The economics of an older partner

chiefie

My wife is 7 years older than me and wants to stop work at 62 with the expectation that I will fill the income gap between her works pension (at 62) and state pension at 66. However I would like to stop work at 55 and do some voluntary work. So there's an impasse. Although I'm younger I've worked the same number of years. I'm knackered and need a rest. I Will probably be bored in 3 months though !!

Just wondered how others dealt with this issue.

Mistermeaner

I got divorced

PasturesNew

Could you compromise by starting a new business together, part-time, so she gets let off working for an annoying boss and you get to free up some time for your voluntary work, while you both work together to fill the gap.

Mistermeaner

You could pay her for 'services rendered' so she still earns her keep and you might have a smile on your face.

Who knows if she's good she want to expand and provide said services to others.

Would certainly ' fill the gap' ahem

SkyeKnight

chiefie wrote: »

My wife is 7 years older than me and wants to stop work at 62 with the expectation that I will fill the income gap between her works pension (at 62) and state pension at 66. However I would like to stop work at 55 and do some voluntary work. So there's an impasse. Although I'm younger I've worked the same number of years. I'm knackered and need a rest. I Will probably be bored in 3 months though !!

Just wondered how others dealt with this issue.

When you say she has only worked the same number of years than you - do you mean she had 7 years off and sat watching telly? Or was she looking after small children/elderly relative? In which case I personally think that counts as working.

It certainly doesn't sound fair if you stop working at 55 but expect her to work a further 4 years while you are retired to 66! (Well, excepting the case where she spent 7 years with her feet up). You working to 59 and her to 62 doesn't sound too unfair on the face of it.

cells

might be better to ask the views of people who have retired recently and see what positives and negatives they have seen in the process.

chucknorris

I'm retiring next year (aged 58) and my wife who is over 11 years younger than me plans to ask for 3 months unpaid leave for the next 4 years, then retire when she is 50.

HappyMJ

I've effectively retired now as I hardly work, I am not looking for work and have no children to look after.

It gets quite boring at times so you need something to fill your day and give you a reason to get up in the morning. Browsing the MSE forums does get a bit boring after a while.

Many retired people around here have an allotment they care for which takes quite a bit of time out of the week.

You could go on day trips once or twice a week. I do that once a week just get on a bus and go somewhere for the day. It doesn't need to be expensive.

If your mortgage is paid and all your debts are paid off and you've got a little cash in the bank then I don't see why I should continue working. There's no need. Keep an eye on your savings to make sure they will last until you get your pension. You might need to take a part time job if they fall too fast. Take something you enjoy though...don't take another stressful job.

vivatifosi

Now that the retirement age has been normalised between the sexes, I would imagine this is something that a lot of couples face.

The rules are changing with regard to pensions, but my plan when I get to retirement age is to take some of my pension as a lump sum... enough to make up the c£5k difference pa. However I will only need to do this for a few years. DH is younger than me though gap is smaller than yours. He will probably do the same but for more years. We have both paid into pensions all of our working lives so have built up reasonable pots.

Am also looking to have a reasonable amount into an ISA so I can retire a year earlier than that rather than taking pension early.

remorseless

Mistermeaner wrote: »

I got divorced

How much did that cost? more than filling the income gap?

Mistermeaner

hurt at the time but now much better off (she spent money like noones business).

I've bought the same house twice but at least now its mine and is properly decorated with starwars stuff and xboxs etc.

No candles or stupid dust collecting ornaments