Retirement, how much?

[Dave7]

Tried coke.....didnt like it.
Tried hookers. After the first 50 the novelty wore off.
Have to confess I dont know where Shipleys is.

 

[MarkF]

I get a real buzz out of earning a few bob doing something that I enjoy, others call it work I do not.

I understand that, after working for myself, what I do now is not "work" to me, it's neither mentally or physically demanding, it's made me re-evaluate my retirement plans as the public service pays me and gives me 6 weeks paid holiday.

 

[MarkF]

Once I retired, I wondered why I stuck it, and there's only one answer.
The pension.

I work with 100's like this. 2 ways of looking it, yours & my view that they are forfeiting "life" for a pension. I could cry for the people I work with, so little have they done.

 

[delb0y]

Yes, that's me. I definitely feel like I've let life slip away whilst earning enough to buy the house, pay the bills, keep the family warm, dry, and fed, keep the dog in drugs, and build a pension so we can all continue to get by in old age.

Would've love to have done it differently, but never figured out how. It seems to me that once you get on that hamster wheel it's impossible to get off, and you end running harder and harder, for longer and longer. The secret may very well be to never get on it.

That's not to say I don't enjoy the job. There are great days and I work with great people. But I do look forward to a retirement where I have some time of my own to go fishing / cycling / guitar plucking / writing / travelling / photographing / reading or even just staying up with SWMBO beyond nine o'clock. I envy those people who love work enough that they don't long for retirement.

 

[Tin Pot]

This might be a helpful link http://www.telegraph.co.uk/financia...-pensions-service/what-is-a-good-pension-pot/

Or this one that uses figures from a Which survey
https://www.theguardian.com/money/blog/2017/apr/22/save-40-a-week-retirement-which-report

Tl;dr three income levels:

£18,000 - Covers essentials
£26,000 - Covers essentials plus nice to haves such as holidays abroad
£39,000 - All the above but additional stuff like luxury holidays/car

According to the telegraph I need to save £1K every month until I retire to reach true second tier income level.

How encouraging.

 

[Drago]

That's The Telegraph though, where Fortnum and Mason are considered a corner shop for picking up a pack of Bensons and some milk.

 

[NorthernDave]

According to the telegraph I need to save £1K every month until I retire to reach true second tier income level.

How encouraging.

Looking at what The Telegraph states I'll need in my pension pot, I might as well give up, enjoy the money I have been putting away now and use my last pay packet to buy a one way ticket to Dignitas....

 

[Drago]

Fags and booze, live for every moment, die in your sixties.

 

[JtB]

Looking back maybe I could have taken more chances with my career, not played it so safe and possibly experienced more excitement in my life, but providing for my family was always my number one priority. Now, at the age of 57 it’s just Mrs. JtB and myself again, the mortage has long since gone, we have savings in the bank and pensions to look forward to. I could retire now if I wanted to, but I’m enjoying the last few years of my working life and for the first time working because I want to rather than because I have to and that makes a big difference. I only commute into the office on average once a fortnight, while the rest of the time I work from home, so I can have my coffees and go out for lunchtime walks with Mrs. JtB when she’s at home. I don’t know what the future holds but I have no regrets about the choices I made and I’d do the same again if I had to re-live my life.

 

[Dirk]

I never planned anything, took insane risks, indulged in a highly dangerous sport for many years, had enormous financial highs and lows, stumbled from one job to the next with no thought, never worried about anything and ended up retiring at 60, living on the coast in a beautiful part of the country. No debts and a comfortable, sustainable lifestyle that can only get better once the state pension kicks in.
Reckon I must be one of life's jammy gits.

 

[Dirk]

Fags and booze, live for every moment, die in your sixties.

I would prefer to be shot, 'in flagrante', at the age of 93 by a jealous husband.

 

[slowmotion]

I would prefer to be shot, 'in flagrante', at the age of 93 by a jealous husband.

Here's Roger McGough on the same theme...

Let me die a youngman's death
not a clean and inbetween
the sheets holywater death
not a famous-last-words
peaceful out of breath death

When I'm 73
and in constant good tumour
may I be mown down at dawn
by a bright red sports car
on my way home
from an allnight party

Or when I'm 91
with silver hair
and sitting in a barber's chair
may rival gangsters
with hamfisted tommyguns burst in
and give me a short back and insides

Or when I'm 104
and banned from the Cavern
may my mistress
catching me in bed with her daughter
and fearing for her son
cut me up into little pieces
and throw away every piece but one

Let me die a youngman's death
not a free from sin tiptoe in
candle wax and waning death
not a curtains drawn by angels borne
'what a nice way to go' death

 

[ColinJ]

I stumbled on this thread again today. I was just clinging on financially when the thread was started over 4 years ago, and wondering how I would even get to pension age. Well, somehow I have just about made it - my pension will be with me before the end of this winter.

My outgoings last year were still about £10k but I suppose rising prices (especially for fuel) will push that nearer to £11k in the coming year. Still, the latest figures are that my income will be nearly £14k from pensions plus housing benefit. And I may earn a small income on top of that. After years of scrimping, it will be nice not to have to worry about money anymore!

I think it would be interesting to see what your answers to @oldfatfool's questions are now...

As a follow on from the retirement thread, how much do you need to be 'comfy?' Are you peeps spending more or less than anticipated? If you are taking advantage of a drawdown pension rather than an annuity is your pot dwindling faster than expected?

We lead a modest lifestyle and excluding capital expenditure (new cars, caravan, foriegn trip) reckon £20k pa should be enough is this realistic? With 2 of us oap should be at least £16k from the state, and with a defined pension taking us above this any private pension can therefore be used to fund early retirement, is this a dangerous tactic? And how big a private pension plot would you consider enough to fund 12 years with a seperate income of £10k pa available tax free?

?

 

[oldfatfool]

In all honesty 4 years on I don't think my annual outlay as increased, sure it will do in the future. Wife as now retired and will clear out her pension in the next 2 years before drawing the state pension. I wil hit 53 and considering going part time to earn around the tax threshold. 24k a year should keep us on the straight and narrow without touching my pension and savings for now

 

[Debade]

You may want to check out a retirement forum where most everyone is getting/providing information about financial security in retirement. One is https://www.early-retirement.org/forums/ Another one is https://www.bogleheads.org/forum/viewforum.php?f=2

BTW, I realize these are USA oriented but there are international folks on them as well. The basic issues of savings, investing, pensions are similar on both sides of the pond. Taxing and medical issues are very different but that goes to the ability to save and spend.

Take some time to check them out than ask your questions