I retired at 50 do most folks want never want to retire ?

terryw

Pee wrote: »

FC Rangers - do put the £100 a month in now and up it if and when you can. The longer the money is in there, the more it can grow and much easier than struggling to find more when you have more financial commitments.

Very good advice. Some time ago, I read an article (wish that I had kept a copy!)which worked out the value of a parent just putting the child allowance into a pension scheme for the child to receive a pension at age fifty. There were no other contributions but taking into account the magic of compound interest and possibly tax relief, the fund had reached an enormous amount (half a million or so from memory).

smerch1468

FCRangers wrote: »

I'm 24 years old, don't have a pension. I can't see in a million years how i could ever afford to retire at 50, not even 60.
I mean i've got a good job (web developer) got a 1st degree in computing and on decent money. I looked at one if i put £100 a month in a pension until i'm 65 i will get about £8000 in todays money. What's the point. May as well just die young.

The old adage you dont get something for nothing never rings truer than in pensions planning. At £100 a month you will contribute not far off £45,000 during your working lifetime, even if markets do well you cant expect it to provide you with a significant pension.

Pssst

FCRangers wrote: »

I'm 24 years old, don't have a pension. I can't see in a million years how i could ever afford to retire at 50, not even 60.
I mean i've got a good job (web developer) got a 1st degree in computing and on decent money. I looked at one if i put £100 a month in a pension until i'm 65 i will get about £8000 in todays money. What's the point. May as well just die young.

Indeed..i dont blame you young man. The pensions industry has been discredited and i think a lot of younger people will subscribe to your point of view.

I am one of the few fortunates with a FS pesnion scheme though how long i will have it is anyones guess.

dasherman

standinman2009 wrote: »

I retired at 50 and luckily still have finances, to continue in my current life style, do folks really want to work forever, i didnt ,the Government thinks they do .
I am keen to hear others views , is a twilight career in B & Q ,the nations dream ?

I'm 41 so retiring at 50 is out of the question for me,assuming I don't win the lottery of course. 55 is my aim but I have no intention of working past 60 at the latest if I can help it.

Unlike a lot of others my age I take my retirement savings very seriously and know how much you need to achieve a decent income level and have no intention of working at B&Q!

ceridwen

standinman2009 wrote: »

I retired at 50 and luckily still have finances, to continue in my current life style, do folks really want to work forever, i didnt ,the Government thinks they do .
I am keen to hear others views , is a twilight career in B & Q ,the nations dream ?

Whew! I wish....wish...wish...that I had been able to....in fact I would like to "rewind history" and retire right at the outset. Want to work? I never did/still dont at anything available to me in Society as it stands at present. I have, however, put in my "40 years worth" despite never ever having a job I actually wanted to date. I know thats just down to whats available in Society as it stands at present - as I could think of things I would like/do like to do that (in a different Society) I would actually get paid for. I was a bit "ahead of my time" though and those sort of things are only just about "coming on line" now - when I am nearly at retirement:mad:.....I have spent 40 years wanting the sort of things I am interested in to be available to study at University and then go on to have a career in them and they are only JUST starting to be here now and its too late for me personally.

...but I guess thats just the way it is for some of us...I was born at pretty much the "right time" in some respects....but a pretty "bad time" from the POV of actually being paid to do something I actually liked.:(:cry:

"Swings and roundabouts" as they say....

ceridwen

On a different tack - I know people do seem to divide pretty evenly into two camps:
- 1. those who dont seem to have that much they actually want to do in their leisuretime and therefore dont value that time and dont really understand why others do.

and

- 2. those who would object strenuously if anyone told them they had to work during any of their leisuretime (as they are already cramming as much as they can into their existing leisuretime and longing for more time to do what they want to) - and that includes telling anyone who suggested they should work on past their retirement age JUST how fast they could "take a running jump".

Personally - I fall into the second camp. I guess peoples opinions on this will be influenced to a large degree by what their feelings are about the type of work they have done/do do and by how much they are paid for it. As someone who has done/does do a type of work that is perceived as low value and paid accordingly - then that is one of the reasons I cant wait to be rid of it. I can understand that if I was doing useful/interesting/reasonably-paid work then I might well feel very differently about it - but in my own personal circumstances....I cant wait to be rid of it.

I guess where I'm at workwise personally is akin to women who were born in the 19th century and were trying/hoping/daydreaming for the type of relationship that women just didnt/couldnt have in THAT century....but are clearly on the verge of having pretty soon now...ie totally equal/respectful/etc - but, in the 19th century that just wasnt remotely possible (as women werent even deemed to retain the ownership of their OWN property if they got married). I have long since resigned myself to the fact that I have been in a similar situation throughout my worklife - and I can only just see what I wanted coming up on the horizon now - but its too late for me personally.

tobiascurious

Pee wrote: »

FC Rangers - do put the £100 a month in now and up it if and when you can. The longer the money is in there, the more it can grow and much easier than struggling to find more when you have more financial commitments.

Is this good advice for everyone though?

I mean if you are saving up for a house, the difference between having a 5% and 20% deposit could make a big difference to the interest rate you are offered on your mortgage.

And making pension contributions while you have a large credit card balance at 30% APR, for example, doesn't seem to be so wise either.

tobiascurious

The other thing is that if you are a low earner now, the Govt might well top up your retirement income, so there may be no incentive to save for retirement

Turnbull2000

If you're under 35, retirement at 65 is looking optimistic, never mind 50!

First-time buyers are typically in their 30's, many are still paying a small fortune each month to clear student debt years after graduation, salaries are going nowhere therefore debt burdens will remain high, employers are pulling the plug on pension contributions, NI continues to rise and so will general taxation. We're now being told we'll be hammered with a £15,000-20,000 charge upon retirement so Baby Boomers don't have to lose their overpriced properties. It's hardly surprising that private pension provision is plunging.

Expect other various measures purely in the interest of Boomers and to the detriment of those below them over the coming decade.What's occurring is a generational scandal of epic proportions.

Pssst

We are also being told that retirement age will not be compulsory in future.

does that mean a 50 year old can get a 25 year mortgage?

I see a plan