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Retirement

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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Retired 4 years ago - no mortgage, run 2 cars, 2 weeks UK holiday a year, treat the grandkids as and when, maybe 1 'night out / meal a month - £27k. I've just got increased pension by £4k to allow for a few more week ends away and maybe trip abroad every couple of years. Car changes to come from ISAs when required
 

With my pension and new salary I’m now pulling in 3.5k a month and the Mrs pension is £1.5k a month.
In October we’ll be mortgage free.
We’ve saved most of of our lump sums with just the smallish mortgage balance to pay off when our fixed rate ends in October.
Once that’s paid we’ll be very comfortable financially.
Not going daft on flash cars and ridiculously expensive holidays, would rather go away on city breaks or a week away 4-5 times a year.
 
I’ve been toying with retiring for a while but really don’t mind working so I’m not sure it if it’s the right move yet?
I don’t want to downsize to my death bungalow any time soon so I won’t be using any equity.
The wife draws £1K a month in private pension and I could do the same plus draw the same amount from savings so I think we’d be ok. It’s just not for me right now, maybe in another year or two.
 
Been finished 3 and half years (that's when I had a stroke) all in all having the stroke saved me from working for a shyte employer and I'm OK money wise get my state pension next year then I'll be more OK. Not comfortable but OK
 
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...
Holidays will cost £5k . Xmass and birthdays £1k. Meal out £2-3k , car depreciation £2-3k , fuel £2-3k min , grub £5k , council tax £1k , lecky and gas £2k. Then car insurance , house insurance , white goods replacement +++ . Not a lot of slack in £25k
 
Yahrba said:
Holidays will cost £5k . Xmass and birthdays £1k. Meal out £2-3k , car depreciation £2-3k , fuel £2-3k min , grub £5k , council tax £1k , lecky and gas £2k. Then car insurance , house insurance , white goods replacement +++ . Not a lot of slack in £25k
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Old people only put a tenner in for Christmas and birthdays. So that’s probably £100. Holidays, can go where you want, how you want, when you want so other than a big one every few years I reckon you’d come in considerably lower than that. £200 a month fuel to go to the shops and back, a third of that. £500 a month on grub! £2-3k a year on meals out again you could easy half that.

I reckon you’d do well on £25k a year.
 
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...
Assuming an equal split 45k would be about 3500 a month wouldn’t it. No house to pay for. Would be more than a enough to do everything you wanted wouldn’t it.
 
Goat Eyes said:
Old people only put a tenner in for Christmas and birthdays. So that’s probably £100. Holidays, can go where you want, how you want, when you want so other than a big one every few years I reckon you’d come in considerably lower than that. £200 a month fuel to go to the shops and back, a third of that. £500 a month on grub! £2-3k a year on meals out again you could easy half that.

I reckon you’d do well on £25k a year.
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Depends what you do mate . I reckon ill be on about that when the pension kicks in next year ( retired a year ago at 64 on company pensions just waiting for state next year ).
While its possible to do as you say its fairly frugal and inflation is strong . You dont spend £10 at xmas , you bung the bairns so they can have a good one, you dont just go to the shop you run grand bairns all over, pick them up from school. Lad said he wanted " a decent meal " , thats £15 each minimum plus £10 on two drinks . Said one decent holiday £1500 even for mid range turkey all inclusive, let alone Angkor Wat, plus 2 last minute meds £1200 min plus spends around £1k . Plus you go with the kids on holiday and splash out on them .
£5k a year on grub might be a bit much but he might be a waitrose man .
I reckon at £25 k ill be able to keep out of savings but its the breakdowns and replacements that kill you .
 
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Al Bundy said:
With my pension and new salary I’m now pulling in 3.5k a month and the Mrs pension is £1.5k a month.
In October we’ll be mortgage free.
We’ve saved most of of our lump sums with just the smallish mortgage balance to pay off when our fixed rate ends in October.
Once that’s paid we’ll be very comfortable financially.
Not going daft on flash cars and ridiculously expensive holidays, would rather go away on city breaks or a week away 4-5 times a year.
Click to expand...

That's substantially more than me and Mrs Fat Cat earn unfortunately. Best of luck, enjoy it.
 
halfpast3 said:
Assuming an equal split 45k would be about 3500 a month wouldn’t it. No house to pay for. Would be more than an enough to do everything you wanted wouldn’t it.
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More often than not it isn’t an equal split , unfortunately most women don’t have as much pension provision as men do . Many women work part time
 
Got a small forces pension last year, own my flat. No maintenance payments next month, so will drop one day at work. I then will join the gym and gradually work my body back into squash. See how that works out over the next 6 years. Small company pension and shares to come. Fingers crossed comfortable and alive.
 
If I continue paying into my LGPS pension until I’m 67 (another 14 years), then I think my pension will be around £21k.

No mortgage (parents house, my name on deeds) no car, and currently not fussed about major holidays and stuff. So if I continue to build up my savings, I think I’ll be ok.

Although, my Mam’s recent death at 76 due to dementia, and having watched her suffer over the last ten plus years with osteoarthritis, COPD, two cancer scares and spondylosis in her spine, and she never really got the chance to enjoy her retirement years, has me questioning my priorities when it comes to how long I should continue working.
 
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