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Post by tory on Feb 19, 2024 11:37:06 GMT
Still a way off for a few of us, but for my generation, personally, I think it's probably more likely that we'll never retire.
The pension system is obviously unsustainable and is not set up to take into consideration people living to a much older age. The days of final salary pension are a fantasy for most of us nowadays - my teacher pension will be half-decent but not great, and I'm paying £500 a month into a private one so that we won't be living off scraps when we can no longer work realistically.
What are your plans?
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Post by adamcoan on Feb 19, 2024 12:14:06 GMT
When the money runs out i will walk into the middle of town in my pyjamas. I will then dribble from the mouth, gibber incomprehensible rubbish and piss myself.
Hopefully my old people's home will have Mr Kipling bakewell tarts once a week.
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rayge
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Post by rayge on Feb 19, 2024 12:42:29 GMT
I retired from salaried work/paid imprisonment when I was 30 because I hated hierarchical structures and I tended to the belief (one I still hold) that time is more valuable than cash or the things that cash could buy. There were no occupational pensions attached to the work I was doing before then, and if there had been, I would have opted out. At that time I didn't have a partner, dependent children or a mortgage.
I never bothered with a private pension because I thought they were a cross between a ramp (a la the insurance industry) and gambling (the worst of vices), and not worth it anyway, as inflation would destroy their value (assuming some crook didn't loot the pot).
Of course, I was still doing stuff for money - I don't come from a wealthy background - but on my own terms as far as time was concerned. I had it in the back of my mind that I would inherit my family home - my mother signed it over to me when I got married in 1988 - so I never felt the need to accumulate cash. When she went into care a year or so after Chip died I sold it for the best part of a quarter of a million, which I calculated would keep me in rent, bills and dope (leaving my state pension for food, dog stuff and various non-essentials) until my mid-80s, at which point, if still here, I would throw myself on the mercy of the state.
Then I met Ms Thang, who hated the 'insecurity' (personally, I prefer freedom to insecurity any day, but accept that this is an outlier view) of renting and wanted to buy a house with the money she had inherited from her husband, so I caved and after three years of looking, in 2019 we bought this place. My personal cash stash hovers aroung the high four figures, but there's very little I want to buy, and currently I'm pulling in a tax-free income from selling my and Ms Thang's record collections on discogs (£2k+ since Xmas) as well as £200 a week state pension and I'm managing fine, although I still don't have enough precious time (and, to be honest, energy and phyusical capacity) to do all the things I would like to do.
My mother found an occupational pension plus state pension more than met her needs for the last twenty years of her independent life, to the extent that I discovered literally thousands of pounds in cash around the place.
I think my point is that I personally don't see the point of trying to game the future rather than fully immersing myself in the present.
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Post by Sneelock on Feb 20, 2024 19:25:49 GMT
when I first entered the job market, if you could last a year you got a raise. Hey, you lasted a year! you must be doing good. Here's a little something to help you out with rising costs!
after I'd been working long enough to depend on these increases they stopped coming. Every year I was treated to a lecture of why I was lucky to have a job at all.
now that I'm getting close to retirement age, here's how it works. Not only am I lucky to have a job. I need to tell THEM what I intend to do to deserve the job I have in the year to come. everything goes up but the wages. the fickle finger of fate has taken care of us this far. the fates obviously care more about us than the Greed-Heads do. I suppose we will manage. we always do despite the odds.
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Post by fearlessfreap on Feb 20, 2024 19:29:25 GMT
I'm going to have to work until they carry my decrepit corpse off the shop floor. Retirement? I can only dream or maybe come up with a lawsuit.
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Post by Half Machine Lipschitz on Feb 20, 2024 19:35:40 GMT
My wife spent years and years telling me we need to get our shit together, so a few years ago I got my shit together (she already had her shit together) and put as much as I could afford away for retirement. She'll have a half-decent pension, but I'll only qualify for the state pension, which doesn't amount to a whole heckuva lot. She also thought we'd be best off if we converted the second floor of our house into an apartment that we could rent out for extra income. I personally don't think it would be worth the initial outlay to do, as I doubt we'd make our money back in a reasonable amount of time after all the expenses involved. Anyway, lately she's been saying we don't really need to worry about any of that stuff and that we're in good - not great - shape for retirement. It'll be a frugal existence, but at least we won't starve to death (fingers' crossed).
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Post by souphound on Feb 20, 2024 23:17:27 GMT
My wife spent years and years telling me we need to get our shit together, so a few years ago I got my shit together (she already had her shit together) and put as much as I could afford away for retirement. She'll have a half-decent pension, but I'll only qualify for the state pension, which doesn't amount to a whole heckuva lot. She also thought we'd be best off if we converted the second floor of our house into an apartment that we could rent out for extra income. I personally don't think it would be worth the initial outlay to do, as I doubt we'd make our money back in a reasonable amount of time after all the expenses involved. Anyway, lately she's been saying we don't really need to worry about any of that stuff and that we're in good - not great - shape for retirement. It'll be a frugal existence, but at least we won't starve to death (fingers' crossed). Have you thought much about moving out of the city when the time comes? I have thought about it myself but there's just no way, unless it would be absolutely necessary. No way for me. If I had been smart when I was younger I'd have a great pension coming, but I wasn't smart. So before the time does come, which for me is only a couple of years away probably, I'm trying to take care of some of the things now, that I probably won't be able to handle then, money or geezer-wise. Like making sure I'm all set in the kitchen (I like to cook!). Nothing fancy at all, but you know, new stove and fridge to come..... Facing reality is quite rewarding actually! Soothing in a way.
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fonz
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Post by fonz on Feb 21, 2024 15:32:54 GMT
NHS pension. 30 yrs in so far. Another 5 to go. Then I will be well and truly burnt out. The pension will be pretty good to be honest. We think about the pension/ retirement question a lot. It’s proximate.
It is a bit of a gamble though. I would rather have a longer retirement with less money, and ‘cut my cloth’. T’would be galling to retire, and keel over the next day. Unfortunately I’ve seen it happen a few times to well-liked colleagues.
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Post by DarknessFish on Feb 21, 2024 15:47:00 GMT
I can't bring myself to actually think about money or possible retirement, or plans, and that kinda thing. I've always worked on a "things will sort themselves out in the end" sort of basis, and I'm hoping that somehow I'll have enough money to survive on. Before I think about retirement, I've got to think about funding Tom's education, him getting a job/house/etc, then looking after my mum as she enters old age. So best not just to think about any of it. I've got enough money right now to do what I want, which isn't much in either the wanting, doing, or amount of money, so I'll think about the future later. Hopefully my wife's NHS pension will be enough for her, and whatever savings we have and whatever crappy work pension I get will be enough.
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Post by Half Machine Lipschitz on Feb 21, 2024 15:51:39 GMT
My wife spent years and years telling me we need to get our shit together, so a few years ago I got my shit together (she already had her shit together) and put as much as I could afford away for retirement. She'll have a half-decent pension, but I'll only qualify for the state pension, which doesn't amount to a whole heckuva lot. She also thought we'd be best off if we converted the second floor of our house into an apartment that we could rent out for extra income. I personally don't think it would be worth the initial outlay to do, as I doubt we'd make our money back in a reasonable amount of time after all the expenses involved. Anyway, lately she's been saying we don't really need to worry about any of that stuff and that we're in good - not great - shape for retirement. It'll be a frugal existence, but at least we won't starve to death (fingers' crossed). Have you thought much about moving out of the city when the time comes? I have thought about it myself but there's just no way, unless it would be absolutely necessary. No way for me. It depends. If the right opportunity presented itself and all the cards fell into place then we'd certainly consider it. We've actually been looking into Mexico as a potential retirement spot, but it's all just fantasy at the moment.
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