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Thread: Grim statistics on retirement age and life expectancy

  1. #171
    Join Date: May 2009

    Location: Bristol

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    There are so many imponderables/uncertainties in life that's it's impossible to generalise. Marriages break down, people suffer poor health, children get into bad company. My own life has been, by most standards, easy, but I don't rush to judge or condemn those dealt a worse hand by fate or events. I made two sensible decisions from my point of view quite early in life: paying into a pension scheme from the age of 23, and buying a flat in a 'good' neighbourhood aged 26. The first means that I have financial security in retirement, the second meant that I could move up the property ladder before house prices went insane. It worked for me, but not everyone would have had those chances in the past, and very few will have them now.

  2. #172
    Join Date: Jan 2008

    Location: Wrexham, North Wales, UK

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    I'm AudioAl'sArbiterForPISHANTO.

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    Quote Originally Posted by Joe View Post
    There are so many imponderables/uncertainties in life that's it's impossible to generalise. Marriages break down, people suffer poor health, children get into bad company. My own life has been, by most standards, easy, but I don't rush to judge or condemn those dealt a worse hand by fate or events. I made two sensible decisions from my point of view quite early in life: paying into a pension scheme from the age of 23, and buying a flat in a 'good' neighbourhood aged 26. The first means that I have financial security in retirement, the second meant that I could move up the property ladder before house prices went insane. It worked for me, but not everyone would have had those chances in the past, and very few will have them now.
    The property ladder point is a good one. Getting on it now is horrendously difficult for young people, and I sympathise with the struggles involved. It was much easier in your day and mine.

    In terms of your pension scheme, you were lucky that the company you paid contributions to have remained in business for all those years. I was always very wary of that, and them going bust and losing everything I'd contributed, which is why I chose not to go down that road, and created my own 'pension fund' instead.

    I also dislike the notion of making others money at my expense, and so avoid it if possible. That was one of the reasons why I left the company I worked for, selling artwork to private and commercial premises, and once I'd learned what was involved, started my own business doing the same. The satisfaction gained from the first time I secured a major deal and made some significant money of my own, as opposed to simply receiving a commission payment, was immense! Unfortunately, however, it wasn't always such plain sailing...

    And I should hope that no-one here is condemning anyone's life choices, certainly not me. All I've done is point out that if you're in your 50s and stressed out and unhappy, doing a job you hate, simply to maintain a certain lifestyle, then there is a way out, if you're willing to make some sacrifices.

    In all honesty, if it were necessary, I'd live in a bedsit, with just enough money to survive comfortably, if it meant that Del and I could be together and live happily. When you strip all the bullshit away, the material stuff that today we all *think* is necessary, through being brainwashed by commercial influences and peer pressure, it is just that: BULLSHIT.

    Ultimately, all that matters are relationships and people, and so in life, that should always be our primary focus. No wonder there are so many lonely and unhappy millionaires out there, as money isn't everything.

    Marco.
    http://www.thestainedglasscompany.com

    "A man is a success if he gets up in the morning and gets to bed at night, and in between he does what he wants to do" -- Milan Kundera.

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  3. #173
    Join Date: Feb 2010

    Location: London, UK

    Posts: 1,275
    I'm Dave.

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    Quote Originally Posted by willbewill View Post
    Going back to the subject of deferring state pension.

    If you get full sp of £8.5k and defer for one year you get £500 a year more on your pension. Doesn't sound like a good deal to me, it would take 17 years just to recoup the year you've deferred, so if you're 66 when you reach sp age you need to live to 83 just to break even...or am I missing something?
    Just looked at this again. Many people would now be better taking the money as soon as they can. The deferral interest rate is now lower so it would take longer to compensate for not taking the pension at the earliest opportunity. There is also the risk of not getting anything at all if one dies before activating the pension. One or two years are now the most that anyone should even think of deferring the SP, depending on their circumstances.

    Anyone who gets any form of lump sum payment or has a high income from other sources (e.g. continuing employment, other pensions) around the time they retire should check and “do the maths”, as the sp might be taxed at a higher level if thresholds are exceeded - though without the option to take a lump sum it could well still be better to take the money, even if it does than get eroded by tax. People who were eligible before 2016 had a much better deal.
    Dave

  4. #174
    Join Date: Mar 2014

    Location: West Wales

    Posts: 378
    I'm malcolm.

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    Yep pre 2016 was definitely better, as were the sp ages. I missed out on the 65 sp age by a few months so have to wait until 65 and 10 months whereas a school friend of mine got his at 65, he was the eldest in our class and I was the youngest...quite irksome to me as we entered the workplace at the same time.
    Audiophile Tosher

  5. #175
    Join Date: Oct 2008

    Location: Aughton, Ormskirk

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    I'm Jerry.

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    The one piece of advice I would give to anyone getting close to SP age is to look very carefully at the various pensions you have accrued over your working life. I have one from the early eighties worth £80000 or so with a guaranteed annuity rate that will give a £6000+ yearly income. The pension company has offered to buy it out for £120000. As I am pretty much ok, I am inclined to stick with the annuity. A few years ago I collected all my pensions together and my finanicial adviser told me to just leave this one as it was. The others he put in a new pension pot that has gone up and down with the stock market.
    Jerry
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  6. #176
    Join Date: Feb 2013

    Location: W Lothian

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    I'm Grant.

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    ive hopes of getting full state pension, if i live long enough, but dont know if i will. they(the Govt) were supposed to pay in full credits for me looking after the wife all those years but ive heard no more
    Regards,
    Grant ....

    I've said it before and I'll say it again: democracy simply-doesn't-work
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  7. #177
    Join Date: Sep 2009

    Location: west mids, UK

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    I'm Phil.

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    Quote Originally Posted by Firebottle View Post
    Cut your stress as much as possible, be happy with what you have, stop keeping up with the Jones's.

    I'm exceedingly happy to say it worked for me, took early retirement and never looked back.

    The stats certainly make you think.
    wise words , driving past my stressed out colleagues today , who struggle every day with so much stress from understaffing and managers who could not give a T......
    i am glad i got out
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  8. #178
    Join Date: Jan 2008

    Location: Wrexham, North Wales, UK

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    Yup, STRESS is today's hidden killer.... Cut it out of your life wherever possible!!

    Marco.
    http://www.thestainedglasscompany.com

    "A man is a success if he gets up in the morning and gets to bed at night, and in between he does what he wants to do" -- Milan Kundera.

    BE HAPPY EVERYDAY!

  9. #179
    Join Date: Feb 2013

    Location: W Lothian

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    I'm Grant.

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    So is poverty of cűurse. Its the leading a stressfree life while retaining sufficient money to lead a reasonable life that is the trick

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    Regards,
    Grant ....

    I've said it before and I'll say it again: democracy simply-doesn't-work
    .... ..... ...... ...... ................... ..... ..... ..... ..... .....
    OPPO BDP-103D DARBEE - JBE SERIES 3/B&O SP1/PROJECT PHONOBOX DS2 USB - QUAD VENA 2/TWIN PRO MONOBLOCK POWER AMPLIFIERS - XS VALVE DAC - AVANTREE OASIS PLUS + LEAF HD BLUETOOTHS - OPPO PM-3 PLANAR +NURAPHONE HEADPHONES - ZBOOK/WIN10 PRO/AUDIRVANA 3 PLUS/TIDAL - SMSL M6 MINIDAC - RPI 3 DIGIONE/VOLUMIO - FULL RANGE TWIN TELEFUNKEN MAIN SPKRS/Q ACOUSTIC BT3 ACTIVES & CANTON SUB - P.INSPIRED MAINS REGENERATED.

    **Men are not punished for their sins, but by them**

  10. #180
    Join Date: Jan 2008

    Location: Wrexham, North Wales, UK

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    Quote Originally Posted by struth View Post
    So is poverty of cűurse. Its the leading a stressfree life while retaining sufficient balance money to lead a reasonable life that is the trick
    Definitely, but I'm thinking more among the working population, and who are unlikely to be poor (in a true sense). Stress is the one that 'headless chickens', in the rat race, suffer from most. As you say, achieving a healthy work/life balance is the key

    Marco.
    http://www.thestainedglasscompany.com

    "A man is a success if he gets up in the morning and gets to bed at night, and in between he does what he wants to do" -- Milan Kundera.

    BE HAPPY EVERYDAY!

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