Pensions Planning: The NUMBER

stoozie1

OH says our 'number' is 35k annual household.

As he is trying to create this himself (Iam currently a non-earner) I feel he is overdoing it to leave something adequate for me in the unfortunate event.

AlanP_2

stoozie1 wrote: »

OH says our 'number' is 35k annual household.

As he is trying to create this himself (Iam currently a non-earner) I feel he is overdoing it to leave something adequate for me in the unfortunate event.

Remember even as a non-earner you can contribute £2880 Nett to a personal pension which HMRC will make up to £3600 for you.

stoozie1

thanks Alan, I have recently begun to do so. Though it's only in cash at present while I procrastinate over clicking the buy button for VLS 100

gadgetmind

mgdavid wrote: »

That's the small one - the Fiat Ducato motorhome takes 80 litres!

My Audi A8 takes 90 litres! Three digital wallet damage on every fill.

fatbeetle

We're budgeting on £25,000 pa, for a couple with no mortgage, and no dependent children, for the first 5-7 years of our retirement, rising to £36-39,000 pa when I hit 66.

I'll be retiring at 59 yrs old, Jan 2018

Stubod

..we have just started!! (retirement), and have planned on about £28k per year rising with inflation. This is about £3k more than our normal spending over the last few years. We have also allowed for an additional spend of about £10k every 3 years, (cars holidays etc...)...here's hoping we have our sums right!!

frugal90

Well done you- enjoy your freedom

enthusiasticsaver

Our figure is movable depending on what we are prepared to give up.

We were working towards a £25k joint income after tax and my DH retired last year aged 58 on a pension before tax of £23k approx. and after tax of £21500. My pension if I take it early at the end of this year will be just shy of £5k, no tax so that would easily cover our £25k net income given we have a large cash buffer, investments, full spas and a further GMP for me which will pay out £4k pa in 2020.

However now that OH is retired and we are still running 2 cars and entertainment, diy and holidays budgets have increased from when he was working and we are helping one of our DD with the cost of childcare for our DGD a more realistic figure for us is £30k per annum. We will still be able to meet this though by drawing on savings. Some of those are able to be reduced if need be though.

We decided to aim for two thirds of our net income about 15 or 20 years ago given our mortgage would be paid off, no NI and less tax would be due, our children would be independent and we had reduced bills to as much as possible. The thing which was most movable though was the age of retirement. We aimed for age 60 and it turns out that the age was 58 for both of us in the end.

Gatser

fatbeetle wrote: »

We're budgeting on £25,000 pa, for a couple with no mortgage, and no dependent children, for the first 5-7 years of our retirement, rising to £36-39,000 pa when I hit 66.

I'll be retiring at 59 yrs old, Jan 2018

- ditto - !! Very close to our situation... started with semi retirement 4 years ago but feeling more inclined to seriously increase that LOVELY leisure time from April 2018

Gatser

RETIREMENT: That time of life when you (should) spend far less time making money, making more time for spending money and more time on planning how to make more of your time.