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How old will you be when you can retire?
Comments
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Not all Public Sector pensions are enough to retire on. After 22yrs service i i could leave at aged 40 with a £35k lump sum and £12k immediate pension.
£12k per year at 40 year old is not a retirement sum.0 -
Not all Public Sector pensions are enough to retire on. After 22yrs service i i could leave at aged 40 with a £35k lump sum and £12k immediate pension.
£12k per year at 40 year old is not a retirement sum.
No it's not.
Would be interesting if you said exactly how much you think it should be after 22 years service, index linked for the next 45 to 50 years?0 -
The smart thing is to retire twice. Once when you are young enough to enjoy it, 35 to 45 maybe. Then again when you really need to stop working.
Have to be pretty lucky to be independent in any way at 35, I think it must have been a yuppy programme I got the idea from
For a high stress, rewarding job it sounds a fair idea to not spend all your income on the usual consumerism, stay frugral and then enjoy it.
I used to work over 80 hours a week, never a minute to spend any of it. Not that I ever earned a decent amount really
Or its half that, a mere 750k if you went unconventional by owning high yield shares or bonds and managing it yourself.You would need around £1.5M to get £36k a year at 50.
Some people 'retire' and live off rental income and similar simple ideasMrs Generali's Grandma is still working aged 91! She does very well on it.
Theres a guy off the telly who works in a gold mine at age 95, operates a JCB, haulage trucks on site. Basically he owns the place and is better off tax wise as an operator I guess, plus he likes it
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Not all Public Sector pensions are enough to retire on. After 22yrs service i i could leave at aged 40 with a £35k lump sum and £12k immediate pension.
£12k per year at 40 year old is not a retirement sum.
Why not? 12k a year is a tidy sum and a lot to live on, that is what a lot of people live on now.
I presume you've paid off your mortgage?0 -
DigForVictory wrote: »I can retire any time I choose - so long as I'm ready to choose being flat broke.
And bored, which has done for several of my family. The death certificates say other things, but our lot seem to prefer death in harness to dwindling on the sofa. I think the womenfolk might mutter that they'd love to have a go but the truth is they are even busier retired than they were 'working'.
They scare the dickens out of me...
Why would you have to be bored, don't you have any hobbies or interests, they don't necessarily have to be expensive. I like running, cycling, walking, bowls and chess, none of them costs much, less than £500 a year for all of them. When I retire I will probably also get into swimming, at the moment I just don't have the time.Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
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New_and_Improved_Me wrote: »Be real - 12K is nothing when you consider the cost of living.
We spend that on JUST bills.
I do OK on not much more than that.0 -
I would like to retire at 60, but in real terms it may be nearer 65, it just depends how my plan works.
If it's 65 I have 17 years left to work, hopefully kill the mortgage in 7, then save more for the next 10.
If I kill the mortgage earlier( ideally I will do it in 5), then I have more options and may feel I can do it earlier.
All this could go pete-tong though if I was to lose my job, which is a possibility over the next 2-3 years, or that my income could drop, and it would scupper the plan.
Also there are a few things I would like to have done to the house so that when I retire its a simple case of hopefully maintenance, and cash sorted in another pot for a couple of cars for retirement years.
If my job stays the same my plans should be achievable and i'm on track, if not...who knows...and I will be really cheesed off.Yep...still at it, working out how to retire early.:D....... Going to have to rethink that scenario as have been screwed over by the company. A work in progress.0 -
I can't really put an age on it. I'm currently enjoying working and 40 years away from being able to claim the state pension (currently). It's my current intention to reach the point where I could retire with financial security in my mid-to-late 50's in case I want to, but I expect I'll choose to work longer.Having a signature removed for mentioning the removal of a previous signature. Blackwhite bellyfeel double plus good...0
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