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Pensions Planning: The NUMBER

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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
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
THE NUMBER is how much you need to live comfortably: very IMPORTANT as part 1 of Retirement Planning. (Average response to my thread is £26k pa)
2
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You agree on the numbers though!
For me, 2/3rds final salary would see no drop in standard of living, assuming mortgage paid off as pension begins/employment finishes. I guess there's a reason why mortgage payments being 1/3rd salary is a good rule of thumb.
Whether it'll happen or not, I'll tell you in 35 years. We won't be typing into keyboards then I suspect!
Regards.
PLEASE tell me now... my financial planning spreadsheet says I will not be here in 35 years time! (...and I follow it religiously:cool:)
Pleased we all agree....so far....
(Thanks for your reply on household costs...spot on!)
Gatser now Ive picked myself off the floor can you perhaps explain where you came across So What's your number?
Youve have hit the nail on the head- knowing what your aiming for is the single most important thing>:T
For me, the number is around £2700-£3000 per month after tax, and having my property paid for. It is also completely before my private pension plan becomes accessible in a few years later, hopefully adding another £1500 per month income to the pot.
But, of course, for me this won't be about retiring in the UK. It will be in Thailand.
This is where you and me differ Harry.
I have no intentions of dying.
How could you not be looking forward to the quiet of the grave?
I have been keeping very detailed budgets and accounts for the last couple of years so I know that our current requirements for a comfortable lifestyle is £20k per annum. That sees us living our current property, running a small car, and motorhome (and associated holidays in it) plus pocket money, presents etc.
I recently did a review of our finances and reckon that if I can carry on working and saving for another ten years we'll have enough to retire. Not sure I can stand it that long, so I'm aiming for a frugal five years of saving to make it even quicker - bit like those guys over on MFW and DFW. I did think of posting a "Retire 10 years early thread" but its a bit serious over here on the pensions board.......