OT : Retirement. Really?!

[Anderzander]

6 minutes ago, miketomcat said:

So to the idiot office worker that decided to raise retirement age I salute you as the biggest *#@+ ever to walk the planet. 

Lol 😂 

Not defending it - but it’s because people are living longer, so the state pension was going up and up. 
 

The daily mail would have you believe the unemployed are bankrupting the country. They aren’t - it’s a drop in the ocean compared to the pensions bill.

[Anderzander]

In fact the country spends half as much on Defence as it does on State Pension.

[Bowie69]

4 minutes ago, Anderzander said:

In fact the country spends half as much on Defence as it does on State Pension.

At least at the moment, defence spending could well be on the up.

[Anderzander]

Indeed 🥲

[miketomcat]

4 hours ago, Anderzander said:

Lol 😂 

Not defending it - but it’s because people are living longer, so the state pension was going up and up. 
 

The daily mail would have you believe the unemployed are bankrupting the country. They aren’t - it’s a drop in the ocean compared to the pensions bill.

Living longer is a small part of it, population growth is the larger problem. Worryingly population growth is responsible for far more of our problems than anyone wants to address.

Mike

[Anderzander]

The science is pointing to a population collapse - with us close to peaking and that once we drop below replacement fertility rate across a certain number of countries then the decline will be exponential.

Reasonable summary here:

https://www.businessinsider.com/the-fastest-shrinking-countries-in-the-world-declining-populations?amp

[Snagger]

On 2/28/2022 at 2:54 AM, miketomcat said:

The job I do isn't paid that we'll given what I need to know to do it, but restoring classic wooden powerboats is about the best I'm likely to get in the marine industry. I do enjoy my job and that counts for a hell of a lot. However working till I'm 70 (still 23 years away) in a manual job isn't likely to go well. So to the idiot office worker that decided to raise retirement age I salute you as the biggest *#@+ ever to walk the planet. 

Meanwhile I plan to enjoy myself as much as I can before I die.

Mike

I’ll be facing an issue - mandatory retirement for my profession is 65, and I’ll be 69 when I can get the state pension.  My private pension is pathetic because I spent most of my disposable income on the kids’ education so had little to set aside.  Trying to make up for that now is a fool’s errand as the taxes and charges on pensions since Gordon Brown raided funds are crippling.

[Anderzander]

Sorry to hear that Nick 😞

Is 69 your UK state pension age? 

[Snagger]

 It will be - I’m 49 now, so with the incremental age threshold increases, it’ll be 69 by the time I get there.  So, a four year lean diet…

I am saving fairly well now into a simple investment scheme, self managed internet brokers buying ETFs in passive funds, so good diversification and no management fees or commissions and with no trading, no buy buy sell low risk.  I’ve been planning for the last five years to use it and my provident fund to pay off my mortgage and fit a decent solar and battery system and ground source heat pumps so I’ll mostly be energy self-sufficient.  The idea was that it’d insulate me from drastic price increases and would also mean I don’t need to stretch a pension to cover so many bills later.  Seems even more prescient now…

I anyone is interested, I can recommend a good book by Andrew Hallam called the  Millionaire Expat.  It could be a pamphlet, the message is so simple, but I suppose it is hard to sell a pamphlet for $10 or whatever the book costs.  It makes good sense, though.

[smallfry]

Hmm. I am 61 3/4 and have been forced into retirement by Covid and a bowel problem which means I cannot stray too far from a toilet. I never had a job that paid more than £22k due to lack of ambition. I was always more interested in doing home stuff, and am happy with that. Just as well really as once you're over 30 now, unless you are highly qualified in an industry that is sought after, no one wants you.

My private pension, which I took out in 1982 was supposed to be worth £ 60k p.a. has turned out to be £5.5k p.a., so I am "somewhat" disappointed with that, BUT I am getting by. Luckily, I have been and seen everywhere I wanted to go, with the exception of Auschwitz, where I was planning to go this year, but given the present situation, it will have to wait. Cannot get whats left of the state pension (I was contracted out) for another six years, but I suspect the goalposts will have moved by then, provided we have not been vaporised.

Even given all that, I have found that the often stated " I dont know how I had time to fit the job in" is true. I wouldnt go back to full time employment now, even if you paid me ! I have enough to keep me amused to well after I have shuffled this mortal coil, and apart from having to be a bit frugal, I am happy with the situation. I recommend NOT hanging on just for money, so you can enjoy some sort of retirement while still able bodied enough to do so.

[Anderzander]

The world has gone backwards with Pensions hasn’t it. The golden age has gone. At least for the vast majority.

My grandad retired at 52 with final salary Pensions from Royal Navy and from a Regional Electricity Board, he then got his State Pension too - and lived to 94.  He was retired, on a good income, for more years than he worked. 

Conversely my Dad died before he could retire - so I’m definitely in the ‘retire as soon as is possible camp’.

I’m 51 this month - the earliest I can retire is 60, my pension takes a big hit doing so, but I can live modestly and take no debt. (I’ve a garage full of projects already.)

I think the difference in the health you can have between 60 and 67 is massive. 

I also suddenly realised one day that if I wait until I’m 67, my wife would be 73.   Nah - my images of retirement was going walking and laning, not helping her across the road.

[Stellaghost]

1 hour ago, Anderzander said:

The world has gone backwards with Pensions hasn’t it. The golden age has gone. At least for the vast majority.

My grandad retired at 52 with final salary Pensions from Royal Navy and from a Regional Electricity Board, he then got his State Pension too - and lived to 94.  He was retired, on a good income, for more years than he worked. 

Conversely my Dad died before he could retire - so I’m definitely in the ‘retire as soon as is possible camp’.

I’m 51 this month - the earliest I can retire is 60, my pension takes a big hit doing so, but I can live modestly and take no debt. (I’ve a garage full of projects already.)

I think the difference in the health you can have between 60 and 67 is massive. 

I also suddenly realised one day that if I wait until I’m 67, my wife would be 73.   Nah - my images of retirement was going walking and laning, not helping her across the road.

I concur with what you've said, me and my good lady have discussed this and seem quite confident you can get a decent 10yrs between 60 and 70 after that it is a bit of a lottery, that 10 years is a reasonable amount of time to unwind from the previous 40+ lol

I was looking at 60 next year but until world events calm down I've decided to leave that date open for the moment, retirement is no good if I can't afford to put the heating on

I'm still relatively fit other than my recent blip so we will see how it goes regards Stephen

[Arjan]

"..retirement is no good if I can't afford to put the heating on .."

Well spoken - you're a wise man.

[landroversforever]

I’m lucky that I enjoy what I do, but I’m still planning on retiring as early as I can. One of the few public sector perks for me at the moment is still being on a final salary pension for the moment (they’ve been talking about it going for the ~13 years I’ve been there). It would seem the longer the unions argue about it the longer it stays. Also equates to retiring on my 60th birthday. Even then I’ve had too many colleagues and friends pass away early, either suddenly whilst still working or shortly after retiring. You’ve got to make the most of it and retire when you can! 

[Stellaghost]

1 hour ago, landroversforever said:

I’m lucky that I enjoy what I do, but I’m still planning on retiring as early as I can. One of the few public sector perks for me at the moment is still being on a final salary pension for the moment (they’ve been talking about it going for the ~13 years I’ve been there). It would seem the longer the unions argue about it the longer it stays. Also equates to retiring on my 60th birthday. Even then I’ve had too many colleagues and friends pass away early, either suddenly whilst still working or shortly after retiring. You’ve got to make the most of it and retire when you can! 

I hope they continue with your final salary scheme, my work did'nt and it knocked £10000 a year off my pension, fortunately I started an extra scheme in my early 20's which has given me x5 return on my investment regards Stephen

[dangerous doug]

I sit here and read about peoples plans for retiring and all I can think is “Doug’s going to be putting cranes up untill he’s in a box”😂

[Anderzander]

😟

[smallfry]

On 3/6/2022 at 8:43 AM, Anderzander said:

My grandad retired at 52 with final salary Pensions from Royal Navy and from a Regional Electricity Board, he then got his State Pension too - and lived to 94.  He was retired, on a good income, for more years than he worked. 

Conversely my Dad died before he could retire - so I’m definitely in the ‘retire as soon as is possible camp’.

I also suddenly realised one day that if I wait until I’m 67, my wife would be 73.   Nah - my images of retirement was going walking and laning, not helping her across the road.

Yes indeed, the halcyon days. A mate of mine was in the Fire Brigade, then joined the Police. He retired at 60 on two very good pensions, and will not tell me how much he gets ! He will get his state pension too, but he has paid in all his life, so its only right and fair that gets it ! Ahhh the benefit of hindsight.

My Dad also died before he could get his pension, as did my maternal Grandad. What worries me is that I am now older than both of them !

I dont imagine she relishes the thought of wheeling you around either knowing how the cruel hand of fate can be. I know we all need money, and more is always better, but while it does not actually make you happy, it makes things a d**n sight easier. However no good to you if you too decrepit to enjoy it. 

And as my Grandmother used to say, "There are no pockets in shrouds".

[Stellaghost]

Just to add to this I pulled my previous pension out and invested with a private investment company, paid my mortgage off with tax free lump sum and boy that felt good.

My future pension will now be greater than what my works pension would have been, but the massive plus for me is that it anything happens to me or my wife the kids get the fund, this would not have happened with my works pension regards Stephen

[cackshifter]

I don't know what you whippersnappers are moaning about, I retire in 40 working days, I'll be 70, and the war cost me over 40k on investment value. I have worked almost 48 years, stopping is a very scary thought 

[Anderzander]

40k ouch

Had you bought Roubles? 

[Steve King]

In 2014 our lives changed when we became guardians of a five year old girl and as a result I ended up  giving up a well paid job (and a long commute) and I took a lower paid job closer to home.

I hated my new job and didn’t get on well with the management! At the end of 2019 I accepted the offer of some cash to walk away and because I was now in receipt of state pension (aged 65 and a bit) it was just a matter of sorting a regular income from my company pensions.

My IFA arranged things and I was slightly better off than when I was working! The five year old is now a teenager and keeps me busy with ferrying her to school and musical theatre classes!

I had intended to get a part time job, but my wife’s health issues and looking after the young lady make this impossible at present!

I don’t know how I found the time to work!

 

[smallfry]

9 hours ago, cackshifter said:

I don't know what you whippersnappers are moaning about, I retire in 40 working days, I'll be 70, and the war cost me over 40k on investment value. I have worked almost 48 years, stopping is a very scary thought 

You will be fine. You quickly get out of the work habit, and there are your projects to keep you amused.

Then, if you fancy some physical activity, there is Tea dancing, Line dancing, Indoor bowls, Gardening clubs, Walking football, or patronising exercise classes. If not inclined, there is Bingo, Basket weaving, Macramé, Rug making, Knitting for men (good way to meet ladies 😉) Quizzes, Singalongs, Cribbage, Dominoes, and Bridge clubs. Loads or other stuff !

If none of these things appeal, you can get an early breakfast, then wander down to the newsagent and get a paper. Go to a local cafe and get a cup of tea. Make it last all morning while reading said paper, while glumly watching the world go by out of the window. Dont worry about tedious social interactions, because no one will speak to you because you are old !

Thats if you can find time in between yet another visit to the Doctors surgery, and yet another prescription and trip to the Chemist

You can even do a stint at a local charity shop, and get first dibs on the treasure to be had.

There, you see, not too bad after all ! 😁

[Steve King]

12 hours ago, cackshifter said:

I don't know what you whippersnappers are moaning about, I retire in 40 working days, I'll be 70, and the war cost me over 40k on investment value. I have worked almost 48 years, stopping is a very scary thought 

I recently received a letter from my IFA saying that one of my pension funds has shrunk by 10% since the outbreak of the war in Ukraine. My IFA is taking the long view and says not to panic… 

 

[jeremy996]

1 hour ago, Steve King said:

I recently received a letter from my IFA saying that one of my pension funds has shrunk by 10% since the outbreak of the war in Ukraine. My IFA is taking the long view and says not to panic… 

 

As are most of us!

Panicking should be reserved for those heavily invested in Russia and Ukraine, who are going to be screwed for years to come, no matter what the outcome. War and capitalism is cruel.