Might have to go early. What have I missed if I take my pension early.

Mutton_Geoff

enthusiasticsaver wrote: »

Why don’t you have savings? We found it useful to live off what we thought our pensions would be in the years approaching retirement and save the difference

That is a good idea. I am a big believer in saving first then spending what's left whereas many do the opposite.

enthusiasticsaver

Mutton_Geoff wrote: »

That is a good idea. I am a big believer in saving first then spending what's left whereas many do the opposite.

We have always saved in various pots for short term things like insurances, Christmas, holidays etc and then medium term for home improvements and replacement cars and long term for retirement, to help children. We always tried to keep a balance though and did spend as well but not every spare penny. I would feel quite insecure I think without any investments or savings behind me.

It also seemed like common sense to me to adjust your expenditure to your expected income in retirement in the five years prior to that. We were lucky in that we paid off our mortgage before our daughters went to university (deliberately timed) and then after that we were investing for retirement and to help our children with their first house deposit, wedding etc etc so our outgoings really reduced once that part of our lives was over.

We decided we would aim for 60 but ended up going at 58 because we could afford it.

[Deleted User]

Re savings. Paying off stupid card decisions and larger mortgage that we should not have had and not really paying attention. For what ever reason, it is what it is. Hindsight is a wonderful thing. Now we are starting to pile it away after the mortgage (overpaid like crazy for years). We have some but not what I would call a large amount. Could probably go a year at the moment. We are not all the best financial planners.

W

crv1963

half_empty wrote: »

Re savings. Paying off stupid card decisions and larger mortgage that we should not have had and not really paying attention. For what ever reason, it is what it is. Hindsight is a wonderful thing. Now we are starting to pile it away after the mortgage (overpaid like crazy for years). We have some but not what I would call a large amount. Could probably go a year at the moment. We are not all the best financial planners.

W

Having a years savings is not bad going so don't beat yourself up! Taking a big wage drop may affect your pension but you may be able to preserve the pension at your higher salary?


I'm going to take my DB pension this year then we both are going to go for a less stressful job each. We'll then look at it as having 3 wages coming in- one to save into DC pensions, two to do as we are now- a colleague and his wife retired he started a new job, they live off of their pensions and his wage is finishing off his mortgage and paying into a DC pension.