Gaylord du Bois
Well-Known Member
- Joined
- 16 Aug 2010
- Messages
- 29,262
- Location
- Great Umbrage.
- Team supported
- Glory Hunting Blue. Was Chelsea.
Long may you enjoy it.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Retirement...when, how old and how much??
- Thread starter Tuearts right boot
- Start date
flook
Well-Known Member
The best bit of advise i can give to anyone is to log your annual living expenses, i have done this for the last 3 years and expect to continye until i look to retire in 6 or 7 years time.
As basic as,
How much cas came into the household.
Hiw much cash went into debt repayment.
How much cash went into savings, investments.
Deduct the debt and savings payments from the total income for a rough cut figure of your day to day living.
Very rough cut but by my working out i need in the region of £26k per year in my hand to maintain my current lifestyle.
Obviously this will increase with inflation so i work it as a percentage of my total income,the aim is to keep this as clise as possible each year.
I've done something similar, trouble is with covid, war, rising interest rates and an absolute clusterfuck of a mini budget, any financial planning is more akin to a wild guess than a realistic prospect
bluevillain
Well-Known Member
Retired from a public sector job in 2016 at 52, final salary pension. Took my full lump sum. Indexed linked to cpi from 55.
Too young to stop so got a full time minimum wage job to top up my incomings. My plan was to aim for 60 to put my feet up. But the current climate means I’ll have to bide my time now.
Too young to stop so got a full time minimum wage job to top up my incomings. My plan was to aim for 60 to put my feet up. But the current climate means I’ll have to bide my time now.
Last edited:
Thank you xLong may you enjoy it.
abu13
Well-Known Member
For me this is a greater incentive to do this going forward, we are going through one of the toughest times in recent history and if people can get their heads around working to a plan now then the better prepared they will be when the time comes.I've done something similar, trouble is with covid, war, rising interest rates and an absolute clusterfuck of a mini budget, any financial planning is more akin to a wild guess than a realistic prospect
I spoke with a guy at work earlier this year, he is 64 years old and I asked him if he had any plans to retire anytime soon, he said that he hadn't really given it any thought and would carry on working as long as his or his wifes health held out. I asked him if he was in the company pension scheme which thankfully he was but he had absolutley no idea what was in it. What bothered me was that he said this is his only pension and he has only been in it for about 10 years. How anyone can get to that stage in their lives and not know what is in their pension pot amazes me.
For me this is a greater incentive to do this going forward, we are going through one of the toughest times in recent history and if people can get their heads around working to a plan now then the better prepared they will be when the time comes.
I spoke with a guy at work earlier this year, he is 64 years old and I asked him if he had any plans to retire anytime soon, he said that he hadn't really given it any thought and would carry on working as long as his or his wifes health held out. I asked him if he was in the company pension scheme which thankfully he was but he had absolutley no idea what was in it. What bothered me was that he said this is his only pension and he has only been in it for about 10 years. How anyone can get to that stage in their lives and not know what is in their pension pot amazes me.
Most people live a "Come a day, go a day, God send Friday" life. They don't envisage living to retirement age or even think about it until it's upon them. One thing is for sure nobody is having any sort of life living on the state pension alone. It won't be enough to pay for the basics to survive soon, if that's not the case already.
flook
Well-Known Member
latest from the walking disaster that is the current government is its looking like a back track on the triple lock is coming. Those relying solely on the state pension are well and truly fucked if that is scrappedMost people live a "Come a day, go a day, God send Friday" life. They don't envisage living to retirement age or even think about it until it's upon them. One thing is for sure nobody is having any sort of life living on the state pension alone. It won't be enough to pay for the basics to survive soon, if that's not the case already.
latest from the walking disaster that is the current government is its looking like a back track on the triple lock is coming. Those relying solely on the state pension are well and truly fucked if that is scrapped
They always go after the poorest, the lowest common denominator first. Absolute scum. Not to mention liars of course as keeping it was central to their election manifesto.
flook
Well-Known Member
indeed, promised by both parties in 2019, kept 20, 21 and broken 22, and looking likely to be broken in 23They always go after the poorest, the lowest common denominator first. Absolute scum. Not to mention liars of course as keeping it was central to their election manifesto.
indeed, promised by both parties in 2019, kept 20, 21 and broken 22, and looking likely to be broken in 23
People keep on voting the conmen in its ridiculous. Unless you're very rich no way this lot help you.