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  1. #1
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    Default Retirement age discussion

    My dad told me this morning he's about to retire from his job. He's 66. My mum will be receiving a settlement from my nan's estate and I think he feels pressured by her to stop working now that they'll have a lump sum of money coming to them.

    My boss is turning 80 this year and still works full time (!)

    I imagine myself working until I'm around 70, but who knows?!

    If your parents are retired, what age were they? What are your thoughts on their decision?

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    My dad was forced retirement due to health when he was 58. He is on an army tpi pension because of that and all the health issues associated with serving in Vietnam. He gets more now then what he dd working full time !!. My mum quit her job is 1994 and started a business with her bff. It lasted 6 months as the bff got money hungry and my mum was like I don’t need this in turn she started her own business in 1996 and sold it 2009. We called it her playtime haha. It made money but not tonnes.

    Me I’ll be working til I’m dead unless I win the lotto

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    Default Retirement age discussion

    My mum retired at 45, my dad at 50. They made wealth building a priority and were able to achieve their goals due to a combination of hard work, sacrifice and luck (quite an achievement given they came from poor families and immigrated here with nothing).

    I’d like to follow in their footsteps but that may not be achievable, particularly given DH and I had a family later in life.
    Last edited by babyno1onboard; 25-06-2019 at 10:16.

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    My MIL retired a few years ago at around 60 (or just before). FIL retired around the same time. FIL got bored with sitting around home all day (and truth be told probs got sick of all that time with MIL ) and went back to full time work a few years ago. He has a very specific skill set though and was basically head hunted for the job he’s in at the moment. He’s on a very generous 6 figure salary and got a pay rise after his 6 month “probation” because they offered it to him. He thought it was funny because at that point he hadn’t actually done any work that made any money for the company, but was heading up proposals to get the project work.

    My parents are still working. They’re both 62 this year. No plans to stop working just yet as they need the money. They do have super plus investment properties, but they took a bit of a financial hit when they moved down south so they are just trying to get themselves ahead while they’re still in a position to do so.

    It’s a bit depressing for me having to do my AHPRA registration each year as one of the questions asks how long you plan to remain in the workforce. When you’re putting down somewhere between 30-40 years it just makes me a little bit depressed. By the time I’m 70, the retirement age will probably be 90.

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    My parents were in their 60's. Mum retired first then dad a year later.

    They are on an army pension thing. (Sorry I have a cold and can not think of the correct name!) So are actually better off now than they were when working.

    Dad has worked since he was 15 so I'm glad they retired fairly young and can enjoy life

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    My dad is semi-retired. Has been since about 60 years old. But until he and my Mum got the pension, he couldn't afford to fully retire. He still works a bit. But he only does work that really interests him now. My fil tried to retire at 65 but got so bored. So he ended working until about 70.

    I don't really have any opinions on it. But some people can't actually afford to retire which can be very difficult if you're starting to get too old to work either physically or mentally. I keep a close eye on my super as I want to be able to make the decision to retire or keep working of I want to, and not because I'm forced to because of money.

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    My parents stopped around 60. My dad pretty much retired to look after DD1 when I went back to work. He said that time where it was just the two of them was the happiest part of his life. My mum worked a couple of years longer than him as she didn’t think he would cope being retired. But he did!
    I’m aiming for early 60s too, which is only 20 years away. It’s weird to realise how close it is and how much work I have to do to enable this.

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    my dad retired a few years ago. he’s 66 this year so must’ve been early 60s when he retired.

    he receives a defined benefits pension til he dies. if he dies first, it goes to my mum until she dies. it’s a relief knowing they have a guaranteed income stream for the rest of their lives. my mum was also the sole beneficiary of her parents’ uk estate so despite never really working during her life, has a substantial nest egg by virtue of the fact she is an only child and got everything they had.

    so between them they’re in a good position. asset rich and a decent income stream that is independent of their nest egg capital. as i said, very relieving for us kids knowing they can afford to take care of themselves as they get older.

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    My dad ran his own business til his early 60s. He then sold it and consulted back part time. Unfortunately he got very ill and wasn’t able to work (or travel) and then passed away last year at 69.

    He left home as a kid with nothing, but built up a very substantial portfolio. Mum is well set up. It’s just a pity dad isn’t around to enjoy what he spent so long building.

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    I always consider retirement to be something that people do if they hate their job. Like they just work at this job they despise until a certain age then retire and sit around doing nothing until they die.

    I think that if you love what you do then there is no particular age you should just stop. My dad still owns his accounting practice at the age of 67, but he is winding it down a little bit so that he can focus on his 250 acre farm. He just can’t sit around doing nothing.

    I work on a farm and my boss (4th generation potato farmer) is still going strong in his mid 60s. He’s got a couple of guys working for him that are in their late 70s. These guys are nearly 80 and they are out here on the farm feeding cattle, doing farm jobs and loving what they do. It gives them a reason to get up each day.

    I can see why some people want to just relax in their older age. Some careers are extremely demanding (like teaching etc). But I don’t really have a set age in mind with retirement.


 

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