What Age Do People Actually Retire?

Latest research from the IFS into the state of retirement in the UK offer interesting insight into when people retire and how younger generations should prepare for theirs.

You will love it, but if you don’t, you can always unsubscribe.

The brokers I use: 📈
Trading 212
If you do not get your free share after depositing £1. Use promo code DAMIEN, you will find it in the section with the three lines in the bottom right corner of the app.

InvestEngine
Get a Welcome Bonus of up to £50 when you invest at least £100 with InvestEngine

Vanguard
This is not an affiliate link

Sources:

DISCLAIMER: Some of these links may be affiliate links. If you purchase a product or service using one of these links, I will receive a small commission from the seller. There will be no additional charge for you. Free shares can be fractional for more information see these terms.

This video does not represent financial advice, and I am not a financial advisor. When investing, your capital is at risk. Investments can rise and fall and you may get back less than you invested. Past performance is no guarantee of future results.

Timestamps:
00:00 - When will you retire?
01:01 - What is retirement?
02:20 - Economic Inactivity
05:31 - How to protect yourself
06:32 - Sponsor
07:28 - How many people keep working?
10:24 - When do people retire on average?
11:53 - When will younger people get to retire?
13:26 - Things you should do.

[DamienTalksMoney]

You will love it, but if you don’t, you can always unsubscribe.

[jerrycampbell-utyf]

Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determines a lot of things, my parents both spent same number of years in the medical profession, my mom was investing through a financial advisor while my dad through the 401k. On retirement, my mom retired with about $5million, while my dad retired with roughly $3.8million.

[pgriff]

Had to comment. The answer for me is today. Monday 3rd June 2024. Age 57 🎉🎉🎉

[Bluearmy]

Just gone at 48. Took advantage of Pension/salary sacrifice and had an ISA since before they were called that. With 30 years of cost averaging into a pension/isa, eventually into low cost index funds its all worked out for me. I then witnessed a colleague drop dead at Christmas (he was 51) and had a big think about what was really important.

Sayonara 👋🏻 🥳

[Bulldogridesagain]

My definition of retirement is: doing what you want to do when you want to do it, not because you have to.

[mcameron]

I recently watched my mother die of cancer 2 years into her retirement. 2 years!.. 2 years is all she got after working her arse off for 40+ years. I'll be retiring the moment I'm financially able. I'm not going down that route.

[Brayco]

59 this is my first day retired and I’m lovin it :-)

[barnoluk]

My aim is to be able to retire the first day I wake up and think “yeah that’s it for me, I’ve had enough”

[batsteve]

As someone who watched Art Attack throughout the 90s, I can safely say I never thought I’d watch a video that combined it with pension advice, and decent information at that!

I’ve been thinking a lot about my pension age lately, I’m aiming for 65, but not a lot about what it would look like, so your videos are appreciated.

Oh, and don’t pretend you’re sorry for the puns and jokes, you know you’re not sorry.

[stevegeek]

I'm in the small % of people retired at 55. This was not by accident. I worked hard for 35 years and planned to retire as soon as I could access my private pension.
My job paid well but was stressful and I didn't really enjoy it, so I saved as much as possible into my workplace pension (via salary sacrifice). I've now been retired for 7 months and enjoy every day. I may take on a part time job at some point, but only if I find something I really want to do. My physical and mental health is so much better since I retired...no more sitting on a laptop in endless meetings!

[johnhandy]

Instantly earned a like from when you made the sponge frame. Bravo, sir!

[ivanglossop]

I retired at 54 years old 7 years ago best thing I ever did. Love it

[feersum]

I was in the "I'll never retire" group for all of my life until at 52 I was in a life changing severe accident. A year to heal and trying back to my old career was just untenable physically. Disappointingly I am now in the 10% demographic Damien highlights. Economically "inactive" - what a horrid term. Good advice in this video for all. Cheers Damien.

[RiskOnInvestor]

Art attack was a blast from the past I didn't expect today!

Kudos on your sponge frame :P

[tan]

the biggest scam is that the world ha been made to understand that you have to work really hard all your life only to to enjoy the last 10 years of your life when your old and frail,

buy the bare minimum, work hard no doubt, but live life today,
tomorrow is not guaranteed,

[rmcwchandler]

Left my job at 58 as hated the boss and was miserable. Found it impossible to get another job and finally gave up and now do a number of interesting voluntary roles. There’s a lot of ageism in the jobs market

[stephengiles]

Nearly 2 years at 55, 57 now. Last thing I want to do is be getting up at 5am and 3 hours commute each day then the stress of work. Wife 10 years younger so still at work but now investing in an isa s/s so she can go when ready. Will open 2 sipps when my kids both hit 18 to get them started. I love doing what I want and when. Go daily walks, decorated 3 rooms and looking at buildings a summer house next. I was surprised how little Tv I watch but always make time for pub Wednesday have a dinner up the pub with my mate in different towns each week. Keep saving and clear debts, no need for fancy cars. Great Video by the way 👍

[simonch]

My wife and I retired on the same day in 2015, she was 57 and I was 61. It was the best thing we ever did.

[janeknight]

The key concept to pick up from “I will teach you to be rich” is to define your rich life and then work out a budget for it. You don’t have to be living it now but if your retirement ideal is 3 concerts a week ( to make up for lost time🙂) you have to plan for that. For the first 20 years YOU MAY NEED MORE MONEY THAN YOU HAVE NOW AS INCOME or be really comfortable selling down your investments. Sorry to be a bad news bear but I now have to cut back and it’s really hard.😢

[BoninBrighton]

We planned to retire at 66 but actually retired at 60 (a hyper fit family member died of sepsis which prompted us to retire). We both have occupational pensions plus SIPs plus ISAs and no debts… shortly we’ll get our state pensions too. Financially we’re GOOD. But and here’s ’the rub’ physically we’re definitely fading… so really use those go-go years of 60-70 because by 70-80 you’ll be entering your slow-go years, then 80+ no-go years!
Make use of age 60-70! 🎉