Redundo within averaging period
"As long as I don't have to worry about putting food on the table, and can take the occasional trip somewhere in the country to enjoy a bit of a change of four walls, watch a film in the cinema, etc. I'm happy."
@msknight: Likewise. My aspirations are not excessive. I'd add a bit of engagement with people - family, volunteering and in my case some part time adult education teaching.
Teaching pension for my age cohort had a 10 year averaging period before retirement. The highest three years contiguous salary was taken as the 'final salary'. This was to stop people getting shoved up grades to boost the pension.
It was financially beneficial to me to take my pension a year early so as to gain the maximum benefit of my highest salary years having been made redundo in the dying days of the Gordon Brown government. You may remember they sort of lost track of how much they were spending on new Further Education colleges, coupled with the prime mortgages meltdown. This lead to a sudden unplanned budget reduction in already agreed funding for FE Colleges, hence my departure along with many colleagues.
I've been working (from choice by the way) fractional posts since then, so huge salary drop, hence taking a 4% actuarial reduction for one year as opposed to a ~20% cut.
I'm a Maths teacher. There is an artificially produced chronic shortage of Maths teachers in FE Colleges. I could have worked a couple of more years easily. Tough Bananas Bub.
Actionable content: get pensions advice early on. Make some kind of plan to preserve basics as well said by msknight.
Political thought: what happened to the social contract? Work hard for 30 to 40 years then we will sort you out with the basics? Not hard is it. Thatcher and her dodgy economists really screwed things up. Younger ones finally waking up to that... interesting times ahead
Coat: Das Capital in left pocket and Der Weg zur Knechtschaft in the right pocket thus covering all bases.
Good luck to the floggers-of-computers in original article.