paulr

A mate of mine was talking about working towards retirement the other night.He reckons he wants to retire at 50.
Basically i couldnt beleive it,to me retirement is just so far away.
(We're both in our 30's)

At what age do you plan to retire

fatherpierre

55 - no later

Chip

Hopefully in 10 years time when I'm 50.

Chip.

Little Miss WRX

At 50, like my dad did

TAZMAN

Now but buggered if I can afford to

johnfelstead

yesterday would be nice. I could quite happily live without work if i had enough money.

NotoriousREV

28. So any time this year will do nicely.

I do have a plan to be a millionaire by the time I'm 30. It's basically this:

Earn £500,000 this year, and then earn £500,000 next year and BINGO! It still needs fleshing out a little, but the basics are there.

CHRIS_D

if the army pension is still as it is now, then 40.

options are after 22 years:

£250,000.00 one off payout, no pension at 65.

part of the £250k at 22 yrs + smaller pension at 65.

Nowt at 22 + big pension at 65.

Guess what option im taking

chris

ADP

45, but the way my job is going itll be 55 or 65

Turkish1

50 at the latest, ah well only 26 years to go


Turkish 1

paulr

Chelle...if i followed my dad,i'd still be working at 68

RON

I'm 34, and I'm gonna start taking it easy next year, my dad died at 62, having worked his butt off all his life, never to get to do what he wanted to, I'm fortunate enough to have a skill, and no mortgage, so I'm reckoning on working 2/3 days a week, and spend the rest of the time doing what I want to!!!!!!!
Happy days!

Tiggs

good luck folks- you need a large pot of money to live without work for 30 or 40 years.

T

ps- or very small expenditure!

Little Miss WRX

Have had a company pension since I was 20 with voluntary contributions put in (3 years now).
I Will continue this trend for the rest of my working life

Scooby Dooby Blue

Already retired, i'm 28

I'm off back to bed

P1Fanatic

At 26 please! Only 7 months to go

Tiggs

im an Inheritance Tax adviser so all my clients are retired and range from well off to very wealthy. most of them had good jobs when they worked (£70k pa in current terms plus) but very, very few of these people retired "early" 60-65 is the norm for them.

now that may have something to do with living in the south east and the cost associated with it, or it may be that they wanted to maintain a high income in retirement...either way very few go very early.

T

ps- although if you go back 40 years EVERY one of them would have said "oh, i'll be going at 50!"

AnDy_PaNdY

55....No later. (I'm 32)

MattW

Would like 50
Working for 55
Liklihood it will be 60

The Crushinator

Depends on what career i decide on. If i stay in a pathetic admin 9-5, then i'll retire at 50, otherwise i'll shoot meself. The thought of another 43 years in an office, is too much for me to handle

brickboy

Anyone thinking of retiring early -- check your pension fund **now**.

If it's stocks & shares related, it is haemorrhaging cash compared to conventional with-profits. My personal pension fund (Standard Life) has shrunk by 14% since Jan 2002 . With-profits funds with Standard Life have grown by 6% in the same period. So I've transferred the fund.

Sure, financial advisers would say the stock market will recover, etc etc. But then again, being a Lloyds name was a safe bet, and the Equitable Life was the gold standard of the pensions industry.

Makalu

37...

Im 36 now.

But Im actually planning for retirement at 55.
Mak.

paulr

A bit off topic,but is there any way you can create a self-cert pension fund made up of cash ISA's.ie get the tax advantages of an ISA and tax relief on you salary

The Crushinator

Brickboy has a good point. I think i'm lucky enough to have the knowledge required to create my own portfolio and know what to look for in a pension. So I think that that would give me a few more years and a few more quid

Tiggs

aqlthough be aware that if you put your money in WP now you are looking at 6% (or less) return till retirement, check that against what you need and you may find you need to up the cont.

Tiggs

also look at your predicted fund at ret. and look at annuity rates for a 50 year old...you may find you dont get much for your money.

there is no way i could afford to retire before late 50's and i have good salary (6 figs) and good pension.

T

TopBanana

No later than 55 - earlier if my career allows it. Would probably only go semi-retired anyway as I'd go nuts twiddling my thumbs between bowling matches

paulr

Whats WP?

Another point about pensions.Personally i'm a bit wary of some of these low cost tracker funds.Arent you putting all your eggs in one basket?.And isnt your retirement at the whim of the stock market?

The Crushinator

A tracker fund is just a mirror of the FTSE100 or one of the other Indicies. I wouldn't take out a tracker TBH, they require little effort and the management fees are a bit high for what they are

TopBanana

brickboy: are you convinced it won't go up again? Sell high, not low