lolipop:
toonsy:
jakethesnake:
I don’t understand why anyone would want to work after 65 but if you need the pennies I suppose you need to carry on. Surely nobody would carry on for the love of the job especially the way things are now.
I was lucky enough to take early retirement and I have loved every minute of it so far. I have plenty to keep me busy though and I suppose some, like a friend of mine back home gets bored and wishes he was back at work. Mind you he is a tight bar steward and loves making money. If you have enough I would 100% recommend quitting.Because retirement age is no longer 65?
It’s 68 for me, assuming it doesn’t change again.
I’d Hooe to at East slow down by then. I’m due a Royal Mail pension at 60 so I’ll likely defer that until maybe 65, then take it and drop back in terms of days.
But hey its 28 years away and anything could happen. The key thing is to ensure I have facilities in place (pensions etc) to be able to use them when the time comes.
My dad hammered it into me about joining a workplace pension as soon as I could which was sound advice. Sadly the majority of workplace schemes these days just pay in the bare minimum they have to by law so it’s always work considering along with any pay package on offer what the deal is in terms of pension contributions.
Just food for thought, many company pensions after 60 don`t make much more money even if you defer it until your final day I collected at 20% at 60 along with a lump sum and still worked at the same place til 65
Yeah course, a lot going into a safer investment so they become less volatile closer towards retirement age which makes sense even more so now when it’s become clear that even small shifts in markets can wipe out a lot of money so less exposure to that with less time to rebalance it is why pots are often moved to lower risk funds.
I think my current plan makes my pension available to me at 60, and say its 100k as a pot for arguments sake (it will be more than that). If I’m still working there’s no point in taking it because say I live to 85 again for arguments sake, that 100k has to last me 25 years. If I keep going even with no more paid in and take it at 68 that 100k needs to last only 17 years. That’s a difference of about 2k a year assuming I take no lump sum.
Also taking it along with a salary means that my tax allowance is used by my pension therefore I’d effectively he paying tax sooner on any wages I earn.