Retirement

[BILLY BUS PASS]

Yeah you are right mate, but £2.9k a month is lovely with no mortgage.
Say £500pm bills (no mortgage?)
£500 food
£400 petrol

Leaves £1500 pm "fun money". Even if you squirrel away £500 pm for holidays for £6k per year holidays if you want, still gives £250 pw for "fun". I'd cope more than moderately on that.

Yeah spot on it’s good amount and should see ya sweet but remember when ya off work and ya not backfilling from ya salary every month there is an unexpected bill or payment every month or it seems like every month so a decent slush emergency fund is required.

By the way ya spelt Fulwell ring mate …………………….

 

[Swindon On Tour]

Had a conference call today with our pensions expert at work and they reckon 40k p/a is “moderate” living when reaching retirement age of 68.

That is excessively high.
Depends on whether you are still having to pay a mortgage or rent.
Loans etc.
Size of home - council tax differentiation, energy bills.
Dependents.

 

[DaveH]

It was a bit scary chatting to my mam about my dad, because I had forgot his ages at certain stages of his life.

Retired from his main career around 60 and did a few part time jobs like chemist delivery, until 65-66ish. Heart attack and stroke at 68, leaving him with reduced quality of life for 5 years and then that was it until 73.

I’m supposed to keep working until 67. If I follow that, I get one year of fun and 6 years after retirement.

Since I stopped cycling to work, I’ve put on a little weight. It is a reminder to pick up exercise levels again, get out on my bike at weekends and stop working as soon as I can afford it.

 

[LondonMackem]

Moderate Most don't earn that while they're working.

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That is excessively high.
Depends on whether you are still having to pay a mortgage or rent.
Loans etc.
Size of home - council tax differentiation, energy bills.
Dependents.

This was apparently taking in to account having zero mortgage or rent, if you did that would need to be factored in.

£3.5k per month, when you probably don't have a mortgage by that age is way beyond moderate I would have thought.

See above. I thought so too but that’s what they reckon.

 

[Darlo1973]

That is excessively high.
Depends on whether you are still having to pay a mortgage or rent.
Loans etc.
Size of home - council tax differentiation, energy bills.
Dependents.

I suspect that you spend more than you expect in the first few years of retirement (as long as you are still healthy) on bucket list items but then spending settles down as you become less active. Globetrotting in your early 60s sounds a lot more fun than in your mid-70s.

 

[elder]

OK...

Just had a chat on the phone with a very decent fella from the Pensions office. He confirmed that the basic pension, or my 'starting amount' (10 years NI contributions) at the current rate is £63.20 per week and it increases by £6.32 per week for every extra year of NI I decide to pay.

Also just spent about 2 hours filling out the online form that i had to complete so they can work out which (gap) years I can pay and at what rate.

Next steps they write to me (by post) confirming that and options to pay.

essentially though that's exactly the same formula that I posted the other day, so not sure what all the kerfuffle is about

 

[Hongkongphooey]

Me and the mrs have calculated with our forces pensions, private pension pots and the state pension we will have around 65 grand a year to survive on if we both reach the state pension age.

 

[elder]

Me and the mrs have calculated with our forces pensions, private pension pots and the state pension we will have around 65 grand a year to survive on if we both reach the state pension age.

missed out on a (fairly low admittedly) forces pension by about 4 days...

 

[Hongkongphooey]

missed out on a (fairly low admittedly) forces pension by about 4 days...

Thats tough mate, me and the mrs are still on AFPS 75, they stopped it a few years back as it was costing too much, both on full pension now, waiting for my rise at 55

 

[elder]

Thats tough mate, me and the mrs are still on AFPS 75, they stopped it a few years back as it was costing too much, both on full pension now, waiting for my rise at 55

yeah, it's a bit shit but didn't realise at the time or I would have stayed in for that extra week at least. luckily it's not make or break for me so just put it down to another thing I did when i was young and dumb

 

[Hair Flick]

yeah, it's a bit shit but didn't realise at the time or I would have stayed in for that extra week at least. luckily it's not make or break for me so just put it down to another thing I did when i was young and dumb

Was it you who used to have the signature of “Youth is wasted on the young”?

 

[Paddy O'Dors]

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This was apparently taking in to account having zero mortgage or rent, if you did that would need to be factored in.

See above. I thought so too but that’s what they reckon.

Is £40k for a single person? If there's two a lot of living costs are shared. Me and the missus could easily live on £40k a year combined and have change. Holiday by a pool and a long-haul touring a country for a month included. No mortgage and all our bills (exl food) are only about £6k a year.

 

[tenpins]

Me and the mrs have calculated with our forces pensions, private pension pots and the state pension we will have around 65 grand a year to survive on if we both reach the state pension age.

Sweet.

 

[Barista]

I suspect that you spend more than you expect in the first few years of retirement (as long as you are still healthy) on bucket list items but then spending settles down as you become less active. Globetrotting in your early 60s sounds a lot more fun than in your mid-70s.

That’s exactly what I factored in when I retired aged 55 at the beginning of this year. Expect to spend more on travelling for the next 10 yrs when hopefully still physically fit to do everything I want to, and then start spending less mid/late 60s when state pension kicks in. There is a saying post retirement: Early stages are the “go-go years”, mid stages are the “go-slow years” and late retirement is the “no-go years”.

 

[LondonMackem]

Is £40k for a single person? If there's two a lot of living costs are shared. Me and the missus could easily live on £40k a year combined and have change. Holiday by a pool and a long-haul touring a country for a month included. No mortgage and all our bills (exl food) are only about £6k a year.

That’s just my pension forecast, not sure what hers will look like. But yes would have to take that in to account. Think the “moderate” is for 1 individual.

 

[leyburnrunner]

I'm retiring at 63 later this year so this morning we met our new IFA who had collated all our pensions etc against expenses on some fantastic software that projected it all through to both of us living to 99. So impressive and interactive so you can adjust it for a big purchase etc.
With so many moving parts the whole 'how much do I need to retire?' question finally got answered. Future joint income 40k which more than covers expenses plus 6k for hols. I was expecting to go work on the Tesco vans part time to keep us going until my state pension kicks in but seems that's not obligatory though I might get some p/t work to fill in the week as wifey (no) has to do another 2 years at the coalface.
Not bragging or anything, just happy that all the questions/loose ends appear to have been sorted.

 

[Swindon On Tour]

I'm retiring at 63 later this year so this morning we met our new IFA who had collated all our pensions etc against expenses on some fantastic software that projected it all through to both of us living to 99. So impressive and interactive so you can adjust it for a big purchase etc.
With so many moving parts the whole 'how much do I need to retire?' question finally got answered. Future joint income 40k which more than covers expenses plus 6k for hols. I was expecting to go work on the Tesco vans part time to keep us going until my state pension kicks in but seems that's not obligatory though I might get some p/t work to fill in the week as wifey (no) has to do another 2 years at the coalface.
Not bragging or anything, just happy that all the questions/loose ends appear to have been sorted.

Sounds a plan Mate. Good on you.
My Mrs (no) is also still working for a few more years.
One challenge is our youngest is still only 17. Needs to get on that land

 

[elder]

Was it you who used to have the signature of “Youth is wasted on the young”?

Not me chief but whoever it is they are wise beyond their years

 

[Slatz63]

Not me chief but whoever it is they are wise beyond their years

Some bloke called Oscar Wilde apparently, don't remeber him posting much on Pure Football though.

 

[halfpast3]

Had a conference call today with our pensions expert at work and they reckon 40k p/a is “moderate” living when reaching retirement age of 68.

Think this sort of stuff has come up before but surely if you are in a position where you are getting a pension of around 40k a year you have probably paid your house off. So why do you need say 2500 a month for a moderate living.