Retirement

[Garfields]

I really think there should be different retirement ages for state pension at least.
If you have a heavy physical job a lot will be struggling at 60+.
Don't think I would have been a nurse at 60+ never mind a brickie etc.
I was very fortunate to have the option to finish early and while there was some planning done towards that goal a big chunk of it came down to luck.

 

[Wee Bold Davy]

The one thing I really miss from being at work is having a routine. After having had a routine for 46 years I'm struggling to get my head around being retired. Retirement came suddenly for me and mentally I wasn't prepared for it. I'm told it could take a year which wouldn't surprise me.

 

[deleted79651]

The one thing I really miss from being at work is having a routine. After having had a routine for 46 years I'm struggling to get my head around being retired. Retirement came suddenly for me and mentally I wasn't prepared for it. I'm told it could take a year which wouldn't surprise me.

I still find myself looking for 'permission' to clear off, like getting your Leave Card signed and approved!

Steve

 

[The Wino]

I really think there should be different retirement ages for state pension at least.
If you have a heavy physical job a lot will be struggling at 60+.
Don't think I would have been a nurse at 60+ never mind a brickie etc.
I was very fortunate to have the option to finish early and while there was some planning done towards that goal a big chunk of it came down to luck.

I think in today's workplace it's pretty much accepted that you might well have more than one job throughout your working life. The brickie might not be able to continue doing that to state retirement age but it's up to them to either save to make up the shortfall or plan to move into estimating or working advising customers at a builders merchants or b and q if they have any sense. Otherwise you would need different NI rates for different occupations.

 

[Langtoftlad]

really think there should be different retirement ages for state pension at least.
If you have a heavy physical job a lot will be struggling at 60+.

It's my understanding that the HMRC will allow tax benefits and higher build up rates into pension schemes for more arduous occupations.
It certainly was the case for me as BA crew, who had a retirement age of 55.
I think it is/was similar for the fire & police services

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[brynric]

It’s brilliant… but it’s not all straight forward.
We retired 10 years ago with comfortable pensions. The first 3 years were great we spent about a year in the van in manageable blocks.
Then the elderly parents began to fail. This required several years of worry, care and eventually selling homes.
Then grandchildren began to appear. They’re lovely but can be time consuming when they live relatively close and we’re the first point of call.
Then Covid, nuff said.
Now we’re back in France and it feels as if we’re learning the ropes and starting retirement all over again.

 

[The Wino]

It's my understanding that the HMRC will allow tax benefits and higher build up rates into pension schemes for more arduous occupations.
It certainly was the case for me as BA crew, who had a retirement age of 55.
I think it is/was similar for the fire & police services

I suppose the logical step would then be to allow professional footballers to get tax relief enough to allow retirement at 35 to 40

 

[Langtoftlad]

I suppose the logical step would then be to allow professional footballers to get tax relief enough to allow retirement at 35 to 40

AFAIK - they do


Edited, I'm out of date:
"Prior to April 5th 2006 (A Day) professional footballers were allowed to take their pension benefits at the age of 35. This was ideal for footballers as they would often need the funds built within their pension when the income from football declined. However, the retirement age is now 55"

 

[deleted79651]

I suppose the logical step would then be to allow professional footballers to get tax relief enough to allow retirement at 35 to 40

I think there is/was an existing provision to allow this, dating back to the days just before the advent of the £100pw [First Division] footballer! IIRC, it allowed the retiring player to collect Pension payments from the age of about 37 via a designated PFA Scheme agreed by Inland Revenue. But this is one of those hazy recollections from the dusty corner of the mind,so I could be entirely wrong.

Steve

 

[The Wino]

Bonkers. So if someone choses an occupation that is allowed a young retirement age should they then be banned from future work?. By the way the original suggestion was a younger state pension age non of these examples cover that. To me a state retirement age should be the same for everyone. If you're in a job where its hard to work past a certain age start a different job.

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[Aji]

The one thing I really miss from being at work is having a routine. After having had a routine for 46 years I'm struggling to get my head around being retired. Retirement came suddenly for me and mentally I wasn't prepared for it. I'm told it could take a year which wouldn't surprise me.

For myself no routine is brilliant, every day is or can be different.
Certainly don't miss having to repeat the daily work routine.

Ally

 

[deleted79651]

Bonkers. So if someone choses an occupation that is allowed a young retirement age should they then be banned from future work?. By the way the original suggestion was a younger state pension age non of these examples cover that. To me a state retirement age should be the same for everyone. If you're in a job where its hard to work past a certain age start a different job.

Don't know if your reply is to my post re the football retirement scheme. But, as long as they don't try to use tax avoidance Schemes to reduce their taxable income, they [Premier League & Championship] will have paid as much or more tax in a 12-15 year career as people in conventional 40 year careers would pay in a lifetime. If they then wish to work as, say, a pundit or advertiser of crisps, they would automatically pay full income tax because their Personal Allowance would have been used against their Football Occupational Pension income. There would be no need to alter or grant exemptions to the State Pension Scheme.

Steve

 

[The Wino]

Don't know if your reply is to my post re the football retirement scheme. But, as long as they don't try to use tax avoidance Schemes to reduce their taxable income, they [Premier League & Championship] will have paid as much or more tax in a 12-15 year career as people in conventional 40 year careers would pay in a lifetime. If they then wish to work as, say, a pundit or advertiser of crisps, they would automatically pay full income tax because their Personal Allowance would have been used against their Football Occupational Pension income. There would be no need to alter or grant exemptions to the State Pension Scheme.

Steve

The way the state pension is calculated they might have paid as much tax but they won't qualify for a full new state pension as they won't have enough years. I think anyone can retire at whatever age they like but saying that there ought to be special allowances on the age at which state pension is paid or on when a private pension can be accessed is wrong. If you choose an occupation that tends to end at a young age it's up to you to have a plan b ready. It's just like graduates in degree's that don't help find jobs in the real world thinking they ought to be guaranteed a job in that field.

 

[deleted79651]

The way the state pension is calculated they might have paid as much tax but they won't qualify for a full new state pension as they won't have enough years. I think anyone can retire at whatever age they like but saying that there ought to be special allowances on the age at which state pension is paid or on when a private pension can be accessed is wrong. If you choose an occupation that tends to end at a young age it's up to you to have a plan b ready. It's just like graduates in degree's that don't help find jobs in the real world thinking they ought to be guaranteed a job in that field.

I'll agree to disagree with you on occupational pensions; they are a matter for employer/employee [and representatives] and HMRC to negotiate. State Pensions are moving towards an equality of payment/treatement between the sexes, so all is ok. Your comment re 'up to you to have plan B' is odd; if those professions/services are vital/valuable, such an attitude might deter applicants or drive existing employees towards what they feel are safer jobs, and the country then has to think about dealing with the shortages that some refuse to accept are beginning to emerge.

Steve

 

[Pusscat]

If you're in a job where its hard to work past a certain age start a different job.

If only life were as black and white…

It's just like graduates in degree's that don't help find jobs in the real world thinking they ought to be guaranteed a job in that field.

I’ve employed many grads with multiple degrees, in some cases PhDs into positions I would have normally taken on someone with half decent ’A’ levels. Heart breaking to have to sift through 700 applications for a single job, vast majority with a single degree or more.

thankfully, I’ve never encountered a Grad who has expressed ‘entitlement‘ to a position in that field because they have a degree in it though. Yes, you get the confidence and arrogance of youth, that’s normal though!

What I have seen many times from ’over qualified’ grads applying for jobs not in their chosen field, with the acceptance or the plea even, to be allowed to do what may be considered ’menial’ basic pay work, in fields not related at all to one they want to be in, just to get a foot into the door.

Sweeping the floor and making the tea by motivated young people in order to (usually very quickly…) get up the ladder still happens!

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[cyberyacht]

It’ll pass in the twinkling of an eye! Enjoy the time between now and then.

It goes even faster after you've retired.

 

[busby]

The way the state pension is calculated they might have paid as much tax but they won't qualify for a full new state pension as they won't have enough years. I think anyone can retire at whatever age they like but saying that there ought to be special allowances on the age at which state pension is paid or on when a private pension can be accessed is wrong. If you choose an occupation that tends to end at a young age it's up to you to have a plan b ready. It's just like graduates in degree's that don't help find jobs in the real world thinking they ought to be guaranteed a job in that field.

You don't always choose am occupation and as a youngster old age is the last of your worries plus who knows how fit or healthy they will be in their 60s.Plenty of oldies still truck driving,,(mind you it's not so physical as it was) but some people struggle with clerical jobs.We are all different.BUSBY

 

[St Ivian]

After 37 years in the Army then 15 years on the road working for a charity I was ready for retirement at 65, 3 years ago. Best thing I ever did but I didn’t reckon with having 2 grandchildren to keep me on my toes. It’s difficult now to find the time to do all of the jobs Mrs SI has on her list for me. But it is so nice to wake up in the morning and not have to get in the car and drive! Unless, of course, I want to.