Reply to: Retirement age 80

[Waldorf]

Currently I am fully loaded with ISAs, I put in the max each year and in addition I invest outside an ISA, added to the fact that I expect to downsize my house, I am hoping to be covered to ease off when I want rather than being forced by relying on the state pension.

[Doggy Styles]

I wouldn't have a pension or a life insurance policy: they both seem nuts to me. The amount of poor sods that have got little to nothing when their private pension schemes went bust after paying into them for their entire working lives beggars belief. And the way the Government can change the conditions associated with those so-called 'gold plated' pensions in the Public Sector (of which I've turned down two), speaks volumes. I wish I could just do a David Cameron and say that my mortgage "isn't affordable given the current economic climate", but somehow I don't think that argument would wash for us mere taxpaying home-owners.

Rather than the feint, mirage-like promise of a pension later in life, I'm enjoying having my 'retirement' experience now, in my thirties, by taking a ridiculous amount of time off whenever I feel like it between contracts. I still manage to make the same amount of money as I did when I worked in permie roles, despite only working about half the amount of hours. However, I get a huge amount of time to enjoy to myself as well, safe in the knowledge I can go back to work when I'm motivated to do so (unlike those poor buggers that retire at 65 or whatever, and who then face the rest of their lives without the stimulation that meaningful work provides).

As for my plans for later in life? I plan to do the work I love (which, sadly or not, is software development) until I can't do it any more, and then stand in front of a train. (Or maybe, hopefully, they'll have legalised those Futurama-stylee suicide booths by then). It's either that, or pay to keep some insurance salesmen in sharp suits for my whole working life, then watch as what little benefit I might have got from the pension I'd built up was nicked off me by a combination of a reduction in benefits and payments to old folks homes that I don't want to live in. Personally, I think the appointment with the train sounds far preferable.

You'll see.

[Gentile]

I wouldn't have a pension or a life insurance policy: they both seem nuts to me. The amount of poor sods that have got little to nothing when their private pension schemes went bust after paying into them for their entire working lives beggars belief. And the way the Government can change the conditions associated with those so-called 'gold plated' pensions in the Public Sector (of which I've turned down two), speaks volumes. I wish I could just do a David Cameron and say that my mortgage "isn't affordable given the current economic climate", but somehow I don't think that argument would wash for us mere taxpaying home-owners.

Rather than the feint, mirage-like promise of a pension later in life, I'm enjoying having my 'retirement' experience now, in my thirties, by taking a ridiculous amount of time off whenever I feel like it between contracts. I still manage to make the same amount of money as I did when I worked in permie roles, despite only working about half the amount of hours. However, I get a huge amount of time to enjoy to myself as well, safe in the knowledge I can go back to work when I'm motivated to do so (unlike those poor buggers that retire at 65 or whatever, and who then face the rest of their lives without the stimulation that meaningful work provides).

As for my plans for later in life? I plan to do the work I love (which, sadly or not, is software development) until I can't do it any more, and then stand in front of a train. (Or maybe, hopefully, they'll have legalised those Futurama-stylee suicide booths by then). It's either that, or pay to keep some insurance salesmen in sharp suits for my whole working life, then watch as what little benefit I might have got from the pension I'd built up was nicked off me by a combination of a reduction in benefits and payments to old folks homes that I don't want to live in. Personally, I think the appointment with the train sounds far preferable.

[BlasterBates]

You forgot the sequin jacket.....

[MarillionFan]

The going rate for a rockabilly gig is £20-£30 an hour and as much beer as you you can get down your throat ....just need enough gigs.

And you'll be a fat alcoholic with a funny haircut.

[BlasterBates]

The going rate for a rockabilly gig is £20-£30 an hour and as much beer as you you can get down your throat ....just need enough gigs.

[MarillionFan]

Well, my first plan was to give lots of money to a pension company so they could invest it wisely and then provide me with a pension later. They lost most of the money, and what they didn't lose, they spent on posh offices, big bonusses and expensive cars; see if you can find anything about the 'woekerpolis' scandal in the Netherlands. So the new plan is to pay off the mortgage as quickly as possible and retrain to do a more relaxed job in the hope I can carry on working, at least part time, well into old age.

WHS

Mortgage payment(well invested equivalent), move back to the West Cpuntry and then back into tat for me on a lower salary. There's no way I'm sitting in hotels for the next 20 years or working with IT.

[petergriffin]

Sounds like a fraudster.

I don't blame him. Fraud seems to be the only way of creating money nowadays. Oh but I'm repeating myself.... I'm repeating myself.... I'm repeating myself.... I'm repeating myself....

[sasguru]

Sounds like a benefit fraudster.

What are benefits?

[Bunk]

I love all this discussion about retiring, as I have already, approx half-way through my life.
Being self-reliant and financially able to get out of the system should be the medium term goal of everyone, I think.
Working is for losers.

You're only 39? I honestly had you pegged as mid to late 50s. How the hell did your life get so dull so early?

[BlasterBates]

working is for losers

Sounds like a benefit fraudster.

[sasguru]

I love all this discussion about retiring, as I have already, approx half-way through my life.
Being self-reliant and financially able to get out of the system should be the medium term goal of everyone, I think.
Working is for losers.

[bobspud]

Retirement at 80 assumes that you will rely on the state pension to be able to retire.

The government has announced that a universal pension of £140, to come in after the next election. This is not a great deal so you will have to make separate provision if you want more.

If your plans go well then you can retire sooner than 67, 68, 80 or whatever your state retirement age is.

What plans are people making for retirement?

No plans at all. I see no reason to plan for something when a government can come along and steal however much they like from the pot in the name of windfall taxes. Or even worse, base the fact that I have bothered to save as a way to ensure my house and possessions have to be sold, so that an anonymous company can charge me £500 a week nursing home fees while paying the staff near minimum wages...

In this game I expect to easily make it to 75 doing what I do now. I hope to really barrel down on my mortgage in the next few years and get it down to nil as fast as possible. But that will be so that I can enjoy life now. Not in 20 /30 years time...

[Mich the Tester]

Retirement at 80 assumes that you will rely on the state pension to be able to retire.

The government has announced that a universal pension of £140, to come in after the next election. This is not a great deal so you will have to make separate provision if you want more.

If your plans go well then you can retire sooner than 67, 68, 80 or whatever your state retirement age is.

What plans are people making for retirement?

Well, my first plan was to give lots of money to a pension company so they could invest it wisely and then provide me with a pension later. They lost most of the money, and what they didn't lose, they spent on posh offices, big bonusses and expensive cars; see if you can find anything about the 'woekerpolis' scandal in the Netherlands. So the new plan is to pay off the mortgage as quickly as possible and retrain to do a more relaxed job in the hope I can carry on working, at least part time, well into old age.

[Doggy Styles]

Retirement at 80 assumes that you will rely on the state pension to be able to retire.

The government has announced that a universal pension of £140, to come in after the next election. This is not a great deal so you will have to make separate provision if you want more.

If your plans go well then you can retire sooner than 67, 68, 80 or whatever your state retirement age is.

What plans are people making for retirement?

This is the point I tried to make earlier. What is up for discussion is only the age that HMG starts paying your state or public sector pensions, not necessarily the age you retire.