Retire at 80? Might have no choice...

ThinkingOutLoud_2

Or so the various bodies cited here claim.

http://www.independent.co.uk/news/business/news/workers-retirement-age-80-global-pensions-time-bomb-rise-400-trillion-a7758051.html

So what do people think - from sustainability of the triple lock to fundamental reality at a personal pension savings level - seems like these is a wide gap in the views of politicians and financial economists.

missile

Only thing we can be sure of is MPs generous pension scheme will be safe

ThinkingOutLoud_2

That is an interesting point.

Back when Cameron was around - "Labour's leadership rivals this morning piled pressure on David Cameron to turn down an inflation-busting 10 per cent pay rise planned for MPs by vowing to give theirs away." DM

Yet nothing in the manifestos to put it right. Protest loudly yet pocket the money or does Anyone know if labour saw good on their pledge.

Either way - surely it is time politicians stood up and accepted the same kinds arrangements the rest of us have. Gold- plating is surely something they can survive without now?

margaretclare

I read recently in a book called 'Homo Deus' about the future of the human species, that 80 will soon become the new 50.

teddysmum

ThinkingOutLoud wrote: »

That is an interesting point.

Back when Cameron was around - "Labour's leadership rivals this morning piled pressure on David Cameron to turn down an inflation-busting 10 per cent pay rise planned for MPs by vowing to give theirs away." DM

Yet nothing in the manifestos to put it right. Protest loudly yet pocket the money or does Anyone know if labour saw good on their pledge.

Either way - surely it is time politicians stood up and accepted the same kinds arrangements the rest of us have. Gold- plating is surely something they can survive without now?

Many also have highly paid other jobs, so have a pension from there and probably an easily afforded private pension, too.

teddysmum

margaretclare wrote: »

I read recently in a book called 'Homo Deus' about the future of the human species, that 80 will soon become the new 50.

Reading 'historical' novels set in the 1930s/40s it can be seen that poor old Mrs Smith, on her last legs, is in fact about 45 to 50.


I have some old photos of me aged a few months, sitting on my gran's lap, in 1950. She was blind and widowed, with a low income (no special benefits or DLA back then; just a free push button radio), but looks very old, yet she must have only been in her early 60s.


I'm now 68 and don't look or feel as old as she was. My mother died aged 58 in 1977 and I picture her as being older than me (now), too.


My husband still works, at 68, and in some ways is not eager to retire, as he has noticed that colleagues aged a lot after retirement.

lessonlearned

margaretclare wrote: »

I read recently in a book called 'Homo Deus' about the future of the human species, that 80 will soon become the new 50.

I think There's someing in this.

As teddysmum says .......when I look at pictures of my grandparents they were worn out at 50. In fact one set died in their early 50s. Their bodies just gave out.

Now, assuming no real health issues, then by maintainjng a healthy lifestyle and the wonders of modern medicine, many of us are already living well into our 80s and early 90s. Both my parents were just 90 when they died. Dad worked well into his 70s.

Obviously it depends on the job you do but all evidence seems to suggest that some kind of work is actually good for us.

I am 65, and although I haven't done any paid work for an employer for years I am busier than ever. I dont think of myself as retired as such because I always have projects on the go, little sideline businesses, voluntary work. I always seem to have irons in the fire and my head is always buzzing with new ideas.

I hope to keep busy and active for a couple more decades yet, health permitting.

Gers

Have to agree - my grandparents were worn out by physical labour, war, pregnancy (granny!) and coping with 'stuff'. I'm old enough to remember washdays without washing machines and proper spring cleaning, no efficient vacuums and redding of the outside step and no lifts in buildings etc.

We do have an easier life in comparison so our bodies are not as worn out or as unhealthy. Certainly photos of my grandmother in her early 60s, as I am now, are shocking to see because she looks so much older and wearier.

I 'retired' from full time work at 61, changed jobs at 60 and moved north so took a temporary fixed term contract. Now I work four hours a week (in one job) and three days a month in another. Apart from being overweight I'm fit and healthy, nothing wrong that a smear of ibuprofen gel won't soothe and so will carry on as long as I'm offered work. Yes, I have the benefit of a final salary pension to cushion me, and the luxury of having been frugal in the past, so now I can enjoy my 'retirement.' I don't feel the need to apologise for my pension, I worked blooming hard, paid into a pension scheme I had no say about and am now content.

I KNOW that others are not so fortunate. It may be because of the choices they either made themselves for had made for them.

Could I go on until I'm 80 years old? Don't know. Do I want to go on until I'm 80 years old? Don't know. A colleague at the uni I teach at has just retired aged 70 years, so who knows. When I get my SP in two years time I may just pack a rucksack and go off... I don't know! All I know is that, having lost my only sibling when he was 57 years old and having lost HIS eldest son last year, aged 34, I shall be thankful for every day that I can work, if I choose to!

henry24

I started working when I was 11 doing jobs on the farm and although I now enjoy my job on the railway I don't want to be working until I'm 80. I am 57 and completely fed up with work if I was to get my state pension at 60 I could retire with my personal pension as well. I see some people getting benefits far in excess of my state pension when they could be doing my job and getting no benefits.

worried_jim

I started a private pension @ 20 and I am 43 now and plan to have £1m in pension savings by the time I retire.

Never had a mobile phone contract or a new car. I'm not concerned about retirement I've planned for it as I knew it was coming.

lessonlearned

henry24 wrote: »

I started working when I was 11 doing jobs on the farm and although I now enjoy my job on the railway I don't want to be working until I'm 80. I am 57 and completely fed up with work if I was to get my state pension at 60 I could retire with my personal pension as well. I see some people getting benefits far in excess of my state pension when they could be doing my job and getting no benefits.

Hi Henry.

I see you are quite new to MSE.

Stick around, take a look at the other boards, you will learn loads to help you make more of your money, you might surprise yourself and find that you can retire sooner than you think.

Many of the people on these boards are committed to the concept of FIRE - Financial Independence and Retiring Early.

As well as this site, there are loads of simple living/frugal type blogs that are well worth reading as well as books on the subject.

I suggest you read a blog called Mr Moneymoustache, he's Canadian but the same principles apply here. A lot of the blogs are American but again the same ideas translate to the UK.

For books I recommend "The Millionaire Next Door", "The Rules of Wealth" and "Your Money or Your Life".

This site, the blogs and the books I mentioned have completely changed the way I think about money and have transformed my way of life.....and yes, definitely for the better.

When I joined this site I was £30k in debt. I am now retired and live a comfortable simple life of abundance and ease, free from financial worry.

Play your cards right and there's no way you need to work until you are 80. Although of course, you could still "dabble" now and then if you want to.

If you truly enjoy what you do, then it's just not the same as dragging yourself to do a job you have come to hate. Once you reach FI then you can pick and choose if and when to work.