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Retirement

Generic Mackem said:
Thank you to everyone who replied. I’ve really thought about all you said. A combination of that and getting an absolute pisstake email yesterday from one of the organisations I work with has led me to think “why am I still doing this?” and contact my IFA to say “it’s time”. The plan is now to take a few months to manage the process financially and mentally and then do it. A modest donation will be made to something we all care about - the Foundation of Light - not because you lot expect anything but because this discussion has proven to me the value of the SAFC community. I’ll now retire this alias except maybe I’ll pop back in a few months or a year to let you know how I’m getting on 🙏
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Best of luck. I'm jealous. In around 9 years time I'll be handing in my notice....
 

Generic Mackem said:
Hello retirement folk, I'm a regular poster but the Mods have let me have an alias for this post as will become clear I don't want to say who I really am on here. I've followed this thread as I'm 60, have saved regularly into the pension pot, and suddenly I seem to have a lot. Like, a lot. £750k. Sorry, I'm not trying to show off, and one of the reasons it's so big is we never had kids (which was a big sadness, but when it didn't happen I've always seen it like 'oh well, put that money into the pension instead') - so I guess I'm trying to say my life hasn't been perfect or always gone to plan.

Anyways, I always forgot about the pension, put money in and thought 'that's for years away, forget about it', and suddenly it's here and it's mine and I can take it and it's a lot. I know this is literally the embarrassment of riches but I don't know what to do. Throughout not having kids we've always said 'we've only ourselves to please, so let's go for it'.

I'm still working, about 3-4 days a week (consultancy) and it's not great but OK. I think I could stop now if I wanted to and have enough to see me out. The mortgage is paid off.

So I guess my question is: what would you do if you were me?
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Canny walk along the front this morning with my 3 fellow retirees . Bit fresh
Elephant rock busy ,we cracked on to morrisons for cheaper coffees and a natter
Tv ,politics, health , school weirdos among yhe topics .
As we leave my mate pulls a ball out of his back pack and insists we have to do 10 keep ups before we can walk back .
Dressed in hiking boots and combats did nothing for my first touch . It's was an official match ball obtained from the academy perimeters one morning .
We got to ten after a few attempts
Baltic walking against the wind
 
Im 59, 60 in a few months. Committed (sort of) for another year at work. Thinking of going then. I come on here and to try and get an idea of what we will need.

I’ve read guidelines that 45k a year per couple is a comfortable retirement. Thinking we might be on track, fingers crossed. Can any retirees give me peace of mind that this fairly realistic.
 
Holey and Hogg said:
Im 59, 60 in a few months. Committed (sort of) for another year at work. Thinking of going then. I come on here and to try and get an idea of what we will need.

I’ve read guidelines that 45k a year per couple is a comfortable retirement. Thinking we might be on track, fingers crossed. Can any retirees give me peace of mind that this fairly realistic.
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I believe many people think the guidelines figures are on the high side. Probably self interest from pension industry in wanting people to have bigger pensions so they can cream off greater fees. It entirely depends on how much you spend on certain things, but I reckon we'd have a decent retirement on a lot less
 
42 said:
I believe many people think the guidelines figures are on the high side. Probably self interest from pension industry in wanting people to have bigger pensions so they can cream off greater fees. It entirely depends on how much you spend on certain things, but I reckon we'd have a decent retirement on a lot less
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Thanks for that mate. I don’t want anything mad just not to be worried about money. Sounds like it might be do-able. Had a meeting with a financial advisor and came away thinking I wasn’t ready.
 
I'm 57 and thinking about going at 60. Should be able to take 30k per annum from Pension fund and then another £15k from final salary schemes that we both get at 60. Obviously this all needs Index linking but at 67 I predict £30k per annum for 2 from State Pension so should be set fair at that point but most importantly...........................health permiting.................God willing.
Holey and Hogg said:
Im 59, 60 in a few months. Committed (sort of) for another year at work. Thinking of going then. I come on here and to try and get an idea of what we will need.

I’ve read guidelines that 45k a year per couple is a comfortable retirement. Thinking we might be on track, fingers crossed. Can any retirees give me peace of mind that this fairly realistic.
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57
 
Holey and Hogg said:
Im 59, 60 in a few months. Committed (sort of) for another year at work. Thinking of going then. I come on here and to try and get an idea of what we will need.

I’ve read guidelines that 45k a year per couple is a comfortable retirement. Thinking we might be on track, fingers crossed. Can any retirees give me peace of mind that this fairly realistic.
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Why not track your budget for a year? Then you’ll know how much you spend on essentials, typical holidays etc.

You won’t be working so might only need one car etc.

Factor in 2x state pensions.

Downsize to a house that needs less maintenance, lower council tax, lower heating costs, fewer windows to replace etc.

Then you probably need a lump sum available for big purchases and/or a dream holiday over the next 10-15 years.

Edit: or use shack’s budget planner :lol:
 
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Ned Land said:
Why not track your budget for a year? Then you’ll know how much you spend on essentials, typical holidays etc.

You won’t be working so might only need one car etc.

Factor in 2x state pensions.

Downsize to a house that needs less maintenance, lower council tax, lower heating costs, fewer windows to replace etc.

Then you probably need a lump sum available for big purchases and/or a dream holiday over the next 10-15 years.

Edit: or use shack’s budget planner :lol:
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Trying to do this now. Just had quite a bit on recently so it’s a bit false and too many wasteful habits that need cutting out. But great advice thanks.
 
Holey and Hogg said:
Trying to do this now. Just had quite a bit on recently so it’s a bit false and too many wasteful habits that need cutting out. But great advice thanks.
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You’re welcome. I aim to retire at 60ish so I spend a lot of time dreaming over my planning spreadsheets.

I have a budget spreadsheet taken from my bank account so I know the monthly outgoings. If I take off anything that I won’t be paying in retirement then my share of the bills is quite low relatively:

No mortgage, no investments, no life cover, minimal fuel etc.

It helps if your younger wife continues to work!
 
42 said:
I believe many people think the guidelines figures are on the high side. Probably self interest from pension industry in wanting people to have bigger pensions so they can cream off greater fees. It entirely depends on how much you spend on certain things, but I reckon we'd have a decent retirement on a lot less
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This. The ludicrous sums for a "comfortable" retirement are largely scare mongering from those with a vested interest in getting people to save/investment more.

We do ok and spend a lot less than 45k a year to do that.
 
archiesdad said:
Settlement agreement all ratified at solicitors today. I'm a year ahead of plan but the settlement gives me over a Yr take home pay so I 'retire' in 13 working days a bit out of the blue!! Kind of a mixture of scared and excited. Worst case I can always find another job I guess but let's give it a bash 😊👍 56 yrs old seems very early!
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Never too early mate, go for it and enjoy
 
Town End Farmer Giles said:
This. The ludicrous sums for a "comfortable" retirement are largely scare mongering from those with a vested interest in getting people to save/investment more.

We do ok and spend a lot less than 45k a year to do that.
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I've got 2 yr to go (58) and think £30-35k will get a good lifestyle at home for a debt and mortgage free couple , then it's all about personal preference for holidays, for me and another £10k a year on top sounds about right for what I would want as holidays are going to be a big part of my retirement but if you're not arsed I think £45k is OTT.
 
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