Retirement

Crazyface

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It's a long slog init? My advice is to put in as much as you can towards a company pension and cross everything that it's a gud 'un. The wifes been having a rubbish (to say the least) time at work, long story, but after six months of dithering and checking and researching and finally speaking to the bloke who deals with the work pension, she's handed her notice in. She's not yet 60, well she tells everyone she's 22, she thinks shes funny, been doing it for years, ho ho. But it's taken a massive weight off me, never mind her!
We're very lucky to be in the position we are in to do this. I'm gonna carry on slogging away at Tesco for my 10 hours a week, with the odd extra if I feel like it, well the benefits far outweigh working anywhere else, unless a beer taster comes up at Wilsons brewery, and since Courage bought that out years ago, I will never forgive them, that won't happen. So I'll keep on sweeping up the mistakes that fall into my lap from them, Tesco, for a few more years, and it's a laugh, god they are incompetent, not the staff, just Tesco. But thats another story. The wifes relaxed now and doesn't give a hoot! LOL She's just got to see out 6 months and will get a 3 month payout when she leaves. She's off for big chunks of it already so it will be about 3 months of actual work, as she's down to 3 days a week anyway. We're not big flash spenders so can mange on what we will be getting.
So once again to those just starting out, chuck as much as you can into a company pension.
 

Tashyboy

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I retired at 52 and a half. I knew it was coming so I had got my head around it. Paid into a private pension for 36 years and when retirement came. I cut the cloth accordingly.
One of the biggest things I found with most pit lads that retired was because the pit was shutting With the loss of there job it made retirement easier. It is a massive decision.
Getting through the first winter is for me the hardest time. Dark earlier, nowt to do, hobbies are a must. One of the things I have found now me and Missis T have retired is that “ now your not working you have time for others” ? and some times it is took for granted.
I can fully understand why some folk work part time. It fills the hours and there is social interaction.
All the best to you both.
 

AussieKB

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In my early years hiking around Europe, the amount of people I saw who had retired but could not climb steps or anything that required a little bit of effort was terrible, so it is never to early to retire and do the things you have always said you would do after retirement.

Life is too short so get out there and enjoy yourself, good luck.
 

ExRabbit

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We have just 'retired' in our early 60's but will be looking at doing a bit of part time work to tide us over until the state pension kicks in.

We have had to make some recalculations because of the increased bills etc.

Looking to do some things such as dropping leaflets off or dog walking to keep us fit and make a few quid here and there.
 
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Slab

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I haven't made any plans for retirement so will need to do some kind of work until I drop, c'est la vie (a helluva lot of people made great plans but will never see retirement age, its a coin toss)
Started with good intentions in early 20's but quickly realised planning for old age and having zero funds to live on wasn't gonna work so cancelled policies etc and never restarted them
 

jim8flog

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Having worked in Financial Services I had always intended to retire at 55. I had to deal with far too many death claims for men who died in their 60s many either just before or just after 65.

Sadly for me the 2008 crash 'killed me' . I had planned on an income based upon 8% interest rate (the average at the time of doing the planning) and not the sweet football association it became. Ended up living on the capital rather than the interest.
 

jim8flog

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I would have retired last year, at 55. But sadly a certain Chancellor
decided mine and many others, didn’t need a third of my (private)pension
so I will have to carry on for some time yet.
I have wondered many times, what’s the point.

Please explain that.

The legislation was that companies could not overfund company pension schemes not that private pension had a limit to how much 'interest' could be earned'. However the general drop in in interest rates etc meant that annuity rates from private pensions also dropped considerably.
 

Doon frae Troon

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I retired aged 56 then took on various seasonal/hobby jobs until for another 10 years [when the state pensions clicked in].
Really enjoyed that time as all the jobs were 'nae pressure' stuff.
As soon as I got fed up or taken for granted I move on.
Ie I love gardening and worked three days a week restoring a beautiful old farm house garden. Many a time I stood back and thought how lucky I was getting paid for doing something I love.
 

rudebhoy

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I retired 8 years ago at the age of 54, best thing I ever did.

Bit of a tip for those who retired early. I'm due to get my state pension in 2027. I got a forecast the other day - the full state pension is £185pw, but despite having 39 years full contributions, I am only due to get £151. It turns out this is because my ex-employer opted out of SERPS/additional state pension (the idea is they put it into my private pension instead).

However, I have the option of making additional voluntary contributions. I got a quote of just over 4k which will take my state pension up to £181. That means I break even in less than 3 years of getting state pension. If I live to the male average of 86, I'll get an additional 30k in state pension (actually a good bit more as its index linked).

This is a total no brainer. A lot of large companies and employers in the public sector opted out of SERPS. I would urge anyone who might fall into this category to check this out asap.
 

BiMGuy

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I’m a long way from retirement unfortunately. And at the rate my wife and kids go through money I’ll be surprised if I ever do.

I’ll be off like a shot the first chance I get. There is so much to do in the world so couldn’t imagine thinking I’d be bored without working.
 

rudebhoy

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Is the male average lifespan now 86?

In Scotland it is 76, according to National Records Scotland.

It depends where you look, I got 86 from an article on MSE.

Just looked at ONS, found this

  • Life expectancy at age 65 years was 18.5 years for males and 21.0 years for females; these estimates are very similar to those for 2015 to 2017 with a slight decline of 1.0 weeks for males and an increase of 3.1 weeks for females.


So, if you make it to 65, average life expectancy is 83.5 for males and 86 for females
 

SwingsitlikeHogan

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I retired 8 years ago at the age of 54, best thing I ever did.

Bit of a tip for those who retired early. I'm due to get my state pension in 2027. I got a forecast the other day - the full state pension is £185pw, but despite having 39 years full contributions, I am only due to get £151. It turns out this is because my ex-employer opted out of SERPS/additional state pension (the idea is they put it into my private pension instead).

However, I have the option of making additional voluntary contributions. I got a quote of just over 4k which will take my state pension up to £181. That means I break even in less than 3 years of getting state pension. If I live to the male average of 86, I'll get an additional 30k in state pension (actually a good bit more as its index linked).

This is a total no brainer. A lot of large companies and employers in the public sector opted out of SERPS. I would urge anyone who might fall into this category to check this out asap.
Yes…my wife found out that about her state pension as she was in the NHS scheme (and so was contracted out of SERPS) and time not working under the old scheme and not enough to qualify for the full amount at the cutover to the new scheme in 2016.

The 35yrs contribution qualifying years for the full pension is only directly applicable to those starting out with a pension in the last few years and after the new pension scheme came in in 2016. It’s really confusing.

My wife has 41 qualifying years yet currently would only get about £174/week. I was baffled and so phoned the State Pensions Helpline. Though she had enough for the full amount on the old scheme, she needs another two qualifying years to get the new scheme full state pension (each year of qualifying contribution currently adds precisely £5.29/week to your pension). She aims to do this so we are not looking at paying up the two years.

Meanwhile I’ve had to hike up my pension drawdown to cope with cost of living things (my drawdown was tight to spend) and is probably close to being a little too high for longest term sustainability given the recent pension crash which saw 15% (and a LOT of £££s) wiped from my fund (recovered maybe 5% since then), but aiming to drop it back down in Aug 2024 when my state pension kicks in.
 
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Lord Tyrion

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Is the male average lifespan now 86?

In Scotland it is 76, according to National Records Scotland.
A friend gave me a book about Old Tom Morris, origins of The Open and his son etc. Very interesting too. The standout line in the book for me was that the average age for a male in Scotland, mid to late 19C, at the time was 41! Tough life back then.
 
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