The when thread

somethingcorporate

There aren't many young people on this thread! So I'll step in for the 30somethings.

We plan to retire at 55 by putting 30% of our base salaries into pensions. Whether or not this will be possible is anyones guess and whether our cautious nature will let us take the plunge at this age again is a big unknown. Neither of us are particularly career motivated and enjoy our free time although having a little one is expensive and considering putting her through private school may compromise our early retirement plans (but I am sure she will be worth it!).

Nice thread

Wednesday2000

I'm planning on it when I'm 50 and my husband is 55 years old. 10 years from now. 2026.

chucknorris

mgdavid wrote: »

part ex the mutt for a black lab, he'll go swimming with you....

He's a red fox lab and he loves swimming, although I'm not at a stage where I can swim reasonable distances confidently in open water yet, plus I would have to travel a bit to find a suitable place. Whereas he makes do with the local river/pond.

scaredofdebt

Feb/Mar 2025 hopefully, when I hit 55. Depends on what the government decide to do with the pension laws, how the stock market performs and if I've paid off all my debts etc!

I have my own business that is generating a modest income currently but assuming it continues to grow as it has been, it would be enough to fund a very miserly retirement on its own.

I don't really want to work for someone else any more and see them benefiting from my efforts, but the company pension is quite good so I am stuck for a few more years yet!

richbeth

Hi,
I'm 48 and am plan to stop working at 50. my wife is slightly older. We recently moved to the house we expect to spend the next 25 years in and renovations are underway so if we spend a bit more on the house the date may slip a bit. We now make financial decisions based upon how much longer we'll need to work. e.g. "Is it worth spending another 2 months working to get the handmade kitchen of your dreams?". Before we stop working the house will be 100 % finished to a high standard so we minimise the risk of problems. We (ok, I...) have a detailed spreadsheet and use tools such as Firecalc to review whether we will have enough money top see us through to mid 60's when a stable income will be available via state and DB pensions.

This is the end of a long term plan and we have made decisions based primarily on this target for the last 6 or 7 years. e.g. when my wife was approached about a new job she took a 20 % pay cut to get a DB pension as this would help ensure we have a guaranteed income above our minimum requirement come our mid 60's.

I have no problem with what we'll do but my wife is a bit nervous that she'll get bored. In the first few years I want to have a few periods living and travelling abroad for a couple of months in winter, specifically South Africa and maybe Australia. Other than that we'll work on our smallholding, I'll learn an instrument, maybe do a Masters in something like Economics, learn whatever I feel like via OU or U3A, do some volunteering, travel across the Uk for a few days here and there, spend time riding, walking, maybe sailing, maybe build a kit car... I can't imagine ever thinking I'd be bored enough to want to work in my current job

R

Wentthedaywell?

The earliest I can go without great penalty is 60 (20 months' time), which wasn't, but now is, "early retirement" before my SP at 66. I've been literally counting the years, now months, but the nearer it gets (next year!) the more it's tinged with something other than just glee.

I think it is the feeling it's not just a new chapter, but a whole new volume of currently blank pages. I'll have worked without any break in employment for 38 years; then suddenly - 100% leisure. Work is islands of panic in an ocean of ennui, but I have lovely colleagues, a pleasant environment and mostly a stress-free, well paid job. As the end get closer, I'm realising there are a lot of positives to my work.

My manager has mooted that I go part time at 60, and this could be a good compromise for a year or two, when the situation should be vastly different, and I will want to get out. I could work two days p.w., and with my pension, have considerably more money than I do now (though without contributing to an AVC). I am looking into starting a new degree next year which would slot in nicely.

chiefie

richbeth wrote: »

Hi,
I'm 48 and am plan to stop working at 50. my wife is slightly older. We recently moved to the house we expect to spend the next 25 years in and renovations are underway so if we spend a bit more on the house the date may slip a bit. We now make financial decisions based upon how much longer we'll need to work. e.g. "Is it worth spending another 2 months working to get the handmade kitchen of your dreams?". Before we stop working the house will be 100 % finished to a high standard so we minimise the risk of problems. We (ok, I...) have a detailed spreadsheet and use tools such as Firecalc to review whether we will have enough money top see us through to mid 60's when a stable income will be available via state and DB pensions.

This is the end of a long term plan and we have made decisions based primarily on this target for the last 6 or 7 years. e.g. when my wife was approached about a new job she took a 20 % pay cut to get a DB pension as this would help ensure we have a guaranteed income above our minimum requirement come our mid 60's.

I have no problem with what we'll do but my wife is a bit nervous that she'll get bored. In the first few years I want to have a few periods living and travelling abroad for a couple of months in winter, specifically South Africa and maybe Australia. Other than that we'll work on our smallholding, I'll learn an instrument, maybe do a Masters in something like Economics, learn whatever I feel like via OU or U3A, do some volunteering, travel across the Uk for a few days here and there, spend time riding, walking, maybe sailing, maybe build a kit car... I can't imagine ever thinking I'd be bored enough to want to work in my current job

R

Masters is a good idea ! Can you still get tuition fees paid and do you have to pay back even from pensions ? Thanks

Bazofts_Revenge

46 and could go now as I am very frugal. Boredom could kick in but I intend to sell off a sizeable record collection and hundreds of collectible Ornaments my late wife collected. So whether that evolves into a part time job I don't know but I aim to go at 55 but think I'll be more than sorted at 50. My Dad didn't retire and died at 72. He was working part time for the NHS and joined the Pension scheme at about 70 and died in service(never too late to join). I want to live my life and make my own decisions and switch off the alarm clock.

TheTracker

I've taken a couple of gap years (8-12 months) during my career, ages 25 and 35, and considering one at 45. Not because I've been forced to but because I planned them, even gave up gigs to do them. That year aged 35 was the most enjoyable of my life.

There seems to be a march toward earlier retirement like its some sporting achievement (I retired at 41! Well I did it at 39!). I wonder sometimes if those that retire at age X ever considered retiring at age X+Y having taken Y years off working to enjoy our planet while the mind and body is at its peak. I don't expect they all do. Then again those people may look at me and say why did you do that, you could have retired 3 years earlier.

Those that do consider it are probably afraid of work resumption. And once you hit late 40s, when you have a good idea of retirement date, it can be harder to walk back into work after a year off. But I maintain its not as scary as it first seems. And I came back refreshed for the next 10 years of work, both times with a vocational epiphany.

An alien looking down on earth might wonder why someone would spend 20 years preparing to work 35 years straight with just a few weeks off a year and then suddenly stop and spend the next 35 not working at all.

greenglide

There seems to be a march toward earlier retirement like its some sporting achievement (I retired at 41! Well I did it at 39!).

I work amongst a group of people who used to be civil servants until they were outsourced. The huge majority of them have been counting down the days before retirement at age 55 at the latest for over 15 years! It is demoralising and depressing and brings home the real lack of purpose amongst this group.

I will probably retire at the end of July, that seems about right and may be the right time of year.

I have no concept of "early" or "late" retirement. Stopping work should not be linked to the arbitrary dates at which SPa is reached or the scheme retirement ages of employer's schemes.

Until fairly recently I expected to work for another couple of years beyond this year but things change - these are important things, some of them potentially life changing, not trivial matters around following following the corporate !!!!!!!! - I can manage that quite happily.