When do you want to retire?

It’s an interesting debate and one we all likely debate at times, especially if you are over 50. One of the most important implications, I would say, relates to HEALTH. 

Retirement and enjoying the experience will be entirely about our health and for those in our 60’s, looking at potentially slowing down but perhaps not in the best of health, it could look very gloomy. 

 

There was an interesting article last week in the IFA Magazine. This suggests that one in ten company directors in the UK are now working past the age of 67. Of the 620,000 company directors over 67, 445,000 are over 70 and 105,000 are over 80 (1 in 6 of those who are State pension age). 

I’m not sure I’d want to be working a full Monday-to-Friday week at the age of 80. That said, as we live longer and age better, the idea that I could still be working with all my faculties into my 70’s no longer feels unreasonable. My preference would be a shorter working week with plenty of time for travel and holidays. All sounds great but it takes a bit of pre-planning. 

Planning for your pension does include thinking about when you might want to retire and what retirement might look like for you. 

 

Do you still enjoy your job? I know I do! That can play an enormous part in the decision-making process. I often speak to potential clients who are looking at early retirement as an escape from their working life. Clearly, those company directors are not in the same boat. 

I think it's important to explore what working in later life might look like, and in doing that with your IFA, it will help to bring a financial perspective as well as making sure you get the right work-life balance. 

The average person will work over 10,000 days in their lifetime, so make very sure if you are planning to add to that number, it’s on your terms. 

 

 

If its on your mind and you need someone to discuss your thoughts, get in touch!