Hi my father turns 65 in June would it be better to retire then or wait till the following April?
- Anonymous5 years ago
I am 60 and retired early on 29 feb 2016.
It is all depended on what he can afford to do. If he is in a private / company pension scheme he can write directly to the pension administration company and ask them for statements for various retirement dates that he would like to consider. They will provide these without informing his employer. If he is a UK resident he is not due state pension until he is 66 (and he can also ask the UK state pension dept for a statement) - so he will have to manage on his private pension alone and then will get his state pension added to his private once when he is 66. He has to pay tax on his private pension (for anything over £11,000 at 20% tax rate and 40% if it is a large annual pension amount) so that should be remembered and factored into any calculation on affordability of retirement.
Finally how fit is he? Does he want to retire? The law in the UK now states that retirement is not mandatory at 66 he can work as long as he wants as long as he can fulfil his work criteria, some companies might (or use to have) a clause in the working terms and conditions that said retirement is mandatory at a certain age - I'm not sure if this is still allowed in the UK so he needs advice on this matter.
Hope this helps - PS I am really enjoying early retirement and the lack of stress alone has made me feel younger and healthier - so would recommend it to anyone if they can afford it.
- KubrickLv 75 years ago
- MabeLv 75 years ago
I would take it as it comes (in June), then he can do what he wants too. Either he can ease into gradually, by working part time, making what is allowed with retirement, or jump in w/both feet, if he has hobbies he likes doing, and can afford it.
- MarshhawkLv 75 years ago
It should be up to your dad if and when he wants to retire .
Some people , like my mom, still want to work full time at age 78.It is like this, I support my mom since it is her decision to still work full time.Like I will say to mom, more power to you !
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- Sheltie LoverLv 75 years ago
Before my hubby retired, he "did the math" and decided it was better to retire as soon as possible. He never regretted that decision.
- 5 years ago
Your mom's retired.
- 5 years ago
whatever he wants in his heart. Peace dad.
- daljack -a girlLv 75 years ago
He should talk to his financial advisor.