Help with knowing how much is 'needed' to retire?

kempiejon

State Pension seems a long way away when you're in your 30s, my first pension had started by my 22nd birthday, but it was in my 30s that there was a real plan, it was a 15+ year plan but state pension never factored as I wanted early retirement. The early bit is the clue there. SIPPs are not accesible until 55, SP not for another 12 years. Younger folk can plan, I am lucky not to be too dependant on SP, my retirement plan was separate to the SP, If I get to 67 let's see. 

Veloflyer

kempiejon said:

State Pension seems a long way away when you're in your 30s, my first pension had started by my 22nd birthday, but it was in my 30s that there was a real plan, it was a 15+ year plan but state pension never factored as I wanted early retirement. The early bit is the clue there. SIPPs are not accesible until 55, SP not for another 12 years. Younger folk can plan, I am lucky not to be too dependant on SP, my retirement plan was separate to the SP, If I get to 67 let's see. 

For sure younger folk can plan - as long as they are aware of the issues. I am not sure the vast majority are, or are even aware of the need to have a pension to supplement the SP - assuming it even exists in the next 30/40 years. I also appreciate many cannot also afford to supplement it.

Compared with younger folk, I consider myself extremely fortunate to be in the position I am in with regard to pensions.          

not2plan

B0bbyEwing said:

On the topic of which, I'm not sure how many years people typically plan for since nobody owns a crystal ball.
My dad lived until 68 which is when health finally got him. Having done my family tree, he was actually one of the eldest in his line, many died before 68. My mothers side seems to be a little different. While not in to their 100s they do seem to live on to 70s, 80s, 90s.

What I've observed from my parents and the parents of people I grew up with is that those who retired earlier lived longer and had better health.
Middle class white collar typically.

There are studies about it Im sure, but I'm retiring as early as possible.
Doesn't mean I'm going to be on a beach but I'll be doing things on my terms with less stress and more time for me and my family.

Which brings us back to retire when you can afford to and budget to retire with your health.
Or semi-retire.
But do it sooner rather than later is my observation.

Veloflyer

not2plan said:

B0bbyEwing said:

On the topic of which, I'm not sure how many years people typically plan for since nobody owns a crystal ball.
My dad lived until 68 which is when health finally got him. Having done my family tree, he was actually one of the eldest in his line, many died before 68. My mothers side seems to be a little different. While not in to their 100s they do seem to live on to 70s, 80s, 90s.

What I've observed from my parents and the parents of people I grew up with is that those who retired earlier lived longer and had better health.
Middle class white collar typically.

There are studies about it Im sure, but I'm retiring as early as possible.
Doesn't mean I'm going to be on a beach but I'll be doing things on my terms with less stress and more time for me and my family.

Which brings us back to retire when you can afford to and budget to retire with your health.
Or semi-retire.
But do it sooner rather than later is my observation.

There is also an argument which says if you keep working and don't spend your pension pot, then HMG will just spend it for you via the deeply iniquitous tax on already taxed which is IHT.      

B0bbyEwing

I've no idea of any scientific studies on the topic but it wouldn't surprise me if those who retired earlier lived longer. 

I personally don't like work. Giving up 10 hours a day for a spit above minimum wage to make another man rich. 

Maybe you end up being fortunate one day & earning a decent wage or doing something you enjoy  or whatever. Not everyone is as fortunate as that & many of us do a job just because it's some form of income, ticks a box. 

A parent of mine worked all their life, paid in to their pension throughout their working life, retired, had 3 years of ill health & then died. Just the bad hand you're dealt. A family friend didn't even get that recently. They retired, early, got a fortnight & died. 

I'll be retiring as soon as I can, whenever that may be. May be before SP (hopefully), may be at or after (hopefully not). 

With a bit of luck I'll win the lotto this weekend & that'll be me done. 

Veloflyer

B0bbyEwing said:

I've no idea of any scientific studies on the topic but it wouldn't surprise me if those who retired earlier lived longer. 

I personally don't like work. Giving up 10 hours a day for a spit above minimum wage to make another man rich. 

Maybe you end up being fortunate one day & earning a decent wage or doing something you enjoy  or whatever. Not everyone is as fortunate as that & many of us do a job just because it's some form of income, ticks a box. 

A parent of mine worked all their life, paid in to their pension throughout their working life, retired, had 3 years of ill health & then died. Just the bad hand you're dealt. A family friend didn't even get that recently. They retired, early, got a fortnight & died. 

I'll be retiring as soon as I can, whenever that may be. May be before SP (hopefully), may be at or after (hopefully not). 

With a bit of luck I'll win the lotto this weekend & that'll be me done. 

Totally agree. The problem is I still think I am immortal at 61! Must be from being still alive after a few occasions where I ought not to be. Deciding when to retire is not just a money thing either. Loss of self-esteem, breaking the habit of a lifetime, what am I going to do with all the time, etc ....        

barnstar2077

Veloflyer said:

B0bbyEwing said:

I've no idea of any scientific studies on the topic but it wouldn't surprise me if those who retired earlier lived longer. 

I personally don't like work. Giving up 10 hours a day for a spit above minimum wage to make another man rich. 

Maybe you end up being fortunate one day & earning a decent wage or doing something you enjoy  or whatever. Not everyone is as fortunate as that & many of us do a job just because it's some form of income, ticks a box. 

A parent of mine worked all their life, paid in to their pension throughout their working life, retired, had 3 years of ill health & then died. Just the bad hand you're dealt. A family friend didn't even get that recently. They retired, early, got a fortnight & died. 

I'll be retiring as soon as I can, whenever that may be. May be before SP (hopefully), may be at or after (hopefully not). 

With a bit of luck I'll win the lotto this weekend & that'll be me done. 

Totally agree. The problem is I still think I am immortal at 61! Must be from being still alive after a few occasions where I ought not to be. Deciding when to retire is not just a money thing either. Loss of self-esteem, breaking the habit of a lifetime, what am I going to do with all the time, etc ....        

I hope retiring will boost my self esteem, as I will have made it, and achieved a goal.

The earlier I go the better I will feel, as it is rare to retire while you are still young.  I am personally impressed when I hear of people retiring in the early fifties myself (or earlier.)

B0bbyEwing

Veloflyer said:

B0bbyEwing said:

I've no idea of any scientific studies on the topic but it wouldn't surprise me if those who retired earlier lived longer. 

I personally don't like work. Giving up 10 hours a day for a spit above minimum wage to make another man rich. 

Maybe you end up being fortunate one day & earning a decent wage or doing something you enjoy  or whatever. Not everyone is as fortunate as that & many of us do a job just because it's some form of income, ticks a box. 

A parent of mine worked all their life, paid in to their pension throughout their working life, retired, had 3 years of ill health & then died. Just the bad hand you're dealt. A family friend didn't even get that recently. They retired, early, got a fortnight & died. 

I'll be retiring as soon as I can, whenever that may be. May be before SP (hopefully), may be at or after (hopefully not). 

With a bit of luck I'll win the lotto this weekend & that'll be me done. 

Totally agree. The problem is I still think I am immortal at 61! Must be from being still alive after a few occasions where I ought not to be. Deciding when to retire is not just a money thing either. Loss of self-esteem, breaking the habit of a lifetime, what am I going to do with all the time, etc ....        

Furlough (one instance) and being off work for a significant period of time due to being medically unfit to do the role (another instance) only confirmed to me what I already knew anyway - so long as I'm reasonably able bodied then I will enjoy retirement. 
People say "but you'll get bored". No, YOU might get bored. I don't particularly like my employer or many of the people I work with. I find them toxic which has, unfortunately, changed me over the years. I would enjoy not being under that cloud. I get a lot of enjoyment in free & cheap things.

I personally can't wait for retirement.

barnstar2077

Someone said to me the other day "Your friends will be at work during the week though if you retire early."  I just thought, but I don't see them when I am working anyway do I!  I may as well sit in the park and not see them lol.

Veloflyer

barnstar2077 said:

Someone said to me the other day "Your friends will be at work during the week though if you retire early."  I just thought, but I don't see them when I am working anyway do I!  I may as well sit in the park and not see them lol.

I do think when to retire depends a good deal on whether you enjoy your job. For many reasons, and yes corporate BS is but one, I don't. I freely admit I am just doing it for the money. However, as I have no real plan for retirement, and being a bit of a grumpy sod as regards the future, I may plod on for a little while longer - but not much longer if I have to endure yet another pointless meeting.