Pensions Planning: The NUMBER

Somebody

CrickJon said:

Is there a good spreadsheet model - monthly or annually - where I could input my current pension pot, add contributions each year, growth etc, input living costs etc and model when I may be able to retire, how much I can drawdown, whether I take a lump sum or not and when SP comes in?

I prefer a spreadsheet to a website calculator as they all seem to give different answers and don’t provide annual breakdowns.

Have you tried guiide.co.uk?

kinger101

barnstar2077 said:

There is something magical about a well made spreadsheet.  The way you can change one cell and everything else changes automatically.  They can make you feel like an inventor tinkering with a mad contraption! :  )

You don't work for Fujitsu do you?

barnstar2077

kinger101 said:

barnstar2077 said:

There is something magical about a well made spreadsheet.  The way you can change one cell and everything else changes automatically.  They can make you feel like an inventor tinkering with a mad contraption! :  )

You don't work for Fujitsu do you?

Not sure there was anything magical about that software! :  /

cfw1994

CrickJon said:

Is there a good spreadsheet model - monthly or annually - where I could input my current pension pot, add contributions each year, growth etc, input living costs etc and model when I may be able to retire, how much I can drawdown, whether I take a lump sum or not and when SP comes in?

I prefer a spreadsheet to a website calculator as they all seem to give different answers and don’t provide annual breakdowns.

I found this the best of the ones I saw online:
https://whatapalaver.co.uk/retirement-planning-couples
Broadly confirmed my own spreadsheet numbers when I was planning my escape 👍

3 years in, & the bottom line (to me!) is that if you think you can afford it, DO IT! 

You can spend a lot of time agonising, & the bottom line is that none of us know the future, so do your best to crack on and enjoy the present😎  
Of course, for some that will be working, which is absolutely fine, but given this is the retirement sub-forum…..

trevjl

I found this the best of the ones I saw online:
https://whatapalaver.co.uk/retirement-planning-couples
Broadly confirmed my own spreadsheet numbers when I was planning my escape 👍

And a jolly good spreadsheet it is too !!! It's been telling me to go for ages !
I've been using it for a couple of years or more and yes, I'm still  working for some unknown reason.
Notice going in next month however, passing of mum at 91 last month and other friends much younger with issues has finally made me see sense.
Spending of around £32Kpa with DC a pot of £270K, savings of £100K and mums flat to sell along with a DB of £25K in 42 months time I'll never live to spend it.
 

Smudgeismydog

I’m sorry to hear about your mum @trevjl, unfortunately sometimes it takes an event so close to home to make us “see sense”.

As plenty of people have said, the most important things are your time and health.
Congrats on your imminent retirement 

kimwp

My pensions annual statement says that if I continue contributing until 65, I'll have £140k a year, which is just a smidge more than the £20k pre tax that currently I pay myself! It would be a bit of an absurd situation, to spend 20k a year til 65, then have seven times that in retirement - shows the importance of understanding your number and financial planning. (Though I recognise I'm lucky that I have options)

For my actual number, I'm wanting to have more than 20k so I'm not having to watch my spend as closely as now and more than that for peace of mind, but really not sure on what that means given the unknowns. I know I feel secure knowing I can increase my income (by changing my salary sacrifice) by £2k a month so that puts my number currently between 20k and 56k. £300k saved so far, at 39.

barnstar2077

kimwp said:

My pensions annual statement says that if I continue contributing until 65, I'll have £140k a year, which is just a smidge more than the £20k pre tax that currently I pay myself! I'm wanting to have more than 20k so I'm not having to watch my spend as closely as now and more than that for peace of mind, but really not sure on what that means given the unknowns. I know I feel secure knowing I can increase my income (by changing my salary sacrifice) by £2k a month so that puts my number currently between 20k and 56k. £300k saved so far, at 39.

Did you mean to say £140k a year? 

kimwp

barnstar2077 said:

kimwp said:

My pensions annual statement says that if I continue contributing until 65, I'll have £140k a year, which is just a smidge more than the £20k pre tax that currently I pay myself! I'm wanting to have more than 20k so I'm not having to watch my spend as closely as now and more than that for peace of mind, but really not sure on what that means given the unknowns. I know I feel secure knowing I can increase my income (by changing my salary sacrifice) by £2k a month so that puts my number currently between 20k and 56k. £300k saved so far, at 39.

Did you mean to say £140k a year? 

Yes, that's what the forecast says. 300k plus 50k for 26 years plus market performance. I don't know if it takes into account inflation or what assumption it makes for fund performance.

barnstar2077

barnstar2077 said:

kimwp said:

My pensions annual statement says that if I continue contributing until 65, I'll have £140k a year, which is just a smidge more than the £20k pre tax that currently I pay myself! I'm wanting to have more than 20k so I'm not having to watch my spend as closely as now and more than that for peace of mind, but really not sure on what that means given the unknowns. I know I feel secure knowing I can increase my income (by changing my salary sacrifice) by £2k a month so that puts my number currently between 20k and 56k. £300k saved so far, at 39.

Did you mean to say £140k a year? 

"My pensions annual statement says that if I continue contributing until 65, I'll have £140k a year, which is just a smidge more than the £20k pre tax that currently I pay myself!"

So this is a joke?