Pensions Planning: The NUMBER

ex-pat_scot

Fab! My colleagues will laugh when I wear one of those on a Teams call

Wednesday2000

Those heated throws look good. I do feel the cold more now I'm older. I got diagnosed with an underactive thryroid and I feel the cold a lot more. I used to be the type of person that would like the windows open even when it was snowing!:)

I bought a hooded blanket recently but I haven't tried it yet. I'm assuming it is going to be more chilly living by the coast when we do move with the sea breeze.

Stubod

..gone quiet on this thread?....worthy of a re-boot?

..wondering what impact recent events have had on your numbers?

MallyGirl

Balances are lower but I am feeling grateful that I fixed energy for 2 years and mortgage for 5 before everything went to hell in a handbasket

michaels

MallyGirl said:

Balances are lower but I am feeling grateful that I fixed energy for 2 years and mortgage for 5 before everything went to hell in a handbasket

You lucky/skilful thing, couldn't fix my energy as I was with one of the earliest casualties and couldn't refix the mortgage as I am part way through a fix with a large ERP.

IN terms of the number I suspect that our number probably needs to increase by at least 10% from this time last year to take into account the impact of inflation on our personal 'basket of goods' once retired which will be more utility heavy than the RPI/CPI basket.  SO if it were 30k a year ago in 2021 pounds it is now 33k in current pounds.

MallyGirl

michaels said:

MallyGirl said:

Balances are lower but I am feeling grateful that I fixed energy for 2 years and mortgage for 5 before everything went to hell in a handbasket

You lucky/skilful thing, couldn't fix my energy as I was with one of the earliest casualties and couldn't refix the mortgage as I am part way through a fix with a large ERP.

IN terms of the number I suspect that our number probably needs to increase by at least 10% from this time last year to take into account the impact of inflation on our personal 'basket of goods' once retired which will be more utility heavy than the RPI/CPI basket.  SO if it were 30k a year ago in 2021 pounds it is now 33k in current pounds.

A bit of both - the mortgage took forever to sort for no obvious reason but 5 years at 1.16% is so much better than we were paying, once I broke OH's death grip on the flexible (but expensive) offset one account. I received an estimate for future energy from PurePlanet as our fix had just finished - it estimated the bill for the next year at over 9 grand so I looked around sharpish and managed to get a Sainsbury's deal that was only offered for a couple of days before being supplanted. PurePlanet was another casualty the following week.

DT2001

Stubod said:

..gone quiet on this thread?....worthy of a re-boot?

..wondering what impact recent events have had on your numbers?

None, yet. I am waiting for the dust to settle before doing any recalculations. I’m hoping that the oil price hike is temporary and future drops will obviously dampen inflation. I’ll wait 6/12 months and then look, otherwise putting in ongoing 6/7/8% inflation after a potential tripling of energy bills plus a 1/3 of my DB pension at 65 being GMP with no increases I thought it could be too depressing (head in sand, temporarily)!

bownyboy

bownyboy said:

bownyboy said:

When I first read this thread many years ago we were aiming for £24k for a couple so £600k in investments.

We’re now at £630k and from analysing our spending in Money Dashboard I think £2.5k to £3k per month or £30k to £36k a year is more realistic.

Last few months in lockdown has validated how much we would need for bare bones retirement which is around £1.8k a month.

The one thing I wish money dashboard would do is show your categories of spending over a 12 month period, seems only to do it for current and last month.

Checking in after another year of lockdown. 

Our number is definitely sitting around £3k a month now or £36k a year. It may even be slightly higher for the first couple of years as we escape lockdown and go slow travelling (covid permitting).

My current contract finishes beginning of September when our investments will be sitting at around £780k which I’m comfortable at. Reason being is my wife has full state pension of £9340 and mine is currently £7738.

Also we will most likely rent our house out for a year or two while travelling which will give us some additional income.

I also managed to get better monthly spending breakdown figures using moneyhub instead of money dashboard. It allows you to do month by month comparisons of all categories quite easily. 

Well almost another year has flown by.

I was offered another contract last August for 12 months. With the covid uncertainty around Travel I said yes and negotiated a month off and a 4 day week.

However I'm just about done now; I'm bored and desperate to go travelling after 2 years of zoom calls. 

So going to hand notice in and finish end of April at which point me and the wife will backpack around Europe for 3 months. 

Our spending has crept up and we think £3.5k a month or £40k ish a year is now our number. 

We have £810k split between ISAs, SIPPs and Cash (approx 80% equities, 15% bonds and 5% cash). Full state pensions are due in 10 and 17 years.

Wife is also due inheritance of approximately £200k once the family home is sold sometime this year. 

So that's it! 6 weeks to go and hello retirement! 

saucer

bownyboy said:

bownyboy said:

bownyboy said:

When I first read this thread many years ago we were aiming for £24k for a couple so £600k in investments.

We’re now at £630k and from analysing our spending in Money Dashboard I think £2.5k to £3k per month or £30k to £36k a year is more realistic.

Last few months in lockdown has validated how much we would need for bare bones retirement which is around £1.8k a month.

The one thing I wish money dashboard would do is show your categories of spending over a 12 month period, seems only to do it for current and last month.

Checking in after another year of lockdown. 

Our number is definitely sitting around £3k a month now or £36k a year. It may even be slightly higher for the first couple of years as we escape lockdown and go slow travelling (covid permitting).

My current contract finishes beginning of September when our investments will be sitting at around £780k which I’m comfortable at. Reason being is my wife has full state pension of £9340 and mine is currently £7738.

Also we will most likely rent our house out for a year or two while travelling which will give us some additional income.

I also managed to get better monthly spending breakdown figures using moneyhub instead of money dashboard. It allows you to do month by month comparisons of all categories quite easily. 

Well almost another year has flown by.

I was offered another contract last August for 12 months. With the covid uncertainty around Travel I said yes and negotiated a month off and a 4 day week.

However I'm just about done now; I'm bored and desperate to go travelling after 2 years of zoom calls. 

So going to hand notice in and finish end of April at which point me and the wife will backpack around Europe for 3 months. 

Our spending has crept up and we think £3.5k a month or £40k ish a year is now our number. 

We have £810k split between ISAs, SIPPs and Cash (approx 80% equities, 15% bonds and 5% cash). Full state pensions are due in 10 and 17 years.

Wife is also due inheritance of approximately £200k once the family home is sold sometime this year. 

So that's it! 6 weeks to go and hello retirement! 

Good for you Bownyboy and well done on not succumbing to the temptation of one more year. Backpacking around Europe a much better plan

Ibrahim5

Maybe save Ukraine for a later trip.