Lifestyle & retirement

[kippax_blueboy]

What is a good pension pot to retire at 60?

 

[dickie davies]

What is a good pension pot to retire at 60?

Half a mill

 

[waspish]

What is a good pension pot to retire at 60?

They say the year you start putting into your pension would be half the % of your Age at the time! So if you were 20 put in 10% most people don’t it’s usually around a 1/4 of that..

 

[halfmist]

Went in to semi retirement at 50 by selling the 40% of my business which was taking me and the Mrs 60% of our time. Played the Stock market with excess funds and never really looked back. Sold the rest of it just before we went in to lock down with Covid at the age of 62 no regrets. Sold my last lot of bank shares earlier this year and that’s me done with gambling. I am fortunate enough to be able to fund several hobbies and have sufficient funds at 65 and my Mrs who turned 60 last week to see us out. Out cruising on my Canal Boat on the River Weaver at the moment and not regretting retirement even though the money was very good at the time. So go for it ASAP.

 

[dickie davies]

Out cruising on my Canal Boat on the River Weaver at the moment

Where abouts?

I'll nip down and throw some stones at you

 

[Gorton_Tubster]

Did exactly the same took voluntary redundancy part time as a postie and was fitter than ever then came my big mistake, ex employers rang me up to go back contracting like a fool said yes 6 months down the line + 3 stone all health issues that had gone whilst walking 28,000 steps a day are back.

Think of the money! You could buy an exercise bike anyway :)

 

[halfmist]

What is a good pension pot to retire at 60?

Depends what you define as a pension pot and obviously circumstances and life style.Personally I have found pensions to be a very poor investment in the past and your putting your faith in someone to gamble with your money who has no crystal ball and charges you annually for the privilege of doing so. Personally I have found investing heavily in my home property has given me a far better return than any pension provider and I have had the pleasure of living in it rather than staring at a piece of paper that a pension provider sends once a year. All gains are of course are tax free on a personal residence when I eventually decide to down size.

 

[pee dubya]

I don't know whether I'm in the minority, but I have a slightly different take on the above.

My main enjoyment in life is holidays. I have a decent job that pays well and my wife also has sizeable inheritance (that we are quickly burning through!). Anyway, we go on 5/6 foreign holidays a year plus 5/6 weekend breaks in the UK.

What's been said about friends they know dying in their 30s/40s/50s chimes with me - I know about people in all those categories. Waiting for another 5 or 6 or 7 years to do things doesn't make sense - you just don't know whether you will be here or well enough to do them.

I work from home 3 days a week and in the main, enjoy my job. I don't want to be working at 67, but as things stand I won't be rushing to retire at 60. In terms of my main enjoyment - holidays - I'm probably doing as many as most people do in retirement, albeit I've got to cram them into the 25 days holiday plus the odd few days unpaid leave.

Now obviously a heart attack or a major health scare would change my outlook, but my main objective of work is to keep funding the holidays for as long as possible.

I'm more on your side to be honest. I find a lot of this thread slightly depressing, not in judgemental way, but the way our society seems to work. Busting a gut through your prime years so you can play the retirement lottery.

I completely get that sometimes you have to graft, but everything I do is about trying to achieve balance in my life now. So I can enjoy this time as much as possible. Not busting my balls so that I might be able to relax in 30 years time. It definitely feels like you're fighting against the system though, which just wants to use you up and spit you out.

 

[halfmist]

Where abouts?

I'll nip down and throw some stones at you

I am right at the far end where it meets the Manchester Ship Canal. With the Chemical works on one side and no man’s land on the other, that is not open to the public the only way here is to swim, so good luck and be quick as we are setting off in about 1/2 an hour.

 

[MCFC Wirral]

I bought a flat in Newport, South Wales with my mum many years back as it was pennies. Will rent it out forever as it’s income. The estate agent takes care of guaranteed rent. That’s a nice chunk of income. I let her have it at the moment but I’ll eventually take it over.

If I had a part time job one day I’d ensure it was rewarding like charity or working with people who need support.