MSE Poll: At what age do you realistically hope to retire? 12 March 2019 at 1:00PM in Money Saving Polls 7 replies 4K views

Former_MSE_Karl

Poll started 12 March 2019

Early retirement talk was once all the rage. Now, with the state pension age rising (to 67 by 2028), retirement expectations are changing rapidly.

Please select one option CLOSEST to your realistic hopes for completely giving up work.

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Did you vote? Are you surprised at the results so far? Have your say below.

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[purplesignup][/purplesignup]

happyinflorida

There isn't the option - which realistically there should be - I think I'll be dead before I reach retirement age

I'm 58 - a type 1 diabetic - massively overweight, which is part of being type 1 for 55 years - I don't believe I'll ever see retirement, I'll be dead before I'm allowed to retire, I've got numerous health issues already

passau91

Not quite as drastic as the first poster (although I do sympathise), but I don't realistically foresee a time when I would be able to retire. We need an option for that


[The long story - the amount of the UK state pension isn't going to be anywhere near adequate, my working career involved changing jobs frequently, often meaning that I was ineligible to join the employer's pension scheme etc., so I don't see that as being able to be enough to bring the state pension up to a liveable income either, and savings rates are a joke, so no hope that I could live off the interest from any other savings either, and I don't own any property. Ergo, work until I drop] :rotfl:

XRAT

I often wondered how much it would take to allow me to retire.
With no mortgage, "don't smoke, don't drink" and no kids at home or pets.., I retired nearly 4 years ago (aged 53) and have kept a spending record...
It would be possible for my wife and I to exist on a joint £20,000/annum, but it wouldn't be much fun.
Other than wining the lottery, I'm afraid there's no alternative but to saving hard, which equally means you don't get accustomed to a high standard of living before you start to live off savings.
Most of us can't draw a pension until age 55 (at the moment.)
IF you can afford to retire on a private pension at 55, there's a long wait until the state pension (if it ever arrives) will kick in to subsidise the hit your pension has taken in the meantime.
If you can save enough.., it is worth it.

Mnd

Xrat, may I ask, do you own your home outright, or do you have mortgage/rent. I ask because we are working to 24k pa which we think will be comfortable

Sorry just read no mortgage..

SuperSecretSquirrel

I have difficulty reconciling the black and white definition of "retired" with my hopes for the future.

I'd like to stop needing to work very early, say in my forties. By that I mean I would like to have the option of living a very minimalist lifestyle without a need for further income from employment - roof over head, basic utilities, simple food, maybe a cheap UK/Europe holiday each year, one (or no) car between us, a little money set aside each month in a sinking fund to cover various repairs/replacements, and very little else. A single decade of maxed ISAs (easier said than done!) for a couple would realise 16k per annum at a 4% withdrawal rate - that should be about right in today's money to cover the basics for us (mortgage paid), so this isn't totally pie in the sky thinking.

At that point, I think I might like to walk away from my career and work part time for a bit of extra money. A low stress 16 hours a week at minimum wage type job would be fine. The extra £7k a year from that would cover a lot of nice extras. It would be 14k a year extra if OH followed suit, or more if she chose to work more than that. This optional extra income to make life more enjoyable but with little responsibility or time commitment attached would suit me fine until state retirement age (at which point the SP would cover the lost income). The fact that walking away from these jobs would just mean having to cut back on the luxuries to manage is very appealing, same logic applies to a reduced SP.

So I'd like to stop having to work in my 40s, but would happily work in a much reduced capacity until I'm in my late 60's, health allowing.

Gavin83

I'm aiming to retire in my early 60s. Me and my wife aren't having kids and we're both in well paid careers so I think that's entirely possible. I'll probably look to 'semi retire' before this, maybe mid 50s, either by dropping a day or two or reducing the intensity of my job.

70s is honestly too old but I appreciate that's the reality faced by many of my age.

NaughtiusMaximus

SuperSecretSquirrel wrote: »

I have difficulty reconciling the black and white definition of "retired" with my hopes for the future.

I'd like to stop needing to work very early, say in my forties. By that I mean I would like to have the option of living a very minimalist lifestyle without a need for further income from employment - roof over head, basic utilities, simple food, maybe a cheap UK/Europe holiday each year, one (or no) car between us, a little money set aside each month in a sinking fund to cover various repairs/replacements, and very little else. A single decade of maxed ISAs (easier said than done!) for a couple would realise 16k per annum at a 4% withdrawal rate - that should be about right in today's money to cover the basics for us (mortgage paid), so this isn't totally pie in the sky thinking.

At that point, I think I might like to walk away from my career and work part time for a bit of extra money. A low stress 16 hours a week at minimum wage type job would be fine. The extra £7k a year from that would cover a lot of nice extras. It would be 14k a year extra if OH followed suit, or more if she chose to work more than that. This optional extra income to make life more enjoyable but with little responsibility or time commitment attached would suit me fine until state retirement age (at which point the SP would cover the lost income). The fact that walking away from these jobs would just mean having to cut back on the luxuries to manage is very appealing, same logic applies to a reduced SP.

So I'd like to stop having to work in my 40s, but would happily work in a much reduced capacity until I'm in my late 60's, health allowing.

In hindsight that's what I really wish I'd done rather than spending most of my 20s living beyond my means then most of my 30s clearing the accumulated debt. I'm now in my early 40s and, aside from a mortgage, completely debt free. I'm hopeful I may be able to go semi-retired before I reach 60. IMO being financially comfortable with lots of free time is vastly preferable to being wealthy with very little free time.