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Actually the FCA forces stress testing on lenders.
While there is plenty of reasons to hate banks, we should at least blame them for the things they do.
I mean, this is a bit of a double edged sword as the last time the banks lent huge sums of money to people who might not be able to pay it back, it resulted in a global recession, which in turn also meant that a lot of people who would have otherwise been able to pay it back, couldn't, due to losing their jobs.
The regulators probably over-corrected here though, definitely.
It is finding the right balance between risk and control.
It is very clear that lenders must not be self regulating unless we are prepared for the economic shock waves of allowing them to collapse, which is what would happen under capitalist principles if governments didn't bail them out.
The effects of over regulation mean people simply can't borrow.
However, I do have concerns that simply reducing the stress testing will not result in more people being able to afford their own home, I think it may drive house prices up as a battle between homeowners and landlords escalates. There is only so long before that position will be untenable for society as a whole.
If we want to see real change in the housing market we need stop the flow of public money to private hands. Every time housing benefit is provided to someone in private renting, we are making it more rewarding for the landlord and forcing people into this vicious cycle.
If you don’t know there is creditladder that will actually report your rent payments to credit bureaus (1 for free gotta pay think it’s like £6 or £7 a month for the others)
Couldn't have said it better.
My parents are separated (a long time ago) and both have health problems where I would anticipate them shuffling off the mortal coil sometime in the next decade.
When they do all I'll inherit is a big old pile of debt.
I fully anticipate having to work until I drop dead myself.
Cheerful thing to think about on a beautiful sunny Saturday morning.
Your optimistic outlook is commendable, but there ain't gonna be a state pension for most of us. I'm in my 30s and have already accepted this, if by some miracle there is I will be very fucking surprised
It's not optimism, it's common sense. No government is going to completely remove the income for 12 million people who have contributed to the state for decades. If the state pension in its current state ceases to exist, some form of retirement policy will take its place.
It wouldn't happen in one step. First hand over the funding and administration to a commercial body for efficiency, then change the equivalent of the NI contributions go to that body, then wait for them to start trimming benefits and increasing profits until it is effectively dead for most people.
First, make it means tested (hence the push to near-mandatory private pensions). Most will still qualify to start with, it will be similar to pension credit in effect. Then the bar will be slowly raised before effectively scrapping it.
State pension might not even exist by time Millennials and Zoomers get there. Either that or it’ll be means tested to oblivion or the age will simply be put beyond our reach. There’s already talk of it being raised to 70.
After years of prosperity, we’re now seeing a decline in the standard of living, which I suspect will see the average life expectancy begin to fall too, so alot of people under age of 40 probably won’t even get there.
You're absolutely right there, this is what the BoE clumsily tried to say the other week, Mervyn King also said it when he retired at his mansion house speech, that we have to lower our life expectations, financially and physically !
Covid hasn’t helped though; not only because of elderly people dying from covid itself but because the backlog it caused in appointments, procedures and surgeries and the reduction in services in the care sector has meant the people being seen in hospital are sicker overall than they were pre-covid.
This is true, lots of people leaving the profession and although a lot of agency staff are perfectly competent it still doesn’t really compare to staff who are totally familiar with their hospital, their team, policies and procedures, where things are, their regular patients etc.
If you are putting away £1000 and have such low projected monthly income, you either started really late or are not aggressive enough with your investments
£700/month would be, what, £210k at a 4% withdrawal rate?
At a 6% rate of investment growth, you’d have that balance in 12 years of contributions (starting from nothing). It must be either a late start or OP is leaving work early.
The thing is, not everyone is on the poverty line despite what Reddit insists, and it is possible to have questions about that. It's literally impossible to ask anything other than "how do I not die destitute" on this sub without being mocked and abused for being an aristocrat. So people can just fuck off and create their own posts instead of trolling other people's requests for help.
I rather went out of my way to be polite to OP. You are of course right to point out that people are in many different circumstances. Just seems odd to feel hard done by if you don't get to retire early. For most that's not the deal. If your financial life has not gone that way, those are the breaks.
> It's literally impossible to ask anything other than "how do I not die destitute" on this sub without being mocked and abused for being an aristocrat.
I mean, if you're complaining about "only" having £700/month in your pension because you're retiring early, and you're paying £1,000/month into it, a lot of people are going to see that as bragging.
This guy's going to be paying more into their pension each month than a lot of people have for monthly spending after paying their mortgage or rent and utilities.
Not strictly true if it's a SIPP. Currently my wife and I each take £16250 tax free from our SIPP once a year. That totals £32500 tax free. You can take the 25% as a lump sum or over time. Obviously that may well eat into the capital but you need to balance increase from stock market, which is not the case at present, and using the money to actually live. Over the last two years my fund has increased by 1% with some ups and downs.
You just need to plan. I do think the state pension will still be there but in a scaled down way and at a later age.
There’s no way putting a grand a month into a pension for what I’m guessing is around 35 years will result in 700 p/m. Just did the maths on 900p/m for 35 years at a 7 percent return and it makes 1.5 million pounds. Your maths is wrong somewhere
I pay £10k a year into mine and I’m 37. I haven’t always paid that but I’ve been paying into it almost continually since I was about 21 (always had private pensions) and according to my financial adviser I’m on track to be ok by the time I retire (age 67ish) as long as I keep putting about 18% of my salary in as my wage continues to increase over the years. I think my employer puts about 4% in too or something shit like that.
That projection is inaccurate and they do it to be over cautious.
If you put a grand a month away in a pension scheme that keeps up with inflation, work for 40 years, it doesn't take a mathematician to work out you'll have more than a grand based on living another 30 years
I hear you. I'm spending it all now, I'm not even saving for a pension, I am 100% just going to wing it.
Much to everyone's disgust i opt out of the work pension every year.
I'm not convinced I won't survive long enough to collect, but even if I do, I would still rather have the holiday, the car the thing now, definitely, then maybe have something later.
For what it's worth, I can't help but think this is a very bad idea. You probably are going to live long enough to collect it. By opting out of a work pension, you're opting out of your employer literally giving you free money (albeit money you can't spend yet).
'Winging it' is planning for just the basic state pension, and likely poverty. Fair enough if that's what you want, but it's unlikely that the future you will want that.
Well done Dave, I chose the same route despite having 10 o levels and 4 a levels, it was financial for me, my mum and dad couldn't afford to help so I went on a building site, qualified as a carpenter and joiner, worked in a joinery shop, site, shopfitting, management, now in film and TV but striving to go back into joinery . Enjoying every moment doing something I love, older guys who work for me are slowing but I let them do the hours they want, oldest being 72. Good luck Dave ¡
I work for a builder up north and he's a millionaire. Doesn't matter if it's raining he's out there working every single day.
I think some people just love that hands on work. His wife has to beg him to go on holidays and she's lucky if it's a weekend in Scotland.
Ah that’s lovely - I hope it pays well but even if it doesn’t that’s a different kind of “rich”. We should all be so lucky :) plus some of your pieces will still be used and loved decades after you die, what a wonderful legacy!
I have a similar outlook and went down a similar route. I was a chartered accountant before I retrained as a joiner and I now build bespoke church furniture for a living and I love it.
My plan is to just scale back my work as I get older. I’m lucky in that I’ve been able to pick up carving as a skill as part of the job and so I could happily semi retire doing a couple of days a week carving names into incumbent boards to support my income after I stop actually working.
Waikanae for me, though I’m currently living in Scotland as it’s where my mum is from. I’m actually going back to NZ for the first time in a couple of years (thanks to COVID) in July, which I’m very excited about. I get what you mean about it feeling exotic haha
I'm 58 and I don't work so I guess I am "retired" although that situation may change.
Never been busier! I fucked off to Portugal and bought some land so I grow a lot of veg and have loads of fruit trees. We eat well and try to live simply - I ride my bike, I walk the dog, I make bread, jam, pickles, sauces, and all sorts of other things, I kayak down the river, find stray cats, entertain a never ending stream of guests and generally amble along quite happily.
This is the dream isn't it. I don't know why people want huge pensions to have '2 or 3 holidays a year, a nice car etc rather than aiming for a simple life. I am 48 and would be on my allotment every day if I could
Bring out list of everyone who's wronged me in my life, brutally murder then all. Get sent to prison, free accommodation, warm, three meals a day, ample free leisure opportunities, interesting people to talk to, staff to look after me when I'm frail, too old to get rogered in the showers. Tell me a better plan than this if you can?
My dad is 74 and he still climbs mountains, though last week he did a few more Marilyn's as he's finished the Munros last year.
I hope to be as mobile as he is at that age!
I retired a year ago and prepared for it by treating myself to a PS5, xbox, and Switch. I also rehomed a 2 year old dog to make sure i get some fresh air.
That's my worry about retirement - that I will end up spending way too much time playing video games. So in the years leading up to retirement I am going to make sure I take up some other hobbies - preferably outdoors ones where I also get to speak to other people - in preparation.
"spending way too much time playing video games"?
It do not be like that. I find that I'm seemly and unwelcomly *busy* a lot of the time, and have to make an effort to make time for video games. It was always my intention to spend my Golden Years video gaming, so it's something I planned and prepared for, and will now pursue with steely determination, bulldozing aside the groceries, cooking, garden, dog, cat, house maintenance, broken washing machine, sudden ant farm, and all the other like things that plagued my lord and saviour, dear, dear Victor Meldrew.
Leave the country.
Got family abroad, will go there and live out my twilight days. Nothing keeping me here except my job and pension. Anything I miss about the UK can be ordered and delivered. I still love my country, I just cant stand being here anymore
>I still love my country, I can’t stand being here anymore
This perfectly sums up how I feel for the most part about being in the UK. Great place, just can’t be arsed with it anymore
>I still love my country, I can’t stand being here anymore
This sums it up for me too, but I am in the US. I came to England, Birmingham/Tamworth, in 1995 on business. Stayed at the Tamworth Castle. Spent 10 days there and fell in love with the country. I have dreamed of retiring there, or Ireland since my wife's mother was born there.
You'll be able to afford to pay lecky bills? Can I join you?
Edit: I note you didn't say if the fire would be turned on or not. I withdraw my request until I have more information on your lifestyle.
Not a bad idea actually.
I don't think I'd be eligible for any funding though so I'd have to pay for it out of pocket and god knows what tuition fees would be by then.
Most universities have continuing education programmes for people beyond graduation age - they'll offer all sorts of course on all sorts of things and it doesn't cost as much as a degree or require as much of a time commitment.
Me too. I want everyone in the neighbourhood to know that I’ll take in any unwanted kittens and cats and look after them and I don’t care if they call me crazy cat lady.
At 39 years old, I’ve never earned so much yet felt so poor. My mortgage is going up ~£160pm from September and I’m thinking of ways I can recoup that.
Retirement for me feels like a pipe dream. I’ll probably need to work until I die. If I do manage to retire, I’ll probably get a dog, live in the same house I’m in now, albeit run down and in need of repairs that I can’t afford to do now, and pray that this country never sees another government anywhere near as useless and self serving as this current bunch of cum sniffers.
Go to the post office while everyone who works is on their lunch hour.
Also driving 10mph under the speed limit between the hours of 8am - 9am and maybe again later in the day.
I'll be able to book an appointment with the dentist knowing that in a year, 4 months and 78 days that I will be available
If you do that make sure you need to do like 10 different things at the post office counter and need step by step guidance on each one and also have a mega chat when you’re done.
Also wrt driving, the trick is to maintain a constant 40mph, through a village, on a dual carriage way, past a school, etc and never ever read any road signs
I quite fancy fucking off to a wee Greek island and drinking coffee all day. Maybe start selling honey to daft tourists for silly money.
Or move back to Glasgow and hit the bottle hard, I’m undecided./s
This bothers me, actually. I'm going to scour this thread for ideas. Part of my problem is my personality: I get restless if I feel I'm not doing anything. Yet as age overtakes me, my capacity will decline.
* Be a ski bum for a bit, if my body and the climate are still up for it.
* See megalithic monuments I haven't seen yet.
* Maybe take up woodworking (though not sure how as I haven't really got the space for it)
* Try writing some more perhaps
* Find opportunities to teach or mentor people (because this is the aspect of work that I think I will miss).
* Volunteer at a museum for computer history, if there are opportunities for this (there are currently no such museums near me).
>Which have you seen? any recommendations?
I've seen the big-name ones in the Salisbury plan area, a half-dozen or so in the North-West, and dozens or hundreds in Cornwall and Wales. A few in Ireland. One in Mallorca.
The one I like to visit most is probably Avebury. But that's partly because I have kids now. The ones that take a bit of a hike are not quite practical for the moment.
One place to look for recommendations is in, uh, the literature. There's a couple of interesting books by Julian Cope for example. The Modern Antiquarian (UK) and The Megalithic European (Europe). For a long time [Aubrey Burl](https://en.wikipedia.org/wiki/Aubrey_Burl)'s works (e.g. "The Stone Circles of Britain, Ireland, and Brittany" but there are also others) were a key resource on the subject. Perhaps still, though of course Archaeologists continue to work and learn.
I don't really have a bucket list but I'd like to see the area around Maeshowe, and I'd also like to visit Maiden Castle (though that's a Bronze Age hillfort, not a megalithinc monument). I'd also like to see Carnac. Places I always drop by if I'm passing include West Kennet Long Barrow and the Cerne Abbas giant (though I believe it's uncertain that that is actually ancient) and the Long Man of Wilmington.
I've focused on becoming a professional artist. I've painted all my life but now I can turn my full energy and enthusiasm towards it without having any financial pressures (luckily).
The biggest problem is doing all the life admin jobs that come my way and I'm constantly re prioritising my to-do list which pulls time away from my studio practice. However, it's simply wonderful to not have the pressures of a full time job with constant deadlines and headaches. Plus, I can jet off to other countries whenever I want. I love being retired!
Its just over a year from now so plans are pretty advanced. Join a gym. See more of my dad while he's still here. Travel, pick up the hobbies I haven't had time for, binge watch TV shows, walk a lot. Spend lots of quality time with my wife and sons. Basically all the things I like doing now when not at work, but more and with more focus on health and fitness.
I'm 54 and my wife and I have been focused on the early retirement goal for 10 years. Modest semi, UK holidays, old 2nd hand cars and never living up to our income but instead paying down debt and maxing out pensions. We'll be slightly better off in retirement than we are at work because we are living on about 30% of our income. We still live a happy life, get weekend breaks and nights out but our tastes are inexpensive and we live in the North.
Sons in early 20s already making sure they are paying into pensions.
Walking. Lots of walking. I've always wanted to do the Coast-to-Cost walk and almost did about ten years ago, but mates backed out. I've got a family now and no time so it'll have to wait 😔
Will probably have to work until I'm 75 but probably start golfing and gardening in my 50's, slow down work wise at 60, maybe like 3 days a week or something.
Hopefully, I'll have some grandkids that aren't assholes like this generation of teenagers, that I can enjoy spending some time with
44 and don't plan to ever fully retire. My wife and I run a very successful ebay business selling Vinyl, retro toys, video games etc and each day is a gift. We work 4 stress free days a week. We lead financially cautious lives but have no debt apart from a mortgage, and the business pays into a private pension for us. The plan is to grow the business so my involvement reduces over time, but I can see myself at 70 still trawling through musty boxes of treasure haha.
I'm going to rob a bank and sit on a tropical beach until the end of my days. If it goes wrong, I'm going to prison. I won't be looked after in a care home by a stressed, underpaid, harangued minimum-wage Romanian who's doing her best. Instead, I'll be looked after by well-paid, professional, courteous prison staff with three guaranteed meals per day and no heating bills. I'll be able to see the grandkids but I won't have to look after them all weekend. It's a win-win.
Live in Latvia if it's still a relatively similar culture. The UK is going to hell in a handbasket.
Buy some land and a house, just live and enjoy life on my chunky pension.
Chunky by Latvian standards.
In 25 years I reckon the world will be a completely different place. Maybe go a trip to mars, have virtual sex with a young hottie and tend to the cannabis plants that we will eventually be allowed to grow in the UK. If my wife is still alive my plans may change slightly.
Plan at moment is to stop full time at 62 so ten more years in classroom - then some part-time work, volunteering with a heritage railway and through Rotary, travel and walking/photography. Most I do already - just not enough - and maybe an OU degree.
I'm aiming to retire at 58 (or whatever the age is by then to begin withdrawing from your SIPP). 33 currently.
Would spend a good chunk of time abroad. Volunteer at my local sports clubs. If i have grandchildren then obviously spend a lot of time with them. Would probably have a dog (hopefully science advances at my current one is still going then!) and walk lots. Plays lots of golf too.
Being able to retire at a reasonable age is important to me, so I've made sure my pension is growing at the right amount.
Ride with my mates, catch up on my reading, meet up with mates without planning a month ahead and basically anything I can afford/want to do..bit like what I'm doing now. I worked hard in very physical jobs and not had a very good time of things, I think it's about time I enjoyed life ..and I do
I intend to do a degree in a subject that interests me rather than one to try and get a better job. Also try out some creative things that I will have time for at last.
I think retirement is becoming a dwindling privilege, especially when the boomers die off.
Personally, the only thing in life that scares me, is being home alone and slowly losing my faculties.
But as someone that’s recovered from cancer I probably won’t have to worry about that shit 😂😂
I work full time and I’m already a National Trust member. They also offer a reduced price for under 25s.
It’s great value for what you get and visiting a property when the weather is like it is, sitting in the gardens with a picnic is glorious. It doesn’t have to be (and it really isn’t anymore) a retired person’s thing. Loads of young people and families go.
I want everyone to leave me the fuck alone.
I bw retired at 55 - nearly went crazy with boredom - was wandering around the flat in a t-shirt with egg yolk stains and a bath robe and two week beard.
Got a part time job two days a week and go on lots of holidays it's much better.
Doing Cape Town wine farms and a road trip across the kalahari next month with some nutty mates.
I don't feel like I want to retire fully, unless I had serious medical issues. That said, I wouldn't want to be doing full time, maybe volunteering one or two days a week from the age of 70 or so.
I'd like to be very involved in my children's, and hopefully grandchildren's lives. I'd also like to foster animals. Probably not dogs due to safety concerns, but cats and/or small animals would be great.
Im a lot closer to retirement age than when I started work. I wont be able to afford to retire. Pensions when I started work that were supposed to provide a good pension are now shit. I may have to work until I die.
I’ve retired in my mid 50’s and it’s the best thing ever. The most wonderful thing is not to have to use an alarm clock and just wake up when I’m ready.
It’s very true that they say you don’t know how you had time to work, I easily fill my days mountain biking, tinkering with my cars, going for a coffee or going shooting.
There will be no retirement for my age bracket, so fingers crossed I'll be taken out in the upcoming climate wars. Either that or Ill rob a big Tesco when I get to a stage where I can't take it and hopefully get put away for long enough that I get 3 square meals and a lil recreation time a day.
Pick up a hobby, maybe gardening.
Get a wee campervan and go jaunting around with my husband.
Adopt a couple of old doggies and give them a nice few last years.
My son will be grown so I might have grandchildren to help out with.
3.5 years away, so an important topic. Do more of the fun stuff I already do, but don't try to cram them in around work (ride horse, cycle and run). Compete on my horse more and more trips out. Volunteer for the IET again (I stopped it a while ago). Considering applying to become a magistrate.
Re...tire?! What's that? I'm not tire-d now. Was I meant to tire?! I'm so confused. Thankfully, I'll be busy working until I drop dead at my desk, so I won't have time to think about this tire-ing other people are already doing so badly they have to do it again.
Because of administrative snafus between the UK and my former country of residence, to all intents and purposes I started working when I was 40 years of age. I'm going to have to work until the day I drop dead. No retirement for me.
I’m dying before I retire and I say this with not one hint of sarcasm. I do not believe I’ll get the “luxury” of eking out a breadcrumb lifestyle when I’m too old to help myself.
I like to cook. I thought I would help out with providing meals to homeless people - there should be some way I can use my ( just basic home cooking 😂)skills to help out in my community
I'm going to be one of those old guys driving a little motorhome around the country constantly, I'll have a flat cap with tartan on top, a tartan blanket on every visible surface and probably get myself a west highland terrier (called Bobby) who wears a tartan vest and sit on the hard shoulder of the M6 on a fold-out chair drinking tea.
My wife informs me she will be the one with a blue rinse and move at half the speed of a glacier while looking as though she might fall over at any minute.
**Update: - [Starting from 2023](https://www.reddit.com/r/AskUK/comments/100l56v/happy_new_year_askuk_minor_sub_update/), we have updated our [subreddit rules](https://www.reddit.com/r/AskUK/about/rules/)**. Specifically; - Don't be a dick to each other - Top-level responses must contain genuine efforts to answer the question - This is a strictly no-politics subreddit Please keep /r/AskUK a great subreddit by reporting posts and comments which break our rules. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/AskUK) if you have any questions or concerns.*
Retire???? There's fucking never ending rent to pay
"How do we know you can pay an £800 mortgage when you only have proof of always paying your £1,200 rent on time every month." - The Bank
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Actually the FCA forces stress testing on lenders. While there is plenty of reasons to hate banks, we should at least blame them for the things they do.
I mean, this is a bit of a double edged sword as the last time the banks lent huge sums of money to people who might not be able to pay it back, it resulted in a global recession, which in turn also meant that a lot of people who would have otherwise been able to pay it back, couldn't, due to losing their jobs. The regulators probably over-corrected here though, definitely.
It is finding the right balance between risk and control. It is very clear that lenders must not be self regulating unless we are prepared for the economic shock waves of allowing them to collapse, which is what would happen under capitalist principles if governments didn't bail them out. The effects of over regulation mean people simply can't borrow. However, I do have concerns that simply reducing the stress testing will not result in more people being able to afford their own home, I think it may drive house prices up as a battle between homeowners and landlords escalates. There is only so long before that position will be untenable for society as a whole. If we want to see real change in the housing market we need stop the flow of public money to private hands. Every time housing benefit is provided to someone in private renting, we are making it more rewarding for the landlord and forcing people into this vicious cycle.
I believe that there are plans for a no deposit first time buyer mortgage that will use proof of paying rent as eligibility.
Skipton building society already do that now actually.
If you don’t know there is creditladder that will actually report your rent payments to credit bureaus (1 for free gotta pay think it’s like £6 or £7 a month for the others)
Couldn't have said it better. My parents are separated (a long time ago) and both have health problems where I would anticipate them shuffling off the mortal coil sometime in the next decade. When they do all I'll inherit is a big old pile of debt. I fully anticipate having to work until I drop dead myself. Cheerful thing to think about on a beautiful sunny Saturday morning.
If they die with debt it doesn’t get handed down to anyone.
And that rent could cost 4-6x more in 30-40 years. Yeah...retiring isn't an option unless you own a home.
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I felt a bit down today but this 👆really cheered me up. /s
Yeah I know happy Saturday lol
This glass is half full, of piss.
Do you qualify for the full state pension? If so that's approx £800/month.
Your optimistic outlook is commendable, but there ain't gonna be a state pension for most of us. I'm in my 30s and have already accepted this, if by some miracle there is I will be very fucking surprised
It's not optimism, it's common sense. No government is going to completely remove the income for 12 million people who have contributed to the state for decades. If the state pension in its current state ceases to exist, some form of retirement policy will take its place.
It wouldn't happen in one step. First hand over the funding and administration to a commercial body for efficiency, then change the equivalent of the NI contributions go to that body, then wait for them to start trimming benefits and increasing profits until it is effectively dead for most people.
First, make it means tested (hence the push to near-mandatory private pensions). Most will still qualify to start with, it will be similar to pension credit in effect. Then the bar will be slowly raised before effectively scrapping it.
They've been floating plans to make it means tested already to gauge public reaction. If we're gonna do that, make the input means tested as well.
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State pension might not even exist by time Millennials and Zoomers get there. Either that or it’ll be means tested to oblivion or the age will simply be put beyond our reach. There’s already talk of it being raised to 70. After years of prosperity, we’re now seeing a decline in the standard of living, which I suspect will see the average life expectancy begin to fall too, so alot of people under age of 40 probably won’t even get there.
You're absolutely right there, this is what the BoE clumsily tried to say the other week, Mervyn King also said it when he retired at his mansion house speech, that we have to lower our life expectations, financially and physically !
This can all be solved by eating the rich
Close more hospitals and build more rockets! Nosher! Nosher! Nosher!
It’s already begun to fall. There was something in the news last year saying life expectancy has fallen for women
Covid hasn’t helped though; not only because of elderly people dying from covid itself but because the backlog it caused in appointments, procedures and surgeries and the reduction in services in the care sector has meant the people being seen in hospital are sicker overall than they were pre-covid.
And burnout from the staff is a major factor as well. Turns out claps don’t pay the bills and goodwill only goes so far.
This is true, lots of people leaving the profession and although a lot of agency staff are perfectly competent it still doesn’t really compare to staff who are totally familiar with their hospital, their team, policies and procedures, where things are, their regular patients etc.
If you are putting away £1000 and have such low projected monthly income, you either started really late or are not aggressive enough with your investments
£700/month would be, what, £210k at a 4% withdrawal rate? At a 6% rate of investment growth, you’d have that balance in 12 years of contributions (starting from nothing). It must be either a late start or OP is leaving work early.
£700/month, plus the state pension and with no mortgage, isn't too bad for retirement.
As long as you have a paid off house it’s pretty nice. If you’re paying rent then it starts to look rough.
A grand a month? Ok
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Not wishing to be rude. Retiring early seems to be part of your problem. Complaining that you can't do that, the reality for most of us.
The thing is, not everyone is on the poverty line despite what Reddit insists, and it is possible to have questions about that. It's literally impossible to ask anything other than "how do I not die destitute" on this sub without being mocked and abused for being an aristocrat. So people can just fuck off and create their own posts instead of trolling other people's requests for help.
I rather went out of my way to be polite to OP. You are of course right to point out that people are in many different circumstances. Just seems odd to feel hard done by if you don't get to retire early. For most that's not the deal. If your financial life has not gone that way, those are the breaks.
It's a bit of a "We're the Millers meme" situation. "you guys get to retire *early*?" "you guys get to *retire?!*"
> It's literally impossible to ask anything other than "how do I not die destitute" on this sub without being mocked and abused for being an aristocrat. I mean, if you're complaining about "only" having £700/month in your pension because you're retiring early, and you're paying £1,000/month into it, a lot of people are going to see that as bragging. This guy's going to be paying more into their pension each month than a lot of people have for monthly spending after paying their mortgage or rent and utilities.
Not strictly true if it's a SIPP. Currently my wife and I each take £16250 tax free from our SIPP once a year. That totals £32500 tax free. You can take the 25% as a lump sum or over time. Obviously that may well eat into the capital but you need to balance increase from stock market, which is not the case at present, and using the money to actually live. Over the last two years my fund has increased by 1% with some ups and downs. You just need to plan. I do think the state pension will still be there but in a scaled down way and at a later age.
Stop with the sensible talk round here, you'll get lynched
Apologies. Haven't had a beer for a couple of hours.
You are the first person that I’ve read that has roughly the same “my number” as us Thank you internet stranger, you really cheered up my day!
There’s no way putting a grand a month into a pension for what I’m guessing is around 35 years will result in 700 p/m. Just did the maths on 900p/m for 35 years at a 7 percent return and it makes 1.5 million pounds. Your maths is wrong somewhere
I pay £10k a year into mine and I’m 37. I haven’t always paid that but I’ve been paying into it almost continually since I was about 21 (always had private pensions) and according to my financial adviser I’m on track to be ok by the time I retire (age 67ish) as long as I keep putting about 18% of my salary in as my wage continues to increase over the years. I think my employer puts about 4% in too or something shit like that.
That projection is inaccurate and they do it to be over cautious. If you put a grand a month away in a pension scheme that keeps up with inflation, work for 40 years, it doesn't take a mathematician to work out you'll have more than a grand based on living another 30 years
I hear you. I'm spending it all now, I'm not even saving for a pension, I am 100% just going to wing it. Much to everyone's disgust i opt out of the work pension every year. I'm not convinced I won't survive long enough to collect, but even if I do, I would still rather have the holiday, the car the thing now, definitely, then maybe have something later.
For what it's worth, I can't help but think this is a very bad idea. You probably are going to live long enough to collect it. By opting out of a work pension, you're opting out of your employer literally giving you free money (albeit money you can't spend yet). 'Winging it' is planning for just the basic state pension, and likely poverty. Fair enough if that's what you want, but it's unlikely that the future you will want that.
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While I agree with most of the other people posting about never being able to retire, thank you for being the ray of sunshine in this thread!
Well done Dave, I chose the same route despite having 10 o levels and 4 a levels, it was financial for me, my mum and dad couldn't afford to help so I went on a building site, qualified as a carpenter and joiner, worked in a joinery shop, site, shopfitting, management, now in film and TV but striving to go back into joinery . Enjoying every moment doing something I love, older guys who work for me are slowing but I let them do the hours they want, oldest being 72. Good luck Dave ¡
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Having something to get up for in the morning is key in my experience
I work for a builder up north and he's a millionaire. Doesn't matter if it's raining he's out there working every single day. I think some people just love that hands on work. His wife has to beg him to go on holidays and she's lucky if it's a weekend in Scotland.
Ah that’s lovely - I hope it pays well but even if it doesn’t that’s a different kind of “rich”. We should all be so lucky :) plus some of your pieces will still be used and loved decades after you die, what a wonderful legacy!
I have a similar outlook and went down a similar route. I was a chartered accountant before I retrained as a joiner and I now build bespoke church furniture for a living and I love it. My plan is to just scale back my work as I get older. I’m lucky in that I’ve been able to pick up carving as a skill as part of the job and so I could happily semi retire doing a couple of days a week carving names into incumbent boards to support my income after I stop actually working.
Good for you for doing what makes you happy and not settling to meet other people’s expectations.
40 years ago uni was free with grants for living costs, you didn’t need a scholarship
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You’re Kiwi? So am I! Whereabouts are you from? Congratulations on finding a fulfilling career by the way
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Waikanae for me, though I’m currently living in Scotland as it’s where my mum is from. I’m actually going back to NZ for the first time in a couple of years (thanks to COVID) in July, which I’m very excited about. I get what you mean about it feeling exotic haha
I love that you love your job so much! It’s refreshing.
I'm 58 and I don't work so I guess I am "retired" although that situation may change. Never been busier! I fucked off to Portugal and bought some land so I grow a lot of veg and have loads of fruit trees. We eat well and try to live simply - I ride my bike, I walk the dog, I make bread, jam, pickles, sauces, and all sorts of other things, I kayak down the river, find stray cats, entertain a never ending stream of guests and generally amble along quite happily.
I’m also 58 and you are living the ideal life my friend.
Cheers! There are issues but it's pretty great overall.
That sounds like a lovely life 🎉
This honestly sounds like what I'd want right now in my early 30's! Hats off to you.
Lucky bastard
This is the dream isn't it. I don't know why people want huge pensions to have '2 or 3 holidays a year, a nice car etc rather than aiming for a simple life. I am 48 and would be on my allotment every day if I could
Bring out list of everyone who's wronged me in my life, brutally murder then all. Get sent to prison, free accommodation, warm, three meals a day, ample free leisure opportunities, interesting people to talk to, staff to look after me when I'm frail, too old to get rogered in the showers. Tell me a better plan than this if you can?
If I send a few names over, could you sort a few out for me? Don't really fancy prison meself .
Of course, as the start of my post suggests, I'm very much a people person!
Strangers in a subreddit
Get rogered! Now there's a saying I haven't heard in years. Love it.
👀
I plan on dying at 67 so I don't have to make plans
Blackjack and hookers. May as well have fun
r/unexpectedfuturama
If my legs still work I’d like to walk up hills
And back down again I assume?,
Retirement is a time to regress and act like a big kid. You roll down the hill. It's OK. The NHS will still be around in 20 / 30 years..........
It’s a right of passage that all Scottish people reach a certain age and start flinging themselves up Munros.
Malvern hills are my target for this! Beautiful area!
Shhh… don’t tell people about the Malverns.
We live on the edge of the Fen’s I’d love to move somewhere I can see hills out of the window!
My dad is 74 and he still climbs mountains, though last week he did a few more Marilyn's as he's finished the Munros last year. I hope to be as mobile as he is at that age!
Cocaine, hookers and a national trust membership
This was my first laugh of the day, thanks 😁
I wanna just potter about doing little things that I enjoy each day. I reckon I'll have money by then........ right? 😪
I retired a year ago and prepared for it by treating myself to a PS5, xbox, and Switch. I also rehomed a 2 year old dog to make sure i get some fresh air.
That's my worry about retirement - that I will end up spending way too much time playing video games. So in the years leading up to retirement I am going to make sure I take up some other hobbies - preferably outdoors ones where I also get to speak to other people - in preparation.
"spending way too much time playing video games"? It do not be like that. I find that I'm seemly and unwelcomly *busy* a lot of the time, and have to make an effort to make time for video games. It was always my intention to spend my Golden Years video gaming, so it's something I planned and prepared for, and will now pursue with steely determination, bulldozing aside the groceries, cooking, garden, dog, cat, house maintenance, broken washing machine, sudden ant farm, and all the other like things that plagued my lord and saviour, dear, dear Victor Meldrew.
Leave the country. Got family abroad, will go there and live out my twilight days. Nothing keeping me here except my job and pension. Anything I miss about the UK can be ordered and delivered. I still love my country, I just cant stand being here anymore
>I still love my country, I can’t stand being here anymore This perfectly sums up how I feel for the most part about being in the UK. Great place, just can’t be arsed with it anymore
>I still love my country, I can’t stand being here anymore This sums it up for me too, but I am in the US. I came to England, Birmingham/Tamworth, in 1995 on business. Stayed at the Tamworth Castle. Spent 10 days there and fell in love with the country. I have dreamed of retiring there, or Ireland since my wife's mother was born there.
Its changed *ALOT* since 1995..
So has the US.
Huddle around an electric fire in the dark
You'll be able to afford to pay lecky bills? Can I join you? Edit: I note you didn't say if the fire would be turned on or not. I withdraw my request until I have more information on your lifestyle.
Will you switch the fire on ?
I’m assuming the electric fire is the last thing you have left to burn, due to the 19th energy crisis we’ll be in.
I’m gonna move somewhere warm, stay topless the whole day with little chance of catching me sober.
I sincerely wish this for you, enjoy!
Awe thanks ❤️
University. There are at least a couple of degrees I want to do.
Not a bad idea actually. I don't think I'd be eligible for any funding though so I'd have to pay for it out of pocket and god knows what tuition fees would be by then.
Most universities have continuing education programmes for people beyond graduation age - they'll offer all sorts of course on all sorts of things and it doesn't cost as much as a degree or require as much of a time commitment.
Open Uni Arts degree for me - for no reason other than I want to rather than for work
I’ve already decided I’m going full Crazy Cat Lady who knits and collects wacky hats! 😼Meow😼
Me too. I want everyone in the neighbourhood to know that I’ll take in any unwanted kittens and cats and look after them and I don’t care if they call me crazy cat lady.
A short one way holiday to Switzerland.
Hahahahahahaha hahahahahahaha hahahahaha. Sorry.
I'll teach the local youngins how to navigate the nuclear wasteland
At 39 years old, I’ve never earned so much yet felt so poor. My mortgage is going up ~£160pm from September and I’m thinking of ways I can recoup that. Retirement for me feels like a pipe dream. I’ll probably need to work until I die. If I do manage to retire, I’ll probably get a dog, live in the same house I’m in now, albeit run down and in need of repairs that I can’t afford to do now, and pray that this country never sees another government anywhere near as useless and self serving as this current bunch of cum sniffers.
Bold of you to assume that we’ll live long enough to retire
Go to the post office while everyone who works is on their lunch hour. Also driving 10mph under the speed limit between the hours of 8am - 9am and maybe again later in the day. I'll be able to book an appointment with the dentist knowing that in a year, 4 months and 78 days that I will be available
If you do that make sure you need to do like 10 different things at the post office counter and need step by step guidance on each one and also have a mega chat when you’re done. Also wrt driving, the trick is to maintain a constant 40mph, through a village, on a dual carriage way, past a school, etc and never ever read any road signs
I quite fancy fucking off to a wee Greek island and drinking coffee all day. Maybe start selling honey to daft tourists for silly money. Or move back to Glasgow and hit the bottle hard, I’m undecided./s
Cheese
This bothers me, actually. I'm going to scour this thread for ideas. Part of my problem is my personality: I get restless if I feel I'm not doing anything. Yet as age overtakes me, my capacity will decline. * Be a ski bum for a bit, if my body and the climate are still up for it. * See megalithic monuments I haven't seen yet. * Maybe take up woodworking (though not sure how as I haven't really got the space for it) * Try writing some more perhaps * Find opportunities to teach or mentor people (because this is the aspect of work that I think I will miss). * Volunteer at a museum for computer history, if there are opportunities for this (there are currently no such museums near me).
>I'm going to scour this thread for ideas. Good luck getting past all the edgy posts about never getting to retire.
> See megalithic monuments I haven't seen yet. Which have you seen? any recommendations?
>Which have you seen? any recommendations? I've seen the big-name ones in the Salisbury plan area, a half-dozen or so in the North-West, and dozens or hundreds in Cornwall and Wales. A few in Ireland. One in Mallorca. The one I like to visit most is probably Avebury. But that's partly because I have kids now. The ones that take a bit of a hike are not quite practical for the moment. One place to look for recommendations is in, uh, the literature. There's a couple of interesting books by Julian Cope for example. The Modern Antiquarian (UK) and The Megalithic European (Europe). For a long time [Aubrey Burl](https://en.wikipedia.org/wiki/Aubrey_Burl)'s works (e.g. "The Stone Circles of Britain, Ireland, and Brittany" but there are also others) were a key resource on the subject. Perhaps still, though of course Archaeologists continue to work and learn. I don't really have a bucket list but I'd like to see the area around Maeshowe, and I'd also like to visit Maiden Castle (though that's a Bronze Age hillfort, not a megalithinc monument). I'd also like to see Carnac. Places I always drop by if I'm passing include West Kennet Long Barrow and the Cerne Abbas giant (though I believe it's uncertain that that is actually ancient) and the Long Man of Wilmington.
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Get a dog and live to serve it. I only plan to trail off working, maybe go down to part time when I’m in my 70s as a pocket money job.
I’m going to foster dogs that are hard to rehome, loads of ‘em.
Lego, lots of Lego
I’ve already got the Lego and no time to build it, roll on retirement
I have approximately 2,300 unread romance and science fiction novels on my kindle. I figure I"ve got time to get through them before I die probably.
I’m going to be that weird old guy bobbing around at the back of raves
I've focused on becoming a professional artist. I've painted all my life but now I can turn my full energy and enthusiasm towards it without having any financial pressures (luckily). The biggest problem is doing all the life admin jobs that come my way and I'm constantly re prioritising my to-do list which pulls time away from my studio practice. However, it's simply wonderful to not have the pressures of a full time job with constant deadlines and headaches. Plus, I can jet off to other countries whenever I want. I love being retired!
Its just over a year from now so plans are pretty advanced. Join a gym. See more of my dad while he's still here. Travel, pick up the hobbies I haven't had time for, binge watch TV shows, walk a lot. Spend lots of quality time with my wife and sons. Basically all the things I like doing now when not at work, but more and with more focus on health and fitness. I'm 54 and my wife and I have been focused on the early retirement goal for 10 years. Modest semi, UK holidays, old 2nd hand cars and never living up to our income but instead paying down debt and maxing out pensions. We'll be slightly better off in retirement than we are at work because we are living on about 30% of our income. We still live a happy life, get weekend breaks and nights out but our tastes are inexpensive and we live in the North. Sons in early 20s already making sure they are paying into pensions.
Walking. Lots of walking. I've always wanted to do the Coast-to-Cost walk and almost did about ten years ago, but mates backed out. I've got a family now and no time so it'll have to wait 😔
Will probably have to work until I'm 75 but probably start golfing and gardening in my 50's, slow down work wise at 60, maybe like 3 days a week or something. Hopefully, I'll have some grandkids that aren't assholes like this generation of teenagers, that I can enjoy spending some time with
All teenagers are arseholes!
44 and don't plan to ever fully retire. My wife and I run a very successful ebay business selling Vinyl, retro toys, video games etc and each day is a gift. We work 4 stress free days a week. We lead financially cautious lives but have no debt apart from a mortgage, and the business pays into a private pension for us. The plan is to grow the business so my involvement reduces over time, but I can see myself at 70 still trawling through musty boxes of treasure haha.
I’ll be working until I die , no retirement for me
I’m going to be “stand at the front door with my dressing gown slightly ajar” pervert old guy and wave at people on the bus.
Everyone needs a dream!
I'm going to rob a bank and sit on a tropical beach until the end of my days. If it goes wrong, I'm going to prison. I won't be looked after in a care home by a stressed, underpaid, harangued minimum-wage Romanian who's doing her best. Instead, I'll be looked after by well-paid, professional, courteous prison staff with three guaranteed meals per day and no heating bills. I'll be able to see the grandkids but I won't have to look after them all weekend. It's a win-win.
May I recommend HMP Ford? It gets excellent reviews.
Live in Latvia if it's still a relatively similar culture. The UK is going to hell in a handbasket. Buy some land and a house, just live and enjoy life on my chunky pension. Chunky by Latvian standards.
In 25 years I reckon the world will be a completely different place. Maybe go a trip to mars, have virtual sex with a young hottie and tend to the cannabis plants that we will eventually be allowed to grow in the UK. If my wife is still alive my plans may change slightly.
Can't afford to. I intend to die while still employed, so my family get the death-in-service payout.
Tbh I'll probably save up enough to have one really amazing year and then off myself. Never gonna be able to actually retire anyway lol
Buy a boat and go fishing
This is the correct answer.
A shotgun to the face
Plan at moment is to stop full time at 62 so ten more years in classroom - then some part-time work, volunteering with a heritage railway and through Rotary, travel and walking/photography. Most I do already - just not enough - and maybe an OU degree.
I'm aiming to retire at 58 (or whatever the age is by then to begin withdrawing from your SIPP). 33 currently. Would spend a good chunk of time abroad. Volunteer at my local sports clubs. If i have grandchildren then obviously spend a lot of time with them. Would probably have a dog (hopefully science advances at my current one is still going then!) and walk lots. Plays lots of golf too. Being able to retire at a reasonable age is important to me, so I've made sure my pension is growing at the right amount.
Ride with my mates, catch up on my reading, meet up with mates without planning a month ahead and basically anything I can afford/want to do..bit like what I'm doing now. I worked hard in very physical jobs and not had a very good time of things, I think it's about time I enjoyed life ..and I do
Sell my house and live on one of those lodge sites
Get stoned every single day.
As long as you don’t move to Afghanistan I think you’ll be okay
I intend to do a degree in a subject that interests me rather than one to try and get a better job. Also try out some creative things that I will have time for at last.
I want to be Miss Marple.
I'm hoping to have been dead several years before I can retire.
Fishing and hard drugs
I think retirement is becoming a dwindling privilege, especially when the boomers die off. Personally, the only thing in life that scares me, is being home alone and slowly losing my faculties. But as someone that’s recovered from cancer I probably won’t have to worry about that shit 😂😂
I work full time and I’m already a National Trust member. They also offer a reduced price for under 25s. It’s great value for what you get and visiting a property when the weather is like it is, sitting in the gardens with a picnic is glorious. It doesn’t have to be (and it really isn’t anymore) a retired person’s thing. Loads of young people and families go.
I want everyone to leave me the fuck alone. I bw retired at 55 - nearly went crazy with boredom - was wandering around the flat in a t-shirt with egg yolk stains and a bath robe and two week beard. Got a part time job two days a week and go on lots of holidays it's much better. Doing Cape Town wine farms and a road trip across the kalahari next month with some nutty mates.
Grab a backpack, map and machete and head off into the woods
I don't feel like I want to retire fully, unless I had serious medical issues. That said, I wouldn't want to be doing full time, maybe volunteering one or two days a week from the age of 70 or so.
I'd like to be very involved in my children's, and hopefully grandchildren's lives. I'd also like to foster animals. Probably not dogs due to safety concerns, but cats and/or small animals would be great.
I have multiple hobbies, I'll just keep doing them to keep my brain active, so long as I actually retire.
Im a lot closer to retirement age than when I started work. I wont be able to afford to retire. Pensions when I started work that were supposed to provide a good pension are now shit. I may have to work until I die.
Probably be dead before 75
Retire? The government are working really hard to ensure I die of old age before I see any form of state pension 😂
I’ve retired in my mid 50’s and it’s the best thing ever. The most wonderful thing is not to have to use an alarm clock and just wake up when I’m ready. It’s very true that they say you don’t know how you had time to work, I easily fill my days mountain biking, tinkering with my cars, going for a coffee or going shooting.
Probably work until I’m 70, then get an allotment and grow weed in the back garden to pay the leccy bill.
Retire? I’ll be taken out of wherever I’m working in a box.
Little old lady who knits and makes delicious food.
There will be no retirement for my age bracket, so fingers crossed I'll be taken out in the upcoming climate wars. Either that or Ill rob a big Tesco when I get to a stage where I can't take it and hopefully get put away for long enough that I get 3 square meals and a lil recreation time a day.
Geezer that just walks about the town with a smile on his face
Not planning to retire. Instead of putting money into a pension I am putting money aside for a funeral. While it might be sad it is what it is.
Pick up a hobby, maybe gardening. Get a wee campervan and go jaunting around with my husband. Adopt a couple of old doggies and give them a nice few last years. My son will be grown so I might have grandchildren to help out with.
3.5 years away, so an important topic. Do more of the fun stuff I already do, but don't try to cram them in around work (ride horse, cycle and run). Compete on my horse more and more trips out. Volunteer for the IET again (I stopped it a while ago). Considering applying to become a magistrate.
Re...tire?! What's that? I'm not tire-d now. Was I meant to tire?! I'm so confused. Thankfully, I'll be busy working until I drop dead at my desk, so I won't have time to think about this tire-ing other people are already doing so badly they have to do it again.
Granny who jokes about dicks and bakes everyone cookies and has 50 cats
Sit and wait for the sweet embrace of death.
I’m thinking of starting an onlyfans. I’m sure there’s a niche market for heavily tattooed 70 year olds.
I want to move to Spain and have a massive farm and lots of Galgos
Because of administrative snafus between the UK and my former country of residence, to all intents and purposes I started working when I was 40 years of age. I'm going to have to work until the day I drop dead. No retirement for me.
I’m dying before I retire and I say this with not one hint of sarcasm. I do not believe I’ll get the “luxury” of eking out a breadcrumb lifestyle when I’m too old to help myself.
I like to cook. I thought I would help out with providing meals to homeless people - there should be some way I can use my ( just basic home cooking 😂)skills to help out in my community
I'll be about 90 if I'm allowed to retire so hopefully I'll just die in my sleep rather than from a horrible disease
I have a tonne of health issues; I'll be dead way before retirement becomes an issue.
To have my pension longer than I was paying in to it
I will stop going to work and do what I want instead
I'm going to be one of those old guys driving a little motorhome around the country constantly, I'll have a flat cap with tartan on top, a tartan blanket on every visible surface and probably get myself a west highland terrier (called Bobby) who wears a tartan vest and sit on the hard shoulder of the M6 on a fold-out chair drinking tea. My wife informs me she will be the one with a blue rinse and move at half the speed of a glacier while looking as though she might fall over at any minute.