UKCityGent

Im currently thinking about my retirement age (I know sort of leaving it late at the grand old age of 42!)

Im thinking 55 is a relatively young and healthy age (barring the 3 pack of cigs habit!) to have a good retirement age or is that too young ?

Is 65 still perceived as the age to retire - why 65 ??

co durham boy

State Pension age for men ?

UKCityGent

I dont think i would rely on the government (UK or any others) to provide for me in my old age - GBP102 a week doesnt get you much nowaday (and probably less in 20 yrs when i officially retire)

co durham boy

Agreed but that wasn't the case 40-50 year ago when the age was probably set .

kittycat1

Hi Citygent,

Personally I can't imagine ever not working as I love what I do but would like to wind down as I get older. My plan is to have made my millions by 45/50, make some investments and I would like to think by 55 I could work part time and pick and choose the projects I work on, maybe some lecturing and writing projects rather than the full on chaos that my work currently involves. have a little retirement project that keeps me occupied, some spending money dripping in but requires less time, maybe a project I could do from anywhere so could do it whilst travelling.

I have no pension etc so will have to be self sufficient.

I think by the time I reach old age (currently 35) the retirement age will be 70 at least so I would say you have to look after yourself in this day and age,and considering my gran is now 94 and still going you need to be able to finanace a good few years.

Personally I would hate to plan to retire at 70, my dad had a severe stroke at the age of 56, his retirement has been spent disabled and miserable- one of the main reasons I stopped smoking actually. retirement is only fun if you have your health, so quit the fags! and the ammount of peopele you hear who have died a week after retiremnent- so sad- best enjoy the whole of your life rather than just waiting for retirement I say!

Also need to find a billionaire husband lol

Meow

Few people will be able to afford to retire before 65 as most are not making financial provision for it. The sums you need to set aside to fund a comfortable retirement are higher than most think and you are unlikely to be happy with a basic UK state pension (assuming you have full entitlement by paying voluntary National Insurance contributions whilst overseas anyway) and the value of a house.

State pension age of 65 is purely arbitary. It was picked as a suitable age by Otto von Bismark, of all people, at a time when most men died before the age of 70.

It's simple really. If you want to retire in financial comfort then you had better save a lot of pennies.

kittycat1

meow- what would you suggest as a retirement plan?

Meow

Any method of saving money will help. Planning for your future/retirement isn't just about pension plans, although they have tax breaks for UK residents.

Everyone's situation is slightly different so there isn't a one size fits all answer. It all depends on current situation, timeframe, tax situation, how long you'll remain an expat, age, views on risk etc. The point that that people have to save, and save large sums if they want to be financially comfortable in later years. Putting aside just a thousand dirhams a month is just not going to be enough...

scrubbedexpat141

Retire as soon as you can afford to live comfortably for the rest of your life.

My old man decided that was 53 even though he was aiming for 55.

If i could retire at 55 as you're planning then I'd be pretty happy.

flares

you need to be pretty bloody well off to retire at 55

james1966

If you retired at 55, it is possible that you could live as long in retirement, as what your working life was.

With advances in medical research/treatment, it can be difficult to kill somebody off these days!!

Therefore you would require a large pot of money to fund your retirement, sadly most peoples ideas of what they'll need, is way off what they'll really need.

The sooner people start saving for the future the better, best to take control of the situation, and not be reliant on others to do it for you.

The Dean

Right - that's enough!! Will you lot please stop banging on about retiring at 55???

scrubbedexpat141

Still more than 30 years to go for me to save then.

weasel decentral

You sir are a weapons grade bellend