Pensions Planning: The NUMBER

Northamptonblue

OldMusicGuy wrote: »

Based on a lot of the input here and my own planning, I am getting pretty comfortable on planning for a combined after tax income of £30K per annum. Less than 11 months to go.....

Thanks for the nudge. The £30k that we are planning is after tax and we do own our home.

jerrysimon

30k after tax was as much as I earnt before I retired !

Four days and counting now :j

Our figure as a couple is £1500/month net and 60K in savings. No mortgage or other debt.

Jerry

caldejud

What a great thread - not seen this before.

My husband swears by his record collection as our last ditch disposals should we ever need them. He has a guitar too!

For future planning we use the lifeplan tool from retireeasy which quite a few people on here do too and for this to work you need to know your ''number'' but it will then tell you if this is OK or if you can increase it.

jerrysimon

I have three Taylor acoustic guitars I guess I could always sell one or two or go out street busking if things get bad

Jerry

mgdavid

Northamptonblue wrote: »

£300 pm seems a lot to run a car. Do you plan to save that for a replacement vehicle? I wonder if you have a capital buffer for major items? My number is fairly close to yours so genuinely interested in what solutions you have come up with. I am planning on £30k pa for a couple but with replacement car and major very expensive holidays from non pension savings. I'm not really interested in maintaining the total amount of my savings pot as I think I might have over saved.

Retiring in July at age 59.

I thought £300/mth for a car is light!
tax & insurance 50/mth
MOT servicing tyres repairs carwash 50/mth
2 tanks of fuel £150/mth
only 50/mth to save for a replacement?

Northamptonblue

jerrysimon wrote: »

30k after tax was as much as I earnt before I retired !

Four days and counting now :j

Our figure as a couple is £1500/month net and 60K in savings. No mortgage or other debt.

Jerry

Congratulations. You have just beaten me to it.

Northamptonblue

mgdavid wrote: »

I thought £300/mth for a car is light!
tax & insurance 50/mth
MOT servicing tyres repairs carwash 50/mth
2 tanks of fuel £150/mth
only 50/mth to save for a replacement?

Wow. I must be getting a bargain all round. £210 insurance on a 2 litre Avensis, £120 for a full service at a reliable local workshop (+ MOT cost), £30 annual road tax and expect maybe £80 a month on fuel. About £120 a month not including repairs, tyres etc.

I am going to stop complaining (unlikely as that sounds).

greenglide

2 tanks of fuel £150/mth

£75 for a tank of fuel?

Either very, very expensive fuel or a very big tank! I can't put more that half that in.

numpty_dumpty

Northamptonblue wrote: »

£300 pm seems a lot to run a car. Do you plan to save that for a replacement vehicle? I wonder if you have a capital buffer for major items? My number is fairly close to yours so genuinely interested in what solutions you have come up with. I am planning on £30k pa for a couple but with replacement car and major very expensive holidays from non pension savings. I'm not really interested in maintaining the total amount of my savings pot as I think I might have over saved.

Retiring in July at age 59.

The 300 is based on sitting midway between the costs of the two cars we run now, one bigger estate brand new car replaced every four years is working out at exactly 300/month excluding fuel. Small hatchback is working out about 200 per month including fuel, so I'm pretty comfortable with 300/month for a mid size car including replacement.

mgdavid

greenglide wrote: »

£75 for a tank of fuel?

Either very, very expensive fuel or a very big tank! I can't put more that half that in.

Volvo V70, takes 70 litres of diesel.
That's the small one - the Fiat Ducato motorhome takes 80 litres!