Retiring

dickie davies said:
Sit down with your Mrs and write down all the expenses for necessities, council tax food, utilities etc
Then there's maintenance on your property
Factor in every day luxuries such as new car, washing machine every however many years
Then you need to think about what are you going to do with your retirement time, travel etc and how much money you'll need for that

In theory 25k should be fine, but it's all about what you want to do/see
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We have pretty much done this and we are planning to get everything replaced in the years between 64 & 68 such as the new bolier and the like. We like to go on holiday a couple of times a year but won't be going at peak times and like SC rather than all inclusives. Generally we have quite an inexpensive life style. neither one of us really drink or do cocaine :)
 
abu13 said:
I am due to get it at 67, but im not banking on it with these cunts:)
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in a similar position, i'm 55 and state pension kicks in for me at 67, been doing the sums and at todays prices I reckon 30K/year is enough to have a good retirement, and 25k a comfortable modest one. That's nett figures so avoiding paying any tax when retired is a very attractive proposition
 
flook said:
in a similar position, i'm 55 and state pension kicks in for me at 67, been doing the sums and at todays prices I reckon 30K/year is enough to have a good retirement, and 25k a comfortable modest one. That's nett figures so avoiding paying any tax when retired is a very attractive proposition
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I agree,
i feel quite comfortable with this, as I say I can only base it on if i was retiring tomorrow. Before tax we would need about £10k a year plus the state pension. Given life expectancy is 84 then if all goes to plan I should be ok. Fucked if I live to 85 though :)
 
abu13 said:
I agree,
i feel quite comfortable with this, as I say I can only base it on if i was retiring tomorrow. Before tax we would need about £10k a year plus the state pension. Given life expectancy is 84 then if all goes to plan I should be ok. Fucked if I live to 85 though :)
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Funnily enough my numbers are based on clog popping at 84
 
abu13 said:
What do people think a married couple would need for a comfortable retirement?
I know everyone has different needs and plans but I have heard such a wide range of numbers I just have no idea.

I believe me and the missus would be quite comfortable with an income of £25k a year, If i was to retire tomorrow and given we would get around £18k in joint state pension I believe i would only need another £10k a year income. Obviously things change but I am interested in what people think or have experienced.
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You must have some idea about what income you need for a comfortable retirement. What income do you have now? Are you comfortable with it?

You can subtract pension contributions, savings (and mortgage repayments for example if not paid now but will be when retired) from your income now to find what income you actually live on.

You could monitor your income and expenditure rigorously for 12 months to determine if you have an annual deficit or surplus.

I reckon about 25k after tax is plenty, assuming mortgage paid and including at least one luxury such as holidays per year. You will probably need less in later retirement (say 75+). My parents aged 78-80 reckon <20k is enough.
 
flook said:
in a similar position, i'm 55 and state pension kicks in for me at 67, been doing the sums and at todays prices I reckon 30K/year is enough to have a good retirement, and 25k a comfortable modest one. That's nett figures so avoiding paying any tax when retired is a very attractive proposition
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Not paying tax?
Dream on.
 
abu13 said:
We have pretty much done this and we are planning to get everything replaced in the years between 64 & 68 such as the new bolier and the like. We like to go on holiday a couple of times a year but won't be going at peak times and like SC rather than all inclusives. Generally we have quite an inexpensive life style. neither one of us really drink or do cocaine :)
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I know it’s not something most people want to think about, but it is worth considering the financial situation if either of you should pass away. Would you each have enough to be comfortable in this event?
 
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