Another reason to retire early

As everyone knows, I've reduced my working week to 2.5 days - and am now looking to go to 2 days. The half day is a bit of a nuisance.

I'm planning on retiring at 55 - and have been looking at the new rules around the state pension.

It used to be that you must have made 44 years of NI contributions to draw the full state pension. Well blow me down , the new rules are now 30 years to draw a full pension. I'll will however have to wait a further 2 years to draw the pension at 67.

So..any further NI contributions I make will have no impact upon my level of state pension.

2 days here I come

 

I like your attitude clanless, i.e. your eagerness to retire.

There are those whose status is so closely aligned to their job that they do not look forward to retiring. I find this very sad, a great shame and reversible...with an adaptive mindset.

True, I am not one who has had a great work ethic (I have favoured doing voluntary work which, I feel, is far more noble than working for money) but there is such freedom and joy to be had when our time is our own.

 

Bit of a game changer for me was reading this book:

http://www.ebay.co.uk/itm/The-Top-F...498?pt=LH_DefaultDomain_3&hash=item51d222bb42

First came across it reading a 'Metro' newspaper in work.

Time is the one thing money can't buy .

 

Hate to be the bearer of bad news Clanless but the amount of years you have to pay in NI Contributions is now 35 years.It used to be 44 years for men and 38 years I think it was for women but it was brought down to 30 years contributions and then went back up to 35 so by that reckoning I can't get my state pension (if it still exists)until I am 66 and it is now calculated on when you was actually born(year and month of birth)

You will have to let me know how you are managing to achieve retirement at 55 as myself and Mr Kandy would love to know although we are way past that age (me not quiet as far)

 

Go for it Clanless if you can. I managed to get my company pension when I was 53. Best thing I ever did

 

Gone back up to 35? Dabnabbit!! By the time I get to 55, I'll probably have about 33 years. All this is of course assuming I make it to 67 .

The plan is - draw my pension at 55 (new rules allow me to do so without my employers consent). But, by drawing 10 years early - the payment reduces by 48%. On balance, 10 years without the hassle/stress of work is well worth the reduction .

 

Well...that and love, maybe?

According to the punk poet, John Cooper Clarke ...

"there's one thing that money can't buy - poverty!"

 

Blimey I would love to have retired 5 yrs ago.
Just cant do it, never had a job with a pension scheme, so I'll have to go another 6 yrs before I can claim my £140 pw.
Just about keep me in beer.

 

Fantastic news @clanlass, I hope you enjoy your extra free time, you will be amazed what a difference the extra half day will make

 

Some very good advise there @shiney . The 'pension' topic is very much talked about within our group of friends, there's so many opinions, at times it can get a bit heated, , I personally think you have to work out how much money you need to accommodate the life style you want to lead then workout how to obtain that amount of money, weather it be pensions, investments, savings , downsizing or whatever. I'm not personally a massive fan of pensions, I think there's other things you can invest in, I do have a pension but I've put more money into alternative investments. Each to their own & as long as we can all one day retire for several happy years that's the main thing

 

Whilst I realise retiring can be more financially problematic these days, I see no reason for the quality of pleasure to diminish re. social outlets and activities. (Obviously it depends on the nature of the activity!) Of course it requires a major adjustment/gear change and relies somewhat on being open minded/optimistic and a bit imaginative as to possible outlets.

I can only speak for what I know about London but there is much locally that is on offer for those who wish to find classes and events which, in themselves, can lead to forming new friendships and thereby further improve the quality of life.

 

Take up homebrewing and retire when the first batch is ready to drink.