Retirement age / free shares

[OscarPanda]

Help please - I am having trouble finding out whether I can keep my free shares if I leave / retire from RM once I hit 60.

I know that if I 'retire', I CAN keep them but what IS the retirement age?

Thanks

[pants123]

I know that if you retire... you will keep your shares..

You will been seen as a good leaver...

As for retirement age.. I think you can retire at 60..

But I'm not sure if you leave with your full pension as it's before the normal age for retiring...

[OscarPanda]

What IS the retirement age? Is it 60? (My question is not about my pension - you can take that any time after age 55...)

[RobertT]

If you are 60 or over and leave, you are deemed to be retiring and a 'good leaver' and you get to keep your shares. As far as I know it is not dependent on taking your pension, although there is no advantage in deferring the NRA60 element of the RMPP past 60 anyway.

[OscarPanda]

Thank you - so 60 is retirement age then - that's all I need to know!

[RobertT]

Thank you - so 60 is retirement age then - that's all I need to know!

As far as the shares are concerned, yes.

[bustedflush]

Thank you - so 60 is retirement age then - that's all I need to know!

Get out ASAP - it'll be 92 within a few years....

[OscarPanda]

[greengiant]

If retirement age remains at 65, I'll need to work till 2042

[daveyeff]

depending on your age now, the retirement age is 66 (to be in receipt of state pension). obviously you can leave when you want, but you wont get anything off the state till you are at least 65.

[daveyeff]

If retirement age remains at 65, I'll need to work till 2042

by 2042 due to medical breakthroughs they will have discovered how to extend your life till you are 147. therefore they will increase the retirement age to 131.

[windermeredave]

Goes up to 66 in 2020

[daveyeff]

aye....as I said, depending on your age now.

[TrueBlueTerrier]

If retirement age remains at 65, I'll need to work till 2042

sorry to be the bearer of bad news but your retirement year is 2044

https://www.gov.uk/state-pension-age" onclick="window.open(this.href);return false; Check your State Pension age

[RobertT]

State pension age for women is in the process of being increased from 60 to 65. It started in 2010 and will end in 2018. From then on it will increase for both genders as follows:

From 65 to 66 between 2018 and 2020.

From 66 to 67 between 2026 and 2028.

And from 67 to 68 between 2044 and 2046.

There is legislation concerning the increases from 65 to 66 and 66 to 67, so they are written in stone and shouldn’t change. But the change from 67 to 68 isn’t, and there are proposals to bring that forward by 10 years.

The change in state pension age will also affect the earliest age it will be possible to access any other pension you may have like the RMPP or the RMDCP. Because the plan is increase the age of access from 55 to 57 in 2028 and then link it to 10 years below state pension age from then on.

However there is currently a review going on which is due to conclude midway through 2017 which could change things. There will also be further reviews every 5 years going forwards

Personally I’m late 40’s and have seen my SPA increase from 65 to 66.2 and now to 67, and it may well rise again to 68! But many people in their twenties or younger are likely to have to wait until at least 70.

My advice would be to take your retirement saving seriously and from as young an age as possible. Put as much aside as you can afford and take advantage of all the ‘free money’ available to you. So always join any company pension you might have access to and at the very least pay in as much as it takes to get the maximum employer contribution, but preferably more. Give yourself the best chance possible of retiring earlier than state pension age.