Only freedom will do

ljaneyr

Hi Mr E

I'm just catching up and still have about 10 pages to read but needed to say

:j:j Congratulations :j:j

Lovely news and I love her name :T

Also feeling a wee bit jealous


And also, I managed to work the formula from about 15 pages back and feel very proud of myself! Also (assuming I did it right) was pleasantly surprised. Now just need to get my head around investing :eek:

Will try to read the rest tomorrow

Janey x

Calfuray

Ed, you went and did it Congrats, hope you are all blissfully happy! Juliet is a beautiful name.

Cal x

Alchemilla

So Ed. If we are spending 26k and I have 10k pension at 60 and another 10k at 67, how much do we need to save?

And if AVCs get taken out of salary before tax, does that make them a better bet than an index tracker?

edinburgher

• Is the 10k @ 60/67 guaranteed?
• When do you want to retire?
• Is the 26k enough?
• AVCs = paying more into your pension, index tracker = diversified fund that tracks an index. They're not directly related, the best bet would probably be AVCs into an index tracker

Alchemilla

The 10 k is final salary so guaranteed bar further daylight robbery by the government.
I should like to retire tomorrow please.
AVCs I pay prudential and they do the investing. I think only Prudential do teachers ones?

We are pretty spendy now so 26k is plenty.

Karmacat

Alchemilla wrote: »

I should like to retire tomorrow please.

Me too, thanks :j

edinburgher

I should like to retire tomorrow please.

I need a period until you're 60, or this won't work.

AVCs I pay prudential and they do the investing. I think only Prudential do teachers ones?

Surely you picked a fund? I would be very wary of handing over my money for someone to do as they pleased with it!

Are there any specific benefits to having AVCs with Prudential vs. a SIPP of your own (i.e. can withdraw 100% as lump sum or similar)?

Alchemilla

I didn't pick a fund.
Ok, so in 12 years when I will be 55.

Thank you.

edinburgher

55-59 = £130k
60-67 = £128k
68+ = FS + State pension should cover your expenses

You need £258k, £1400/mth assuming 4% growth after fees, doesn't allow for inflation

Alchemilla

edinburgher wrote: »

55-59 = £130k
60-67 = £128k
68+ = FS + State pension should cover your expenses

You need £258k, £1400/mth assuming 4% growth after fees, doesn't allow for inflation

Thanks E. Hmnnn. So that is saving almost a whole salary, interestingly the monthly amount is about the same as the mortgage payments.