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Retirement


cosmicchris00 said:
With 2 kids in further education and a third still at comp, I'm still a bit short of what I need to retire bearing in mind I'm still 8 yor off state pension age

Annoyingly a mate the same age is going soon so I'm waiting to hear how his figures work out on approximately the following:

£250k Pension DC
£150k ISA (mainly stocks)
£200k net inheritance due anytime now

He's expecting it to be a doddle but I'd say much of that depends on growth of capital

I could probably pool together nearly what he has without the inheritance if I downsize the house.

Anybody tried similar ?
Click to expand...
£600k at 59 then state pension will fund a canny retirement.
If they live till 85 be about 32k a year
 
cosmicchris00 said:
With 2 kids in further education and a third still at comp, I'm still a bit short of what I need to retire bearing in mind I'm still 8 yor off state pension age

Annoyingly a mate the same age is going soon so I'm waiting to hear how his figures work out on approximately the following:

£250k Pension DC
£150k ISA (mainly stocks)
£200k net inheritance due anytime now

He's expecting it to be a doddle but I'd say much of that depends on growth of capital

I could probably pool together nearly what he has without the inheritance if I downsize the house.

Anybody tried similar ?
Click to expand...

So thats £400k in acessible cash, of which the ISA shares will grow whilst using some of it per year. Savings interest on the inheritance year on year whilst using some of it.

You can delay taking the DC pension and just live off the above for many years and the DC pot will have grown further by time they need it. Then state pension too.

He's got enough to be comfortable and then some imo
 
Matt Hopkins said:
Which is how much?
Click to expand...
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faith brothers said:
£600k at 59 then state pension will fund a canny retirement.
If they live till 85 be about 32k a year
Click to expand...
Aye.

But the variable is the growth of the capital in the interim.

4% if you hoy it in the bank
6% if you buy bonds (my estimate)
8 to 10% if you can stand the equity roller coaster.

These are the sort of figures we've discussed but what happens if:

1. you get it wrang
2. flapheed f@*ks it
gazza.1990 said:
So thats £400k in acessible cash, of which the ISA shares will grow whilst using some of it per year. Savings interest on the inheritance year on year whilst using some of it.

You can delay taking the DC pension and just live off the above for many years and the DC pot will have grown further by time they need it. Then state pension too.

He's got enough to be comfortable and then some imo
Click to expand...
That's what he reckons amd looks like he's right.

His round anaaaarl
 
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cosmicchris00 said:
You must be logged on to see external links

Aye.

But the variable is the growth of the capital in the interim.

4% if you hoy it in the bank
6% if you buy bonds (my estimate)
8 to 10% if you can stand the equity roller coaster.

These are the sort of figures we've discussed but what happens if:

1. you get it wrang
2. flapheed f@*ks it

That's what he reckons amd looks like he's right.

His round anaaaarl
Click to expand...
Just face it unless he is a crack addict he will have a well comfortable retirement.
 
I'm 42 and I've got about 70k in pension at the moment. Stopped putting in for a while so I could concentrate on overpaying the mortgage, which will be paid off by next year. Will then need to put a canny bit away each month to try and retire or part retire at 60!
 
Abdol00 said:
I'm 42 and I've got about 70k in pension at the moment. Stopped putting in for a while so I could concentrate on overpaying the mortgage, which will be paid off by next year. Will then need to put a canny bit away each month to try and retire or part retire at 60!
Click to expand...
17 years of working mortgage free should give you a healthy pot by 60 ... Go for 56-57 instead!
 
cosmicchris00 said:
With 2 kids in further education and a third still at comp, I'm still a bit short of what I need to retire bearing in mind I'm still 8 yor off state pension age

Annoyingly a mate the same age is going soon so I'm waiting to hear how his figures work out on approximately the following:

£250k Pension DC
£150k ISA (mainly stocks)
£200k net inheritance due anytime now

He's expecting it to be a doddle but I'd say much of that depends on growth of capital

I could probably pool together nearly what he has without the inheritance if I downsize the house.

Anybody tried similar ?
Click to expand...
This is the problem when people compare notes as his £200k inheritance could be a game changer. I was on a Cruise recently with a couple who were a retired Gym Instructor and a Teacher and I couldn't understand how they could afford all the luxury booze/dining/SPA packages until he mentioned his wife had inherited £1m from her mother.
 
Shieldsman said:
Our group are counting down the days to retirement, some nearer than others.
Had a discussion in the pub last night about how much you need to live a ‘very comfortable’ lifestyle when retired. Nice international holiday, couple of smaller jollies, restaurant once a week etc, no mortgage to pay, kids self-sufficient.
Figures ranged from £20k-£30k or £45k+ if in a couple.

What do you reckon and any lads/lasses out there living the dream already who are in the know?
Click to expand...
My house is paid for now, planning on retiring early at 62 on 25k a year, using some savings to bridge the 5 year gap until I get my state pension at 67, once state pension kicks in it will drop to about 23/24k a year.
Retirement age of 67 is far too long and will most likely increase to a extremely silly age in years to come.
 
gazza.1990 said:
So thats £400k in acessible cash, of which the ISA shares will grow whilst using some of it per year. Savings interest on the inheritance year on year whilst using some of it.

You can delay taking the DC pension and just live off the above for many years and the DC pot will have grown further by time they need it. Then state pension too.

He's got enough to be comfortable and then some imo
Click to expand...
Taking his money the way you say is not the best way to do it in my opinion. Should be taking £16760 / yr out of his pension then make the rest up from wherever 👍
 
Splodgenessabounds said:
My house is paid for now, planning on retiring early at 62 on 25k a year, using some savings to bridge the 5 year gap until I get my state pension at 67, once state pension kicks in it will drop to about 23/24k a year.
Retirement age of 67 is far too long and will most likely increase to a extremely silly age in years to come.
Click to expand...
TBF a pension was an insurance against having to pack in work before you died and people are living healthier and longer now.
 
3.142 said:
17 years of working mortgage free should give you a healthy pot by 60 ... Go for 56-57 instead!
Click to expand...
Defo gonna give it a go mate. My wife is 8 years my senior so will try and reduce to part time towards the end so we can spend quality time together

Just need to decide whether to stick all of my spare money after mortgage is paid into my work pension or diversify. Guess it's best to go and speak to a financial advisor
 
Matt Hopkins said:
Taking his money the way you say is not the best way to do it in my opinion. Should be taking £16760 / yr out of his pension then make the rest up from wherever 👍
Click to expand...
Sorry as may be being thick and youve probs already explained but where did the 16760 figure come from
 
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