Giving up working at 50

Das Reich · 01-11-2020 11:33am

It happened me to be a father near at 40 with a wife much younger than me that wants to have more children. I don't see myself retiring any soon.

2lazytogetup · 01-11-2020 1:12pm

if you have kids, its impossible to retire before they are 25years old.

plus as a family unit, its more producive/efficent for me to work and earn a higher income and share it with kids in early twenties as they suffer from earning a low wage.

i accept the cliches - kids need to stand on own two feet, its better for them not to get things handed to them on a silver plate its their life not mine.

but id sleep easier knowing my work is helping my kids get through life

yabadabado · 01-11-2020 1:22pm

2lazytogetup wrote: »

if you have kids, its impossible to retire before they are 25years old.

No it isn't.

mariaalice · 01-11-2020 2:56pm

There is the point that people can't have it both ways if adolescence is extended to 30 which is not uncommon today for a variety of reasons, then the person is unlikely to have their family reared ( if they are going to have a family ) or be financially secure enough to retire in their 50s

CelticRambler · 01-11-2020 3:05pm

2lazytogetup wrote: »

if you have kids, its impossible to retire before they are 25years old.

No it isn't.

2lazytogetup wrote: »

plus as a family unit, its more producive/efficent for me to work and earn a higher income and share it with kids in early twenties as they suffer from earning a low wage.

That's a cliché. My eldest son, three months into his first proper job in his field of work is earning more than I can get as a salaried employee in my area with 30 years behind me.

eddie · 01-11-2020 3:29pm

upupup wrote: »

You did not see what others saw in my post.Bitterness has clouded your mind.
You have no idea what I was doing today.I was making society a better place by my direct actions.I pay no heed to angry people like you as I know my worth.
That's all from me , as all this is off topic....chill out and relax as I need you in work monday:D....and thank you for your contribution

Obviously a complete troll.. anyone with any intelligence can see that there is one cake, provided by the tax payer to be split among all of societies needs and they are finite resources. So if is some self-deluded moron believes that they are contributing to anything other than their own ego , while receiving any welfare payment by deceit in a self-justified fairy tale belief that they are worth it.. they are on drugs, mentally ill or trolling.

That finite cake is split according to movable boundaries so the same money that you are choosing to misdirect, could be coming from – will lets draw a picture, from a 12 year in agony for many years with scoliosis and unable to get an operation because of lack of money in their slice of the community welfare pie.. I am sure that pain and suffering not only of the child but the entire family, makes you very proud and tees up some brilliantly imaginative delusional quip to chuck back at us “Grumpy old men”.

I am a proud Irishman ,I am self employed for the last 35 years and pay all of my taxes fully and without hesitation because I am proud to be able to contribute to my country and its people. ( I may have issues about how it is divided up, but as I will not run for politics, I leave that for more qualified people to decide ) I do not expect and nor have I every received welfare payments as I am not entitled to them and I am perfectly well able to look after myself.

I too like yourself contribute a lot to society but I do not need to have a dole payment to do so.

I too believe that I have skills that are of use to people and I offer the generously and freely and I do not need to have a dole payment to do so.

I contribute in quite a significant way to my community and society in general, and I do not need to have a dole payment to do so.

I feel sorry for you and your issues demonstrated by the childish bravado at abusing your own community., that you seem so desperate to voice by thanking those of us contributing so you can take the resources from that 12 year old scoliosis child, so you can be uber macho in an anonymous online forum.

I am sure you, your family and those that know you, must feel very proud of you.

eddie · 01-11-2020 5:18pm

upupup wrote: »

Getting stuff off your chest is a wonderful exercise.good for you.
You went a little too far saying I am abusing my community but when you get going its best to keep going till the end.
I work in lot a different ways

Blah blah blah as I say "they are on drugs, mentally ill or delusional ." I will leave you to be the king in your own world..............

Necro · 01-11-2020 5:54pm

eddie wrote: »

Blah blah blah as I say "they are on drugs, mentally ill or delusional ." I will leave you to be the king in your own world..............

Mod:

Don't post in this thread again

Tea drinker · 01-11-2020 6:07pm

Das Reich wrote: »

It happened me to be a father near at 40 with a wife much younger than me that wants to have more children. I don't see myself retiring any soon.

Goes without saying, but I'll say it anyway, that's it's own reward, enjoy!

Necro · 01-11-2020 6:50pm

Mod:

I've just gone through this thread and deleted a number of posts that are not up to standard. Folks, instead of responding in an irate fashion to posts which leaves you open to sanctions, simply report and let the mods look at it.

Thanks.

01-11-2020 8:05pm

patmac wrote: »

.....I’m currently weighing up my options as to whether or not I can retire, any advice would be welcome as I don’t think I can go back.

What's the pension and savings situation?

Neames · 01-11-2020 9:41pm

patmac wrote: »

I’m 59 and have done the same job for the last 22 years. I loathe my work, especially in the last 3 years as business has increased hugely, but there is little or no extra help.
I have just started to work from home which has helped as our office is very negative, but I still have a massive workload
I have few qualifications, no mortgage or kids and a wife that is working. I’m currently weighing up my options as to whether or not I can retire, any advice would be welcome as I don’t think I can go back.

Have you a pension Pat and if you do when can you start drawing it down? You might find that you can draw it down at 60.

Feisar · 01-11-2020 10:12pm

LuasSimon wrote: »

Theres a certain irish ethnic group are all on it from 18 to the grave and no welfare person bothers them .

And long may it last, as bad as they are now can you imagine it if they weren't getting their weekly satiation.

Danny552 · 03-11-2020 8:11pm

Why are some people so fixated on pensions , they cant wait to get there pension so they can live life and do what they always wanted . But you could be dead before you even get to it , why wait to do what ever you want until you get your pension to enjoy it . Sure iv come across people who say if I dont enjoy it my kids will.
I understand you want to look after your kids .

Most kids are left there parents house if are lucky anyway others just have to save like there parents did they dont need your pension.

I wouldn't say going to see the 7 wonders of the world ( just an example)when your in your 60s would be the same as if you go when your young and fit. Iv come across family members who die well before they even retire I'm sure others have aswell , how much money do you actually need because you wont be doing much when your 70 anyway if you make it , compared to when you have time and health on your side when are young.

thegills · 03-11-2020 8:15pm

LuasSimon wrote:

Iâ€™m in a job Iâ€™m fed up with , thereâ€™s so much red tape and the days of having a laugh are gone . The thoughts of working till 65 depress me and despite alleged longer living how much decent living is there after 65 ? Ten years if your lucky . If I left now with redundancy Iâ€™d own my house and have a small few quid with a reasonable pension at 65 . Iâ€™m now 50 , maybe I could get a part time job

In the exact same boat. Does our state pension not kick in at 68 though? I've started working out how I can retire in 5 years. Won't need lots of money to live hopefully. Small 2 bed in Algarve maybe.

SCOOP 64 · 03-11-2020 8:24pm

thegills wrote: »

In the exact same boat. Does our state pension not kick in at 68 though? I've started working out how I can retire in 5 years. Won't need lots of money to live hopefully. Small 2 bed in Algarve maybe.

Will be 68 by the time we get there maybe even more, if your unemployed when your 62 you are written off by social welfare ,sign on once a year, money paid straight into your bank and your not hounded to find another job, just sit it out til 68.

Jimson · 03-11-2020 8:54pm

Danny552 wrote: »

Why are some people so fixated on pensions , they cant wait to get there pension so they can live life and do what they always wanted . But you could be dead before you even get to it , why wait to do what ever you want until you get your pension to enjoy it . Sure iv come across people who say if I dont enjoy it my kids will.
I understand you want to look after your kids .

Most kids are left there parents house if are lucky anyway others just have to save like there parents did they dont need your pension.

I wouldn't say going to see the 7 wonders of the world ( just an example)when your in your 60s would be the same as if you go when your young and fit. Iv come across family members who die well before they even retire I'm sure others have aswell , how much money do you actually need because you wont be doing much when your 70 anyway if you make it , compared to when you have time and health on your side when are young.

Its not that much out my pay check to be honest. I pay 6% and my employer pays 6%. Its roughly 140 out of my monthly pay check. Its essentially free money and theirs tax breaks on it . It also accounts for inflation.

I'm not one of these mad people who puts every spare cent into it. I like to know ill be sorted in retirement without the worry of saving now for it.

Jimson · 03-11-2020 9:00pm

To add to my above post, I could drop dead at 50, but rather know that I won't be living off 230 euro a week from possibly 65 to 90 years of age.

People are living longer.

Am I not better off now paying the 140 a month which is what it is after tax, my employer paying 6% of my salary than saving 140 a month myself for retirement.

One More Toy · 03-11-2020 9:16pm

A private pension (especially when matched by employer) is a no brainer for the tax reasons alone. Anyone who says otherwise hasn't a fcuking clue about personal finance. Has one since I was 21. Sure I could drop dead before it but it'd be paid out to the missus.

Jimson · 03-11-2020 9:25pm

One More Toy wrote: »

A private pension (especially when matched by employer) is a no brainer for the tax reasons alone. Anyone who says otherwise hasn't a fcuking clue about personal finance. Has one since I was 21. Sure I could drop dead before it but it'd be paid out to the missus.

The worst thing i could thing of would be 65 and broke.

DrPhilG · 03-11-2020 9:40pm

If you work 20 years in the south and then 20 years in the North, do you qualify for both state pensions based on contributions?

Strumms · 03-11-2020 9:42pm

Danny552 wrote: »

Why are some people so fixated on pensions , they cant wait to get there pension so they can live life and do what they always wanted . But you could be dead before you even get to it , why wait to do what ever you want until you get your pension to enjoy it . Sure iv come across people who say if I dont enjoy it my kids will.
I understand you want to look after your kids .

Most kids are left there parents house if are lucky anyway others just have to save like there parents did they dont need your pension.

I wouldn't say going to see the 7 wonders of the world ( just an example)when your in your 60s would be the same as if you go when your young and fit. Iv come across family members who die well before they even retire I'm sure others have aswell , how much money do you actually need because you wont be doing much when your 70 anyway if you make it , compared to when you have time and health on your side when are young.

I tend to agree. I want to achieve in and enjoy life now. Do I have a bucket list of course, but it’s getting ticked off now, as opposed to waiting until I’m 65 when fûck knows what situation I’ll be in in my life... finances, health etc.... I have my health back now after a grim year or two, ok savings wise....and potential earnings, fûck, not waiting tilll 65, to live, spend and experience life.

krissovo · 03-11-2020 10:03pm

DrPhilG wrote: »

If you work 20 years in the south and then 20 years in the North, do you qualify for both state pensions based on contributions?

I did 20 years in the UK, 15 in the military and 5 in the private sector and now on 12 here. I am planning on taking both the Irish and the UK pensions plus my military pension which is currently worth £14k a year. In the UK you need 35 qualifying years for full pension so with 20 years I should get 2/3's of the state pension.

I will be quite well off in my late 60's, I just need a plan to get from ~55 > 65

. In my job not many last beyond 55 and my company tend to pay off employees around that age with an early retirement.

Jimson · 03-11-2020 10:18pm

Strumms wrote: »

I tend to agree. I want to achieve in and enjoy life now. Do I have a bucket list of course, but it’s getting ticked off now, as opposed to waiting until I’m 65 when fûck knows what situation I’ll be in in my life... finances, health etc.... I have my health back now after a grim year or two, ok savings wise....and potential earnings, fûck, not waiting tilll 65, to live, spend and experience life.

Do you think a pension costs you a fortune or something ? Do you realize the tax break you get and free money if your employer matched it.

Mine costs me 140 a month. Hardly going to stop me doing all the stuff you mentioned.

Wait till your 65 and your living off 230 a week for thd next 20 years

DrPhilG · 03-11-2020 10:21pm

krissovo wrote: »

I will be quite well off in my late 60's, I just need a plan to get from ~55 > 65 . In my job not many last beyond 55 and my company tend to pay off employees around that age with an early retirement.

Similar plan here. 20+ years work in the UK so far. Working on building Irish contributions too. So when I retire myself and herself should have an Irish pension, UK pension, NHS pension each.

03-11-2020 10:23pm

Most people who lash loads into their pension have loads to start with.... if you are earning plenty not availing of the pension tax relief is daft IMO. Doubly so if employer matches your contribution of if you are self employed where the relief can be over 50%.

03-11-2020 10:26pm

]

DrPhilG wrote: »

Similar plan here. 20+ years work in the UK so far. Working on building Irish contributions too. So when I retire myself and herself should have an Irish pension, UK pension, NHS pension each.

I'm struggling to fathom how you could end up with a full Irish & a full UK pension.

The Irish contributory pension is harsh enough on folk who don't meet the criteria 100% IMO... Especially if you pay lots of PRSI for 20 years or the guts if it... Best of luck though.

bilbot79 · 03-11-2020 10:26pm

Welfare? B..b..but...

No

CelticRambler · 03-11-2020 10:42pm

Jimson wrote: »

Wait till your 65 and your living off 230 a week for thd next 20 years

What's wrong with that? How much do you need to live on? For a while there, I was living on 80€ a month (with children to look after too). In my current circumstances, your 230€ a week would be more than enough to keep me in the lifestyle I'm accustomed to - fresh organic fruit and veg all year 'round, at least 30 weeks out of the year not working for someone else, approximately 12 weeks travelling, an active social life (covid permitting

) and still a bit left over to put towards savings, luxuries and unexpected expenses.

03-11-2020 10:45pm

CelticRambler wrote: »

What's wrong with that? How much do you need to live on? For a while there, I was living on 80€ a month (with children to look after too). In my current circumstances, your 230€ a week would be more than enough to keep me in the lifestyle I'm accustomed to - fresh organic fruit and veg all year 'round, at least 30 weeks out of the year not working for someone else, approximately 12 weeks travelling, an active social life (covid permitting ) and still a bit left over to put towards savings, luxuries and unexpected expenses.

My health insurance is over 80/month ..... My TV & broadband package is slightly less. Anyone living on 80/month isn't living a life I want.
Do you live in a caravan or something?

Liamo57 · 03-11-2020 11:01pm

I'm so lucky, I got a huge redundancy last year and my pension a d I now have a part tme government job and my pension and I cannot believe my luck. I go for a cycle each morning and a coffee and I have no debt. Pure luck but I count my blessings.

IrishHomer · 03-11-2020 11:12pm

I'm 51 yrs old male, I'm mortgage free live in a 5 bedroom house on one acre in midlands, kids are all flown nest except youngest chest 21 and he's struggling to get on. I worked my ass off two decades ago I held down two jobs for 15 yrs. I am a civil servant for past 24 years and wife is a nurse. We own a seafront apartment in southern Spain and have a 4 bedroom villa with own plot and pool rented out there also. We recently had toughest period in our lives our eldest boy passed away. Since then I want to make the best of life and get out of the rat race and go semi retired and live a cheap simple back to basics life in southern Spain. I know Spain well and I have a burning desire to go but guess what? Wifey won't leave here and she's too sentimental about home etc.

Liamo57 · 03-11-2020 11:23pm

Sorry about your son and well done to you both on your achievements. Just to be out of the ra race and be able to pay your bills and have a nice stressfree life is everyones dream. I see arseholes walking around my town with briefcases and phones up to their ear and I think, Im away from all that ****e.

CelticRambler · 03-11-2020 11:26pm

Augeo wrote: »

My health insurance is over 80/month ..... My TV & broadband package is slightly less. Anyone living on 80/month isn't living a life I want.
Do you live in a caravan or something?

Nope, a 300-year-old 5-bed, 4-reception detached house (in Irish terms). Just getting geared up at the moment to add a dance hall in the near future. But I have a motorhome for whenever I feel the need to get away.

At the time I decided to retire, I had a look at moving back to Ireland but realised ye're all mad for spending twice or three times as much as ye need to. But each to his own, as they say. Any lifestyle that includes a TV package is not one I want!

bilbot79 · 03-11-2020 11:39pm

IrishHomer wrote: »

I'm 51 yrs old male, I'm mortgage free live in a 5 bedroom house on one acre in midlands, kids are all flown nest except youngest chest 21 and he's struggling to get on. I worked my ass off two decades ago I held down two jobs for 15 yrs. I am a civil servant for past 24 years and wife is a nurse. We own a seafront apartment in southern Spain and have a 4 bedroom villa with own plot and pool rented out there also. We recently had toughest period in our lives our eldest boy passed away. Since then I want to make the best of life and get out of the rat race and go semi retired and live a cheap simple back to basics life in southern Spain. I know Spain well and I have a burning desire to go but guess what? Wifey won't leave here and she's too sentimental about home etc.

So sorry about your son. I'm 41 with my first and only child on the way. Interested in your Spanish property adventures, do you turn any reasonable profit off those?

dublin49 · 04-11-2020 12:00am

in my sixties,worked since i was 17 and one piece of advice I would give if you are in your 40's /50's is dont presume how you feel now will persist,when your personal and financial stress eases work can be more enjoyable ,when you don't fear losing your job it is very liberating and you can speak your mind and ask for things you would never have dreamed of asking for when you were stressed about rocking the boat,its a bit like running a marathon ,you hit the wall in your 50's and when the finishing line is in view you can get a new outlook.For me It is definitely easier to keep going when you dont have too,

IrishHomer · 04-11-2020 11:21pm

bilbot79 wrote: »

So sorry about your son. I'm 41 with my first and only child on the way. Interested in your Spanish property adventures, do you turn any reasonable profit off those?

I only rent out the villa.

I've a low rental rate of just €600 pm because I've same tenants for over a decade. They pay all utilities also.

Tinder Surprise · 10-11-2020 12:55pm

IrishHomer wrote: »

I'm 51 yrs old male, I'm mortgage free live in a 5 bedroom house on one acre in midlands, kids are all flown nest except youngest chest 21 and he's struggling to get on. I worked my ass off two decades ago I held down two jobs for 15 yrs. I am a civil servant for past 24 years and wife is a nurse. We own a seafront apartment in southern Spain and have a 4 bedroom villa with own plot and pool rented out there also. We recently had toughest period in our lives our eldest boy passed away. Since then I want to make the best of life and get out of the rat race and go semi retired and live a cheap simple back to basics life in southern Spain. I know Spain well and I have a burning desire to go but guess what? Wifey won't leave here and she's too sentimental about home etc.

So sorry for your loss.

I totally get where you're coming from and have similar aspirations to yourself - without the benefit of the mortgage free and the properties abroad, so you are in a good position i suppose if decisions are to be made.

But like you; I have a home bird as a wife. We moved out of Dublin years ago and she got home sick :pac: .. so back we came

I wish you all the best in the future and hope you find a happy medium where you get to semi-retire and also keep family happy

Giving up working at 50

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