Retirement

I'd be interested to hear from anyone willing to divulge some actual retirement numbers.

There are modelling tools to use but I've found these a little bit frustrating.

The pensions industry gives many statements and indications of what a retiree needs - in various forms - but what have actual retirees found?

I'm thinking of going into retirement early but wouldn't expect to have more than £250k in a pot with additional savings of £50k.

Has anyone else tried retiring at 60 with similar figures?

How has it lasted?

With the benefit of hindsight, would you have worked longer ?

Thanks in advance.
 


humbug said:
retirement and my pensions have been a thing i've thought about recently. just spent a week on the sick with a knackered foot and i've been bored shitless. tbh, it does frighten me a bit not having stuff to do. i've always thought that keeping the mind active is just as important as the body.
i've been laid up so couldn't do much but there's only so much tinkering you can do. tbh, i'm looking forward to getting back to work.
Click to expand...
You need hobbies once retired

Must surely be stuff you enjoy ?
Run
Swim
Bike
Go walks
Gym
Gardening
Diy
Travel
Trips away
Fishing
Drinkin buckin n fightin
Charity work
Golf
Etc etc
 
Fletch said:
You need hobbies once retired

Must surely be stuff you enjoy ?
Run
Swim
Bike
Go walks
Gym
Gardening
Diy
Travel
Trips away
Fishing
Drinkin buckin n fightin
Charity work
Golf
Etc etc
Click to expand...
I’m going to be a professional protester and general downright nuisance to the powers that be. Don’t care who and don’t care for what reason, I’m just going to fill me time in being a bloody nuisance. Downing St watch out.
 
cosmicchris00 said:
I'd be interested to hear from anyone willing to divulge some actual retirement numbers.

There are modelling tools to use but I've found these a little bit frustrating.

The pensions industry gives many statements and indications of what a retiree needs - in various forms - but what have actual retirees found?

I'm thinking of going into retirement early but wouldn't expect to have more than £250k in a pot with additional savings of £50k.

Has anyone else tried retiring at 60 with similar figures?

How has it lasted?

With the benefit of hindsight, would you have worked longer ?

Thanks in advance.
Click to expand...
so 62k in tax free from the pot, together with the £50,000 savings is less than 19k a year for the next 6 years
 
cosmicchris00 said:
I'd be interested to hear from anyone willing to divulge some actual retirement numbers.

There are modelling tools to use but I've found these a little bit frustrating.

The pensions industry gives many statements and indications of what a retiree needs - in various forms - but what have actual retirees found?

I'm thinking of going into retirement early but wouldn't expect to have more than £250k in a pot with additional savings of £50k.

Has anyone else tried retiring at 60 with similar figures?

How has it lasted?

With the benefit of hindsight, would you have worked longer ?

Thanks in advance.
Click to expand...
My Scottish widow's site has loads of tools for stuff like that on it
To me I'd work out how much I'm spending now and see how long the 300k would keep that up
Come 67 you get a bit more and also do less I'd say
In the mean time the pot could be in a sipp and making decent returns for you . My retired mates try to use tax free options ,up to their personal allowance while the pot grows
So no mad living but not working
 
humbug said:
retirement and my pensions have been a thing i've thought about recently. just spent a week on the sick with a knackered foot and i've been bored shitless. tbh, it does frighten me a bit not having stuff to do. i've always thought that keeping the mind active is just as important as the body.
i've been laid up so couldn't do much but there's only so much tinkering you can do. tbh, i'm looking forward to getting back to work.
Click to expand...
You can get tablets for that :) seriously mate I took early retirement and I love it.
I had been planning both financially & lifestyle too retire early for last 5 years at work, so its been an easy transition.
Won't bore you with my routine but its great.
Don't miss work one bit, haha tbh I hardly ever get on here now I retired way better stuff to be doing, and yes was on here a lot while bored shitless at work.
Get a plan make it happen life too short mate.
 
wisemensaysteve said:
so 62k in tax free from the pot, together with the £50,000 savings is less than 19k a year for the next 6 years
Click to expand...
Thanks for the prompt response.

This is similar to the calculator figures I'd seen.

If I did a bit of part time work would that bugger my tax up?
JAZZMANB said:
My Scottish widow's site has loads of tools for stuff like that on it
To me I'd work out how much I'm spending now and see how long the 300k would keep that up
Come 67 you get a bit more and also do less I'd say
In the mean time the pot could be in a sipp and making decent returns for you . My retired mates try to use tax free options ,up to their personal allowance while the pot grows
So no mad living but not working
Click to expand...
Thanks for the prompt response.

It looks like I'll need to squirrel a bit more away for a slightly more comfortable lifestyle
 
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cosmicchris00 said:
Thanks for the prompt response.

This is similar to the calculator figures I'd seen.

If I did a bit of part time work would that bugger my tax up?

Thanks for the prompt response.

It looks like I'll need to squirrel a bit more away for a slightly more comfortable lifestyle
Click to expand...

You'll pay tax on everything over £12,570

However, if only on £12k you can earn upto £5k in interest tax free so might be worth using savings interest as part of your income
 
spitfire said:
Mine has said you can go and do it yourself and I’m not f***ing doing it, oh and you get yourself out of the nick when you inevitably get arrested :lol: :lol:
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If it finally kicks off you can still chuck me a Kalashnikov and I'll be there but street ' protest' gets you nowhere but out.
I get far more satisfaction complaining in Aldi nowadays 😄
 
cosmicchris00 said:
Thanks for the prompt response.

This is similar to the calculator figures I'd seen.

If I did a bit of part time work would that bugger my tax up?

Thanks for the prompt response.

It looks like I'll need to squirrel a bit more away for a slightly more comfortable lifestyle
Click to expand...
It would be ideal knowing when you’re gonna die wouldnt it.
 
cosmicchris00 said:
I'd be interested to hear from anyone willing to divulge some actual retirement numbers.

There are modelling tools to use but I've found these a little bit frustrating.

The pensions industry gives many statements and indications of what a retiree needs - in various forms - but what have actual retirees found?

I'm thinking of going into retirement early but wouldn't expect to have more than £250k in a pot with additional savings of £50k.

Has anyone else tried retiring at 60 with similar figures?

How has it lasted?

With the benefit of hindsight, would you have worked longer ?

Thanks in advance.
Click to expand...
Can't give you numbers, my wife won't tell me.

Make your calculations, live your preferred lifestyle, re-calculate after one year.

Piece of piss this (not) rocket science stuff.

It would be surprising to alter your lifestyle drastically in retirement.

I retired at 59 from a lower paid industry.
 
Fletch said:
You need hobbies once retired

Must surely be stuff you enjoy ?
Run
Swim
Bike
Go walks
Gym
Gardening
Diy
Travel
Trips away
Fishing
Drinkin buckin n fightin
Charity work
Golf
Etc etc
Click to expand...
i have loads of things i like to do. tbh i think because i couldn't do them it's done my nut in.
spitfire said:
I’m going to be a professional protester and general downright nuisance to the powers that be. Don’t care who and don’t care for what reason, I’m just going to fill me time in being a bloody nuisance. Downing St watch out.
Click to expand...
done that. too old for it now.
 
cosmicchris00 said:
I'd be interested to hear from anyone willing to divulge some actual retirement numbers.

There are modelling tools to use but I've found these a little bit frustrating.

The pensions industry gives many statements and indications of what a retiree needs - in various forms - but what have actual retirees found?

I'm thinking of going into retirement early but wouldn't expect to have more than £250k in a pot with additional savings of £50k.

Has anyone else tried retiring at 60 with similar figures?

How has it lasted?

With the benefit of hindsight, would you have worked longer ?

Thanks in advance.
Click to expand...
Working out this number is a head screw like, I read the Which numbers - £28k pa for a “comfortable” lifestyle, then the PLSA say £40k is a more accurate number.

Such a wide spectrum, I’ve worked out numbers that I think we’ll be wanting for our lifestyle when we hit 60. I guess until you’re living it though you’ll not know for sure.

I’d definitely recommend sounding out an IFA though (have a look at Unbiased website), optimising your finances seems absolutely key, getting some compound interest effects going, tax efficiencies. It’s interesting reading around the subject but I’m realising that expert guidance over the next 10 years will be crucial if I can make retirement at 60 a realistic option.
 

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