Spinner72 Posted October 21, 2010 Report Share Posted October 21, 2010 I know it won't be that bad but as someone approaching 40, it seems the retirement age is starting to edge away from me. Realistically by the time i'm 65, the retirement age will be at least 68 if not 69. I've invested a lot into my retirement, as my father found how lacking the state and forces pensions he thought would do him were, he advised me from day one to make sure I had the best. Despite all that, and an initial plan to retire when I was 55, it has become clear that despite all my investments what I will be left with (given current predictions) will barely be enough to live on. So now I'm thinking, Is there any point in considering retirement anymore? The way its going, being realistic, I'll probably be lucky to live till i retire anyway! Quote Link to comment Share on other sites More sharing options...
BigMouth Posted October 21, 2010 Report Share Posted October 21, 2010 Spend the money now and enjoy it whilst you have it. As you say you might be dead by the time you get to retirement age, my Dad died at 59. He was really upset that Maggie Thatcher was obviously going to outlive him! The only people that seem to get rich out of pensions are the people who manage the funds on our behalf! Quote Link to comment Share on other sites More sharing options...
Kavi Ugl Posted October 21, 2010 Report Share Posted October 21, 2010 By raising the age of retirement the sad and cold truth is that the Government are hoping most of us will be dead before we reach it, and therefore not have to spend money paying out pensions. You raise a good question because both my parents have retired in the last couple of years. Both were decent, hard working people and my dad never had a day off sick in the 15 years he was in his last job but what they've found is that you get more benefits if you have nothing than if you tried to do the decent thing and make a little provision for yourself. It's like the care homes. Person A in room 1 who tried to put a little aside for retirement is having their savings devoured and their house sold to pay for their place in the care home while person B in room 2 who threw their money to the wind and entered the care home without a penny is having it all payed for by the Government. So, what's the point of trying?. Quote Link to comment Share on other sites More sharing options...
Kavi Ugl Posted October 21, 2010 Report Share Posted October 21, 2010 double post Quote Link to comment Share on other sites More sharing options...
Guest CyprusPluto Posted October 21, 2010 Report Share Posted October 21, 2010 Spinner. A good way forward for your early retirement is to use the value of your property (of course I'm assuming you have one). The sale of your property in this country would buy you a nice house in say Sweden or Bulgaria, where property prices are much lower. They are both member states of the EU and therefore your state pension would be index linked in the same way as it would be in this country and you have every right to enter their country. The state support is much better in Sweden because of higher taxes, which of course would not apply to you because you will be on low earnings (just your investment income). In Bulgaria the standard of living is lower and so you won't need as much. There is the danger of currency fluctuations, but set yourself a realistic budget and live within in it, don't expect to have lots of spare money to spend on things you probably don't need anyway and just enjoy life will little personal possessions, but lots of free and easy time. Quote Link to comment Share on other sites More sharing options...
Suzanna Posted October 21, 2010 Report Share Posted October 21, 2010 I started work at 15 fully expecting to retire at 60, I've always been lucky to be in employment, I've had various jobs and have always worked hard, I've never been out of work or claimed any benefits, but I've never been lucky enough to land a job with a company pension, on reaching 50 the government moved the goal posts and I've now to work until I'm 64 and 11 months, I took out a personal pension only to see it lose a fortune, my wages haven't gone up in the last 4 years so I've had to drop my pension payments, fuel costs have gone up so it now costs me more to get to my work, sometimes I despair. Quote Link to comment Share on other sites More sharing options...
BigMouth Posted October 22, 2010 Report Share Posted October 22, 2010 I sympathise with your situation Suzanna, although I must confess to being glad that equality extended to moving women's retirement age to the same as men. Women should have the same wages and "benefits" that men have in the workplace. I fear that there will be many in your situation. Quote Link to comment Share on other sites More sharing options...
Kurkigarth Posted October 22, 2010 Report Share Posted October 22, 2010 Indeed retirement is a thing of the past fir wir generation. In my twenties retirement is still long way off (and as Spinner72 says getting longer by the decade!) But what really annoys me is the fact that we have schools that are closing - we are losing teachers, firefighters, police and people in support roles across the country (and particularly in Shetland, which I guess has had it better than some over the past decade or two) and with all these cuts we are still letting 'baby-boomers' retire at 60 with huge great pensions. The problem is that generation is being allowed to retire early and are living longer and taking great big pensions. Whilst our generation have no jobs (particularly if you are a newly trained primary teacher currently looking for work in Shetland. We aren't going to be able to keep people on pensions for 30 years after retirement or afford to pay for the free t.v. licenses, free boat passes etc. The only thing I can see coming of this (especially in Shetland) is we are going to lose most of the young generation to the Mainland or even further though emigration and there is going to be nobody left to pay into our economy to keep the older generation in a comfortable retirement. This is why we need windfarms people! Quote Link to comment Share on other sites More sharing options...
BigMouth Posted October 22, 2010 Report Share Posted October 22, 2010 well when you do get a job in teaching just remember that you will be getting 14 weeks holiday every year compared to my 6 weeks a year and many others who are on less that me. That adds up to 7 years more holiday than I am going to get over my working life. As a matter of interest do teachers retire at 60? Quote Link to comment Share on other sites More sharing options...
Fjool Posted October 22, 2010 Report Share Posted October 22, 2010 ^ I know several teachers, and they spend a lot of time working during the 'holidays'. Quote Link to comment Share on other sites More sharing options...
JAStewart Posted October 22, 2010 Report Share Posted October 22, 2010 Just to be a pain in the ass, remember humans are living longer. How long has the retirement age been at 65, and how much longer are we living now since then? Mam says that when she was growing up, it was 65 for men... Although I'm sure I'll be told that all this is invalid 'cause I'm only 22 and when I'm 65 I'll (rightly so) feel like I've earned a retirement. Quote Link to comment Share on other sites More sharing options...
Frankie Posted October 22, 2010 Report Share Posted October 22, 2010 ^ I know several teachers, and they spend a lot of time working during the 'holidays'. ....and evenings and weekends ! Quote Link to comment Share on other sites More sharing options...
daveh Posted October 22, 2010 Report Share Posted October 22, 2010 JAS is correct. The age of 65 for receiving the state pension was set when men lived 3 score years and ten (70). Men are living far longer now so there is a pension timebomb that has to be faced by moving the retirement age back. Why women, who traditionally live longer than men, had a age of 60 set for them to receive the state pension, has always been an anomaly. That is now being addressed. What I don't understand, though, is the logic behind the Labour government moving the required number of years for a full pension from 44 years down to only 30 years. George Osborne set up an excellent website where he asked for ideas from members of the public on a whole range of matters. I submitted an idea amongst the many tens of thousands that went in. I suggested that, as with the private sector, you could choose to retire early, once you turn 55, at which time you can choose to start receiving your state pension. Of course, you would receive pro-rata a much smaller sum, as you are taking it early, but it would be calculated to cost the government the same as if you took it at the usual retirement age. This would, if taken up by early retirees, free up jobs that can be offered to others thus reducing the cost of benefits to those registered unemployed and actually wanting to work. It wouldn't cost the government a penny so I can't understand why George Osborne hasn't been on the phone to thank me yet. Quote Link to comment Share on other sites More sharing options...
BigMouth Posted October 22, 2010 Report Share Posted October 22, 2010 ^ I know several teachers, and they spend a lot of time working during the 'holidays'. ....and evenings and weekends ! Mmm, like the rest of us have never had to do that, unpaid too! Quote Link to comment Share on other sites More sharing options...
Frankie Posted October 22, 2010 Report Share Posted October 22, 2010 ^^Commendable....good to hear others work as hard as teachers. Quote Link to comment Share on other sites More sharing options...
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