Who are they and what do they live on?

We also downsized 10 years ago, 5 years before I stopped working. This paid off the mortgage and we invested money in making the new smaller house more energy efficient.

Doodledog

Absolutely, Callistemon. Talk about being unable to do right for doing wrong .

I left full-time work at 57. My husband is a bit older than me, and we'd thought we'd retire at about the same time, but the goalposts moved, and we had to reassess. He left at 60, and I stayed on for a couple of years and left early.

Financially it wasn't a good move - it cost us both a fortune - but on every other level it was definitely the right thing to do. We worked for well over 40 years each, so I don't feel remotely guilty about it. Neither of us is claiming benefits, and I don't know anyone who has left work in order to do that. Friends who have done similarly are also living on reduced versions of the pensions they bought in their working lives, topped up with State Pensions when they get old enough to claim them.

My worry is that the government is making so much noise about the number of people who are doing what they have saved for and worked towards, so that they can cut or means test the State Pension. It sometimes feels as though they won't rest until everyone is reduced to living on minimum wage, with anything they have over that taken away on the grounds that we can 'afford it'.

My worry is that the government is making so much noise about the number of people who are doing what they have saved for and worked towards, so that they can cut or means test the State Pension. It sometimes feels as though they won't rest until everyone is reduced to living on minimum wage, with anything they have over that taken away on the grounds that we can 'afford it'.

That wouldn't surprise me in the least. You only have to look at the way services that were once available now have to be paid for. That will happen increasingly. If they can't claw-back the money you've worked hard for one way, they'll get it off you another way.

A compliant and 'flexible' labour market is the 'dream' of the right-wing, free-market libertarian... including attracting investors who are enticed by a low-tax, low-wage economy.

Ultimately I believe only the very wealthy will be able to retire early. The rest will just work until the retirement age which will continue to increase, live a few years and then die.

I think the future is bleak. I'm sure at some point the state pension will be phased out with compulsory insurance (probably via companies set up by government cronies).

Cynical, I know. But once you've read Britannia Unchained, you can't fail to see where we're headed under a Tory government.

I retired officially at 55, thirteen years or so ago. (I was a midwife, it was allowed at the time. I think younger midwives/nurses must carry on for longer).
I had had enough, my health was suffering. Physically and mentally. Unsocial hours, long shifts, poor staffing levels, huge responsibility-it all add up. So it was my choice to retire. I was lucky to be able to.

But after a year or so I went back to work as a bank midwife, for two years (no shifts/no unsocial hours, working as much or as little as I wished). My choice again. The control over my hours made a great deal of difference. I was no longer leaving my bed in the early hours to spend hours working for a few pennies and maybe time off in lieu.

While I was working as a bank midwife, I saved that money, forcing myself to live on my NHS pension. It was doable. So, after the two years working on the bank, I stopped working and threw myself into other things. I was 57. Then I did several days childcare for grandchildren once theirs mum's mat leave finished. To date we have had some degree of child care for 9 years and counting. Currently we do school drop off's and pick ups, plus some school holidays.

My state pension kicked in at 66. I most certainly could not have gone back to work as a full-time, all singing, all dancing, unsocial hours working midwife. Thirty odd years were enough for me, and I suspect many others like me in the modern NHS.

If people such as me are to be enticed into the work force, consideration needs to be taken as to energy levels, less than optimum health, caring responsibilities etc. Not all employers are keen to employ a 60+ individual.

I despair for my children.

I know a few people who retired at 50-55 with gold-plated public sector pensions but they’re in their mid-70’s or older now. I also know one person who took a very handsome redundancy with pension at 50 with a big private sector company, was almost immediately taken on by the same company to do almost the same job and the. retired from that a few years later with another pension. Nice work if you can get it!

Dh retired at 68, nine years ago. He’d wanted to work to 70 but circumstances precluded that. We still had our youngest child in school at that point and had to get her through university but we’ve got there now. We have downsized, (although had to pay more £££ for a smaller house ) but that has cut our costs considerably, we have also been able to reduce our transport costs and now have access to cheaper food shops.

I only know of one couple currently in their 50’s who are retired now, both employed by train companies. One has gone back to work for their old company, the other doesn’t work now. Otoh, I know a good number of people in their 50’s who’ve paid off their mortgages even if they have t stopped work.

I know nurses who retired at 55 and worked bank shifts for a few years until state pension at 60. These people are in their 70s now as it's a long time since anyone could get state pension at 60 and younger NHS staff can't get their pension at 55 either.

I retired at 68/9 and hate retirement hence voluntary work is my lifeline

My husband retired last year at 56, he worked for the same company for 40 years . He had a final salary pension, he took a lump sum ( tax free) and can take a certain amount yearly. I have a much smaller pension and gave up work a few years ago , I have rheumatoid arthritis. We'll both get our state pension when its due and with no mortgage, its just bills etc. We're lucky i know to be financially secure and always imagined we'd travel more once retired. But with my health not being good and elderly in laws , we don't

Message withdrawn at poster's request.

I am 6 yrs older than my DH and retired last year - I have three private pensions which in total are about £11000 a year plus a state pension of another £9000.
My DH retired a little later and will have no income until he can acess a small private pension. Another 7 years until he can access his full state pension
We have saved enough to cover the shortfall as we have travel plans and were worried that if we waited we wouldn't be healthy enough to fulfil these dreams
Basically we saved all his income and lived off mine for the last 10 years
We also tried to future proof our house by replacing windows, roof and bathroom. Covid stopped kitchen plans but we are now going ahead with these this year
He won't be rejoining the workforce

I retired at 58 and my DH at 60. Both from public sector type jobs with good pensions and I also got a redundancy lump sum. No children or other dependants. We have no mortgage and live on our pensions but also have substantial savings which we are using for holidays and house projects (eg new kitchen). My redundancy money plus an inheritance from my father has been invested. Performing appallingly at the moment but hopefully it will improve.

AussieGran59

In Australia the pension is means tested and doesn’t kick in until age 67 for me. We are living on husband’s part pension and our superannuation savings. We are by no means wealthy but will never receive the full pension. The UK system is fairer, you all receive it no matter what, don’t you?

Yes, I was asked about this by a friend who said neither she nor her DH would receive a state pension. However, her DM did and it was far more generous than the UK one.
I thought it was non-contributory and means-tested?

Doesn't everyone have to pay into an occupational superannuation scheme which is investment based (and now worth trillions)?

The UK system is fairer, you all receive it no matter what, don’t you?

It's based on National Insurance contributions but it's not investment based.

Message withdrawn at poster's request.

Would anyone know how the US pension system works? Do they have a state pension or is everything private? Just interested to know. Thanks.

I know a nurse who retired at 55 but then announced she was working in a hospice part time. In the last year she has had more holidays abroad than I have had in the last twenty years.

I think many people think that you will need more income in retirement than maybe you do. Once your mortgage is paid off, that is usually a big chunk of your outgoings.

Certainly, if you want to go on lots of holidays, that will add up, but speaking personally, holidays are not so important to me now, not the same as when I was at work and wanted to ‘get away from it all’. Quite content to spend more time at home now.

Nurses...loads of them...myself included....gone at 55.... covid j7st tipped everyone over the edge.. now there's no abatement many have returned on bank but not everyone....I do bank shifts maybe 1 a week sometimes 2...often none.....I got a good pension and a good lump sum.....no mortgage....savings....kids grown and flown
...so absolutely no reason to stay in work for me....all my colleagues have done the same

A friend retired from nursing at 55, after 35 years service to the NHS - a fully deserved pension, particularly after earning a relatively modest salary all those years.

I'm with you Dickens. I smell propaganda preparing the way for a gentle ( hidden in plain sight) but steady decline in the State Pension over time - an agenda set by a government which wants everyone to provide for themselves. However, no one has done the joined up thinking - clearly many people will be unable to carry on working until nearly 70, and will be forced to claim sickness benefits. Will this be better for them? for the national budget? I doubt it.

I had to retire on health grounds at 60. At that point, I had used up all my sick pay. I only had my small teacher's pension, like GBatty, nothing until my state pension last year.
I had a very good salary, so it was a huge and unexpected shock, when I was forced to give up a career I loved.
Fortunately DH had both his state and local government pensions.
I also had topped up my teacher's pension and used a drawdown payout to extend my kitchen and build an accessible shower room to make life easier.

Our GP retired at 55, bought himself a yacht. Maybe he lived a frugal life? Who knows.

Some people have Inheritance money from Parents or Grandparents which also helps.

I retired at just over 50 as part of a redundancy scheme. I was paid a compensation equivalent to pension until my occupational pension, which was enhanced, kicked in. I had also a second work pension to which I stopped contributing but which accumulated a significant sum which I used to buy an annuity. My partner also retired early from lecturing caused by an excessive workload. It was one of the best things for us. We also paid off our mortgage early using maturing insurance policies we took out when younger so we had no mortgage costs after retiring. Perhaps we were lucky.

PS I always advise young relatives to think very early about their pension opportunities. Remember that old newspaper advert about 'they tell me my job doesn't have a pension........unfortunately, I have no pension'. Was it the Prudential?

My husband, the main earner, has retired a few years early. We (together) decided that the stress of his particular work before the pandemic was bad enough but once the pandemic came along it was the last straw.

We both miss the "comfortable" income and ability to have holidays but frankly this is better. Much better.
We don't get a state pension yet but would rather muddle along.
As someone upthread said, I think we can live on less than we think.
It must be impossible if you are totally reliant in the state.

We are the lucky ones.