Which one are you?
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maxie014
Posts: 190 Forumite
Two people i know one 62 been paying avc for 20 plus years to fund his early retirement!
still working all the overtime he can on shift work.
The other 55,decided he is retiring at 60,non negotiable he says,doesnt matter how much he has he is going then,dont care what he is getting,doesnt want much.
which way would you go yourself?
still working all the overtime he can on shift work.
The other 55,decided he is retiring at 60,non negotiable he says,doesnt matter how much he has he is going then,dont care what he is getting,doesnt want much.
which way would you go yourself?
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Comments
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Without knowing anything about the relative size of their pensions it's impossible to comment.
Unless they've been earning the same salary and have the same pension provider of course.0 -
Neither. We gave overpayments to pension and mortgage as much priority as utilities and holidays, new cars etc. We didn't work overtime specifically to pay more but just built them into our budget with the objective of going at aged 60. As it turned out we could afford to go at 58 but only after we checked it would be enough to cover our lifestyle. We would have waited to 60 but as we had been checking annually since around our mid 30s we have adjusted our investment figure upwards a number of times after our daughters finished university and our mortgage repaid.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.0
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Two people i know one 62 been paying avc for 20 plus years to fund his early retirement!
still working all the overtime he can on shift work.
The other 55,decided he is retiring at 60,non negotiable he says,doesnt matter how much he has he is going then,dont care what he is getting,doesnt want much.
which way would you go yourself?
I'm sort of an in-between, I put my notice in to retire last year at 58 (I'm 60 in January), but they asked me if I would work one day a week (which I think is actually better than retirement). But there isn't much point in me working full or near full time, as it is doubtful that I will spend it all before meeting the grim reaper. But I haven't really worked overtime for ages (actually it wasn't overtime as such, it was running businesses in addition to my job)Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
It's a bit of a nonsense question without more information.
Why is he still working?Two people i know one 62 been paying avc for 20 plus years to fund his early retirement!
still working all the overtime he can on shift work.
What does he consider 'early retirement'?
Has he won the lottery?The other 55,decided he is retiring at 60,non negotiable he says,doesnt matter how much he has he is going then,dont care what he is getting,doesnt want much.
which way would you go yourself?
#1 may still have a large mortgage and debts.
He may have a lavish lifestyle that he wants to continue in his retirement.
#2 may be mortgage free with income you know nothing about.
If he's expecting the state to fund his early retirement, he may be disappointed.
If you're asking what posters did....
I decided at a very early age (I worked in the occupational pensions department of a very large company) that early retirement would suit me very nicely, thank you very much.
I never spent more than I earned, I actually saved a fair amount.
I retired at 50 and 14 years on, it's still the best thing I ever did.
I don't claim any benefits and probably will never be eligible for means-tested benefits.0 -
Two people i know one 62 been paying avc for 20 plus years to fund his early retirement!
still working all the overtime he can on shift work.
The other 55,decided he is retiring at 60,non negotiable he says,doesnt matter how much he has he is going then,dont care what he is getting,doesnt want much.
which way would you go yourself?
Well I certainly would not go down the second path as I'm too much of a control freak when it comes to my finances and would want some certainty that I would have enough retirement income to live on for the (hopefully) long next stage of life. Let's hope this colleague doesn't find that even his 'not wanting much' is still too much for what he'll suddenly find his income down to.
I'm certainly more of a first path person, but there is also a life to be lived now so would make sure there is money for the now as well as the future.0 -
I too would not go down the second path. I really would not want to spend my retired years worrying about whether I need to turn the heating off/on/up just for financial reasons. I don't want to be one of those people in the headlines that have to chose between food & heat!0
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Well I'm a bit of both. I'm paying extra into my pension to get the figure I may need at age 60 but if I don't achieve that figure I'm still retiring at 60 and will adjust life to suit.0
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I always planned to retire at 60, and saved a lot into my pensions so I could do so
Of course plans don't always work out. I lost my job when I was 54 and being in IT there wasn't much chance of finding anything similar. I could have retired then and lived off my savings until I was 60, Possibly I could have reorganizsed my pensions and took some early at 55.
As it was I bought some property and am living off the income from that. I will take some of my pensions when I am 60, maybe some when I am 59, but as my most recent properties have been purchased through a company I will technically not be retired for a long time.0 -
The first one has plenty of money but i think he doesnt know what he will do when retired.
The thing i dont get is he has banged on about these avc payments for years,but if you dont make use of them why bother? why not just take the money in wages and retire at 65 or later.
The second lad has about 450k in a house,but he loves to travel and can live on not a lot of money,probably not a huge pension but the equity in the pension is always an option,could probably sell up,move 10 miles and bank 250k.0 -
That information might have been useful in your first post.The first one has plenty of money but i think he doesnt know what he will do when retired.
The thing i dont get is he has banged on about these avc payments for years,but if you dont make use of them why bother? why not just take the money in wages and retire at 65 or later.
The second lad has about 450k in a house,but he loves to travel and can live on not a lot of money,probably not a huge pension but the equity in the pension is always an option,could probably sell up,move 10 miles and bank 250k.
It's impossible to say which way you'd go without the full picture.0
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