Pensions Planning: The NUMBER

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  • whiteflag_3
    whiteflag_3 Posts: 1,395 Forumite
    edited 17 December 2009 at 4:29PM
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    Touch of sarcasm Whiteflag?

    Nothing of the sort, pity you feel that way, i mean I even bloody thanked you !

    If you had read some of my previous posts you would have seen that I am passionate about the need for financial planning and I have put personal cashflow planning at the core of my business. Wehave found funnily enough there are some people who have grasped the concept that running out of money in the future is not a good situation!
    I got THE NUMBER from a book written by Lee Eisenberg.
    The reviews suggest its $%$%$ (bad!) but I do agree with the concept of having some idea of what we are aiming for in life and knowing if we are on target.

    not really interested after your opening comment
  • houseboatdream
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    MFW = Mortgage Free Wannabe, DFW = Debt Free Wannabe. They're two boards on MSE that attract quite a few people. The strategies there seem to consist of making your life miserable and scraping by in order to meet some financial target. In DFW the target is to get rid of debt and on the MFW the target is to get rid of a mortgage. It's been said many times before that it's the financial equivalent of crash dieting, and usually has the same outcome.

    GALLYGIRL - now you can see why I was hesitant to start a "Retire 10 years early" thread!!
    Back after 9 years in France ... starting again
  • Harry_Powell
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    GALLYGIRL - now you can see why I was hesitant to start a "Retire 10 years early" thread!!

    Why do you need a thread, why not just do it? :confused:

    There seems to be a lot of prevaricating on MSE. I came across a "Pay off your mortgage" thread where people seem to have been joining up for the last 9 months before they even start. Crazy!. :rolleyes:

    If they must plough all their wealth into a single asset then why wait around talking about it? Just get on with it.
    "I can hear you whisperin', children, so I know you're down there. I can feel myself gettin' awful mad. I'm out of patience, children. I'm coming to find you now." - Harry Powell, Night of the Hunter, 1955.
  • houseboatdream
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    Why do you frequent these boards and post on here then Harry?

    Is it for the advice, ideas and mutual support?

    Or do you enjoy putting others down and judging the way they choose to live their lives? :confused:
    Back after 9 years in France ... starting again
  • Gatser
    Gatser Posts: 624 Forumite
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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

    :xmassmile ...for those that have forgotten what this thread is about (and digressed into personal insults...) Happy Xmas!
    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)
  • houseboatdream
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    Gatser

    I thought your post was great and was looking forward to a sensible discussion of something that i had being giving lot of thought to recently. However it is clear that posting any further details will just lead to critiscim and sarcastic remarks from some posters.

    I've read a few more threads on the pensions board now and unfortunately this seems to be a common occurrence.

    I think I will just join the "How much can you save?" thread over the on the savings Board where the posters are far more friendly and supportive. - Whiteflag - you do not need to make any comment!
    Back after 9 years in France ... starting again
  • gallygirl
    gallygirl Posts: 17,228 Forumite
    Name Dropper First Anniversary First Post Mortgage-free Glee!
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    MFW = Mortgage Free Wannabe, DFW = Debt Free Wannabe. They're two boards on MSE that attract quite a few people. The strategies there seem to consist of making your life miserable and scraping by in order to meet some financial target. In DFW the target is to get rid of debt and on the MFW the target is to get rid of a mortgage. It's been said many times before that it's the financial equivalent of crash dieting, and usually has the same outcome.

    Much better surely, to save a little, overpay a little and spend a little to achieve your financial targets? :confused:

    Therre are people like that, or course there are, but plenty others who do have a balanced approach. Myself for instance, on the MFW board, yes I do watch every penny, but I'm frequently watching those pennies being spent on holidays :o, 7 this year. It's about not wasting money - e.g. £5 a day on lunch, £2 lattes when work provide free coffees etc.

    And yes, whilst we should be juggling saving & paying debts there are people on the DFW baord who are struggling to make minimum payments so paying into an option is something which has to be put on hold.
    I think their £4k has rather narrow parameters and consists of 'living' on an annual Sky TV subscription, mobile phone contract, takeaway food stipend and wii game purchasing allowance that comes to no more than £4k annually.

    You've obviously been reading different threads to me then. Most of the ones I've read people are leading 'simple' lives where the last thing they'd be spending on are those items.

    And as to people waiting to join challenges, they DO just get on with it in the meantime. However, having a common shared goal where we all record progress and encourage one another is great and I would have thought would have been equally of use in pensions planning which is a longer term goal. However, you're obviously motivated enough to not need any encouragement from others.
    GALLYGIRL - now you can see why I was hesitant to start a "Retire 10 years early" thread!!

    Hmmm, yes, I see your point :rotfl:
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • zygurat789
    zygurat789 Posts: 4,263 Forumite
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    Gatser wrote: »
    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

    :xmassmile ...for those that have forgotten what this thread is about (and digressed into personal insults...) Happy Xmas!
    I calculate that to achieve this net you would have to be in receipt of pensions totalling £25,125.
    The only thing that is constant is change.
  • whiteflag_3
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    Gatser wrote: »
    :xmassmile ...for those that have forgotten what this thread is about (and digressed into personal insults...) Happy Xmas!

    Gatser it would be nice if you can post the personal insults as I cant see any aimed at you.

    What did you hope to gain by calling my post sarcastic?
  • jonnyb1978
    jonnyb1978 Posts: 1,350 Forumite
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    I though this was a good thread as people are constantly curious what a good figure is. Yes all needs are different but its good to compare and see where you are in comparison to others.

    If you dont like this thread then dont spoil it for others. Why bother posting at all.
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