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I retired at 50 do most folks want never want to retire ?

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  • bendix
    bendix Posts: 5,499 Forumite
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    FCRangers wrote: »
    I looked at one if i put £100 a month in a pension until i'm 65 i will get about £8000 in todays money. What's the point. May as well just die young.

    So put £500 a month away, and stop your whining. If you're on a good salary paying top rate tax, it will cost you next to nothing.

    What's the problem?
  • ceridwen
    ceridwen Posts: 11,547 Forumite
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    Turnbull2000 wrote: »
    If you're under 35, retirement at 65 is looking optimistic, never mind 50!

    First-time buyers are typically in their 30's, many are still paying a small fortune each month to clear student debt years after graduation, salaries are going nowhere therefore debt burdens will remain high, employers are pulling the plug on pension contributions, NI continues to rise and so will general taxation. We're now being told we'll be hammered with a £15,000-20,000 charge upon retirement so Baby Boomers don't have to lose their overpriced properties. It's hardly surprising that private pension provision is plunging.

    Expect other various measures purely in the interest of Boomers and to the detriment of those below them over the coming decade.What's occurring is a generational scandal of epic proportions.

    As a Baby Boomer - I'm scared as well that the Government might TRY to grab £20k off me for a tax called "National Care Service Insurance" - "try" very being much the correct word......as I'm simply not going to hand them any of my money for this. So its not just younger people who are worried they might try and grab money out of us for this...
  • cyclonebri1
    cyclonebri1 Posts: 12,827 Forumite
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    We all have different expectations and dreams. I always dreampt of retiring at 55, after a career in which I worked an average of 60h/week for around 35 years in a largely manual/supervisery role, I thought I owed it to myself. However the urge to move further up the property ladder meant that I'd probably shoved that back by a further 5 years:mad:

    However things don't always go to plan, after a serious accident that left me unable to continue with the company I'd worked for for 37 years, I retired at 55 about 15months ago.

    I had done just enough to be able to continue with my lifestyle albeit carefully. I am delighted to be out of the rat race.:T

    Just a few comments from my perspective;

    How the hell can the government expect manual workers to graft into thier 70's:confused:

    Your plans will change;)

    You will miss the interaction with your work colleagues, even if you are something of a loner like me

    The biggest issue we have is that my wife now has to work to 64.2 years, thats another 10 years:mad:, she won't of course.

    Each to his own.:T
    I like the thanks button, but ,please, an I agree button.

    Will the grammar and spelling police respect I do make grammatical errors, and have carp spelling, no need to remind me.;)

    Always expect the unexpected:eek:and then you won't be dissapointed
  • johnaka
    johnaka Posts: 137 Forumite
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    I'm 58. I didn't start putting any thing into a pension pot till I was 38.
    any way I have now got 3 pensions.
    one I've already cashed in due to equitable problems etc and at the time the accountant recomended me to cash in.
    the other one has funds of £12600(ex company) and £30000 what am I likely to get . I'm hoping it will give me roughly £40 to £50 aweek @ 65
    it is wishfull thinking on my part.I may not take a lump sum?
    I opted out of serps but this year I went back in.
    maybe a little late now as I'm unemployed due to redundancy.
    being that I have no mort/depts I'm looking to work part time.
    according to the gov/pension forcast I'm liable to get £99 pension aweek in todays money.to which it will cover all my present bills.
    I don't smoke and I only go for a couple of pints every 2 weeks.
    as you can see I don't need a lot.
    oh and my wife is working part time.
  • Pee
    Pee Posts: 3,826 Forumite
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    I have a very active social life and do lots in my spare time. I know from looking at other people that the busier you are, the more you have time for. I do enjoy my job though, and whilst it would be very nice not to need to go to work and to reduce my hours I wouldn't actually get the intellectual stimulation that I get at work from my social activities.
  • FCRangers
    FCRangers Posts: 76 Forumite
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    Me and my partner both the same age (24) and after we have paid everything we can save £300 a month to save and each have £80 a week to spend. This is with a small loan of £150 (3 years left) to consolidate debt and my car loan which i have another year of paying which is £170. I guess once this is all paid off i will start a pension. If i put £150 into a pension from say 26 years old by 60/65 me thinks? sounds like a plan?

    When im in my mid 30's i will end up at BAE or somewhere for life so they can help pay in.
  • James123_2
    James123_2 Posts: 519 Forumite
    edited 17 July 2009 at 2:03PM
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    I'm retired at 45 on ill-health on a pension of £6k. My savings are disappearing rapidly ... Although I still get reduced IB I fear for my own future. Help!
    As I live in a rural area I am now totally isolated by my financial position ... the internet is my only source of contact with the wider world. I'd love things to be different.

    SO .... REMEMBER ....

    Health is Wealth ... !
  • Pee
    Pee Posts: 3,826 Forumite
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    That's a very good point, James123. Whilst I am able to work physically, everything is fine. If I wasn't able then everything is a lot less certain.
  • James123_2
    James123_2 Posts: 519 Forumite
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    Pee wrote: »
    That's a very good point, James123. Whilst I am able to work physically, everything is fine. If I wasn't able then everything is a lot less certain.

    Thanks ... my post actually sounded like a bit of a whinge, which is wasn't. I'm only too happy to still be alive with the Big C but, after 25 years of unbroken work, enforced retirement at such a young age is a difficult act to swallow.
    Thanks ... like this thread!
  • Bogof_Babe
    Bogof_Babe Posts: 10,803 Forumite
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    ceridwen wrote: »
    As a Baby Boomer - I'm scared as well that the Government might TRY to grab £20k off me for a tax called "National Care Service Insurance" - "try" very being much the correct word......as I'm simply not going to hand them any of my money for this. So its not just younger people who are worried they might try and grab money out of us for this...

    At £500 cost a week, £20K is only 40 weeks residential care. If the £20K one-off payment supposedly covers the rest-of-life term, however long it turns out to be (my 94-year-old mum is in her third year in care now) I think it sounds like a bargain, more so when allowing for inflation. I'd take the gamble anyway.
    :D I haven't bogged off yet, and I ain't no babe :D

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