Retirement

Shieldsman

Shieldsman

Striker
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?
 


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?
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“Very comfortable” for 2 of you. £25k would be more than enough. I’m down to about £600 per month with everything paid. (Not retired) probably get petrol down to save another £80. Planning on £18k which will leave about £200 per week spare cash. More than enough if not wasting unnecessarily. Not sure what you would need £40k upwards for.
 
HettonSAFC said:
“Very comfortable” for 2 of you. £25k would be more than enough. I’m down to about £600 per month with everything paid. (Not retired) probably get petrol down to save another £80. Planning on £18k which will leave about £200 per week spare cash. More than enough if not wasting unnecessarily. Not sure what you would need £40k upwards for.
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Circumstances vary. I’d like to be able to drop the kids / grandkids a few quid on birthdays / Christmas, pay for family meals etc. some money put away for family emergencies.

Things like hosting the family at Christmas cost £100’s. You’re hands never out of your pocket with a family and don’t really want a line in the sand moment where it all stops suddenly.
 
Deckchair said:
Circumstances vary. I’d like to be able to drop the kids / grandkids a few quid on birthdays / Christmas, pay for family meals etc. some money put away for family emergencies.

Things like hosting the family at Christmas cost £100’s. You’re hands never out of your pocket with a family and don’t really want a line in the sand moment where it all stops suddenly.
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True. Its a hypothetical (unanswerable ) Q. Everyone will be different.wasn’t including any of that. Just personal living expenses. + a holiday or two, run a car etc. obviously if you’re planning on buying cars etc it’s gonna shoot up.
 
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Thinking more in terms of gradually winding down rather than working my guts out so when I retire I'm sitting on money I'm too frigged to spend. Seen it happen to others.

I'd work into my 70s provided 55 onwards it was 25hrs a week tops and minimal physical exertion. Enough to keep the body and mind going.

Work down the gears rather than do 80mph and the engine's fucked at the destination. If you're fantasising about doing nothing, you're doing the wrong thing and probably too much of it as well.

I know it doesn't answer the OP's question but it's on the same topic.
 
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S.S.R.. said:
Thinking more in terms of gradually winding down rather than working my guts out so when I retire I'm sitting on money I'm too frigged to spend. Seen it happen to others.

I'd work into my 70s provided 55 onwards it was 25hrs a week tops and minimal physical exertion. Enough to keep the body and mind going.

I know it doesn't answer the OP's question but it's on the same topic.
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Yeah me too. I’m 57 and Looking to drop a day or even two with a finish at 62. No way I’m getting up to 67. That’s a fecking disgrace tbh.
 
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...
Surely if you all don’t know how much you need by this stage, some of you may be goosed
 
Goat Eyes said:
Surely if you all don’t know how much you need by this stage, some of you may be goosed
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We’ve got a decent idea just different lads had different ideas and the wide range of figures as to what constitutes ‘very comfortable’ was interesting. The way prices are going muddies the waters considerably.
 
Shieldsman said:
We’ve got a decent idea just different lads had different ideas and the wide range of figures as to what constitutes ‘very comfortable’ was interesting. The way prices are going muddies the waters considerably.
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Aye, agree there. I think £30k a year would do if mortgage is paid off etc. and running a car etc.

You’ll use less as you get older too. So £30k when you’re 65 will be a lot less when you’re 80 for example.

I think £2k a month would see you ok for holidays, car etc.

It’s not a linear thing.
 
Retirement (pre-state pension) is very much down to the individual.
But, a couple of things to think about (other than having enough savings/money to do what you want) :-
* How are you going to fill your time ?
* If you have a partner, are they going to also retire ?
* Do you have a list of things you have always wanted to do, but did not have the time to achieve ?
I wish I had retired a couple of years earlier, but my missus didn't want to, so delayed it...
 
Goat Eyes said:
Aye, agree there. I think £30k a year would do if mortgage is paid off etc. and running a car etc.

You’ll use less as you get older too. So £30k when you’re 65 will be a lot less when you’re 80 for example.

I think £2k a month would see you ok for holidays, car etc.

It’s not a linear thing.
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£2k a month would suit me fine, decent lump sum in the bank for one off expenses, additional holidays etc., then once the state pension kicks in I'd have more than enough.

I'm close but not quite there yet on latest projection
 
Reckon about £30k per year for the two of us at today's prices will see us right. Pay the bills, nice holiday, days out.
Not "very comfortable" but will be safe I reckon. I'm mostly hopeless with pensions and savings. All the paperwork and jargon etc just switches my brain off
 

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