When will you retire?

[skel1983]

Fucking hell Miles youre 30 years old!!

Next you will be telling us you are organising the funeral and you have picked a nice hand crafted coffin for your demise.

[Mark TKO]

50 - not a day after

There's a rumour that I may have to do a days work at some point before I get to that date - but I think its just a rumour

[X]

Wake up guys - at least those of you in the West, or whose earnings are hosted in the West.

The worldwide economic slump will have added at least ten years to the amount of time people aged 45-65 will need to work. Their savings have been drastically reduced after the devaluation of bonds and equities worldwide, and any state help for them will be cut to almost nothing, so they will be retiring with nothing to live on and with no help. They will have to continue working.

People aged 30-45 will probably have less savings, so (on paper) will have lost less. However, any savings built up over the next 5 years or so will return almost nothing. Anyone who has a Defined Contribution pension will find that it returns about 20% of the projections they will have been given. Those people on final salary pensions will probably find that they are closed before you retire. Things may pick up by the time they do reach older age, but the days of comfortable retirement under 65 have finished for all but the tiny fortunate minority.

People under 30 are truly screwed, because they are the people who will end up paying back all the money that our bankers have squandered. This will take a generation!

Rant over.

[killersheep]

Wake up guys - at least those of you in the West, or whose earnings are hosted in the West.

The worldwide economic slump will have added at least ten years to the amount of time people aged 45-65 will need to work. Their savings have been drastically reduced after the devaluation of bonds and equities worldwide, and any state help for them will be cut to almost nothing, so they will be retiring with nothing to live on and with no help. They will have to continue working.

People aged 30-45 will probably have less savings, so (on paper) will have lost less. However, any savings built up over the next 5 years or so will return almost nothing. Anyone who has a Defined Contribution pension will find that it returns about 20% of the projections they will have been given. Those people on final salary pensions will probably find that they are closed before you retire. Things may pick up by the time they do reach older age, but the days of comfortable retirement under 65 have finished for all but the tiny fortunate minority.

People under 30 are truly screwed, because they are the people who will end up paying back all the money that our bankers have squandered. This will take a generation!

Rant over.

Depends on if your investments bet for or against the downturn.
There are always those that make huge profits when the majority loses their asses.
A savings account certainly won't give anyone the means for retirement, but there are other vehicles to park your money some that have done very well over the course of the recession. And buying in when the worldwide markets tanked offered the opportunity for explosive growth. Now the masses are starting to buy in again which means it's time to sell those assets bought at the bottom.

[:::PSL:::]

I'll only retire when I win the mega lotto jackpot.

[Master]

I never want to retire, I love work and it gets me out of the (mad) house.

[porkypara]

If my fire service pension gets left alone(which I doubt) and combined with my army pension I could retire at 50.


I dont have my hopes up though,things will have changed a hell of a lot by then.


For the worse!

[Kev]

Fucking hell Miles youre 30 years old!!

Next you will be telling us you are organising the funeral and you have picked a nice hand crafted coffin for your demise.

I know. The only people who think about retirement at 30 are dole bludgers like myself and David Haye

[Gandalf]

Fucking hell Miles youre 30 years old!!

Next you will be telling us you are organising the funeral and you have picked a nice hand crafted coffin for your demise.

Honestly, below 30 is the ideal time to start thinking about it. A government pension is only ever going to get smaller and unless you have made preparations from this point on then you are likely going to be living in relative poverty.

X made a very good post above too. I am under no illusions about what is needed to be done in order to retire when I want and I am making all the necessary plans and have been doing so for a number of years now. It's also a very good point about the West, the place is just a drain. Here taxes are low and you can still put your money away with decent returns. All of my reseources are Asian based and I don't even use British banks anymore. In fact, I plan on staying independant of using any government pension. The countryside farm is already part of my mother-in laws will. I fully intend to camp out there when I reach my mid 50's. It is my version of Orwell's Jura.

I have given up completely on British life and the place will only be part of holiday plans from this point out. I have no desire to retire there. Even if I end up quitting Korea for career reasons, I fully expect to return and indulge in my small plot of land fantasy.

[Spicoli]

When I was 20 it was 21....at 30 it was about 60. Ive always been raised to not look to retire of want but when the body caves and the mind follows. I honestly think I'll work in one way or another until I get to that point....I live retirement one roadtrip and week off at a time in between now... as I go.

[Gandalf]

No, not quite true. I won't be able to claim a UK pension, but the Korean pension is really small, so basically I don't plan on relying on it. I will take whatever they give me as they take it from my wages, but it isn't really enough to live on in any real way.

[VictorCharlie]

Barring some sort of financial windfall I plan on working well into my 60's and possibly my 70's. I'd like to own 20-30 acres with water on it and spend my last years fishing and hunting.

[X]

I'd like to think of myself continuing to exploit everyone else around me for many years to come, so I can earn a good living off the sweat on their brows and the rickets in their children. Then I can retire in the knowledge I have fucked lots of people's lives.

[Gandalf]

I'd like to think of myself continuing to exploit everyone else around me for many years to come, so I can earn a good living off the sweat on their brows and the rickets in their children. Then I can retire in the knowledge I have fucked lots of people's lives.

You don't happen to work for the banking sector, do you X?

[Preme]

50-55 although I see my self still doing something as I would get bored.