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  • 22-08-2022 3:21pm
    Registered Users Posts: 516 ✭✭✭

    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


  • Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 64,954 Mod ✭✭✭✭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.

  • Registered Users Posts: 24,050 ✭✭✭✭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.

  • Registered Users Posts: 5,516 ✭✭✭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

  • Registered Users Posts: 516 ✭✭✭freddie1970

    Is that all through a pension or through other means

  • Registered Users Posts: 516 ✭✭✭freddie1970

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

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  • Registered Users Posts: 195 ✭✭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.

  • Registered Users Posts: 516 ✭✭✭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

  • Registered Users Posts: 1,511 ✭✭✭Barnaboy

    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.

  • Registered Users Posts: 5,516 ✭✭✭SuperBowserWorld

    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.

  • Registered Users Posts: 2,632 ✭✭✭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

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  • Registered Users Posts: 516 ✭✭✭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

  • Registered Users Posts: 811 ✭✭✭EB_2013

    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.

  • Registered Users Posts: 20,101 ✭✭✭✭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

  • Registered Users Posts: 8,281 ✭✭✭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

  • Registered Users Posts: 2,552 ✭✭✭Irish_rat

    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.

  • Registered Users Posts: 6,209 ✭✭✭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.

    Post edited by zg3409 on