image

Did you put off retirement due to money worries?

Generational stereotypes have created the impression that Baby Boomers are retiring and able to enjoy life richer than ever.

The rise of house prices, generous pension schemes and good benefits for seniors mean retirement for Baby Boomers looks a lot more favourable than the generations coming up below them.

But even so, the reality for millions isn’t quite as rosy as the ideal of the financially comfortable retirement.

Many pensioners are forced to save and stretch every penny or are being left vulnerable thanks to the rising cost of living and renting.

Add to this a much longer life expectancy, responsibilities to ageing parents and the burden of providing for adult children and it’s not hard to see why retirement savings and pension contributions simply aren’t enough for many to live on comfortably.

For many, the only choice is to continue working, putting off retirement for as long as possible to try and shore up for the future.

What was your experience? Did you put off retirement due to money worries, or were you able to retire when you wanted? Share your views at Speakers Corner.

Did you put off retirement due to money worries?

455 people have already voted, what's your opinion? Yes No

What are your views?

We'd love to hear your comments

Not a member?

You need to be a member to interact with Silversurfers. Joining is free and simple to do. Click the button below to join today!

Click here if you have forgotten your password
DJSwaithe
17th Aug 2018
0
Thanks for voting!
AlisonP24
15th Aug 2018
0
Thanks for voting!
I am not quite there yet but my mortgage is until I am 70 so will have no chance of retiring at the correct age 66, in a few years time. I do worry that I will still be able to do my job to the same standard though. There are some lucky retirees with huge pensions and have a good standard of living but unfortunately most of us are not in that position.
Darkstar
8th Aug 2018
0
Thanks for voting!
Retired at 60. Now better off than when i worked.
macilroy
27th Jul 2018
0
Thanks for voting!
I worked part time way past retirement age. My Hubby 81 works 2 days a week as a Toolmaker, it's more of a past time for him, he's not one for joining clubs, Golf or the Men's Sheds, the idea started in Australia. It gives him chance to give a small amount of Pocket Money to our 4 Grandchildren, which we wouldn't be able to do otherwise.
WHY was OUR N H S and OUR Pensions not put in a Separate Pot, as I understood they would be. governments over the last 50 or so years have topped up their pensions I think at the cost of OURS. WOULD You Like a Handshake and an end of Salary Pension for your retirement ! ! !
Czar
26th Jul 2018
0
Thanks for voting!
I could have retired at 63 but continued working as I was worried I would not have enough money to live on, I dropped a lot of money retiring. I retired last year because I became unwell and had a series of heart attaches
I will never be in a position to enjoy my retirement money will always be short, my bucket list has been rewritten.
My partner is still working, he is older than me, but also keeps going because we could not pay the rent or live without his income
This means we will have to find somewhere else to live within the budget we will have then
kentrix39
24th Jul 2018
5
Thanks for voting!
I stopped work because an injury that I acquired in the Service was diagnosed by a doctor who said if I did not stop I would lose my leg, I was seventy two.
Turned out a load of "cobblers" could have worked on.
I loved my work, working for myself 0f course, in fact all the jobs i had were great and I had a good life.
I had no great ambitions for millions of pounds just enough for housing, food, my car and a couple of holidays a year not necessarily abroad plus my lady and I lunching/ dining at weekends. A happy life. I had provided for myself so that I was beholden to no man and now at near eighty it is still in place although I will admit getting tighter as the years go on we are taxed to keep thousands who are pretty useless but are allowed to flood into our country willy nilly.
VivvyP
21st Jul 2018
2
Thanks for voting!
The government has increased the retirement age unfairly for women born in the 50s and although I have prepared for retirement to some extent, this has totally scuppered my plans. It was so unexpected and I, like many others am extremely ANGRY!!!! If anyone is in my position please see the WASPI site. (Women against state pension increases).
PaulaH
20th Jul 2018
1
Thanks for voting!
I had intended to work until my contracted state pension age of sixty but was a victim of public sector cuts age 59 and made redundant. I quickly discovered that no one wants to employ a disabled person of that age. I signed on for job seekers allowance but only received six months money. That is when I discovered the retirement age had changed without me being informed. The job centre told me that as I had 44 years contributions I did not need to sign anymore. They have since admitted this is wrong but will do nothing to rectify their mistake. I am living on my fast depleting savings. I have been badly let down by a corrupt system run by idiots.
Magatha
20th Jul 2018
0
Thanks for voting!
I put off retirement until I could not stand the abysmal two hour commute to London and then at least two hour commute home. After some months Southern Trains defeated me but it took a year of unreliable trains for a journey that cost me more than it was worth. Trouble now is that I still want to work, I miss the fellowship of colleagues and the feeling of a job done.
Lupatria
20th Jul 2018
0
Thanks for voting!
I was 59 and looking forward to working until I was 65. Unfortunately I was signed off sick with stress and depression 6 months before my 60th birthday - they made me an offer to "go quietly" (I was being bullied by my line manager but unable to prove anything - hence the stress).
I was able to access both my state pension and my work pension at 60 but had to apply for guaranteed pension credit - this in September 2007.
It took until the following June before pension credit was awarded after a series of "c*ck ups" by the DWP (for which I got compensation). In the meantime I had to use my lump sum to pay my mortgage until that ran out. It was only after a letter telling me that my mortgage provider was going for repossession that the DWP finally acted.
I now exist on the basic state pension and my pittance of a work pension.
The DWP decided they were not going to pay the interest part of my mortgage (they never paid all of it anyway) and so I lost that in April this year and the Council Tax Support i received - i have to contribute a sum towards that. All this on the same money as I was receiving before - the DWP consider that i'm not entitled to Guaranteed Pension Credit - i "earn" too much!
I also lost my free dental treatment and vouchers for glasses - no way I could afford even a check up at the dentist let alone further treatment! No way I could afford glasses either as, even buying cheap frames, my bill usually came to over £100 even with the vouchers - a lot of money to find out of what I get.
Thankfully I've been able to claim exemption from dental charges and am now entitled to vouchers for glasses as well.
I worked from 16 with only two breaks when I had my two children and I'm left with not a lot. I split up from my husband in 1995 and am not entitled to any part of his pension (paid for when we were together).
I am now 70 (almost 71) and while I can pay my bills and buy food, etc, there's not a lot left ....... i've got too much month left at the end of my money!
Thank you for the chance to say my piece and I hope I haven't bored you too much!
JayH8Blizz11P93
26th Jul 2018
0
Thanks for voting!
it is disgusting they way we o.a.p's have been treated. it is tantamount to daylight robbery.!
Mattsmum54
20th Jul 2018
0
Thanks for voting!
I retired through I’ll health a year ago and at 62 expected to receive my state pension. But the government moved the goal posts again 3 days after my birthday and I’ve now got to wait until I’m 66 to receive my state pension! As I only worked part time for the last few years of my career and had to take long periods of time off unpaid to care for frail father, my pension has reduced considerably. It has also affected my state pension estimate, when I do eventually get it. I can’t even get a bus pass until I receive state pension! I never thought I would be in position when I retired. Once the children weren’t financially dependant on us, I saved as much as I could, but I’m now having to live off these savings and have to be so careful with money!
jeanmark
19th Jul 2018
1
Thanks for voting!
I put off retirement and deferred my state pension because I was still enjoying my work. I did draw my NHS pension as more years payment wouldn't have increased my income (I had worked 40+ years without a break). Then one more re-structuring within my NHS Trust was one more too many and I decided enough was enough. The NHS in 2012 was nothing like the NHS of the 1960's!!

My husband is younger than me but we are fortunate that he was able to take early retirement at 60, although he will not receive his private pension until he is 65 and his state pension until he is 67. This at least gives us time together and the time to enjoy the fruits of our hard work. To date I have had no evidence that my brain has suffered!!
ArchieUK
19th Jul 2018
1
Thanks for voting!
I took my retirement from my full time job at 65, I had a company pension, not a lot but enough to live on . Then I got my state pension as I had anticipated and life became easier.
My wife worked on, not because we needed th mony but because she liked going to work she now get her state pension and her company pension, so we are now comfortable.

When I was about 62 I went to a pre retirement course and it amazed me how many people had not made any real plans for retirment, we had, and life today is very pleasant.

You can only have you mony once and you can either spend it or save it for the future.
JayH8Blizz11P93
26th Jul 2018
0
Thanks for voting!
unfortunately not all of us are able to save any money for a rainy day when you are earning so little.!
MrsPat
19th Jul 2018
1
Thanks for voting!
We have both had to take part time jobs to keep the money rolling in what little of it there is. It is not a bad thing to keep working as it keeps the brain functioning and gets us out meeting people. I have always worried about getting cut off from society when we both totally finished work.
Billythequiche
18th Jul 2018
1
Thanks for voting!
I did not as I planned for retirement many years ago. My wife deferred her pension for a year to pay for a new bathroom.

Community Terms & Conditions

Content standards

These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.

You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.

Contributions must:

be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.

Contributions must not:

contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.

Nurturing a safe environment

Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.

We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!