When do you think you'll be able to retire from paid work?

[hallamblue]

Council renting is great though, £290 a month for my one bed flat. Brand new boiler and central heating last year new roof next year. Much prefer it to all they years I had to keep re mortgaging to pay for repairs.

There are councils who still rent properties out? I thought they sold them all and now rent them back for twice as much!

 

[tommytowne]

A little known fact. If you have a deferred FS pension, (seems you have), it will sit on the company's books as a bad thing. A future liability. At some point, they may look to get rid, and make it worth your while. And if interest start to dive, that liability becomes bigger and bigger.

I wont reveal the real figures, but similar happened to me. The transfer value to get rid rose 6 fold in 24 months to make the decision a pretty easy one to make. See the post about Nikkis pension I got. It is all about asset matching and liability management.

In my case the element of my FS scheme was frozen and paid accordingly along with the CARE contributions. Thanks for the tips anyway.

 

[Littlesue]

There are councils who still rent properties out? I thought they sold them all and now rent them back for twice as

No, literally thousands, buildin more all the time this way

 

[Pootsy]

On course for retiring in 12 years (60yo) but we’ll see if how the investments go obviously.

 

[Alanbileysfeathercut]

A little known fact. If you have a deferred FS pension, (seems you have), it will sit on the company's books as a bad thing. A future liability. At some point, they may look to get rid, and make it worth your while. And if interest start to dive, that liability becomes bigger and bigger.

I wont reveal the real figures, but similar happened to me. The transfer value to get rid rose 6 fold in 24 months to make the decision a pretty easy one to make. See the post about Nikkis pension I got. It is all about asset matching and liability management.

10%-20% of the fund added in some cases.

 

[canuckblue]

Two months after I die.

 

[malfosse]

Plan to retire before I die.
At the moment it's neck and neck as to who wins.

 

[toffee82]

But it's not true, is it? We will own our house (paying it off early), and importantly before we eventually leave this world it will go to our children.

My father did the same with us. The problem now is they're offering these 35-year mortgages, which means many people will be paying it for most of their lives.

Instead, I'd recommend a bit less disposable income throughout the early years, and it'll be paid off much earlier.

We bought in 2007 and we're quite naive with the mortgage. First quarterly statement showed that nearly two thirds of our payments were interest. Started overpaying straight away.

Once paid off then you're living rent/mortgage free which makes a huge difference now.

Also for those thinking that private pensions aren't worth it, you automatically get your basic rate tax credited back. Got a SIPP with Vanguard. Every £1000 deposited turns into £1250 immediately. Definitely better the earlier you start. Can deposit more and hope for decent returns with compound interest over time.

 

[PhilM]

We bought in 2007 and we're quite naive with the mortgage. First quarterly statement showed that nearly two thirds of our payments were interest. Started overpaying straight away.

Once paid off then you're living rent/mortgage free which makes a huge difference now.

Also for those thinking that private pensions aren't worth it, you automatically get your basic rate tax credited back. Got a SIPP with Vanguard. Every £1000 deposited turns into £1250 immediately. Definitely better the earlier you start. Can deposit more and hope for decent returns with compound interest over time.

On a thirty-year mortgage, if you pay £150 a month off on a sum around £160,000 - £180,000 then you're going to save between £40,000 - £70,000 in interest.

 

[urquattro]

After a tumultuous childhood from the age of 10 to 15 I left school, got a job and worked hard in lots of jobs saving as much as I could. Got a better job at 20 then met the Mrs, got married and bought my first house at 23. The kids followed and I went into hyperdrive working on average 65hrs a week while renovating the house, a few promotions later and the kids now in school the Mrs gets a part time job. A couple of house moves followed but each time we kept the original term or reduced it where we could but increased the borrowing. The Mrs job turned into full time and as the kids grew she started her own career path with different jobs and promotions etc. We have now been mortgage free for a couple of years.

I can semi retire now if I wish and go part time but I'm happy working and enjoy my job so will probably go until 55 when I can take my work pension.

 

[degsy]

Well?

2014

 

[Mikey_Fitzgerald]

I'm probably going to have to work till I die or until I'm medically disqualified from working

Will probably be the same for most my age

I just hope future generations don't have to do that

 

[WA Toffee]

Hopefully early 60s, but will probably work part time for a few years

 

[Charles Hawtrey]

In my mid sixties now and definitely thinking about it BUT it is really hard to walk away from a salaried job where they put money in your bank account and decide to live off your savings and investments.

 

[jinkyali]

I plan on working until 70, they've recently changed rules to allow this which will also give me a higher weekley pension, I have a job that will allow this physically so if I avoid ill health I'll keep going.. work in a post primary school so I have lengthy holidays and can do the things I want during these.

Working in a primary school at 70...thats how rumours start!