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  • FIRST POST
    • Gatser
    • By Gatser 14th Dec 09, 1:44 PM
    • 576Posts
    • 207Thanks
    Gatser
    Pensions Planning: The NUMBER
    • #1
    • 14th Dec 09, 1:44 PM
    Pensions Planning: The NUMBER 14th Dec 09 at 1:44 PM
    The NUMBER is how much income you need to "live comfortably"
    So What's your number?
    Very important for pensions planning, to know what you are aiming for.

    My Number? (for a couple)
    I calculated: £22,000
    based on
    Food £5,000
    Car/transport £5,000
    Bills/Utilities £4,500
    Holidays/Leisure £4,500
    Clothing/Cash/Xmas/Other £2,000
    Repairs/replacements £1,000
Page 3
  • whiteflag
    I prefer to listen to the experience of others and learn from them.
    Others may similarly learn from my mistakes (I am not perfect either, WhiteFlag :rolleyes
    Therefore.....I disagree with your view.
    No surprise there then! After all I only spend all day everyday helping people understand their financial situation, how to make the most of their life and how to arrive at their "Number" using the most sophisticated cashflow forecasting tools available to financial planners:confused: Oh and they happily pay a fee at the end and ask what they need to do to be able to ensure they are on track in the future.




    It amazes me that you started "The Number" thread yet dont get it yourself.


    Let's try to stick to the thread shall we....
    yes lets so without wanting to sound like a stuck record ,why then did you call my first post sarcastic and what did you hope to gain?
    Last edited by whiteflag; 20-12-2009 at 9:26 PM.
    • Gatser
    • By Gatser 20th Dec 09, 10:17 PM
    • 576 Posts
    • 207 Thanks
    Gatser
    ..... After all I only spend all day everyday helping people understand their financial situation, how to make the most of their life ..........
    Originally posted by whiteflag
    Good for you.
    You are lucky... :rolleyes:



    It amazes me that you started "The Number" thread yet dont get it yourself.

    Originally posted by whiteflag
    Oh YES I do, my friend.

    What's your NUMBER Whiteflag?
    • Gatser
    • By Gatser 20th Dec 09, 10:24 PM
    • 576 Posts
    • 207 Thanks
    Gatser
    .... using the most sophisticated cashflow forecasting tools available to financial planners...
    Originally posted by whiteflag
    Forecast = Guess.

    Sophisticated Forecast = Clever Guess

    "That Don't Impress Me Much" (Shania Twain)
    Nice Video too!
  • whiteflag
    Forecast = Guess.

    Sophisticated Forecast = Clever Guess
    Originally posted by Gatser
    Shame on you ! you really dont get it do you -

    Rather than asking sensible questions that might help other readers you lower yourself to being sarcastic and mocking the very people that might be able to help.

    I know my number and I know its accurate ( £44,000) note no stupid wink!

    Good for you.
    You are lucky... :rolleyes:
    Well if you say so. Ill just keep doing what Im doing and helping people find their "NUMBER" !!!! Its what I do- hence my interest in your first post and my non sarcastic reply!!!!.

    "Touch of sarcasm Whiteflag?" (Gatser)- No video either
    Last edited by whiteflag; 20-12-2009 at 10:47 PM.
    • Gatser
    • By Gatser 20th Dec 09, 11:15 PM
    • 576 Posts
    • 207 Thanks
    Gatser
    ....... you really dont get it do you -

    ....... mocking the very people that might be able to help.

    ....... no stupid wink!
    Originally posted by whiteflag
    * Maybe not, but I am learning, Are you? (Maybe not)
    * No, I was only mocking the suggestion that your sophisticated forecasting systems are capable of guessing the future accurately. Such a system has yet to be invented.
    * Not a stupid wink, just a friendly wink...

    Your NUMBER is interesting.... how is that made up?
    I might need to increase mine and stop being so frugal...
  • whiteflag
    [QUOTE=Gatser;28037075* No, I was only mocking the suggestion that your sophisticated forecasting systems are capable of guessing the future accurately.

    [/QUOTE]
    What experience have you got of forecasting systems? I spent the last three years looking at them so I would be interested to learn where you have learned enough to put you in a positition where you feel you are able to mock my posts?

    Such a system has yet to be invented
    Well my research leads me to believe they have been. There over 1000 financial planning firms in the UK using the system successfully so what makes you think they havent been invented?
    • zygurat789
    • By zygurat789 21st Dec 09, 12:09 PM
    • 4,236 Posts
    • 1,993 Thanks
    zygurat789

    I know my number and I know its accurate ( £44,000) note no stupid wink!
    Originally posted by whiteflag
    And how much per month over how long do your sophisticated forecaster reckon this will take?
    The only thing that is constant is change.
  • whiteflag
    And how much per month over how long do your sophisticated forecaster reckon this will take?
    Originally posted by zygurat789
    A surplus of income over expenditure of £18000 pa escalating at 3% per annum for the next 17 years.

    So whats your number and how have you calculated it?
    • zygurat789
    • By zygurat789 21st Dec 09, 12:36 PM
    • 4,236 Posts
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    zygurat789
    A surplus of income over expenditure of £18000 pa escalating at 3% per annum for the next 17 years.

    So whats your number and how have you calculated it?
    Originally posted by whiteflag
    The back of my envelope says that will amount to just over £400,000 which at a (very generous) 6% gives a pension of £24,000 pa.
    The only thing that is constant is change.
    • Gatser
    • By Gatser 21st Dec 09, 2:12 PM
    • 576 Posts
    • 207 Thanks
    Gatser
    The back of my envelope says that will amount to just over £400,000 which at a (very generous) 6% gives a pension of £24,000 pa.
    Originally posted by zygurat789
    My spreadsheet came up with nearer £600k because I increased the £18k by 3% pa AND added in interest of 3%pa) Drawdown at 7.3% on £600k would be £44k ....
    • zygurat789
    • By zygurat789 21st Dec 09, 2:38 PM
    • 4,236 Posts
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    zygurat789
    My spreadsheet came up with nearer £600k because I increased the £18k by 3% pa AND added in interest of 3%pa) Drawdown at 7.3% on £600k would be £44k ....
    Originally posted by Gatser
    Total contribution £391,709
    Interest (calculated the most generous way) £114.063

    I'm not trying to tell you financial adiisor wizards how to suck eggs, just teach me your math
    The only thing that is constant is change.
    • Gatser
    • By Gatser 21st Dec 09, 8:01 PM
    • 576 Posts
    • 207 Thanks
    Gatser
    Total contribution £391,709
    Interest (calculated the most generous way) £114.063

    I'm not trying to tell you financial adiisor wizards how to suck eggs, just teach me your math
    Originally posted by zygurat789
    Zygurat.... Sorry... I misled you.
    If I use 3% & 3% I agree precisely with your figures.
    My earlier result of £604016 came from using 3% + 5%!
    Perhaps that is WhiteFlags assumption.
    As an IFA he should be well placed to achieve this.

    What do you think? Could you hope to get that return over next 17 years?
    • Gorgeous George
    • By Gorgeous George 21st Dec 09, 10:20 PM
    • 7,806 Posts
    • 8,483 Thanks
    Gorgeous George
    My number falls as I age. I will spend less in my late 70's than in my mid 60's.

    I hope to have half pay from my employment pensions and 25% from BTL rental income. Savings should provide a further 10%. Being mortgage free when I retire is vital.

    I could do with saving a bit more but I won't do it at the expense of my holidays and current lifestyle.

    There are a lot of rich people in the cemetery.

    GG
    There are 10 types of people in this world. Those who understand binary and those that don't.
    • Gatser
    • By Gatser 21st Dec 09, 11:41 PM
    • 576 Posts
    • 207 Thanks
    Gatser
    I could do with saving a bit more but I won't do it at the expense of my holidays and current lifestyle.

    There are a lot of rich people in the cemetery.

    GG
    Originally posted by Gorgeous George
    Thanks for your response.
    Totally agree about having some fun whilst you are fit and healthy.
    I have been more closely associated with dementia sufferers lately and its so sad that so many of us will go that way. a very useful wake up call as part of this pensions planning exercise.

    Good point about reducing needs too.

    I try not to think of care costs though (if needed). Self funding can cost circa £750 per week.... £35k pa ....Ouch!
    Its one area I admit to burying my head in the sand because the more you have saved up, the more you will pay (generally).

    What's your NUMBER George?
    Any breakdown so we can compare notes?
    • zygurat789
    • By zygurat789 22nd Dec 09, 9:38 AM
    • 4,236 Posts
    • 1,993 Thanks
    zygurat789
    Zygurat.... Sorry... I misled you.
    If I use 3% & 3% I agree precisely with your figures.
    My earlier result of £604016 came from using 3% + 5%!
    Perhaps that is WhiteFlags assumption.
    As an IFA he should be well placed to achieve this.

    What do you think? Could you hope to get that return over next 17 years?
    Originally posted by Gatser
    If he can do that well playing with money why does he bother to work?
    Assumptions are yes the panacea.

    If this is how an IFA operates then I will steer well clear
    The only thing that is constant is change.
  • whiteflag
    zygurat789 & Gatser

    With the greatest respect to the both of you are making assumptions without the full information. In answering your questions ( something I note neither of you have the good manners to reciprocate) I have merely given you the information you asked for - not once have asked what I already have in pensions, savings and investments etc.

    Again its easier just to mock and only shows both of you have only a basic understanding of financial planning. If you cant ask me the correct questions I can only assume you are unable to ask yourself the same serious questions.
  • whiteflag
    I could do with saving a bit more but I won't do it at the expense of my holidays and current lifestyle.

    There are a lot of rich people in the cemetery.

    GG
    Originally posted by Gorgeous George
    Well said George, there are far to many that dont live the lifestyle they could and go the grave with too much money.

    When we get potential new clients the first thing we ask them is " if we can show you a way of doing all the things you want to do today and into the future without fear of ever running out of money and not paying any more tax than is necessary, is that something that you would be interested in?" The inevitable answer is "yes" because thats really what 99% of people are interested in. Its all about lifestyle
    • Gatser
    • By Gatser 22nd Dec 09, 10:31 PM
    • 576 Posts
    • 207 Thanks
    Gatser
    zygurat789 & Gatser

    ... and only shows both of you have only a basic understanding of financial planning. If you cant ask me the correct questions I can only assume you are unable to ask yourself the same serious questions.
    Originally posted by whiteflag
    People who think they know everything infuriate those of us who do.


    Sorry, I had not realised we have to be Financial Planning professionals to post on here.

    A boss of mine once said "You can never ask me an incorrect question, but I can give you an incorrect answer!"
    • zygurat789
    • By zygurat789 22nd Dec 09, 11:02 PM
    • 4,236 Posts
    • 1,993 Thanks
    zygurat789
    zygurat789 & Gatser

    With the greatest respect to the both of you are making assumptions without the full information. In answering your questions ( something I note neither of you have the good manners to reciprocate) I have merely given you the information you asked for - not once have asked what I already have in pensions, savings and investments etc.
    Your answer , if it can be called that, was somewhat less than adequate and it was you who did not have the good manners to respond. I would not ask you such personal questions but merely asked a general one which you have totally ignored and left others to justify.
    Again its easier just to mock and only shows both of you have only a basic understanding of financial planning. If you cant ask me the correct questions I can only assume you are unable to ask yourself the same serious questions.
    Originally posted by whiteflag
    Now who's making rash assumptions. I only asked the question I wanted to know the answer to, why is that not the correct question.
    Does IFA stand for Indepedent Financial Assumer or is it just another name for an insurance salesman?
    The only thing that is constant is change.
  • whiteflag




    Sorry, I had not realised we have to be Financial Planning professionals to post on here.

    Originally posted by Gatser
    Neither did I, I just find it amazing that you started this interesting thread yet instead of now trying to learn something or post meaningfull questions that might benefit other readers, you have chosen to use it a platform for mocking the one Financial Planning professional who has posted.
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