retirement

freddie1970

What age does every here evisage their retirement age will u stay until 65 maybe even 70..

Im in my early 50s and am in a situation where i could save and put life on hold and retire at 60 ...or i could live normally and retire at 65 .. if i save it means no new car and hold of on trips away ..

Only thing is i have 12 year old son and dont want him to miss out on stuff if i start saving heavily ..

Thing is im tired i have been working since im 17 and now have a dream of buying a camper and touring the country ...

Not sure i can keep going until 65

L1011

Aiming to be down to working only a few days a week, fully remote, by 51 (partner will be 55). This is still quite some time away. I think that's a lot more plausible than full retirement at any time before 60.

Mortgage will be gone by 40, I hope; and then the mortgage payment equivalent will be going in as AVCs until such time as I start reducing how much I work.

Strumms

I want to be done at 60. That’s the plan.

it would take an outlandish slice of bad fortune for that now not to happen.

i will retire with my health intact.

I will retire financially comfortable that I can holiday a couple of times a year plus a couple of long weekend type breaks, be it taking in a match, festival, visiting family or just getting away.

I will retire with a nice car in the driveway and time to enjoy it and experience the road and the far flung escapades it might take me.

i will retire content and relaxed and with my eyes firmly on the future and the enjoyment of life.

SuperBowserWorld

I dunno.

My pension is stock market defined contribution based. So anything could happen with that. Just look at the news.

I'm afraid to even look at it to figure out when I can retire. Single income (me) and family with health issues and other problems. I've been working full time for nearly 30 years now.

I would hate to be in a situation where I'm too old or sick to enjoy retirement.

If you can retire early I'd say go for it.. You possibly could work part time etc etc

freddie1970

https://www.boards.ie/discussion/comment/119506102#Comment_119506102

Is that all through a pension or through other means

freddie1970

https://www.boards.ie/discussion/comment/119506113#Comment_119506113

yeah i would be happy doing a day or 2 in B&Q a week or something ...somethinv i could take or leave

FoxForce5

60. based on my dad's health that will give me 15 good years plus a few more where age takes its real toll.

freddie1970

Seems like no one is interested in 65 or 70..

Im try to establish what i enjoy in life and basically i feel id be happy out just reading cycling hiking and a few holidays ..or is this just a too simplistic approach

Barnaboy

https://www.boards.ie/discussion/comment/119506158#Comment_119506158

Retiring young sounds great in theory. The big problem is the pension fund. You need to have enough banked to ensure you can live the way you want without an income while also whittling down the fund early.

Don't underestimate the importance of routine that work brings either. Many people in their late 50s and early 60s start to ease into retirement by working less hours.

Talk to a professional regarding retirement planning. They will tease out with you what you want and how you can achieve it. And they should do it for free (I think) if employed by the pension provider.

SuperBowserWorld

https://www.boards.ie/discussion/comment/119506158#Comment_119506158

Sounds great !

Come up with a plan and talk to a decent retirement advisor. Maybe there is a good middle ground for you, eg when your kid finishes secondary school.

I have no plan to be honest. But 70 is way too late I think. I'm hoping I'm done and healthy at 65.Hoping I could retire sooner.

cute geoge

I am 48 and fuken burned out ,aching body from 30 years pulling and draging .I have enough to retire on but just find it very difficult to actually even slow down .Main problem is I just have not many interests or hobbies outside work .I find the work tough going this year so I will have to make some sort of a decision before too long

freddie1970

yeah u should address that ..take up a good hobby like hiking.. golf anything meet new people ..i have met a few lads who do nothing but work and aim to go till 70 scares the hell out of me

EB_2013

https://www.boards.ie/discussion/comment/119506158#Comment_119506158

Its nice to have the option though. If I needed the money at that stage of my life and my health was good I'd stay past 65 no problem. I want to retire abroad so once I have enough money and the mortgage paid off I hope to be to be gone. I couldn't retire here with how bad the country is run.

Rikand

Hoping to retire at 62. A lot will depend on continued career advancement but my dad retired at 62 and it seemed like a good time to go

RedXIV

Only mid 30s so haven't really thought too hard about this, but my youngest is 4 so by 50 all my kids would be adults.

The idea of retiring sounds great to me in theory but based on past experience, I get bored far too easily and I'd end up signing up for college courses and all sorts, and probably overstretching myself. I think instead I'd do as my father did before me and someone else mentioned here, try to get myself on reduced hours by 60 so that I'm only working for the routine and to avoid eating into the pension early.

But I could fully see myself doing 3 days a week up to 70, I think I'd age rapidly if I didn't have routine, be that at 50 or 70.

I've loads of hobbies but I need the structure of a workplace to keep me from spending my time flopped in front of the TV, it forces me to allocate time to my hobbies.

In saying that, I really need to revisit my pension, switched jobs over a year ago and haven't started paying into it again

Irish_rat

https://www.boards.ie/discussion/comment/119506231#Comment_119506231

I'm fairly burned out myself, I'm thinkin of not retiring but phasing into a part-time position eventually.

I have the problem at the minute of moving on from where I am as it just fills me with dread daily.

I've probably enough equity to last a long time at this point so might take out a year and enjoy what I have left of my 30's!

Retirement is not on my mind right now but the part time gig is what I'd like to see myself in a few years.

zg3409

Firstly how much a week would you need based on today's prices and what is your expected pension income if things go to plan?

If you delay to 65 what will pension be then?

What will partners income be, and has partner a decent pension plan etc.

Will son/dependants needs be like college, education, buying a house etc.

Do you have an idea of annual living and spending today in terms of bills and income and what could be different if retired.

Do you plan on a big world tour or year out, what is your budget for this.

Do you intend paying vhi or health insurance and what is your budget for this considering your employer may pay for it now. ?

How do you intend paying for sudden costs such as a new car, new roof on house, renovation of house etc. Remember you probably cannot get a loan if retired.

Do you intend keeping a lump sum for later life such as paying for home help or supported living.

Would you realistically downsize or move away from city?

Will you be able to pay future taxes such as increased property tax or reduction in government pension for those with private pension.

ludeen

A work colleague of mine is being forced to retire at 65, company states it's in the contract. Not sure if it can be contested, she is in an office and

Well capable of the workload.

anewme

https://www.boards.ie/discussion/comment/121549184#Comment_121549184

There was a landmark age discrimination case recently with Eir where they forced a person to retire when the person didn’t want to go.

person won their case. Game changer for age discrimination.

ludeen

Thanks ,yea that's why I was wondering can they force it on to her. Think they can get someone younger for less salary.

Shes going to request a meeting next week , I'll update on the outcome if it could help others.

Padre_Pio

Aiming to retire at 55. House will be paid off and I have a decent pension pot.

Myself and partner are committed to emigrating to somewhere in Asia where our money will go further.

I've a few hobbies that could potentially generate an income if needed, but I don't think so.

Xander10

https://www.boards.ie/discussion/comment/121549184#Comment_121549184

I would have thought that if the written contract states retirement age is 65, then that's a given.

I must check the circumstances of the Eir case

Edit. It does give grounds for an employee who is capable of still performing their duties to seek to be retained

Kirbi

It depends on the justification, but mandatory retirement ages are legal.

The below page outlines it briefly, and links to more info as well.

https://www.citizensinformation.ie/en/employment/retirement/older-people-and-working/age-equality-in-employment/#9c60ec

Why is it an all-or-nothing situation? My husband did 4 days a week and then 3 days a week for 2 years before he retired at 65.

He has retired a few years now and still does an occasional bit of work.

Could you aim to work part-time from 60?

kerryjack

https://www.boards.ie/discussion/comment/121551892#Comment_121551892

Ya should be the way to go I doubt I will be able to retire at 65 but will hopefully have something in place to be able to work part-time like 8 to 12 Mon to Friday, I am only in holiday my second week and already staying in bed till 10.30 compared to 6 when working and not going to bed till 2 ish staying up watching crap on TV, I would settle for 20 hours a week and good health and I be happy with that. Not big in to travelling as did plenty of that in my youth, drive and ambition is good for us.