-
The forums will be unavailable for a few hours on Saturday 6th June, when they do return they will initially be in a degraded state with some features missing, but normal posting/reading will be possible. The main website will not be affected by these updates.
New user registrations are currently disabled.
Some other features of the forum are also currently disabled.
Retirement
- Thread starter Shieldsman
- Start date
dangermows
Striker
Gene Hunt
Winger
If you have 38 years you won’t need any more contributions. I have 30 full years and inquired about paying missing contributions last year. When I finally received a call back (after about 3 months) I was told that I didn’t need to pay as I qualified for full state pension already.
moanjam
Midfield
It's doable if it's just to tide you over to SP and you don't need a car or decent holidays
Matt Hopkins
Winger
All depends how much he wants. If he wants £1400/ month, has full state pension at 67, assume 3% growth and increase by inflation of 2.5% then he'll run out of money at 95.
Simplistic example but it shows could be done
Plus good chance someone who has a pot of £250k at 58 has savings as well
Last edited:
I know it’s just a record you are keeping but dont be wishing your life away !
Yes, I went on the link that Darlo 1973 kindly put up and I have enough contributions, I quite fancy retirement at about 62 I feel any thing before that is a bit to young for me personally, People can retire when they want if they can afford to, some of the threads on here are interesting and informative, but retirement at 58 with only £250k in the pot to me seems absolute financial maddness.
Barista
Midfield
You’ve probably already heard of this, but I recently came across another way of framing the 4% rule which is the “rule of 300” (25 years = 300 months).All depends how much he wants. If he wants £1400/ month, has full state pension at 67, assume 3% growth and increase by inflation of 2.5% then he'll run out of money at 95.
Simplistic example but it shows could be done
Plus good chance someone who has a pot of £250k at 58 has savings as well
Essentially it is based on monthly income requirements/outgoings.
So if you want an income of £2000 per month in retirement you need a pension/ISA pot of 300 x 2k = £600,000.
You can then break it down to work out how much you need for monthly subscriptions e.g. For Sky Sports @ £30 per month you would need to allocate 300 x £30 = £9,000 of your pot for this.
Obviously doesn’t take SP into account, but it can give you a canny idea of how much you need to cover outgoings for things that are important to you.
Last edited:
42
Striker
The amount you need isnt linear anyway. Once you get into your 80s you in all likelihood wont be spending much anyway. So you should really be looking to empty the pot by that age rather than worrying that you might run out when youre 100
Agree. I'd say hols and car of sorts are doable ,mind . Depends on circumstances and lifestyle
Long haul or long holidays are tiringGo-go: nice meals out, long haul holidays, bewers, flash cars.
Go slow: the allotment, north wales, the mrs, Ford fiesta.
No go: werthers and slippers on the sofa
You just slow down a bit and are content with less going on .
Been out today walking . Fresh air ,exercise . Spent nothing
Last edited:
Ned Land
Winger
Yes that’s why it’s better to do the tiring stuff when you’re still working or in the early go-go stage of retirement.
You are at the go-slow stage.
Copacabana
Midfield
I started with Grok and spent a long time formulating a plan with it (F-ing ages LOL)
I then tried Gemini with my original prompt but it just didn't seem to be on the same wave length
Then onto Copilot which was similar to Groks plan with a few differences ( i said CGBT in my earlier post but was mistaken).
I then spent a long time trying to formulate a spread sheet whereby i could sort of prove the AI plan. This didn't go to well and i ended up purchasing a spreadsheet from ETSY which has proved to be a game changer (For me anyway)
This was all after i carried out a 10 year deep dive spending analysis to decide on what annual income i actually wanted from my pension pot.
I'm in the middle I'd say,and I retired early ,I hike around 20k a week at a good pace I still chuck motorbikes around but ive no real desire for bucket list, indulge before you die type stuff .
Just planning a motorbike/hike tour of madeira this week
Clock watching ,ticking stuff off charts
Saying only X more days, years til....
It's a general term I suppose but " I can't wait " is something we say a lot .
Last edited:
Barista
Midfield
As said, it’s a rule of thumb. It’s a brave person who decides to have an unsustainable withdrawal rate on the basis that they may not need as much in 20 years. There are plenty of fit and healthy folk in their 80s who go on long haul flights and cruises.
You may want/need to spend it going private for an operation in your 80s instead of waiting 2yrs in pain and unable to do much on an NHS waiting list. Time becomes more valuable the older you are. You may want to go into a nicer care home putting some of your funds towards that rather than going to the cheapest. With medical and social care, your costs may actually increase in your 80s.
It’s ok saying you want to empty your pot in your 80s, but David Attenborough has just reached 100 and looks like a 70 year old. You just don’t know how long you’re going to live. I’m not going to take the risk of running out.
Last edited:
Darlo1973
Striker
I'm currently looking at care home options for my mam. She's 91 and has been healthy and independent but has started to decline in the last few months.
The costs are just staggering. It's fine if you have a lot of money put aside as you have a great choice. If you have nothing then the council decides where you will go so you get what you are given. For those in the middle with a property and some cash savings it's horrendously complicated.
