Superbadross
Midfield
Everyone’s circumstances are completely different.
Depends on where you live also
Depends on where you live also
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Retirement
- Thread starter Shieldsman
- Start date
Paddy O'Dors
Striker
Depends if you own your house or not. That would have a big impact.
Roaring Chubby
Winger
At least 60% of final salary / income or you will feel the squeeze. At least if you are more of a spender than a saver.
I'd have thought most kids would be up to you saying ,right, I'm running on a budget til I go and the house etc will be left .
42
Striker
Net or gross? Given that you immediately save around 20% from no longer paying NI or pension contributions. Add in no mortgage, savings in commuting to work, kids leaving home. You could maintain a similar lifestyle on a lot less. But obviously you'd have more time to fill & want more holidays which cost more etc etc
It's a real fine balance. Pension income is relatively predictable but inflation, exchange rate fluctuations and under performing investments aren't, and on that latter point Covid, Brexit and Ukraine weren't on the horizon either when I retired 10 years ago. Back then we were living high on the hog, now it's a matter of a more careful management as each of those factors has affected, in fact destroyed ,investment income.
If we all knew the date of our death, whether we'll need residential care and for how long it would be so much simpler but these are imponderables.
I'm really lucky, I have had 10 years in the sun, stress free, but there have been circumstances outside the parameters of what we thought was very careful planning that have trimmed our sails a wee bit and we are so averse to dip into capital.
Is that some kinda upbringing thing? Growing up in Roker and seeing back then what we would all now class as impoverishment?
There's still enough for us to go back home time and again for an aged and ailing M-I-L and squeeze two long city breaks out so far this year but there's more pressures than we predicted.
Having spent a life in construction and once being an all-rounder my health now is such that I've got to get guys in,even for simple stuff, and we also have land that needs managing that until recently was my pleasure to attend to.
Yet we absolutely love were we are. There's nowhere that we've been able to identify that could gives us what we both have now.
Solitude, tranquility, the growth of the soil. Bird song. A house, our house, we largely built ourselves from two ruined stables.
That Roy Keane thing, 'fail to prepare' and all that, and age and changing circumstances bring their own challenges.
Still living the dream but seeing an end game.
FTM
If we all knew the date of our death, whether we'll need residential care and for how long it would be so much simpler but these are imponderables.
I'm really lucky, I have had 10 years in the sun, stress free, but there have been circumstances outside the parameters of what we thought was very careful planning that have trimmed our sails a wee bit and we are so averse to dip into capital.
Is that some kinda upbringing thing? Growing up in Roker and seeing back then what we would all now class as impoverishment?
There's still enough for us to go back home time and again for an aged and ailing M-I-L and squeeze two long city breaks out so far this year but there's more pressures than we predicted.
Having spent a life in construction and once being an all-rounder my health now is such that I've got to get guys in,even for simple stuff, and we also have land that needs managing that until recently was my pleasure to attend to.
Yet we absolutely love were we are. There's nowhere that we've been able to identify that could gives us what we both have now.
Solitude, tranquility, the growth of the soil. Bird song. A house, our house, we largely built ourselves from two ruined stables.
That Roy Keane thing, 'fail to prepare' and all that, and age and changing circumstances bring their own challenges.
Still living the dream but seeing an end game.
FTM
Kent_Mackem
Striker
Planning on 40-50 large per year, or whatever that equates to at that time, at 60 years old (10 years' time).
Roaring Chubby
Winger
Just for you or as part of a couple? £40k in today’s money in 10 years time you’re going to need a helluva pension pot to achieve that.
Deckchair
Midfield
No doubt but if possible I’d rather not have to go down that road.
Kent_Mackem
Striker
Just me. My other half has a separate pension. I've been paying as much as I can directly from my small company into a SIPP for the last 10 years and hopefully can continue to do so for the next 10 years. I've taken minimal income from the company with a view to enjoying my planned retirement in Northumberland or (if things go majorly tits-up before then) it goes directly to my two kids.
As per post 50....nice big tax bill..
I'm only 50, but I see myself following the same philosophy from 55, just winding back the hours/days to earn some beer tokens and keep active. I've been on some big multi-million/billion dollar jobs at management level (Take no prisoners
), but I really ain't bothered about staying in my line of work, I could quite easily work at a garden center, stack shelves at Tesco's, nothing taxing, turn up, do your hours with a bit of interaction/laugh with others and clock off and think nowt else about it.
Tuono
Winger
£12,800 for a single person sounds about right to me. I did my sums a year ago and found I needed £14,000 to survive on, anything above that like holidays, motorbikes, drugs and prostitutes would add to my living expenses obviously.
Being self employed I only have a private pension, or rather 3 pensions which I merged into one pension fund 2 years ago. That pension is now down -8.1%
I should have just stuck it under the mattress. Anyway I'll have a good 15 years to enjoy myself before I hit 80 sitting in my piss stained trousers reminiscing about the good old days.
I'm Spartacus
Striker
Got less than 2 years before I get my final salary pension, it’ll be around 24k a year (should have been nearer 30k if I wasn’t robbed) I’ll only be 53 so will most likely work till I’m 60 and build up a nice savings pot so I can enjoy the years before I’m either deed or stuck in a chair, stinking of stale shite/piss while a nurse spoon feeds me gruel and wipes dribble off my wrinkly wobbling lips.
Fletch
Striker
Thought youse won the pension case mate ?
My ex-boss retired on 30th June last year, at 64, after hanging on for a t least three years to 'get as much out of the b@stards as I can'.
His wife rang me the next day to say he had died overnight in his sleep. He wasn't in the best of health for years but, f@ck me, I never want to be in that position. Work are also being tw@ts with her as he officially died 'out of service', so they're humming and hawing over what money she will get - nothing to date, as far as I'm aware.
I never want to be in that position, or leave my missus in that position. I'm 55 now and I'm aiming for three more years, then out. I have an ex Civil Service final salary pension that has just had an extra seven years added following the McLeod judgement. I reckon me and the missus should be fine, even though she has no pension to speak of having flitted between jobs for over twenty years mainly on a part-time basis. We might have to look into seeing exactly what she has and try to consolidate them all into one pot somehow. Even so, it'll not be much.
I'll definitely take on some sort of part-time work, just for beer tokens and holidays etc, and to get me out of bed on a morning.
Darlo1973
Striker
I'm 50 now so my current plan is to keep my head down at work to avoid any redundancies (job hunting in your 50s is a lot harder) and promotions (don't need any more hassle) then see where I am in 5-6 years time by when the mortgage should be paid off
I wouldn't want to totally retire but finding a stress free part-time job would be nice while I start to draw down my private pension.
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houghton cut head
Striker
A lot of people seem obsessed with leaving as much as possible for their children rather than enjoying their retirement earnings themselves, but each to their own.
I'm going to party like its 1999 (hopefully) when I retire next year at 55 and even if my pension pot only achieves about 2.5% growth, my draw down pot will not run dry until I am 85 based on drawing down a decent amount until state pension age, and then reducing the draw-down amount then, if I ever get that far.
I'm going to party like its 1999 (hopefully) when I retire next year at 55 and even if my pension pot only achieves about 2.5% growth, my draw down pot will not run dry until I am 85 based on drawing down a decent amount until state pension age, and then reducing the draw-down amount then, if I ever get that far.
Then you will get to 55 and be praying for your redundancy (I am at 54, hoping for payoffs next April, none are planned yet, but fingers crossed)
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42
Striker
As long as you turned 50 before April, then being made redundant at 55 is the absolute dream if you have a DB pension. It'll be 57 or 58 for me, will be over the moon to bag a redundancy at 58
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