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Retirement

BallardsBonce said:
It is 95% true. So play it that way

I don’t know lots, would you have been better off keeping your tax free lumper rather than giving it to your wife where she will have to pay tax on it? …. I have probably got this wrong
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No, because by giving it to wife, theyll get the 25% tax uplift on it, then tax 25% tax free. Also as going before state pension age, there'll be limited (if any) tax to pay before she reaches SPA.

The who'll thing is for tax reasons rather than the claim of allowing wife to retire early as being married the money is all effectively joint anyway.
 
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I was just helping my daughter fill in her uni finance form and had to write down my gross and net annual pay. At first glance it is a shock to see how much of my wage has gone annually before it hits my pocket. It doesn't feel the same when you see it monthly and don't always relate your monthly take-home pay to your salary.

Then I thought about how much I spend on the mortgage. Then thought knock another say £3k on commuting off that. All of a sudden I'm looking at a figure well below what I set as my retirement target income, and that is what feels comfortable now with two teenagers in the house. Ok I am not taking into account my wife's income but I have not been counting her pension into plans as it is not that great (she didn't pay into one for a decade after going freelance).

The main thing is, just a 5 minute session with a calculator and a post-it note has reminded me I probably do not need as much as I think I need.
 
DaveH said:
I was just helping my daughter fill in her uni finance form and had to write down my gross and net annual pay. At first glance it is a shock to see how much of my wage has gone annually before it hits my pocket. It doesn't feel the same when you see it monthly and don't always relate your monthly take-home pay to your salary.

Then I thought about how much I spend on the mortgage. Then thought knock another say £3k on commuting off that. All of a sudden I'm looking at a figure well below what I set as my retirement target income, and that is what feels comfortable now with two teenagers in the house. Ok I am not taking into account my wife's income but I have not been counting her pension into plans as it is not that great (she didn't pay into one for a decade after going freelance).

The main thing is, just a 5 minute session with a calculator and a post-it note has reminded me I probably do not need as much as I think I need.
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I’ve been putting half my salary into AVC leaving myself with roughly what I could have as retirement income and from that I’ve been very comfortable and managing to save. I’d really recommend similar approach to stress test plans
 
T rex said:
Im only 32, dont want to wish my life away but im looking forward to the day that I dont need to work again.
Ive been gradually increasing my personal pension contributions in preperation. Im currently up to 15%, and my company puts 15% in too. Hoping to get out as soon as I can. 🤣
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Nice one. Always look for opportunities.
 
DaveH said:
I was just helping my daughter fill in her uni finance form and had to write down my gross and net annual pay. At first glance it is a shock to see how much of my wage has gone annually before it hits my pocket. It doesn't feel the same when you see it monthly and don't always relate your monthly take-home pay to your salary.

Then I thought about how much I spend on the mortgage. Then thought knock another say £3k on commuting off that. All of a sudden I'm looking at a figure well below what I set as my retirement target income, and that is what feels comfortable now with two teenagers in the house. Ok I am not taking into account my wife's income but I have not been counting her pension into plans as it is not that great (she didn't pay into one for a decade after going freelance).

The main thing is, just a 5 minute session with a calculator and a post-it note has reminded me I probably do not need as much as I think I need.
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Very common issue. And a worthy exercise.
 
Nookie Bear said:
I’ve been putting half my salary into AVC leaving myself with roughly what I could have as retirement income and from that I’ve been very comfortable and managing to save. I’d really recommend similar approach to stress test plans
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AVC’s are superb if you can afford to do them.
Like overpaying on your mortgage
 
T rex said:
Im only 32, dont want to wish my life away but im looking forward to the day that I dont need to work again.
Ive been gradually increasing my personal pension contributions in preperation. Im currently up to 15%, and my company puts 15% in too. Hoping to get out as soon as I can. 🤣
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The urge really hit me when I turned 50, did some reflecting on life and realised I didn't want to be doing this for another 15-17 years.

The trouble is that I have no idea what I want to do instead. Certainly don't want to turn into one of those lads waiting outside the pub each morning for the doors to open. I can access my SIPP at 55 next year but I think I will try to hang on for another 2-3 years to get the fund to a level where it should be self-sustaining. Trump isn't helping here.

Another issue is that my mam is 91. She's in reasonable health but starting to struggle with day to day life so I'm going to have to sort out some arrangements for her and wouldn't want to do anything too radical such as long term travelling while she is still around.
 
johnlights said:
Im one of those bloke who will die within 6 months of retirement.
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Going back some 45/46 years, we had a lovely bloke in the office when I worked at Longbenton for British Steel. He'd been with them 48 years. Nicest gentleman and real old school.

All of us ( 30 or so ) went to his retirement party on the Saturday night after he retired. Absolutely lovely evening.

Monday at 9am, the manager called us in. Bob had died on Sunday, heart attack. Not even two days retirement 😞

Sticks with me even now, just enjoy the day, no one knows what's around the corner.
 
archiesdad said:
Dared to look at my pot today, 50k down .. is what it is a guess.
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What's that as a %? I don't dare look at mine.

Trump took about £30k out of mine this time last year with his tarriffs, but it recovered. I'm not sure it will recover as quick this time.
 
WHD said:
What's that as a %? I don't dare look at mine.

Trump took about £30k out of mine this time last year with his tarriffs, but it recovered. I'm not sure it will recover as quick this time.
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Same here.

Last time he promised tariffs and they more or less got backed out and everything went back to normal.
This time he's stopped world oil shipping and driven the cost up, it won't come down too fast as people are making money keeping it high.
 
Well that went down like a lead balloon when I told her that I’m retiring at 56 and living on £17k tax free for 3 or 4 years :lol:

I asked what she’s doing re: pensions as they’ve consciously moved to 0.7 FTE - it seems like she’s going to be working forever while I post shite on here and pay for exotic massages etc.
 
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Ned Land said:
Well that went down like a lead balloon when I told her that I’m retiring at 56 and living on £17k tax free for 3 or 4 years :lol:

I asked what she’s doing re: pensions as they’ve consciously moved to 0.7 FTE - it seems like she’s going to be working forever while I post shite on here and pay for exotic massages etc.
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She might be doing exotic massages for other retired gentlemen
 
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