Pensions Planning: The NUMBER

bigfreddiel

Actually, when it comes down to the big day there is no NUMBER

You retire on whatever you think does it for you.

It's that simple, fj

blobby8

bigfreddiel wrote: »

That's not enough. To be comfortable you need £30k after tax joint income, no mortgage, and at least a couple of hundred k in an investment ISA.

fj

bigfreddiel wrote: »

Actually, when it comes down to the big day there is no NUMBER

You retire on whatever you think does it for you.

It's that simple, fj

That was a steep learning curve, well done.

tony4147

Our number is approx £32k -

Food £100.00 x 52 = £5,200.00
Bills (Gas, Elec, Phone, Internet, Water, TV) £500.00 x 12 = £6,000.00
Ptax £250.00 x 10 = £2,500.00
House Insurance £30.00 x 12 = £360.00
Hairdressers £100.00 x 12 = £1,200.00
Hols (3) £1,500.00 x 3 = £4,500.00
Mobiles (2) £30.00 x 12 = £360.00
Car Insurance (3 Cars) £1,000.00 x 1 = £1,000.00
Car Service (3 Cars) £700.00 x 1 = £700.00
Car Tax (3 Cars) £600.00 x 1 = £600.00
New Car (Saving) £3,000.00 x 1 = £3,000.00
Meals Out (2/Mon)£80.00 x 24 = £1,920.00
Clothes £100.00 x 12 = £1,200.00
Theatre / Cinema (2/Mon) £25.00 x 12 = £300.00
Gliding (hobby) £1,000.00 x 1 = £1,000.00
House Maintenance £2,000.00 x 1 = £2,000.00
Total = 31,840.00


I think the above is acheivable for us, I'm hoping to have a DC pot of £500K, wife will have DB of £20/yr and then 2 x full state pensions.
I have another reduced senario where we would need £25k, get rid of a car, not save as much for a new car every year.
The only thing is I won't retire until 64, which in all honestly suits me at this time as I'm 53 and for me I don't feel that I want to retire.

jerrysimon

tony4147 wrote: »

The only thing is I won't retire until 64, which in all honestly suits me at this time as I'm 53 and for me I don't feel that I want to retire.

A lot could change in that time.

For me all was fine at work up until 12 months ago. I am glad though as it made me re-address my exit age and bring it foward from 58 to 56

I have one car ( a Corsa) and average 5K miles per year. I use my bike a alot lol

Jerry

k6chris

tony4147 wrote: »

Gliding (hobby) £1,000.00 x 1 = £1,000.00

That's nowhere near enough to spend on gliding :-)

amiaspden

tony4147 wrote: »

Our number is approx £32k -

Food £100.00 x 52 = £5,200.00
Bills (Gas, Elec, Phone, Internet, Water, TV) £500.00 x 12 = £6,000.00
Ptax £250.00 x 10 = £2,500.00
House Insurance £30.00 x 12 = £360.00
Hairdressers £100.00 x 12 = £1,200.00
Hols (3) £1,500.00 x 3 = £4,500.00
Mobiles (2) £30.00 x 12 = £360.00
Car Insurance (3 Cars) £1,000.00 x 1 = £1,000.00
Car Service (3 Cars) £700.00 x 1 = £700.00
Car Tax (3 Cars) £600.00 x 1 = £600.00
New Car (Saving) £3,000.00 x 1 = £3,000.00
Meals Out (2/Mon)£80.00 x 24 = £1,920.00
Clothes £100.00 x 12 = £1,200.00
Theatre / Cinema (2/Mon) £25.00 x 12 = £300.00
Gliding (hobby) £1,000.00 x 1 = £1,000.00
House Maintenance £2,000.00 x 1 = £2,000.00
Total = 31,840.00


I think the above is acheivable for us, I'm hoping to have a DC pot of £500K, wife will have DB of £20/yr and then 2 x full state pensions.
I have another reduced senario where we would need £25k, get rid of a car, not save as much for a new car every year.
The only thing is I won't retire until 64, which in all honestly suits me at this time as I'm 53 and for me I don't feel that I want to retire.

I see lots of lines there related to "three cars" but nothing for petrol. Are you not planning to use the cars?

gadgetmind

£100 pcm on haircuts looks crazy, but what do I know as I don't have any. The "Bills" line also looks way OTT compared to ours for a rather ancient and rambling 5-bed detached.

Linton

Agree with Gadget that the Bills are very high. We have a 4 bedroom detached and the Bills, including mobile phone, total about £2.5K/year. Apart from that and the extra cost of running our narrowboat the overall total isn't very different.

As to haircuts - mine is £7 every 5 weeks or so. Mrs L's costs rather more, though the total is a lot less than £100.

SpeedSouth

I'd love to be able to get 22k net I think. Currently net income is 33k a year. 1100 goes towards mortgage and savings, so not having to make those contributions will put us on par with current spending.

I just need to build the 500-600k pot to achieve that now.

Triumph13

gadgetmind wrote: »

£100 pcm on haircuts looks crazy.

My DW spends a bit less than that, but I will admit the money she was spending on hairdressers did niggle me a tiny bit when I was trying to analyse our spending - until I read a thread on the Mr Money Mustache forums where numerous, seriously hard-core frugal women were making it perfectly clear that having their hair regularly coloured was NOT a negotiable item. I have been much more relaxed about it now that I know that failure to understand why it is an essential item of spending is just one of those inbuilt flaws you get if you have a Y chromosome, like the inability to see anything unless it's moving.