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Thread: Grim statistics on retirement age and life expectancy

  1. #111
    Join Date: Apr 2016

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    Just to go back to the original subject, I will be retiring slightly early in coming weeks, and hopefully the fact that my Mum celebrated her 91st birthday will be good sign and equally important the calculations made by myself and my financial advisor are accurate.
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    Robin

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  2. #112
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    Ah, 'financial advisors'... I'm not a big fan of those either, as they're primarily focussed on 'advising' you on what's best for boosting their bank balance!

    I advise myself, or will consult people close to me I trust with the necessary knowledge.

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  3. #113
    Join Date: Dec 2014

    Location: UK, inactive

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    I'm inactive.

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    Quote Originally Posted by Macca View Post

    Objecting to a controversial subject being discussed is just another form of political correctness and, by extension, thought control.
    Rubbish ... but each to their own

  4. #114
    Join Date: Feb 2010

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    Quote Originally Posted by rmcin626 View Post
    Just to go back to the original subject, I will be retiring slightly early in coming weeks, and hopefully the fact that my Mum celebrated her 91st birthday will be good sign and equally important the calculations made by myself and my financial advisor are accurate.
    Good luck with that - retirement I mean. Hopefully you'll enjoy it, and have enough to live on.

    I was once given a suggested formula for one's own survival. I think it went something like take the ages of your grandparents at death, add them up, add 40, and then divide by 4. The actual formula I was told was expressed slightly differently, but algebraically the same. The 40 was supposed to represent improvements in health etc. over a period of say 70 years - dividing by 4 brings it back to 10 - so "most" people now live 10 years longer than people a couple of generations back. Unfortunately in my case this formula is let down by one of my grandmothers, who I think died way before I came along. Similarly mrs dave has been let down by one of her grandfathers who also was inconsiderate enough to die young.

    The good thing is that to some very limited extent people are like light bulbs. The longer they keep going, the more likely they are to live longer - though of course the remaining time will probably be shorter - is this <sadface>?)

    If I've remembered the formula correctly (which may be doubtful) I'll hopefully make it to 78. Oooh that's scary. I hope to do better than that.
    Dave

  5. #115
    Join Date: Feb 2013

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    I'm Grant.

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    Quote Originally Posted by dave2010 View Post
    Good luck with that - retirement I mean. Hopefully you'll enjoy it, and have enough to live on.

    I was once given a suggested formula for one's own survival. I think it went something like take the ages of your grandparents at death, add them up, add 40, and then divide by 4. The actual formula I was told was expressed slightly differently, but algebraically the same. The 40 was supposed to represent improvements in health etc. over a period of say 70 years - dividing by 4 brings it back to 10 - so "most" people now live 10 years longer than people a couple of generations back. Unfortunately in my case this formula is let down by one of my grandmothers, who I think died way before I came along. Similarly mrs dave has been let down by one of her grandfathers who also was inconsiderate enough to die young.

    The good thing is that to some very limited extent people are like light bulbs. The longer they keep going, the more likely they are to live longer - though of course the remaining time will probably be shorter - is this <sadface>?)

    If I've remembered the formula correctly (which may be doubtful) I'll hopefully make it to 78. Oooh that's scary. I hope to do better than that.
    that will put me in my 80's... i wish
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  6. #116
    Join Date: Feb 2010

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    A quick follow up to previous couple of messages. If anyone is reaching State retirement age, it may be worth considering options for taking the state pension. For various reasons I wanted to defer mine and I calculated that deferring for one or two years would have been optimal. Unfortunately (or was it? ...) I left things longer than that, so it looked as though I was going to have to wait until I get to be around 100 to break even. However, when I did finally get round to it, I was able to take a lump sum which was very useful for a large purchase which would otherwise have been quite difficult to do.

    Each person's circumstances are different. If you need the money, then taking the state pension as soon as possible makes sense, but if you don't then deferring can be helpful. When you take the SP you still have the option of taking a larger monthly payment or a lump sum.

    Do your own assessment of your needs, and don't let financial advisers sway you too much. Also don't let the DWP rush you into taking the money early if you think deferring will help. However DWP will probably forget about you if you don't take the pension at the first opportunity, so it's best to keep on top of this and periodically check. As it happened things seem to have worked out OK for us, but that wasn't a given.

    Ah - another thing which may not be generally known, and I only found out about this after talking to a DWP agent - it may even be possible to take the SP, then subsequently suspend it to get the benefit of a deferral - but for most people I think it's going to make sense to think about a single deferral period, from the date of first eligbility.
    Dave

  7. #117
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    These statistics are only of any use when sampled from a large enough population, and the closer to home you get the more unreliable they become.

    My dad turned 80 last August and still works three or four days a week (cherry-picking the nicer jobs) because he loves what he does, and it keeps him in touch with suppliers/customers/friends. Mum had a major stroke at 58 and died aged 63. Where does that put me as a 61 year old?
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  8. #118
    Join Date: Feb 2010

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    Quote Originally Posted by struth View Post
    that will put me in my 80's... i wish
    Very best wishes - I hope you make it.

    Dave
    Dave

  9. #119
    Join Date: Feb 2010

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    Quote Originally Posted by Pigmy Pony View Post
    These statistics are only of any use when sampled from a large enough population, and the closer to home you get the more unreliable they become.

    My dad turned 80 last August and still works three or four days a week (cherry-picking the nicer jobs) because he loves what he does, and it keeps him in touch with suppliers/customers/friends. Mum had a major stroke at 58 and died aged 63. Where does that put me as a 61 year old?
    I recall that was why the fomula I mentioned specifically mentioned grandparents - more reliable for the predictions I was told. There may be variants which include parents' ages as well, but they will only work when the data is known - which at the time I was told of the formula did not apply to me as both my parents were still alive.
    Dave

  10. #120
    Join Date: Aug 2009

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    I'm Martin.

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    Quote Originally Posted by Pigmy Pony View Post
    . Where does that put me as a 61 year old?
    On borrowed time?
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