in IT there wasn't much chance of finding anything similar. I could have retired then and lived off my savings until I was 60, Possibly I could have reorganizsed my pensions and took some early at 55.

    As it was I bought some property and am living off the income from that. I will take some of my pensions when I am 60, maybe some when I am 59, but as my most recent properties have been purchased through a company I will technically not be retired for a long time.
    • maxie014
    • By maxie014 2nd Dec 17, 11:18 PM
    • 142 Posts
    • 72 Thanks
    maxie014
    The first one has plenty of money but i think he doesnt know what he will do when retired.
    The thing i dont get is he has banged on about these avc payments for years,but if you dont make use of them why bother? why not just take the money in wages and retire at 65 or later.
    The second lad has about 450k in a house,but he loves to travel and can live on not a lot of money,probably not a huge pension but the equity in the pension is always an option,could probably sell up,move 10 miles and bank 250k.
    • Pollycat
    • By Pollycat 3rd Dec 17, 8:38 AM
    • 18,565 Posts
    • 47,793 Thanks
    Pollycat
    The first one has plenty of money but i think he doesnt know what he will do when retired.
    The thing i dont get is he has banged on about these avc payments for years,but if you dont make use of them why bother? why not just take the money in wages and retire at 65 or later.
    The second lad has about 450k in a house,but he loves to travel and can live on not a lot of money,probably not a huge pension but the equity in the pension is always an option,could probably sell up,move 10 miles and bank 250k.
    Originally posted by maxie014
    That information might have been useful in your first post.

    It's impossible to say which way you'd go without the full picture.
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