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

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

When ? When what ?
How old....60
How much... 1 million pounds in cash and assets.
 
Bovril said:
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.
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How many pairs of shorts do you own?
 
Bluemanc100 said:
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
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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..........
 
Onholiday(somemightsay) said:
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..........
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Be careful, it's not quite that simple.

https://www.ageuk.org.uk/informatio...paying-for-a-care-home/deprivation-of-assets/
 
Onholiday(somemightsay) said:
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..........
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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
 
Bluemanc100 said:
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
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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.
 
toffee balls said:
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.
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I need to look into that ... thanks
 
Onholiday(somemightsay) said:
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..........
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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.
 
Onholiday(somemightsay) said:
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..........
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Frowned upon...
 
I worked 40 years for the same utility company, 30 of those on a final salary scheme (defined benefits), ten on a defined contributions scheme. I transferred out last summer with a healthy pot, now invested following a recommendation from a fellow Bluemoon member.

My plan is to draw up to my personal allowance, supplemented by the interest free lump sum until it runs out. The growth in the fund should cover my drawings, so when I die, my sons will inherit the entire pot, plus any growth that has not been withdrawn by me. My wife will have a NHS pension of around £1k per month when she retires.

I took early retirement (redundancy) last summer, and have no intention of working again. I go for a run most days, have lost 4 stone in weight and feel as healthy as any time in the last 15 years. No mortgage, cars all paid for.

Once Covid is over, we will take the usual two holidays a year, plus a few short breaks and city breaks.

The tip about transferring the house to the kids when one of us dies is something I will definitely look into.
 
Paladin said:
I worked 40 years for the same utility company, 30 of those on a final salary scheme (defined benefits), ten on a defined contributions scheme. I transferred out last summer with a healthy pot, now invested following a recommendation from a fellow Bluemoon member.

My plan is to draw up to my personal allowance, supplemented by the interest free lump sum until it runs out. The growth in the fund should cover my drawings, so when I die, my sons will inherit the entire pot, plus any growth that has not been withdrawn by me. My wife will have a NHS pension of around £1k per month when she retires.

I took early retirement (redundancy) last summer, and have no intention of working again. I go for a run most days, have lost 4 stone in weight and feel as healthy as any time in the last 15 years. No mortgage, cars all paid for.

Once Covid is over, we will take the usual two holidays a year, plus a few short breaks and city breaks.

The tip about transferring the house to the kids when one of us dies is something I will definitely look into.
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As long as it doesn't hinder any of their finances etc I think I will be doing it as a matter of course when I am around 55 / 60.

Granted I am quite a way off that though.

Enjoy retirement.........
 
Onholiday(somemightsay) said:
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..........
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Deprivation of assets it’s called.
Local authorities can completely ignore it and treat you as if you still own the assets.

https://www.westsussexconnecttosupp...5ffa7_deprivation_of_assets_guidance_v1.0.pdf
 
toffee balls said:
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.
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Just hope the kids don’t decide to realise their asset.
If they divorce you could be screwed.
 
Paladin said:
I worked 40 years for the same utility company, 30 of those on a final salary scheme (defined benefits), ten on a defined contributions scheme. I transferred out last summer with a healthy pot, now invested following a recommendation from a fellow Bluemoon member.

My plan is to draw up to my personal allowance, supplemented by the interest free lump sum until it runs out. The growth in the fund should cover my drawings, so when I die, my sons will inherit the entire pot, plus any growth that has not been withdrawn by me. My wife will have a NHS pension of around £1k per month when she retires.

I took early retirement (redundancy) last summer, and have no intention of working again. I go for a run most days, have lost 4 stone in weight and feel as healthy as any time in the last 15 years. No mortgage, cars all paid for.

Once Covid is over, we will take the usual two holidays a year, plus a few short breaks and city breaks.

The tip about transferring the house to the kids when one of us dies is something I will definitely look into.
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you will have to pay them full market rent which they will Have to declare and be taxed on otherwise the govt will say it is still part of your estate.
Plus they can boot you out whenever they feel like.
It happens more often than you’d believe.
 
Bluemanc100 said:
I get that... but for a family to see all their loved one’s hard earned savings taken until they have the bare minimum left is “challenging” when others get the exact same care and shelter for nothing...

Some (the vast majority I’d hope) of those who are receiving this “free” care are deserving... some however have never made an effort to provide for themselves... Why would they when the state will pay the bills for them?
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On the other hand why should tax payers pay for your social care just so your kids can inherit a big wedge?
 
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