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Sydney_Iron 1:33 Sat Oct 27
Early retirement, anyone done it?
Thinking about this now, mortgage paid, enough savings and money in superannuation (Aussie pension scheme) that I can access next year to retire early, but not sure what the fuck I would do with myself after a lifetime working, some days I think I will do it, other days I won’t.

Bloke at work is in his late 60,s has retired twice, the first time in his 50,s like me, doesn’t need the money but reckons the first 6 months were great but after that you get bored, especially if your still very active and fit, he tried again a couple of years ago, same thing, its making me think twice?

Replies - Newest Posts First (Show In Chronological Order)

aldgate 11:53 Wed Oct 31
Re: Early retirement, anyone done it?
chicarito going on his last few "performances"

northbankboy68 9:11 Wed Oct 31
Re: Early retirement, anyone done it?
David Cameron

Britannia Pub 6:35 Tue Oct 30
Re: Early retirement, anyone done it?
As mentioned you are not going to get a defined benefit pension from any company today. It will all be defined contribution schemes which is a lot of money that you build up through your working life to give you an income in your later years.

Any additional payments you can make to your pension will help. Just think of it as buying years that you won’t need to work. You can’t get at the money until your 55 currently and you will get tax relief on any contributions you make which helps the pot to grow.

I’d guess that if you needed a pension to pay you £100 per week at 60 you would need around £100k in your pot. It sounds a huge amount of money until you consider that you build it up over 40 years.

DaveT 6:34 Tue Oct 30
Re: Early retirement, anyone done it?
buyer,
Sorry, didn't mean to imply that they are still around. Just saying what I've got and has helped me retire early

overbyyer 6:24 Tue Oct 30
Re: Early retirement, anyone done it?
dealcanvey wrote...

Re: Early retirement, anyone done it?
overbyyer 5:54 Tue Oct 30

The youth of today. Dont know how easy we have it aye??


Oi - get off the internet and do some work, your generation has the national debt to pay off !

Seriously - lots of people on here forget they have solid gold pensions that will pay out forever.

At the age of 29 you're not going to get anywhere near their payments.

Sorry !

dealcanvey 6:06 Tue Oct 30
Re: Early retirement, anyone done it?
overbyyer 5:54 Tue Oct 30

The youth of today. Dont know how easy we have it aye??

chedylan 2 5:58 Tue Oct 30
Re: Early retirement, anyone done it?
Theres 2 sicknote cunts in our dressing room i wish would take early retirement.

When will our owners ever fucking learn

Westside 5:55 Tue Oct 30
Re: Early retirement, anyone done it?
hopefully your employer will also contribute.

Under the auto enrolment rules, your employer HAS to contribute. 2% of gross salary currently, 3% from April next year

overbyyer 5:54 Tue Oct 30
Re: Early retirement, anyone done it?
Dave T 2.42. wrote:

"Canvey,
Make sure you pay into a pension, as much as you can afford.
It may seem too early but honestly time will fly.
One of my pensions is final salary and is guaranteed to grow at 5% a year, even when I die Mrs T will get two thirds of that."


Not being funny, but final salary pensions are a luxury of the past - nobody in their 20's is going to get access to one. Today's pensions are little more than a lottery, when in 30 years time you find out that your employer took a contributions holiday and left you with a shortfall.

I've got one of the original Electricity Board pensions that started paying out at 50, but even that is in deficit and reliant on the latest Plc owner to keep paying in to reduce it.

dealcanvey 5:52 Tue Oct 30
Re: Early retirement, anyone done it?
New Jersey, Dave T.

Thanks.

Yep, started contributing to a pension when i was 25 and my employer contributes also. Maybe time to increase how much goes in maybe..

Whitester. 5:10 Tue Oct 30
Re: Early retirement, anyone done it?
I was fortunate enough to pay our mortgage off three years at. My Mrs is the breadwinner now.
As a family we don’t spend allot ( yearly holiday and a season ticket) so we have started to actually save money.

New Jersey 3:40 Tue Oct 30
Re: Early retirement, anyone done it?
Gave up management role at 56, went down to four days at 57, then three days at 58, then jacked it in. When I went down to four days, I thought it was fooking brilliant just to be able to do what I wanted!


I've got a decent index linked pension and took out the maximum tax free lump sum. Also got a private pension which I haven't accessed yet.


I like running, gym, walking etc and want to be able to do this for as long as I can. I can go on holiday when I want, see the Grandkid, try and improve my French, read more, visit my daughter in Singapore etc.

Canvey - Agree with Dave T, start pension contributions as early as possible, hopefully your employer will also contribute plus you get tax relief.

boleyn8420 3:40 Tue Oct 30
Re: Early retirement, anyone done it?
My divorce wiped everything out but lets be honest it was worth it to get rid of her. So i'm 62 and no chance of retiring. Ever. Pension gone, investments gone, property gone.

But couldn't be happier personally as my wife is 25 years younger than me and I've got a 6 year old and a 4 year old that make everything good, even work.

So whilst I WAS looking at retiring at 60 in Florida in a mortgage free 6 bed house overlooking a golf course I will now be working right up to lunchtime on the day of my funeral.

But, I would not change my life now for all the tea in China (can you say that nowadays, probably racist, right)

Westside 3:06 Tue Oct 30
Re: Early retirement, anyone done it?
Aldagte - there's no limit on how much you can pay into a pension fund.

There's a limit on how much you can pay in and get tax relief on.

aldgate 2:52 Tue Oct 30
Re: Early retirement, anyone done it?
didn't take much notice of pensions when i was younger/had better things to spend money on. Now i'm doing quite well there's a cap on annual contributions so you are limited on the amount you can pay in. Seems a bit daft to tell people to save for their old age then on the other hand restrict what you can plough into a pension. I'm going to max out the ISA allowance for my wife and I for the foreseeable as that seems a good way of saving and not having to pay interest on earnings.

DaveT 2:42 Tue Oct 30
Re: Early retirement, anyone done it?
Canvey,
Make sure you pay into a pension, as much as you can afford.
It may seem too early but honestly time will fly.
One of my pensions is final salary and is guaranteed to grow at 5% a year, even when I die Mrs T will get two thirds of that. They keep trying to buy me out and the figures seem huge until you realise you have to put it into another pension scheme. Some of my ex colleagues have done that but I'm lucky to have other investments so am not going to cash it in

JAC 2:23 Tue Oct 30
Re: Early retirement, anyone done it?
Im 55 next week and been working in the City for 38 years...Its been good to me but time to hang up my bowler hat....I have 3 flats I rent out plus ok pension and other bits and bobs so pretty well set...I cant wait TBH....The main reason I want out is that realistically I have 20 reasonable years left to spend as much of it as I can,travel and havwe a good time while Im still fairly active and healty (but ovedrweight) before Im shipped off into a home or die with liver failure...

dealcanvey 1:41 Tue Oct 30
Re: Early retirement, anyone done it?
How did you lot all retire so early? Any tips?

I'm 29 but love the thought of not having to work into my 60's. Everyone you speak to seems to think it is pretty much impossible but seems like many on here have done it?

J.Riddle 12:56 Tue Oct 30
Re: Early retirement, anyone done it?
If you are luckier than most and have a decent pension then you have a choice.

The reality for most assuming no other income is that you will have to keep on working until you drop. Pension age is 67 for men currently although can see this going up to 70. The Office for National Statistics puts UK life expectancy at 79 years for men so that's what you should aim for.

Summing up if you retire at pension age you will need enough cash to survive for approx 10 years before you croak it.

WorldCupWilly 11:37 Tue Oct 30
Re: Early retirement, anyone done it?
PwoperNaughtyButNot 9:17 Tue Oct 30

DON'T buy an annuity - with most of them once you die that's it - no money left to leave behind. With property you can get a rental income, potentially some capital growth to sell up later or leave to someone. What's left of a drawdown pension pot can go completely tax free to spouse/children if you die before 75 or they pay income tax on it if you go after 75.

How much do you need - I take out about 5% a year out of my pension pot which should keep me going into my 90's assuming the underlying investments in the pension grow at 2.5% per year. With the state pension on top and occasional consultancy work I don't worry.

Boris the Beard 11:10 Tue Oct 30
Re: Early retirement, anyone done it?
Took redundancy when I my first kid was born as I hated my job, I was 37 at the time. I have two kids now and never grafted so hard.

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