How much ??

Arch

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I'm thinking of retiring in the near future. If someone said to you you could finish work this weekend, how much money would you need live on ??

Genuine answers please, I'm trying to gauge how much I'll need If I do retire.

Thanks.
 

Dusty

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I'm thinking of retiring in the near future. If someone said to you you could finish work this weekend, how much money would you need live on ??

Genuine answers please, I'm trying to gauge how much I'll need If I do retire.

Thanks.

Assuming my mortgage was paid off I would be happy with £1500 to £1800 month + state pension when it comes around.
 

Dusty

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Funnily enough I was only speaking about this yesterday as I received my pension predictions through the post.
As things stand I don’t stand to be any worse off after retirement which really surprised me, that’s excluding a separate pension I had for around 7 years which is worth around another 20k.

Unfortunately it should all be taken with a pinch of salt for me at the moment as my retirement date is supposed to be 2060 ?
 

Trogg

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Hard to say at this point in time...you have the leavers saying everything is going to come up roses and we'll all be better off because we won't be paying into the EU (who have a much higher pension rate) and the remainers who are predicting doom and gloom with huge rises in everything and less "spare" cash to enjoy.

If we are to go on todays world then at the moment my average take home is £1800 a month, so i reckon that would do fine because it pays all my bills now including my mortgage and as i won't be needing any food, coffee, sugar etc for work, i won't need the money for travelling to and from work or the other associated costs with my present everyday living plus as a "pensioner" i'll be entitled to free prescriptions, glasses, orthodontics etc so my monthly wage at this point in time would be enough to cover my life as a retired person.
 

Maesknoll

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I'm thinking of retiring in the near future. If someone said to you you could finish work this weekend, how much money would you need live on ??

Genuine answers please, I'm trying to gauge how much I'll need If I do retire.

Thanks.
That’s a very difficult question without knowing your lifestyle and expectations once retired.

I have a friend who is a pensions specialist, advising some very wealthy clients, their advice to me, was to take as much lump sum as possible and then use this to supplement the remaining annual pension, reducing the pot down from the initial amount, to not much by the time (if you get there) your 80th birthday, as once you get to 80, your outgoings are generally much less than when you initially retire.

That said, I would go and see an independent pension specialist, you will have to pay, but they won’t stitch you up with a solution they get a fee for. It’s got to be worth the fee to get expert advice, from someone fully up to date with legislation, investments and future planned changes.
 

Dusty

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I know it’s probably easy to say now whilst I’m relatively young but I think I’d have to carry on working in some capacity. Even if it was just for 10 hours a week.
 

Somersetlad

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How much you need totally depends on your age and lifestyle. I live (on my own, in a mortgage free house) quite comfortably on 16-18k a year after tax, but I'm happy to drive a 5 year old car, don't smoke or go on expensive holidays. You need to consider what savings, investments you have as well as what sort of pension scheme you're in (final salary or money purchase), then if it's money purchase, do you buy an annuity or use flexi-drawdown, it's a minefield and different for everybody.
 

bezzer

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@Maesknoll That's the advice I was given by my advisor. Take the maximum 25% lumpsum and plan for your pension to last until you're 80.

As for how much I'll need to live on, I'm aiming for 65% of what I take home now.
 

ukzero1

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I think it all depends on where you live as to how much you'll need to live on. I'm on state pension but have a couple of fingers in a couple of pies that brings in a little extra to my very meagre pittance. If it wasn't for that I couldn't afford a bit of new tackle now and then (ahem...cough). I would say around 16 or 1700 a month would suffice for me. I don't have any of the usual bills. like mortgage etc. My gas and leccy are on pre-payment cards, I have no bedroom tax to pay, the water and telly licence again are on swipe cards paid once a month. The only other proper outlay is my fishing and that's paid for with those 'fingers in pies'.
 

sly

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And you are always pleading that you are a poor pensioner ???
 

ukzero1

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And you are always pleading that you are a poor pensioner ???

I am, I have to save up for at least a couple of days before spending money. (unless of course a cheque or two have cleared at the bank). :whistle::whistle::giggle::LOL:
I have a new pole arriving soon and that's going to need new elastics. The cost of which is horrendous (for the elastics).
 

Arch

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Thanks for the answers, pretty much what I/we were thinking.

I’ll be 55 very soon, no mortgage, no flash car, no big holidays. We live quiet a simple life really. I can have my whole pension pot soon. I intend taking that and living of the interest - hopefully.

I’ve seen an IFA, and am just waiting until I’m able to take my pot. Just wanted opinions on how much money would be required to live on.
 

SpenBeck

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I'm in the same boat at 56. I plan to drop down to working just 2 days a week when I get to 60 and go fishing more.
 

warrington63

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Hard to say at this point in time...you have the leavers saying everything is going to come up roses and we'll all be better off because we won't be paying into the EU (who have a much higher pension rate) and the remainers who are predicting doom and gloom with huge rises in everything and less "spare" cash to enjoy.

If we are to go on todays world then at the moment my average take home is £1800 a month, so i reckon that would do fine because it pays all my bills now including my mortgage and as i won't be needing any food, coffee, sugar etc for work, i won't need the money for travelling to and from work or the other associated costs with my present everyday living plus as a "pensioner" i'll be entitled to free prescriptions, glasses, orthodontics etc so my monthly wage at this point in time would be enough to cover my life as a retired person.
Alan, Dental costs, and glasses are only free if on low income when a pensioner, When my dad was alive because of what he had coming in he had to pay, As for your costs for working, food, fuel etc, you realize how much it was costing you to work, I retired 2 years ago and never looked back,
 

angel

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Arch I did it almost a year ago and I'm not regretting it for a second.
Take time to work out your realistic outgoings put down everything you can think of. If you can do it then go for it.
My fuel bill alone is 1/4 of what it was.
Food bills are a bit lower as I'm not buying junk to get me through the boring workday.
I think without fancy holidays new cars and expensive tastes or vices the figures already quoted on here are a reasonable level of income.
One word of warning ....
Don't think you will have a load of spare time on your hands. I still can't find enough time to fish and I'm busier than I've ever been.
You won't regret it. ?
 
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