My life expectancy has been reduced - is there any hope of retiring before I pass?

dawnofthedave

Thank you all for your insights, particularly around getting the balance right and things that I can do. I have listened to what you’ve all said. I have decided that, while I agree it’s unwise (to an extent) to make definitive decisions/plans now that might fail in the light of future uncertainties, I just can’t accept not having some sort of loose game plan for the future should I be both lucky/unlucky with age.

So for now I think I am probably going to strike a balance between making some uplifted extra pension/mortgage contributions, but not going in so hard on it that I don’t have a decent quality of life now.

The thing about this gene is that while it’s well established that I’m very likely going to become sick with and that it's likely to be in 60s, it is still not well understood in research why there are some people with it that end up surviving longer/shorter than that. There is also some disagreement in research about the extent of reduced longevity. It is also not yet well understood what things could delay it and there is some research into drugs now. So, I am hoping that a better picture of whether I might have a good chance of delaying or treating it might become clearer over the next 10-15 years - so fingers crossed!

With this in mind I think I'm going to weight payments a bit more towards my mortgage (over pensions) now so that it ends at 52 for these reasons: 

• if when my early 50s come I am still most likely to pop my clogs in my early/mid 60s, then at least I won’t have locked away most of my capital in a pension that I won’t be able to access until 57-60 (and may never benefit much from)

• a lot of my capital will instead be in my by then mortgage-free flat, which if worst comes to worst I can still access some of by moving to a cheaper area or things like home equity/reversion in worst case scenario

• at 52 I am also still young enough to work full time, so if by then I am likely to have a longer life than seems to be the case now, I will likely a) be earning more by then b) have no mortgage to pay c) have 8 years until 60 (and possibly longer) to work full time and bank £1,500+ monthly into a pension without reducing my disposable income/standard of living (because of the lack of mortgage)

• but if at 52 my prognosis is still worse and still to go in early/mid 60s, I still have no mortgage and (having done some basic sums) it looks like I’d be able to survive on working just 2-3 days part time…

• …while in that scenario I wouldn’t be able to fully retire before popping my clogs, I’m thinking that staying in some part time work (even until mid 60s) might still be preferable and better for my health/wellbeing as from what I’ve read it could help prevent cognitive decline/delay deterioration. And, I'd still have much more time off to do some of the things I'd like to do in life

• but then if I am lucky enough to survive past my mid 60s despite thinking I wouldn't, I should then still have enough funds for an OK annuity that I could retire on and then hopefully I’d still get the state pension to supplement that at 68-70

And if I do inherit at some point before my 60s, I will bank the majority of whatever that is in my pensions / savings / mortgage at that point to bring everything forward and give myself more scope to relax more younger and/or respond to the unforeseeable

And as some of others have commented, I will explore salary sacrifice and I hope within the next year or so I can get a better paid job with more generous employer pension contributions. 

I am hoping this strikes the right balance for me!

Albermarle

You have made a good summary/plan. 

if when my early 50s come I am still most likely to pop my clogs in my early/mid 60s, then at least I won’t have locked away most of my capital in a pension that I won’t be able to access until 57-60 (and may never benefit much from)

This is also a good point, but just remember that with tax relief and employer contributions, plus hopefully some investment growth, it could be that up to half of the capital that is tied up, was not actually money you contributed in the first place.