Who are they and what do they live on?

There is something quite wrong with a society where some folk can retire in their mid fifties and others ….I mean the lowly working class have to struggle on ( very soon I suspect ) until they’re 70…. I managed to retire at 64 and it’s been downhill since ….my hubby has dementia and Alzheimer’s and now after I cared for him for 26 years after his stroke, I’ve given up , and he’s gone into full time care. The cost are his pensions ! I am now looking for work at 72 and with arthritis in every joint ……I doubt I’ll even get a cleaning job . Retire at 50 …I also say ….who are these people? But … I wish I was one .😏

I recently retired at age 73 from a full time job managing a 24/7 family waiting room for trauma victims brought in via Flight for Life, ambulance at our Level One Trauma Center.

I started taking my (US) Social Security at age 65 even though I was working. It helped me sock away a nice nest egg on top of my retirement plan at work.

I worked a lot longer than any of my family and friends but I did not want to leave a job I loved, plus I had the opportunity to save more $ for my now retired life.

I’m simply delirious over being able to sleep in and not drive to work in the snow!!
Cheers!
USA Gundy

Saggi

There is something quite wrong with a society where some folk can retire in their mid fifties and others ….I mean the lowly working class have to struggle on ( very soon I suspect ) until they’re 70…. I managed to retire at 64 and it’s been downhill since ….my hubby has dementia and Alzheimer’s and now after I cared for him for 26 years after his stroke, I’ve given up , and he’s gone into full time care. The cost are his pensions ! I am now looking for work at 72 and with arthritis in every joint ……I doubt I’ll even get a cleaning job . Retire at 50 …I also say ….who are these people? But … I wish I was one .😏

If we had a more equitable distribution of wealth it should not be beyond the realms of possibility that everyone could retire before they became too old and ill to enjoy what remained of their life after a lifetime of work.

But it would certainly take some planning and commitment by government, that's for sure. It would also need an educated populace that understood economics and political science, not least one that also believed in the very principle of 'fair-shares-for-all' (too tired to think of a better way of putting it).

... and therein lies the problem. Because we have none of those conditions or requirements that could form the basis of a half-decent society.

Saggi I think posters advised you recently that you should not have to be struggling like this and that help is available. Did you manage to contact the CAB? You really shouldn't have to be seeking work at 72 with health problems in order to pay your bills.
Good luck.

I retired from employed work in the academic sector at 60 and took both my state and private pensions (2 previous careers). I continued to do freelance research and consultancy for several years before starting my own business selling antiques online. My business is now my main source of income. However I dont drive/run a car/smoke/drink in pubs or dine out. Do not travel any more or entertain so my needs are very modest. My main luxury is I will not compromise on heating as I have bad arthritis.

Thankyou Callistemon for pointing that out again to Saggi
I was one of the ones advising her that she shouldn’t be paying all her H’s pensions for his care.
She doesn’t appear to have taken the advise on board.

annsixty

Thankyou Callistemon for pointing that out again to Saggi
I was one of the ones advising her that she shouldn’t be paying all her H’s pensions for his care.
She doesn’t appear to have taken the advise on board.

I remember, you're quite right annsixty and several posters gave good advice too.

We'd both taken early retirement long before Covid arrived, and are still within working age, but there's not a chance in Hell that either of us would have returned to work after we'd tasted the delicious freedom of retirement.
I retired at the age of 53, DH joined me fifteen months later when he was 55.
DH got a decent lump sum and his occupational pension straight away, I got a tiny lump sum, and had to wait until my 60th birthday before getting any of my occupational pension.
Our mortgage had finished when we were both 52, we had no debts, so made the move away from work as soon as we got the chance!
We manage very nicely, and as we're both reaching State Pension age this year, (if the fates allow) hope for a very comfortable future.
If it can possibly be managed financially, I would recommend early retirement for everyone, it's wonderful!

I would think, they possibly downsized or what about those ads where you can draw money against the value of your home. Although, I assume that means your home no longer belongs to you. Or another possibility is maybe some of them dabbled in the stock market (in small amounts) but just made enough to equal a wage.

effalump. If you take out Equity release, your house does still belong to you. The sum you take out is treated as if it was an interest only mortgage, only you roll up the interest and when you die or go into care and the house is sold, the capital and accumulated interest is paid back.

The way people finance early retirement are many and various. Some have savings, some have inheritances or a windfall sum, some downsize.others take reduced pensions to get them early. Many work part time from home or on their employers premises.

I was made redundant with an early pension, DH left at 60 and began working as a freelance consultant and we had about 10 years when he was working almost fulltime - and well paid. He is now nearly 80, still working, but only from home, no travel. He had a two hour Teams meeting this morning and has another tomorrow.

I retired at 48. DH is ten years older than me. He retired at 55. Fortunately he has an excellent private pension. I know that we are very fortunate.

DH is retiring in April at 58 I will probably follow a year later when I reach 58.
I will take the hit and lose some of my NHS pension and DH will do the same with his local government pension. Mortgage is paid off so no rent to worry about. These pensions will cover our basic outgoings each month, utilities, council tax, food and other bits and pieces. We have done our sums very carefully and are confident we can manage.

Planning to access savings which have been built up in AVC’s over the last 20 years and can be taken as a lump sum at retirement. Pensions will also payout a lump sum which will be added to the fund. This will fund the extras such as holidays, car replacement, house maintenance until we reach state pension age. I also have a savings policy which I have been paying into since I was about 25 which will payout at 60. We have saved in ISAs when we have had any spare cash and this has added up over the years.

I am exhausted and finding the NHS and a very stressful job hard going at the moment. I really don’t think I could work in the same job for another nine years.

We have planned carefully over our working lives to be in this position to have the choice. We have lived within our means and actively invested and planned for retirement. We both lost a parent at a relatively young age and are determined to make the most of our 60s.

I can’t think of anything the government could do with policy changes and incentives that would tempt me to change my mind and work longer than I have to. I feel the narrative being pushed is we are selfish to walk away from jobs where we have considerable experience and expertise and will be difficult to replace. However the county is in this position due to serious lack of investment, commitment to training, recruitment and retention over the last 15 years. I’ve given every thing I can for 35 years and I just can’t do it anymore without seriously damaging my physical and mental health.

My ex was made redundant in his late 50s and has not found a proper job since. He does some work part time and his partner works, but I'm guessing he's had to take some of his pension early. Fortunately his mother is not short of a bob or two, so helped him buy a house as I got the equity in the family home as my divorce settlement! He put a lot of pressure on me to get his name off my mortgage as he had to remain as a guarantor as I was a low earner, but as I was close to retirement at the time it was impossible as I was unable to predict what my pension would be until it came. I probably could get him removed now that I'm retired and have paid more off too, but I assume there would be charges so I'm staying quiet! I'll downsize anyway eventually which gets him off. I guess he's struggling on waiting for his eventual inheritance.

I certainly couldn't have retired early as the state pension is my biggest income. My other pensions make things manageable but having lived on a low income for many years I live pretty frugally. When I read what the financial people say you need in retirement I wonder how I survive! It's surprising how little you can manage on if you have to! I also do casual work as an invigilator for school exams a few times a year. Some of my colleagues doing the same have taken early retirement so maybe people do similar things part time. Casual extra income pays for the odd treat or to reduce the mortgage by overpaying.

I know someone who retired at 42 and bought a farm. He made mega bucks in finance and continues to make money on the stock market, playing around trading. His property is like shangri-la and he says he will never leave. Lucky fella.

There was a time when firefighters retired very young and had to pay very large contributions to their pensions to enable that. By the time my brother reached that age he was very senior and could have stayed on, but he still took retirement at 51, then shortly afterwards returned part time in a consultative role. A few years later he and his wife both took early retirement. They had no mortgage, a holiday home abroad and a caravan for UK holidays so they enjoy the freedom. He has just reached state pension age last month and has been comfortably retired for years! I don't think todays firefighters have the same benefits!

Callistemon21

Saggi I think posters advised you recently that you should not have to be struggling like this and that help is available. Did you manage to contact the CAB? You really shouldn't have to be seeking work at 72 with health problems in order to pay your bills.
Good luck.

Saggi... do contact AgeUk I'm sure they camn help you..

DH and I had good private pensions, plus we had savings. The days of final salary pension schemes have gone now though,😗

Mid 50s and following redundancy I’m not allowed to touch my academic pension until sometime in my 60s. Not that I want to yet anyhow. I rent as I’ve not been in a position to buy for the past 20 years. I have a child at school. I don’t feel ready for retirement yet.

I've thought on this question quite a lot. I don't know anyone who has retired at 50 and not gone to consulting or a new job.

This bit of news is not about working class people, I gather?

Ex took a lump sum and a reduced pension. Then took a job driving deliveries for a friend.

I retired at 61 from NHS with my NHS pension to do childcare for DGC. DH retired early from teaching as his education authority offered deals no one could resist. He then did some teaching in private schools for a couple of years then same as me. DM now been diagnosed with Alzheimer's so I am exceptionally busy just now as she is in a rehab hospital and visiting most days. She is soon to be discharged so will probably need lots of care. I now get my old age pension too. I never regretted retiring and feel happy that I have been able to spend time with DGC when they were growing up. Youngest will start school in August so may be less busy then however since covid they have been off with chickenpox, scarlet fever, flu so still needed. I'm glad I left nursing when I did as things have changed so much and the stress levels are horrendous. Same in teaching.

I know several people in their 50s who retired from nursing, I really did not think that the pension was enough to allow that.
When DH died I decided his work's pension was adequate for my living expenses and left his private pension in trust for DS and DD. My DS is really suffering with long covid and it may help him to retire early.