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

Tuearts right boot

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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...;)
 

denislawsbackheel

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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
 
Last edited:

Tuearts right boot

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Halfway up a mountain,bumfuck nowhere,Snowdonia.
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


Got an appointment with my FA soon but just wanted to see what other have/are doing. Cheers.
 

dickie davies

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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
 

abu13

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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.
 

Brightwell’s left peg

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A leafy slice of Manchester (Surrey)
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...;)

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

;-)
 

Tuearts right boot

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Halfway up a mountain,bumfuck nowhere,Snowdonia.
There are lots of variables to this answer. How long are you intending to live for?

;-)


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.
 

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