Pensions Planning: The NUMBER

OldMusicGuy

westv wrote: »

So is anybody budgetting for a Lamborghini?

No, but I have a classic Alfa Romeo which is a great retirement car. Zero road tax, cheap to insure on a limited mileage policy and an appreciating asset. I've just paid to have engine and mechanicals rebuilt while still working so should not need to make any major investments in the car for at least 5 to 10 years after I retire next year. I would probably sell it at that point, by which time it will be worth a lot more than I paid for it.

It will also be used for touring holidays (no expensive long haul stuff for us). Classic cars are a great way to indulge yourself if you like cars. If you buy well they will go up in value. Buying a Lambo is madness IMO (unless you buy a classic one of course!).

atush

fatbeetle wrote: »

Cheers mate, I'd be grateful for any hints, tips and advice you can offer in advance of our big change! :beer:

Live on your projected income for up to a year to see if it fits.

If you have a spouse who is used to being alone all day, do not micro manage them like an employee- instead find some new hobbies and activities to get you out of the house.

BOBS

Someone else has maybe asked this but havent read all 49 pages - does your 'number' include what you receive from your state pension ?

Linton

BOBS wrote: »

Someone else has maybe asked this but havent read all 49 pages - does your 'number' include what you receive from your state pension ?

Your "number" is the annual amount you need/want to live on. One of the incomes that can help priovide it is your State Pension.

jamesd

The number is the amount of income which you need to live comfortably. State pension can be one of the sources of that income.

jerrysimon

atush wrote: »

If you have a spouse who is used to being alone all day, do not micro manage them like an employee- instead find some new hobbies and activities to get you out of the house.

Sound advice. Been retired 3 months and she has mentioned the first month was a little tricky. I am usually out a day a week now.

Jerry

fatbeetle

atush wrote: »

Live on your projected income for up to a year to see if it fits.

I cannot do that unfortunately, as we now live in Australia, and will then live in the UK

atush wrote: »

If you have a spouse who is used to being alone all day, do not micro manage them like an employee- instead find some new hobbies and activities to get you out of the house.

I wouldn't dare!!!

kaz13

WHICH money magazine, said you need £39,000 for a nice retirement, with two holidays a year and change of car, etc.,
But I think it is personal, Ive been saving for years, for our retirement, but the way we live now - I can't see us changing the way we live in retirement, I'm hoping for us both to officially retire in 6 years time, I will be 60, so don't get state pension till 67, my husband will be 72 then, but fit and still in work, he is claiming his state pension now..
I'm planning on 25k per year inc husbands state pension - plus use savings for any extra's.

penwise

How much savings for extras do you think you will need?

k6chris

kaz13 wrote: »

WHICH money magazine, said you need £39,000 for a nice retirement, with two holidays a year and change of car, etc..

Is that a gross or net figure? Are they assuming a couple with the mortgage paid off? Would be interested to know more about their thoughts on this.