Default Retirement Age ending in UK

http://www.bbc.co.uk/news/business-12177927

The change means that from 6 April, bosses will not be able to issue any notifications for compulsory retirement using the DRA procedure.

There will be some exceptions.

However, although the government is removing DRA, individual employers will still be able to operate a compulsory retirement age "provided that they can objectively justify it".

The Department for Business gives two examples of where this might be the case - for air traffic controllers and police officers.

Bit late for me but a word of advise based on my experience. Take your retirement in gradual stages. Don't go home one day as a working man and get up the next morning retired. My first attempt at retiring was a total disaster, at 60. I remember clearing my desk and saying my goodbyes with a racing heart, no more working, can lie in bed as long as I want. Well the euphoria didn't last long. I had gone almost overnight from a position where making a decision could have made a fortune or bankrupted my company, to what? I was reduced to the most major decision I had to make was , what shirt shall I wear? Needless to say that didn't last long. I started a new business, worked a further 5 years on a far more casual basis, then gradually eased into retirement.Now many years later I can enjoy the fruits of those extra years working, and have learnt how to handle retirement
Back to topic. It would be a benefit for both the employer and employee if they could introduce a scheme whereby the worker was able to reduce either the days or the hours worked in their final years .Thus keeping his experience to hand, whilst training his replacement .Just some thoughts from an old codger .

For what it's worth my opinion is the opposite of TB's. I've know several people who have worked on into their 60's only to die before they could enjoy their retirement. Too many people in the UK can't think outside the box, their pre-conditioned to think that they have to work until their 60/65 as previous generations have done. My philosophy is, retire as soon as possible and enjoy life while you are fit and well enough. You only get one chance, make the most of it and live life to the full.

Galee wrote:For what it's worth my opinion is the opposite of TB's. I've know several people who have worked on into their 60's only to die before they could enjoy their retirement. Too many people in the UK can't think outside the box, their pre-conditioned to think that they have to work until their 60/65 as previous generations have done. My philosophy is, retire as soon as possible and enjoy life while you are fit and well enough. You only get one chance, make the most of it and live life to the full.

Fine philosphy if you have the money to enjoy all those extra years in retirement . Trouble is most seem to live longer than their money lasts .

I was lucky enough to work for an American company in the UK. They had, rather like TB suggests, a 'gradual' retirement. In that your days of working were gradually reduced through your 64th. year until you ended up doing none..
I never got to that stage though, being offered the choice of relocating to a job in London or early retirement at 55 I was out the door as soon as the cheque cleared.
I am unsure about the advisability of not having a DRA though. I can see that a lot more people will carry on & so actually die before they retire in the future as I think few people are ever either financially or mentally 'prepared' to offer to stop working. Even while understanding & agreeing with much that TB says I believe that for many people the certainty of a 'shove' into retirement at a certain age is actually a good thing.
The one thing that is for certain is that the British Governments' primary aim behind this move is to save money, whatever slant they may put on it.

trubrit wrote:Fine philosphy if you have the money to enjoy all those extra years in retirement . Trouble is most seem to live longer than their money lasts .

That's when a final salary indexed linked pension comes in handy TB.

Galee wrote:

trubrit wrote:Fine philosphy if you have the money to enjoy all those extra years in retirement . Trouble is most seem to live longer than their money lasts .

That's when a final salary indexed linked pension comes in handy TB.

Same here, and income from properties I rent out in the UK.
When I was working I saw too many guys carp it, either before or shortly after retirement.

Working on would be fine as long as it was recognised by the bosses as a way of utilising your considerable experience .
Truw many people do die, before retiring but here so many people come here get drunk, grow old before their time and die, why they have nothing to do.
I have been retired since I was 52, there are not enough hours in the day to fill my time, because I was told retirement is wonderful now find something to do which I did.
So carrying on doing a job you obviously loved, for a few more years makes getting up in the morning worthwhile, I have met many a person who has retired and after a while they think is it worth it, what use are they etc:- depression and feeling of uselessness creeps in, the road to an early grave has begun. So why not carry if you can and want to. Bugger the money your sense of well-being and general happiness is far more important I say.
I would have carried on if I could but the Law says I have to retire and I retired at the optimum time for a good pension package etc,but I think I would have preferred to carrying on, after me they had to employ three people to do my job. who earned between them about 15 thousand, more than I did so I was a cheaper option, but they didn't see it that way. And being civilians they cause untold problems because they stick to the employment regs like glue.

I agree with Galee and Prenders on this one...
I was lucky enough to be offered early retirement at 50.....my 50th birthday was 29th March and I left on 31st March,although because of holidays owing I actually didnt go into work for about 10 days beforehand....perfect timing !
I was divorced and living on my own in the UK.....not much of a future workwise or socially.
So I leapt at the chance to do something different with my life whilst I was still young enough to enjoy it.I've not regretted it although the decline of the pound to the baht from 72 to as low as 45 has meant I've had to watch the cash more than I had anticipated.
And Thailand is a great base to visit other countries in SE Asia,inexpensively,like Bali,Malaysia,Hong Kong,Singapore and Laos.
Yes,I've seen many guys work till they are 65.....absolutely worn out and pop their clogs within a couple of years.
Your body changes.....I've noticed the difference 35 to 45 and 45 to 55,you just arent as active physically as you used to be although mentally you are still OK.
You only live once.....this life isnt a rehersal.....so go for it if you get the chance.
I just didnt want to be some guy in his late sixties coming to Thailand for the first time and trapesing around Central in my incontinence pants,holding hands with an 18 year old Thai girl..........too late then for everything !

Amen !!