Pensions Planning: The NUMBER

savingholmes

L9XSS said:

Done the calculations.......and I’m retiring at 60, just under 5 years to go. I’m currently managing on a salary of 21k and a mortgage. I’m about to pay off the mortgage next month, then will continue to focus on SIPP, work pension and savings.
Coupled with a DB pension, I’m looking at a net figure of £32k pa at age 60.

Lovely position to have put yourself in. Congratulations.

Kim1965

SouthCoastBoy said:

Mick70 said:

for a couple ,  Im thinking  for a half decent retirement .  £30- 35k pa ?

for a good one   +£40k

I opened a new joint account end of December, putting in £2600 a mth and paying everything out of that, so 7 mths in we have a float just shy of £9000, so am I now starting to question whether I need as much as I first thought, we'll see how the next 5 months go

Is 2600 your retirement target income?
Im trying to live off mine and finding it relatively easy. The only difference is at retirement i can cut another£200 pm off and wont have any kids at uni either.
 Like you I think I could live on less. 

SouthCoastBoy

Kim1965 said:

SouthCoastBoy said:

Mick70 said:

for a couple ,  Im thinking  for a half decent retirement .  £30- 35k pa ?

for a good one   +£40k

I opened a new joint account end of December, putting in £2600 a mth and paying everything out of that, so 7 mths in we have a float just shy of £9000, so am I now starting to question whether I need as much as I first thought, we'll see how the next 5 months go

Is 2600 your retirement target income?
Im trying to live off mine and finding it relatively easy. The only difference is at retirement i can cut another£200 pm off and wont have any kids at uni either.
 Like you I think I could live on less. 

Yes that is my ballpark figure, at the moment I commute 40 miles each way to work 3 days a week and have 1 child still at uni, so I am now thinking most probably 2k a mth would be enough

Skintdognotmillionaire

Assuming my mortgage was payed… in todays money £1600 a month to live ‘well’ but what about adjusting for future inflation! 

I doubt I’ll ever get a pot big enough!

Kim1965

£1600 (21k pa less tax) as singleton would just about do it for me. Better still if it was all fully inflation proofed, got some db, wish i had more☹️. Mortgage gone😁
 There will be a lot of hesitant dc only would like to be retired out there... Sweaty bum times with the markets at the mo. May have to settle for part time 

Scott_Chegg_

Kim1965 said:

 There will be a lot of hesitant dc only would like to be retired out there... Sweaty bum times with the markets at the mo. 

Definitely sweaty bum times with the current weather but I thought the phrase was squeaky bum time? both probably apt this weekend especially  

NedS

Kim1965 said:

£1600 (21k pa less tax) as singleton would just about do it for me. Better still if it was all fully inflation proofed, got some db, wish i had more☹️. Mortgage gone😁
 There will be a lot of hesitant dc only would like to be retired out there... Sweaty bum times with the markets at the mo. May have to settle for part time 

A global tracker is only down around 10% year to date and at the same level it was a year ago, so I would imagine anyone with a retirement plan that's looking flaky now, probably needs to reconsider their plans.

SouthCoastBoy

NedS said:

Kim1965 said:

£1600 (21k pa less tax) as singleton would just about do it for me. Better still if it was all fully inflation proofed, got some db, wish i had more☹️. Mortgage gone😁
 There will be a lot of hesitant dc only would like to be retired out there... Sweaty bum times with the markets at the mo. May have to settle for part time 

A global tracker is only down around 10% year to date and at the same level it was a year ago, so I would imagine anyone with a retirement plan that's looking flaky now, probably needs to reconsider their plans.

So when factoring inflation around 20% down. A pot would soon be eroded if this performance is sustained over a few years

savingholmes

SouthCoastBoy said:

NedS said:

Kim1965 said:

£1600 (21k pa less tax) as singleton would just about do it for me. Better still if it was all fully inflation proofed, got some db, wish i had more☹️. Mortgage gone😁
 There will be a lot of hesitant dc only would like to be retired out there... Sweaty bum times with the markets at the mo. May have to settle for part time 

A global tracker is only down around 10% year to date and at the same level it was a year ago, so I would imagine anyone with a retirement plan that's looking flaky now, probably needs to reconsider their plans.

So when factoring inflation around 20% down. A pot would soon be eroded if this performance is sustained over a few years

Yes but that would be unusual. 

NedS

SouthCoastBoy said:

NedS said:

Kim1965 said:

£1600 (21k pa less tax) as singleton would just about do it for me. Better still if it was all fully inflation proofed, got some db, wish i had more☹️. Mortgage gone😁
 There will be a lot of hesitant dc only would like to be retired out there... Sweaty bum times with the markets at the mo. May have to settle for part time 

A global tracker is only down around 10% year to date and at the same level it was a year ago, so I would imagine anyone with a retirement plan that's looking flaky now, probably needs to reconsider their plans.

So when factoring inflation around 20% down. A pot would soon be eroded if this performance is sustained over a few years

I would think it would be reasonable to expect to encounter events twice as severe as that over the duration of retirement, so any plan should have no difficulty coping with a 10% or 20% drawdown.