Pensions Planning: The NUMBER

Dh6

Pensions planning : The NUMBER

please stick to topic, this is one of my favourite threads on here. The last few pages have gone off on a tangent.

barnstar2077

Well, we are 218 pages in, there's only so much you can say about it!  :   )

QrizB

According to my "where does all the money go" spreadsheet, my Technical Middle Class NUMBER is about £32k net of tax. Yes we could get by on less (quite a lot less, if we really had to) but we're not going to aim for that.

There are a few estimates and woolly numbers in there so there's probably  +/- 10% uncertainty on that figure. I'm 5-10 years from retirement so I've got some time to refine it.

barnstar2077

QrizB said:

According to my "where does all the money go" spreadsheet, my Technical Middle Class NUMBER is about £32k net of tax. Yes we could get by on less (quite a lot less, if we really had to) but we're not going to aim for that.

There are a few estimates and woolly numbers in there so there's probably  +/- 10% uncertainty on that figure. I'm 5-10 years from retirement so I've got some time to refine it.

I am at least ten years away too, and for the last few years I thought my number wouldn't change much in that time.  Now with gas and electricity prices going up (along with a lot of other things) I am not so sure my number is going to be as accurate as I had hoped! :  )

daz378

Still waiting for this years update to my gmpf   hoping the  yearly income estimate  will crystallize  a little higher ..last years said 9.5 k at 60  2026  and a lump some of 7k...not quite enough   even if you add my existing  savings to it...especially  as I pay rent   of 430 a month...will be happy to live modestly..and try part time working...a carer   while rewarding  can be be draining at times

Bobinyorkshire

Really interesting thread, especially as it’s a moving target at the mo. Ours is about £3200 to £3500 after tax per month. Currently still on target. Part time currently, using savings to fill the gap. Plan is to finish in 18 months and use SIPP and savings to get to 58 and take DB pension 2 years early

rickenbacker330

I’m two years into retirement (57). Our number is around £80k net until I hit about 80 (if I’m lucky !) and then I reckon we’ll only need half of that. All from RPI linked db pensions and some commuted cash. 

PJM_62

rickenbacker330 said:

I’m two years into retirement (57). Our number is around £80k net until I hit about 80 and then I reckon we’ll only need half of that. All from RPI linked db pensions and some commuted cash. 

Is that a need number ?

billy2shots

rickenbacker330 said:

I’m two years into retirement (57). Our number is around £80k net until I hit about 80 and then I reckon we’ll only need half of that. All from RPI linked db pensions and some commuted cash. 

Wow, well done you and your partner. Got to love those DBs

Cus

I don't have a number. I save the maximum I am allowed into our pensions, I save into our ISAs, then some for kids, and then spend the rest. I don't really know how to decide what to potentially cut back on to retire. I know I am very unlikely to reach a number that would lead to the same amount as I earn now, but I also know I overspend a lot now and could very easily cut back.  I'm kind of just ignoring it and see how it turns out in a handful of years. Is that a bit rubbish?