We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Pensions Planning: The NUMBER

Options
1…6162646667…287

Comments

  • robin61
    robin61 Posts: 677 Forumite
    jamesd wrote: »
    12% is the basic tax rate range of employee NI so it looks as though you're saving all of your own NI and your employer is saving all of their NI. If this is in the higher tax rate range maybe they just pay some of their NI to make it 12% regardless of income range.

    Yes I think that is most likely but the case. I have worked it out every time I have increased my contribution which I have done three times now so I am confident this is what I am actually seeing although they don't draw your attention to it in any of the supporting collateral. I just keep my head down and take it.
  • MrsFingersCrossed
    MrsFingersCrossed Posts: 93 Forumite
    Tenth Anniversary 10 Posts Photogenic Combo Breaker
    No posts since Christmas, so bump! Lots of interesting info here...
    As a fan of THE NUMBER THREAD, our NUMBER IS £22,000 a year = FREEDOM
    Amended 2019 - new NUMBER is approx £27k pa nett (touch wood)
    Amended 2021 - new NUMBER is approx £29k pa nett - heading that way...fingers crossed!
  • Gatser
    Gatser Posts: 625 Forumite
    Part of the Furniture 500 Posts Name Dropper Photogenic
    MrsFingersCrossed wrote: »
    No posts since Christmas, so bump! Lots of interesting info here...

    Thank you Mrs FC!
    THE NUMBER has been the key driver, motivator and reassurance to me that earlier retirement is very doable.
    Ours was always in the 25-30k range but even that is excessive as we find LOTS of free/cheap things to keep us fit, busy and entertained in our NEW FOUND FREEDOM :T

    Are you there yet? All the best... :beer:
    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)
  • tigerspill
    tigerspill Posts: 837 Forumite
    Tenth Anniversary 500 Posts Name Dropper
    Gatser wrote: »
    Thank you Mrs FC!
    THE NUMBER has been the key driver, motivator and reassurance to me that earlier retirement is very doable.
    Ours was always in the 25-30k range but even that is excessive as we find LOTS of free/cheap things to keep us fit, busy and entertained in our NEW FOUND FREEDOM :T

    Are you there yet? All the best... :beer:

    Sounds great!!

    Just out of interest, could you share the free/cheap things you do. I am not considering the non financial aspects of early retirement - how I will spend my time.
  • Gatser
    Gatser Posts: 625 Forumite
    Part of the Furniture 500 Posts Name Dropper Photogenic
    tigerspill wrote: »
    Sounds great!!

    Just out of interest, could you share the free/cheap things you do. I am not considering the non financial aspects of early retirement - how I will spend my time.

    For Cheap please read "Cheaper"
    The list is endless because in retirement you have that valuable commodity that eludes those in work ... TIME
    With time flexibility you can eat out and get deals, stay away when hotels / B&B's have offers, read more, learn more (free courses), travel with offers at short notice, volunteer, meet more friends, make more friends, go cycling, organise walks or just go on them, join more groups and clubs.
    The trick is to never close your mind to new ideas and things to do.
    Every time I talk to people they tell me things they are doing and it prompts me to look into it and research more. always have a notepad to hand for noting those ideas down.
    I have lots more ideas than those above, my Retirement Tree (mind map) is always sprouting new leaves .... the tree will live on longer than me!
    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)
  • gallygirl
    gallygirl Posts: 17,240 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Gatser wrote: »
    I have lots more ideas than those above, my Retirement Tree (mind map) is always sprouting new leaves .... the tree will live on longer than me!
    What a great idea, haven't done one in years. Though already I can see mine will be a tree with a climbing rose up it, joining the branches together :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"
  • green_man
    green_man Posts: 548 Forumite
    Tenth Anniversary 500 Posts Name Dropper
    edited 11 May 2015 at 2:38PM
    My number is £1500 net per month but this is worked out a bit differently to most people.

    My wife and I have had quite similar incomes for most of out lives, we have always had a joint account that we both put into and it then covers all household bills (food, mortgage, insurance utilities, house repairs etc). This joint account does not cover our cars or holidays.

    I have worked out we need £1600 per month in the joint account to cover these costs once the mortgage is gone at the end of this year).

    So I need £800 for the joint account and working on what I have spent over the past three years I estimate if I carry on spending the same I need an additional £700 per month to live.

    So major costs I am no longer incurring are primarily long term saving and additional joint account contributions to cover mortgage. I estimate that any reductions in spending on work items (lunches, travel, clothes etc) will be offset by additional amounts that I spend on leisure activities.

    As a side, my wife will have around £2000 per month net from her pension of which she will put £800 into the joint account also, but the additional money she will have supports her expensive horse riding hobby. So combined we will have £3500 net per month which seems quite healthy until you start accounting for horse related costs (which believe me are much more expensive than kids)
  • justme111
    justme111 Posts: 3,531 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Question :if i had pension income of 6000, rental income of 5000 and income from funds held in an isa 10000 qhat income tax would i be paying ?
    The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
    Often people seem to use this word mistakenly where "quandary" would fit better.
  • mgdavid
    mgdavid Posts: 6,710 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    is the rental income gross or net?
    The questions that get the best answers are the questions that give most detail....
  • justme111
    justme111 Posts: 3,531 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Net
    Ñnnnnnnnn
    The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
    Often people seem to use this word mistakenly where "quandary" would fit better.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture