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

I've got two daughters living at home. No mortgage. I could make them pay all the bills meaning I have zero overheads apart from £8 pcm gifgaf for my phone. I could set off round Spain in my camper van, secure in the knowledge my bills are being paid and my house looked after. I could live off £100 per week easily. I reckon I'd need £10k a year to be extremely comfortable. At 52 I'd need savings of £150k to see me through the next 15 years. Therein lies the first stumbling block.
 
JOGAMIGMOG said:
I've got two daughters living at home. No mortgage. I could make them pay all the bills meaning I have zero overheads apart from £8 pcm gifgaf for my phone. I could set off round Spain in my camper van, secure in the knowledge my bills are being paid and my house looked after. I could live off £100 per week easily. I reckon I'd need £10k a year to be extremely comfortable. At 52 I'd need savings of £150k to see me through the next 15 years. Therein lies the first stumbling block.
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I like your style.
That was our plan and would be setting off next year. Not happening now though due to the unpredictability of life.
Do it while you can is my advice. There is money all over Europe and with a bit of nouse you can build a good stash.
 
I transferred my pension last Christmas. It is much more than I ever imagined. My plan is to work another 5 years and let my FA build it up and not touch it. Hopefully if it’s invested well the capital will remain, I live on gains, and my son can cop for it. If I can make 3% from it it’ll give me c20k a year which will be enough with my wife’s and my current company pension when I do retire. He seems to think he will do much better than that. I should check. Seems a shame not to spend some of the tax free amount though! One day.
 
I went in to semi retirement when I was 50, 12 years ago. I sold the rest of my business earlier this year. I am left with about £2.4 m in a mixture of assets with about £1.3.m in the property I live in. Reckon at best I have about another 15 years active life, add on another 6 years for the Mrs age difference so around £100k a year take home pay at today’s rates for life. Absolutely no chance with our life style of spending anything like that and with no dependants anything left is going to charity.
 
halfmist said:
I went in to semi retirement when I was 50, 12 years ago. I sold the rest of my business earlier this year. I am left with about £2.4 m in a mixture of assets with about £1.3.m in the property I live in. Reckon at best I have about another 15 years active life, add on another 6 years for the Mrs age difference so around £100k a year take home pay at today’s rates for life. Absolutely no chance with our life style of spending anything like that and with no dependants anything left is going to charity.
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I'm a charity case and so is my wife
 
Don't reckon I’ll ever fully retire: partly because I’ve got some catching up to do after going skint a decade ago, partly because I’m professionally lucky enough to be able to go on working for as long as I want - and also because I think keeping an active mind into old age helps stage off mental decline and even dementia.

Six days or so a month when I’m in my 70s would be ideal, hopefully with me being able to bill double per day over what I can now. That would be perfect.
 
Feel like myself and my partner are woefully ill-prepared for retirement to be honest. Her pension pot is non-existent, and mine isn’t great. Probably got another twenty years to build it up, but should really get some financial advice at some point. That said, might not even make it to that age. Also know people who have paid a lot into their pension only to see it take a hammering.
 
denislawsbackheel said:
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.
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OK. My dad signed his house over to his three children back in the 80s, so we are the legal owners. He died in 2001. One of the conditions in his will (or the transfer agreement) was that my mum and my sister could live in the house as long as they wanted or until they died, rent free. They are both still there. Does our arrangement predate the rule you refer to?
 
Ric said:
Feel like myself and my partner are woefully ill-prepared for retirement to be honest. Her pension pot is non-existent, and mine isn’t great. Probably got another twenty years to build it up, but should really get some financial advice at some point. That said, might not even make it to that age. Also know people who have paid a lot into their pension only to see it take a hammering.
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I fear for my missus if I go first (unless death in service, in which case she'll be minted), however neither of us will be particularly comfortable, despite me putting more than most away. Losing my job a few years ago has really screwed things up, in and out of work, missing out on company contributions etc. Fingers crossed I can keep in work for another 16 years or so (which is about 5 years longer than I planned).
 
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Targeting 62 as my retirement age. Another 12/13 years to go. All being well, should have between 250-300k in my pot. Not great, but should be somewhat comfortable.
 
halfmist said:
I went in to semi retirement when I was 50, 12 years ago. I sold the rest of my business earlier this year. I am left with about £2.4 m in a mixture of assets with about £1.3.m in the property I live in. Reckon at best I have about another 15 years active life, add on another 6 years for the Mrs age difference so around £100k a year take home pay at today’s rates for life. Absolutely no chance with our life style of spending anything like that and with no dependants anything left is going to charity.
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I've always liked you..
 
halfmist said:
I went in to semi retirement when I was 50, 12 years ago. I sold the rest of my business earlier this year. I am left with about £2.4 m in a mixture of assets with about £1.3.m in the property I live in. Reckon at best I have about another 15 years active life, add on another 6 years for the Mrs age difference so around £100k a year take home pay at today’s rates for life. Absolutely no chance with our life style of spending anything like that and with no dependants anything left is going to charity.
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Dad? Is that you?
 
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