Retirement

[backwoodsman]

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).
...... instead).

Yes…my wife found out that about her state pension as she was in the NHS scheme (and so was contracted out of SERPS)
......

Another one to endorse this ^^^^^^
I too found out my employers (local government) contributions were contracted out. In effect this means a bigger proportion of their contribution was going towards my 'work pension' rather than my 'state pension' - so my state pension wouldn't be the full amount. If I'd left things as they were, then I'd only get a state pension of £169 rather than the full £181 (as it was at the time). Paying about £3K in voluntary contribution meant I'd get the full state pension - about £1K per year more than I'd otherwise get.. Payback in less than 3 years and quids in if I live for a decent whack of time (which I fully intend to do !!)
To see what you're entitled to just use the government pension checker - just Google 'check state pension' to find it.

 

[KenL]

How do you find out whether you'll get the full state pension or not?

 

[Bunkermagnet]

How do you find out whether you'll get the full state pension or not?

Go to the Gov. website. You can find out here.

 

[backwoodsman]

How do you find out whether you'll get the full state pension or not?

Just Google 'check state pension' - and you'll find the government's pensions website.

 

[KenL]

Managed to get in.
Says this, and said this is the most I can get.

 

[backwoodsman]

Managed to get in.
Says this, and said this is the most I can get.
View attachment 45499

That, I think, is the full state pension.

 

[KenL]

Managed to get in.
Says this, and said this is the most I can get.
View attachment 45499

10 years to wait. No way am I working till I am 67.

 

[backwoodsman]

10 years to wait. No way am I working till I am 67.

If you can afford to stop before 67, then I can thoroughly recommend it. I retired just after 60 - fortunately the work pension was payable immediately - but had (still have) to wait for the state pension. Reasonably comfortable living off the work pension - but next year, state pension kicks in. Will be, sort of, a nice bonus of £800 per month. (Just glad I'm not one of those who has only the state pension to survive on).

 

[PJ87]

I want to retire at 60 if my mortgage is paid off and they haven't decimated the pension by then

Doing some avcs to help , end of day wife's pension ain't gonna be great so we will be living off mine

 

[Mudball]

A friend of mine (about 62) recently switched jobs after his co was being taken over. He got a bit of payout and landed a decent but stressful job with competitor.
I asked him why he wants to work. His kid recently got married, works in the city and not going to move back in a hurry. He has plenty of money. House paid off, overseas holiday home paid off. Decent retirement saving + something he can pass to next generation. But still chasing the $$$ with all the stress that comes with it. I told him he would be better off taking time off and maybe freelancing with something less stressful or a charity. It is surprising how we can enslave ourselves. I guess, to each his own

 

[SwingsitlikeHogan]

If you can afford to stop before 67, then I can thoroughly recommend it. I retired just after 60 - fortunately the work pension was payable immediately - but had (still have) to wait for the state pension. Reasonably comfortable living off the work pension - but next year, state pension kicks in. Will be, sort of, a nice bonus of £800 per month. (Just glad I'm not one of those who has only the state pension to survive on).

..indeed, and consider the many 100s of thousands living in rental property and due to retire with only the state pension in the coming few years…for most there ain’t going to be much left to live on once the rent is paid…in fact there will be diddly squat. That particular time-bomb has been known about and watched for years as it has ticked away, and it won’t be long before it explodes.

 

[Paperboy]

I'd say if you can afford to retire do it. My Dad retired at 64, he got 5 years before he passed away. Makes sure you enjoy it, you can't take it with you.

 

[SwingsitlikeHogan]

A friend of mine (about 62) recently switched jobs after his co was being taken over. He got a bit of payout and landed a decent but stressful job with competitor.
I asked him why he wants to work. His kid recently got married, works in the city and not going to move back in a hurry. He has plenty of money. House paid off, overseas holiday home paid off. Decent retirement saving + something he can pass to next generation. But still chasing the $$$ with all the stress that comes with it. I told him he would be better off taking time off and maybe freelancing with something less stressful or a charity. It is surprising how we can enslave ourselves. I guess, to each his own

And for me the other side of the ‘chasing the $$$s‘ coin is that yesterday, not feeling like hitting a ball about in the cold…I made a tray of most splendid Scottish tablet for me to give away from the church stall in the town fayre Sunday…and today..more tablet and some shortbread. Because I have chosen to have free (or what my Mrs says) and stress-free choice most days now that I’m of the age and we have sufficient…not a lot, but sufficient.

 

[RichA]

I'd say if you can afford to retire do it. My Dad retired at 64, he got 5 years before he passed away. Makes sure you enjoy it, you can't take it with you.

100%
Dad retired at 59. He's now approaching 91 and has thoroughly enjoyed this phase of his life, with only a modest pension.
My brother-in-law worked his arse off, eventually setting up his own successful business with my sister. They put the business up for sale this year, intending to retire at 60 and make the most of it. The sale is about to go through. He died this week. Gutted for them.

 

[PJ87]

100%
Dad retired at 59. He's now approaching 91 and has thoroughly enjoyed this phase of his life, with only a modest pension.
My brother-in-law worked his arse off, eventually setting up his own successful business with my sister. They put the business up for sale this year, intending to retire at 60 and make the most of it. The sale is about to go through. He died this week. Gutted for them.

My uncle (family friend) was head of standard life pensions , his job was to come in . Retire all the old sales men (including my grandad) then retire himself ..

I remember going to both their retirement events in what 1994 / 1995? Tho both still about only in their 80s

Both only now just starting to having health issues

Used to play golf with them every Tuesday for years

 

[SaintHacker]

I will die working at my desk at 75.... never will see state pensions since whichever govt comes in, it will keep moving it out. At the end the state will take my pension. Euromillion is my only retirement option... can never find the winning numbers though

Same here, I'll probably have to book a half day off to attend my own funeral!

 

[Fromtherough]

I’m 43, so a way off retirement. When I would like to retire and when I’ll be able to retire seems like two very different things at the minute as there are lots of variables to consider. My work pension is decent. The first 20ish years will be final salary. The rest career average. I’m fortunate to earn a decent salary, so should build up a nice pot. However, the career average element is linked to state pension. So if I retire before state pension age (whatever that will be by then) I will get penalised and ‘lose’ some of the funds I’ve amassed. However, by then with no mortgage (hopefully) and our daughter all grown up, that may not matter. My Grandad retired at 55 and my Dad 67. I never heard my Grandad saying he regretted retiring early. However, now my Dad is in the swing of his retirement and holidaying 4 times a year he often says he regrets sticking it out - but on the flip side he’s possibly more financially capable of enjoying his retirement because he worked til 67.

 

[clubchamp98]

Retirement is very job dependant also.
I was a crane driver but it was made remote control so I did my own slinging.
It was incredibly physical but kept me fit.
I could not really have done that until 66 yrs old.
A nice cushy job then you could work until you drop if you want.

I retired early but it did cost me financially losing 50% of my pension.
But no travelling , work costs does cut outlay down.
If you have hobbies great but you need to fill your day.
Golf becomes boring if you play to much, ( me anyway)

 

[KenL]

Retirement is very job dependant also.
I was a crane driver but it was made remote control so I did my own slinging.
It was incredibly physical but kept me fit.
I could not really have done that until 66 yrs old.
A nice cushy job then you could work until you drop if you want.

I retired early but it did cost me financially losing 50% of my pension.
But no travelling , work costs does cut outlay down.
If you have hobbies great but you need to fill your day.
Golf becomes boring if you play to much, ( me anyway)

I imagine golf could become boring. I'll only play about 5 times per week when I retire. Might caddie on the other 2.

 

[stefanovic]

Been retired now for over 15 years.
Here are my tips.
Watch other people running around like headless chickens. You were like that once.
Don't think you have to take holidays. You are already on one.
Put your feet up and relax.
Do a bit of yoga and Tai Chi, knowing that they don't do much, but you will impress your friends.
Protect your golf handicap. You don't want any pressure.
Use this book as your bible: https://www.amazon.co.uk/F-k-Ultimate-Spiritual-Way/dp/1848500130