Will I ever be able to retire?

[@cafsixtieslover]

I am still working at the age of nearly 70 and expect to always work. I work from home and I am self-employed and my hours are completely flexible. I enjoy my job. It would have been nice to be able to retire but my husband is only on state pension and attendance allowance so if we had to live on two state pensions we would struggle to pay our bills and we spent enough years struggling when we had a mortgage.

[@obtuse1291]

Physically, many of us will be UNABLE to carry on doing our job, no matter how much we want to, no matter how much we like it, no matter how much we need the money. Would you be ok with a fire fighting team of 85 year olds turning up to rescue you and your family out of a burning house? The body does not last for ever.

[@DianneSullivan]

Yes it definitely depends on the type of work

[@rickh7553]

I cant see any one in the Fire brigade will never be working till state pension age they get such a good deal way better than any normal people who do not have the same benefits. Their deal is as follows Fixed/Normal retirement age of 55 for active members. At the age of 55 you will be paid your full pension if you have sufficient service. If you are a deferred member, your fixed retirement age will be age 60

[@schrodingerscat1863]

This is why I never bothered with pensions, did my own investing and management of my own finances so that I can retire when I want not when the government decide. Anything the government is involved with is increasingly becoming a scam and anything linked to that like SIPS is likewise uncertain. I began to retire at 50 now taking only part time consultancy work which I have been tapering off as I get older. I actually enjoy doing a bit of work now and again to keep engaged and will no doubt never fully retire, at lest while I have my mental faculties intact. I consider myself extremely fortunate to be in this situation and I feel sorry people who are reliant on pensions of any kind.

[@thakery5720]

Well said - it's your life and living by Government 'rules' is for only fools and horses !

[@ChrisShawUK]

Yes, I stopped work in 2019 aged 51 and never intend doing paid work again. I also manage my own investments which put me in this fortunate position. However, I have put my investments under both SIPP and ISA wrappers to maximise the return. I would estimate that around 35% of my net worth is from tax relief. It's an excellent idea to manage your own money, but it's also a very good idea to accumulate wealth at the expense of the tax payer. Having a SIPP doesn't mean the government control your retirement age. I stopped age 51 at the moment of my choosing

[@schrodingerscat1863]

@@ChrisShawUK Yeh, taking advantage of tax free investment allowances makes pensions pointless in my view especially for the self employed. I never liked the idea of pensions after working in the city and seeing pension fund managers driving around in Porsches and wearing £20k watches. That money they cream off the top is why pension annuities are so dreadful. Not only did it mean that I could retire when I wanted but also meant I could take time out whenever I wanted while I was working. It's a win win. Trouble with SIPPs is is you can't access them until 55 rising to 57 in 2028 and I wanted to retire way before that so I avoided a SIPP because the government do control at what age you can access the funds.

[@ChrisShawUK]

@@schrodingerscat1863 yeah, you don't have to buy an annuity though... I just take out 16k pa tax free (25% is tax free anyway and the remaining 12k is personal allowance). Then the same for my wife which gives 32k of tax free income which is plenty for us to live on until state pension age. I'm 55 now so I can start doing that, but I stopped work at 51 and lived off my ISA investments. The government didn't dictate when I could stop work. If I didn't store my investments inside a SIPP and ISA wrapper, I'd be 35% less wealthy which I don't want to be.

[@dabe1971]

6:34 I think you are incorrect here. There was certainly a proposal in a recent think-tank study around pensions to formally link the SPA to the private pension access age by 10 years but there's not currently any legislative connection. It will probably happen but I don't think we're there yet,

[@adrianmortimer3369]

Hi Dianne, many thanks for a well presented and carefully explained video which is really useful. Thank you.

[@DianneSullivan]

Glad it was helpful!

[@MN-gp7cg]

Thanks for explaining that - especially the private pension ages very useful.

[@Pusser301]

I took early retirement last year at the age of 55. Although I have enjoyed my time, I realised that I wasn’t really for the retirement lifestyle just yet so have gone back into employment whilst my skills are still current and will reassess again in the next few years. I did struggle with long dark UK days and winter months which helped me make my decision.

[@DianneSullivan]

Sounds like you are in that good position of choosing to work because you want too rather than needing to for the money.

[@Japowuk]

I have a final salary pension and my employer allows retirement at age 50 with a full pension at 60. I am 58 and plan to retire soon and start an online business along with investing. Keep busy

[@welshhibby]

I think future generations will never retire, the cost of living is just too high.

[@user-xu5vl5th9n]

It was the same for previous generations as most would die before they received their pension.

[@GarethEvans-yu8tr]

Really informative video once again, thank you. I will turn 55 in January 2028 and it is my intention to claim my LGPS defered pension along with the automatic lump sum (pre 2008 membership) and taking also the linked AVC as a cash free lump sum. Due to the rule changes on age from 55 to 57, will I need to commence taking it in the short 10 week window before 6 April 2028 or are defined benefit LGPS schemes different? I also have a DC workplace pension from current employment which I will leave until I am 60 to start. Diolch yn fawr

[@DianneSullivan]

Thanks for watching!

[@steamhammer2k]

I might have a miss understanding of the term "triple lock". As far as i am concerned if the Government withdraw their commitment in years that do not suit them then it is not a triple lock.

[@DianneSullivan]

Good point

[@ChrisShawUK]

Triple lock doesn't mean anything at all. It's just a phrase to make you feel better.

[@lplate1000]

Dianne, my wife is 55 in March 2028 just before the deadline for the change from age 55 to 57. When you say you can activate a pension prior to the cut off, does that mean she could take a small nominal fee from one of her pensions, and then she has avoided the problem of it moving to 57? She has four pensions so would just one fee set this in motion?

[@DianneSullivan]

Check with your pension platform provider but yes, that’s my understanding

[@lplate1000]

@@DianneSullivan I have checked and none can confirm. But thank you.

[@majorpentatonic2310]

First😊