When my body tells me tbh.
I think I could retire right now ( not with the lifestyle I have now , good holidays nice car good social life & hobbies ) but at State pensionable age I should be OK.
But to answer , no plans atm
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When do you think you'll be able to retire from paid work?
- Thread starter GrandOldTeam
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I think I could retire right now ( not with the lifestyle I have now , good holidays nice car good social life & hobbies ) but at State pensionable age I should be OK.
But to answer , no plans atm
Sort of agree. It will be means-tested. Make provision, get screwed. Don't and get supported by the State.
I am currently living off an ISA. I have a private pension which I haven’t touched. Will look at what a defined benefit pension is, but honestly no idea
What did you mean by 2/3? Of course, I was also being serious.
Ah sorry, I see. It was a childish reference to age
Woolly Blue
Player Valuation: £80m
I walked away from work 24 months ago.
Career wise, it was the best thing I ever did. I was still perfectly capable of doing the job well, but the motivation had gone. Obviously I took a bit of a hit financially, but simple pleasures, such as being an annoying [four letter word] are cheap.
If you're in your 20's, 30's or 40's and able to put a few quid away, then I'd recommend you do so. When you get to your late 50's, it's great to have the choice on how much, if it all, to work.
Career wise, it was the best thing I ever did. I was still perfectly capable of doing the job well, but the motivation had gone. Obviously I took a bit of a hit financially, but simple pleasures, such as being an annoying [four letter word] are cheap.
If you're in your 20's, 30's or 40's and able to put a few quid away, then I'd recommend you do so. When you get to your late 50's, it's great to have the choice on how much, if it all, to work.
The below is what I thought you meant. Defined benefit benefit pension schemes OR final salary schemes are based on years worked, I believe the maximum benefit is 2/3 of your final salary. Good if you can get it but these days most pensions are defined contribution. Dependent on market performance and investment manager investment choices.
An increasing rarity these days. Usually found in the public sector. I.e. civil service, local government, teachers pension schemes.
Essentially means you get a set amount of money for your retirement each year/week/month no matter how long you live.
Increasingly pensions are based on contributions and you get a finite pot to manage. So if you run out aged 80 and live until 100 there's nothing to fall back on.
Should I transfer my defined benefit pension? | unbiased.co.uk
How to decide whether or not to transfer your defined benefit or final salary pension into a pension pot to take advantage of pension freedom.
tonyhorne
Immoderate
This, because the way politicians have eroded pensions (apart from their own of course) is a scandal. It is very likely that, in order to have any choice or flexibility around the age you reduce or stop your hours in paid work, you will have to have significant funding behind you. For most of us this is likely to be a pension scheme ...
Leylo
Player Valuation: £35m
In construction no pension plans forced to be self employed not everyones choice.only plus for me just paid last payment on my mortgage.gonna try put money away now but being on price work so only get paid for what you do gets harder and harder the older you get.gonna be 68 for state pension shocking that I will be still trying hard to earn a wage until then.people in construction get shafted and mainly a physical job so so hard.. disgusting this country..
chrismpw
Player Valuation: £70m
15 years on a boat, not 25. Fat fingers. Tryin to diet too ffs!
Woolly Blue
Player Valuation: £80m
It's a s-storm really.
High rents or high mortgage payments mean disposable income at, relatively, young ages are low and, outside the public service area, final salary / career average pensions where you wouldn't dream of opting out are like rocking horse [four letter word].
Plainly, anything is better than nothing though, so hopefully most people will be paying into a DC scheme.
I had just between 15 and 20 years contributions into various Final Salary schemes ( one of which went bust, so is covered by the Pension Protection Scheme, so will stay the same till I peg it ) which generate ~ £1300 net a month now, which covers the basics, with nice things being funded by what I'd saved myself and my OnlyFans account ( DM me for details ).
Anyway, I'm wittering. Retirement, even with a decent income, doesn't suit everyone, but being in the position to be able to choose is the ideal situation.
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