You already to retire at 75?

It's not the state pension, you can take it as early as 55 according to .gov.

 

Before 1970? After 1970? Are all is born in 1970 in limbo ..

 

I'm a 69er but luckily i will be able to retire at 55 if i want with my nhs pension. I feel for those that aren't in such a priviliged position, the majority i guess.

 

Retired last year but went back when I was offered an interesting job.
It’s nice to get out and I can take time off more of less when I want it.
It also means I get to keep my beautiful Merc.

 

I think completely retiring is a mistake. I've seen more people go downhill after doing so. You should keep going as long as possible for your own good.

 

You can take your workplace pension as early as 55 (50 in some schemes). It obviously gets reduced the earlier you take it. A lot of people do that and semi-retire, doing something lighter. That isn't going to change.

 

I’ve been investing heavily over the last 15 years, with the goal of both myself and my wife retiring at 40, in a couple of years. I think I may just carry on after that, though. I love what I do.

 

Don't wish to depress you but ....£50 per month... lets's see.... £600 per year. Sounds a lot but over, say 45 years at say 5% annual growth compounded minus inflation at e.g. 2.5% Gives you a fund of around £40k at future value after inflation assuming 'fund management' fees dont also eat away at the growth. That is not a lot per year to retire on if you live for 20 years after retiring. If you are in a company pension where the employer's contribution boosts it then it is a bit better but still they say most people need to be putting around £250-300pm into their pension from an early age.

This of course is very difficult, if not impossible, for many, if not most, people in employment although many that CAN afford it choose to spend now on things rather than plan for the future. Public sector e.g. Teachers always had and still have a sizeable chunk of their salary taken at source towards their pension (it is NOT an option and not the 'gold plated' pension 'perk' that some think it is. Another problem is that too many Private and small companies shirk their responsibilities and have only recently been forced to introduce these workplace pensions. Many self employed also have little savings. In the past moving from Private to Public sector and back, as I did, also meant freezing pension pots as you could not maintain both many of which were 'front loaded' meaning most of the 'costs' were taken in the first years so the pension pot does not grow until later. I ended up with lots of little bitty pensions and of course annuity returns plummeted making private pensions very poor value.

 

Don't employers have to make a contribution too in the workplace pension scheme? So probably his 50£ a month will have add -ons plus a tax relief %.

 

Turned 50 last week.

Already got 3 ex-wives and still can’t leave it alone so long since resigned myself to dying on the job in one way or another.

Not at all interested in retiring. Of those who have left the Bar/Bench in my time an alarmingly high proportion have died within a year or 2. Besides, I hate gardening.

 

Ii you're a 1970s baby its before April 6 and after.

I can see someone getting made redundant at 55 say or having something like arthritis which means they cant say do plumbing any longer and not being able to get much in the way of work till they're 75 . Also pension schemes will copy and hike up the age you qualify. It's a scary thought. and I can see a lot of poverty for that age group in years to come.

 

I did say that in the first paragraph of my post if you read it. The compulsory employesr pension schemes is relatively new as many companies did not offer any benefits such as pension schemes so people had to resort to Private Pension schemes which were stand alone, Brown raided those funds too and taking them as a lump sum or as an annuity is taxed at incom tax rate in the UK. In Italy the tax payable on a UK private pension is 23% or higher but cashed in taken as a lump sum 26% capital gains tax on the profit (Private Pensions are taxed in the country of residence NOT the UK) so the latter was the obvious choice given how annuities have become a rip-off.
I stand by my original assertion that, even with employers contribution and taken pre-tax , £50 pm is insufficient to provide a comfortable retirement.

 

Always thought the 'Bar' bit was drink related! Didn't realise you were M'learned friend!

 

Isn't a common rule of thumb that you need about 20 times the annual pension you're hoping for in retirement?

 

I joined my first 'proper' pension scheme in 1987 at 21. A final salary scheme. I stayed with that company 11 years on a 'not very good at all' salary, and when I left I was told to leave it. Just leave it, freeze it and it will grow better than any other scheme you join. The advice was probably right, although people are telling me that the transfer value is worth investigating.
I changed job at 32 ish and had a contributory scheme through Equitable Life. Trying to be a homebuilder, and starting a family, pension was a low priority for me by then, and I lost almost 2 years contributions when Equitable went pop, and I hardly batted an eyelid. How stupid was I!. Since then had schemes with Old Mutual, Standard Life and Aegon. After going it alone last year instead of taking advice, I consolidated all into 1 (except the final salary one) with a view to making it more manageable. As it was a SIPP, I now just chuck in an amount every month to keep it ticking over, whilst I try gain some knowledge and understanding (like @Tekkytyke) in the hope of jacking it all in at 60. I'm not lazy by any means - actually enjoy working - but we only get one shot at this life and there are things I want to see and do before I am too old to see and do them. Whether I will reach my goal depends on whether I can find an IFA who actually understands what I want to do.

As a sidenote, when I was going through all my pension stuff when I decided to go it alone last year, I found all the Pension advice and paperwork from the original Final Salary scheme and where I had answered 50, to the question about target retirement age, the advisor had answered "easily achievable".

And my advice to anybody 21 ish now, going through the same 'boring' procedures .......... take note. Pay in what you can, for as long as you can and don't put it off. People may tell you time flies, but chuff me, those decisions I had to make at 21 seem literally like weeks ago. Look after yourselves.

 

Of course it isn't but at least it's something. I pay around 160£ a month and that's not enough, even with my employers generous contribution (nhs).
But i'm luckier than most so no complaints.

 

No successive goverment has ever created a "retirement pot".
The money we pay into the system via various levels of tax and national insurance ...pay for the state pensions of people retiring now.
They (various goverments) have got their sums wrong, they always do.
The present gov. wanted to further get stuck into pensions by removing tax free lump sums but were told in no uncertain terms there had been far too many changes in a short space of time.
One tip that they dont tell you is that for anyone paying the higher rate of tax and paying into a pension can reclaim a further 20% tax credit, on your contributions at your year end (self assesment). If your employed, your works should do it for you (check with them). If not... nice letter should do the trick.....you can go back officially 7 years, however it can be it longer. The revenue usually sends out cheques for this and do not enhance the pension themselves.
They key here is the paying in bit, you are claiming the extra on you contributions, so you merely have to prove to them, you were a higher rate tax payer in the years you are claiming and the pension details....happy days!!

 

Dont know how true this is but this "75" retiring age ( which is wrong on so many levels btw) came from an independent think tank and not the goverment. ( I may be wrong, but I hope I read it right)

 

An independent think tank chaired by Ian Duncan Smith

 

Oh f%$k, I was hoping I was wrong. I was reading about the affordability of it and what % of people pay tax and people living longer blah blah, i have no sympathy whatsoever when MP's step down ( i was informed that they dont retire ??) on pension pots over a million in many cases) people who have grafted all there lives and paid in for years to be told " work longer peasant" is absolutely disgusting