I am 58 and will probably be working until I am 68!
Live for today, not for tomorrow…
Live for today, not for tomorrow…
I’ll do anything for cash, I refuse to work to feed the State.It's interesting to note how many people here have retired (or plan to retire) way before reaching State Pension age. We must be part of the group that the BoE Governor recently tried to blame for rampant inflation & rising bank interest rates, and the group that the government are trying to tempt back into the workforce to alleviate the alleged skills' shortage.
Equity Release is your answer when you retire. Even though I had sufficient to manage having downsized after my wife’s death, I released the maximum and put it into a Guaranteed Income Bond with NS&I. With no kids to leave it to, only my sister’s grandchildren, I have no worries about what’s left after my death.This thread fills me with dread and angst.
I am 50 in a few months. We are extremely fortunate to have paid off our modest mortgage about 6 years ago due to a. buying a 2 bedroom bungalow, 2. not having kids, c. not trying to keep up with the joneses, d. buying in a time when house prices were ’reasonable’. We also don’t have loans/debt and I bought the T6 in cash.
So our outgoings are minimal compared to a lot of people.
But….
I genuinely have no idea how I am going to be able to retire any time soon - I naively dreamt about when I could pay off my mortgage and not need to work - but in reality you still have to pay out for utility bills, home improvements, diesel, food, parts for the transporter etc.
My pension pot is not that great because I focused on overpaying my mortgage rather than worrying about paying into a pension and by the time I get to state pension age it will probably have been raised to 75.
I don’t want to work at nearly 50 - I cannot face another 20 odd years of work.
So, I dream of a lottery win or that my dad won’t spend all his money on fast cars and women before he pops off - these are my only legal options it seems.
If only we knew the year we were going to die - not the circumstances or the exact date but if we knew the year we’d have a much better time with financial planning.
That’s helpful thanks. You’re right, apart from the cat inheriting it allEquity Release is your answer when you retire. Even though I had sufficient to manage having downsized after my wife’s death, I released the maximum and put it into a Guaranteed Income Bond with NS&I. With no kids to leave it to, only my sister’s grandchildren, I have no worries about what’s left after my death.