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

[ChicagoBlue]

How much do you want/need to live on per year? Expenses plus gravy.
How much in regular (annuity-type) income will you receive from places other than your savings?

Subtract second number from first number.
Multiply result by 20-25.
That’s the range of personal savings/investments you need to live comfortably and, maintain one step ahead of inflation, if you use a broadly diversified portfolio to provide income from those investments.

Obviously, back of the envelope, but should get you in the ballpark of where you want to be.

 

[Bill Walker]

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

When ? When what ?
How old....60
How much... 1 million pounds in cash and assets.

 

[Onholiday(somemightsay)]

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.

How many pairs of shorts do you own?

 

[Onholiday(somemightsay)]

Which will cost a damn sight more than what it cost to live when you first retired.. Judging by what the Mother In-Law is paying

Put things in place so if / as / when you are required to be put in a home, you sign over all of your assets and funds to your loved ones and you become the states problem (granted you may end up in a bit of a rat hole but who cares by that point?).

* Yes I'm fully aware that this approach will be frowned up by a lot..........

 

[lancs blue]

Put things in place so if / as / when you are required to be put in a home, you sign over all of your assets and funds to your loved ones and you become the states problem (granted you may end up in a bit of a rat hole but who cares by that point?).

* Yes I'm fully aware that this approach will be frowned up by a lot..........

Be careful, it's not quite that simple.

https://www.ageuk.org.uk/informatio...paying-for-a-care-home/deprivation-of-assets/

 

[Bluemanc100]

Put things in place so if / as / when you are required to be put in a home, you sign over all of your assets and funds to your loved ones and you become the states problem (granted you may end up in a bit of a rat hole but who cares by that point?).

* Yes I'm fully aware that this approach will be frowned up by a lot..........

I think the state are wise to a family’s funds being signed over in this way so not sure you’d get away with it these days.

Don’t get me wrong, I think that there is an expectation that those who can pay should pay but it grates on me a little

 

[Onholiday(somemightsay)]

Be careful, it's not quite that simple.

https://www.ageuk.org.uk/informatio...paying-for-a-care-home/deprivation-of-assets/

Agreed and I am certainly no expert.

Someone I'm relatively close to has pretty much set this up over the last couple of years due to fears over dementia.

As far as my understanding goes, at the drop of a hat the assets are distributed to their children as pre-determined.

 

[toffee balls]

I think the state are wise to a family’s funds being signed over in this way so not sure you’d get away with it these days.

Don’t get me wrong, I think that there is an expectation that those who can pay should pay but it grates on me a little

We have determined our joint tenancy on our home and entered in to a tenants in common arrangement.
On 1st death this kicks in and half the property goes to our kids and the surviving partner remains in the property.
Should they require care in the future half the property value is protected and is under control of the people it was intended to protect, the kids.

Worked bloody hard and paid taxes all my life so this is the right way as far as we are concerned.

 

[Bluemanc100]

We have determined our joint tenancy on our home and entered in to a tenants in common arrangement.
On 1st death this kicks in and half the property goes to our kids and the surviving partner remains in the property.
Should they require care in the future half the property value is protected and is under control of the people it was intended to protect, the kids.

Worked bloody hard and paid taxes all my life so this is the right way as far as we are concerned.

I need to look into that ... thanks

 

[Mazzarelli's Swiss Cheese]

Put things in place so if / as / when you are required to be put in a home, you sign over all of your assets and funds to your loved ones and you become the states problem (granted you may end up in a bit of a rat hole but who cares by that point?).

* Yes I'm fully aware that this approach will be frowned up by a lot..........

Great leveller care homes for those unlucky enough to live too long, and a reminder that we all enter and leave this world naked and needing someone else to wipe our arses. Millionaires dying in the same conditions as paupers, and there's no pockets in shrouds.