44 and dreading the thought of working past 50

xylophone

What is it about the type of work you do that makes you dread working past 50?

Bostonerimus1

Simon11 said:

p00hsticks said:

 [and you are probably going to need to continue making voluntary NI contributions for at least some future years to get to the maximum ] , . 

It is possible to reach 50 and obtain the maximum state pension.

If I fill in a 1 year gap (where I was working abroad), I will obtain it by the age of 50. Its mostly thanks to working part-time at an early age doing huge a few hours and working part time during university!

Most people are going to struggle to get enough credits to qualify for full SP by age 50. The people who got free credits while at Sixth Form College or who started work at 16 and continue working without any contracting out until 51 would make it today. Personally, I got a couple of credits while I was at SFC, then missed some credit years when I was a poor university student and then paid voluntary for the next 32 years and now can't increase my SP amount. I was looking at full SP after 30 contribution years until HMRC changed the rules and pushed it out to 35.

GazzaBloom

coyrls said:

GazzaBloom said:

I was dreading working past 50...I'm now 56 

and working?

Yep...hoping to retire end of next year if the stars align but won't be drawing pension until start of tax year 2025 when I am 58

Albermarle

hartlepool_jono said:

Yes downsizing would definately be a plan. Maybe to release circa 250k. Sipp I could probably get up to 400k in next 6 years if similar work case than the last few. Isas I plan to max out each year going forward atleast for 1 of us if not both. 

Downsizing often does not realise the gains expected.
The main issue is that when searching for a new much cheaper property, you will probably think they are too small, or not a nice location. So your aspirations rise and you almost inevitably start looking at better more expensive  properties/locations. Especially as you might well be living there for the rest of your life.

Steve_666_

hartlepool_jono said:

It's a combination of 2 hobby actually. Horology and numismatics, or watch collecting and coin collecting/ trading. 

Turn into a job and continue to pay into your SIPP

also when you say 40K, are you talking 40K at 2023, not 40K at 2040?

hartlepool_jono

xylophone said:

What is it about the type of work you do that makes you dread working past 50?

Too much working away. High stress. Done it for the past 18 years and the appeal just lessens and lessens with each year... so feel I've missed out a bit being away and whilst I'm still relatively healthy would just like to spend my time at home with family. I guess something I havnt considered is poss taking the odd year off or maybe going into semi retirement in-between projects.
The 40k figure is based at now.... also what I havnt calculated is capital growth from now until 50. 
Has as been said I know I'm in a pretty good position. I just need to give it all a bit more thought and get some figures and details to see where I'm splodging. And to see what areas I need to focus on growing... and has been suggested the 50 target maybe unrealistic for me. Bit I'd rather work to that and possibly fall short by a couple years than aim for the normal 60 plus  

Albermarle

also what I havnt calculated is capital growth from now until 50. 

You will know that capital growth is not guaranteed by any means, especially over only a medium term time frame.

Two hints;

When looking at investments for retirement, you have to look at a much longer time frame than just between now and when you might retire.

It is better to calculate capital growth after inflation. More cautious types will aim at say just one or two per cent above inflation in the long term and then hope to be pleasantly surprised. 

SouthCoastBoy

Rather than stopping work totally, have you considered looking for a different position that you may enjoy more and have less travel?

I was in a similar position in wanting to retire as I didn't enjoy my job, I have since moved jobs which suits me a lot better. I took a large paycut, but still earning decent money and it means I am not dipping into my savings/investments just yet.

Somebody

OP, do factor in contributions you would need to make towards maintenance if your other 2 kids decide to go to university.  Mrs and I “permitted” each other to retire only when ours had graduated and working.  Our other prerequisite was being debt and mortgage free.

SouthCoastBoy

Yes university was expensive for me as a parent, estimated cost around 40 to 50k to put 2 through uni