Retirement...when, how old and how much??

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Tuearts right boot

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26 Feb 2011
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Halfway up a mountain,bumfuck nowhere,Snowdonia.
I'm looking at 62-63, 3 years time..then another 4 to pick up the state pension. In the meanwhile could sell or get someone to manage the business and I'd work part time in it giving me something to do as I have a very low boredom threshold, got some savings though not a huge amount, some investments not a huge amount and rental cottage that would see me right and keep me out of trouble. Could easily fill any other time just fucking about. So how much do I need to retire in relative ease and comfort....who knows. I'll bet there are some twats on here who retired at 35 and have a private box at the Etihad...;)
 
How longs a piece of string?

What does ease and comfort mean to you?

weekly visit to the pub and a weekend in the lakes?

once a year fortnight holiday in Europe?

annual cruise?

Also make sure you get a pension forecast from the govt so you have time to make up any extra years NI you might need for a full state pension.
See here
https://www.gov.uk/check-state-pension
 
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denislawsbackheel said:
How longs a piece of string?

What does ease and comfort mean to you?

weekly visit to the pub and a weekend in the lakes?

once a year fortnight holiday in Europe?

annual cruise?

Also make sure you get a pension forecast from the govt so you have time to make up any extra years NI you might need for a full state pension.
See here
https://www.gov.uk/check-state-pension
Click to expand...


Got an appointment with my FA soon but just wanted to see what other have/are doing. Cheers.
 
The simple ish calculations are
At the moment how much pay a month do you take home!
Then out of that are there any expenses such as personal pension, mortgage, endowments that you won't need to pay in three years time!
With what you have left, does it furnish you with a comfortable lifestyle?

Thinking about you future needs when you retire
Would your personal pension and any other income, such as the cottage rental, give you more or less money than you are currently benefiting from after those expenses?

And also take into account that when you reach official retirement age you are drawing a further £9k per year

I'm trying to amass a pension pot of £320k and retire when I'm 62
A simple drawdown calculator says that if I take the 25% tax free lump (£80k) and drawdown the pot at £12k per year, it should last 25 years
So my plan is to take £12k a year tax free, top this up with some of my tax free lump for the first five years, then I'll have my state pension of £9k (obviously this will be taxed) to add to the 12k personal pension when I'm aged 67

Pretty much after council tax, utility bills, car expenses etc, I'll be left with £15k a year to spend however I like

https://www.which.co.uk/money/pensi...alculator-making-your-money-last-awvp49g8uq6l
 
Quick rule of thumb aim for 60 to 65% of your before tax employed income.
 
Its a minefield, i'm early 50's and trying to put a plan in place for when i retire.

I am due to clear the mortgage this year and don't know if im better putting the £600 a month i'll save into my pension or an ISA.

Then again i might never get to retire at this rate.
 
Tuearts right boot said:
I'm looking at 62-63, 3 years time..then another 4 to pick up the state pension. In the meanwhile could sell or get someone to manage the business and I'd work part time in it giving me something to do as I have a very low boredom threshold, got some savings though not a huge amount, some investments not a huge amount and rental cottage that would see me right and keep me out of trouble. Could easily fill any other time just fucking about. So how much do I need to retire in relative ease and comfort....who knows. I'll bet there are some twats on here who retired at 35 and have a private box at the Etihad...;)
Click to expand...

There are lots of variables to this answer. How long are you intending to live for?

;-)
 
Brightwells left peg said:
There are lots of variables to this answer. How long are you intending to live for?

;-)
Click to expand...


That's the question....My dad died earlier this year ages 87 and my mum just passed last week aged 85, hence the posting.....I'm 59 so I'll take another 15 - 20 yrs of reasonable health if it's offered, whether I'm capable of doing anything constructive after that is anybodies guess.
 
abu13 said:
Its a minefield, i'm early 50's and trying to put a plan in place for when i retire.

I am due to clear the mortgage this year and don't know if im better putting the £600 a month i'll save into my pension or an ISA.

Then again i might never get to retire at this rate.
Click to expand...

it is complicated that’s for sure.

Higher rate tax payers - pensions are usually always the clear winner.

Basic rate - it’s not as clear cut but depends on when you plan to retire and if you will be able to extract some of the pension income and offset it against your personal allowance, effectively getting more then the usual 25% out tax free.

Pensions can be accessed from 55 so the closer people are to that, the more attractive they are.
 
You also need to factor in the inevitable decline in quality of life.
Your first five years of retirement you may be fit enough to climb mountains, cruise the world, ride for miles. You could spend lots.
The last five you may well spend dribbling in front of a communal tv. You won’t spend anything, apart from care home fees!
 
denislawsbackheel said:
You also need to factor in the inevitable decline in quality of life.
Your first five years of retirement you may be fit enough to climb mountains, cruise the world, ride for miles. You could spend lots.
The last five you may well spend dribbling in front of a communal tv. You won’t spend anything, apart from care home fees!
Click to expand...
Dribbling and smelling of piss
 
Its a conundrum, I am thinking of semi retirement at 55. As mentioned on another thread a job with no responsibility whatsoever probably along the lines of a postman because I think I would be bored if I didn't work. I have done OK, mortgage free, Military pension and savings. My only problem is to me its all about location to be able to do stuff that I enjoy, that means I will probably need to relocate but not too far, I need my City fix.
 
Semi retirement sounds like the way forward. We've started to cut down at work and this virus may have done us a favour, price rise and cherry pick my best clients already sorted so hours would be down. No mortgage other than a BTL on the rental, not one for spending loads, no finance on the cars, cheap to run wife and a hobby that does a bit more than pay its way. I'd rather wear out than rust out, the thought of daytime TV and filling a bag with piss every day fills me with horror.
 
Gaudion M said:
I always think with this that once you get to 85 you are not going to need a whole lot of disposable income and if i'm still going at 90 I will just hit the coke and hookers until i'm done in.
Click to expand...
You’re going to wait until you’re 90?

I guess one advantage is the next day you’ll have forgotten you did the coke and hookers, and decide you need to do it before you die.
 
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