How comfortable are you?

enthusiasticsaver

Comfortable for me means that we are able to do things we enjoy doing without having to worry about depleting our current account and having money in reserve to cover our retirement.


We are debt and mortgage free, my husband has a very good pension which will let him retire at 60 in 3 years time on 2/3 of his salary which will be fine considering he will pay less tax and at the moment we save about 1/3 anyway. My pension is less good so I have around £100k in savings and investments but my job is low stress and enjoyable and flexible so I think I may carry on as it is part time anyway so that will help. I would not feel happy retiring unless our monthly income was at least half our current income so that is what I am aiming for.

atush

[quote=[Deleted User];68640581]"I'm not where I want to be, but thank God, I'm not where I used to be. I'm OK and I'm on my way." - Joyce Meyer

I'm hoping to be debt free in the next few months and then mortgage free in the next 4/5 years. Of course all this depends on the employment situation. I'll feel comfortable once we have no debt, no mortgage and at least £20k in savings. I can't get this feeling of being very vulnerable gone until we are in this situation.[/QUOTE]

That is comfortable for now, but what about a pension?

atush

We are comfortable, but could be even more comfortable.

Give us 2/3 years more and we are set.

joe_mcclaine

I'm mortgage and debt free, have enough spare money to indulge in a few hobbies and will be retiring at 55.

I'm comfortable.

[Deleted User]

atush wrote: »

That is comfortable for now, but what about a pension?

Hi, we've got pensions and we're happy with them but hoping to increase payments in Sept. Having a review with our adviser soon.

We're aiming to be debt free (0% interest), mortgage free and have our savings at £20k (currently £13k+) asap. This is just a start and something that is achievable all being well. I just want to own the roof over our heads as it makes me anxious but we are paying into pensions too.

TCA

SailorSam wrote: »

I've got a new seat for my bike so i'm quite comfortable now. The old one hurt my bum.

Kendall80 wrote: »

I badly bruised my sit bones

'Sit' bones? Had to read that twice Kendall. Thought you'd made a typo!

Snakey

When I have the mortgage paid off and enough in savings to be able to live until my pension kicks in - plus a cushion for emergencies (my flat is ex-council and they stick you with a bill for major works from time to time) - I would feel comfortable enough to give up my job and go freelance.

By "freelance" here I mean a comfortable, half-arsed version in which I pick up bits and pieces here and there to pay for extras but spend most of my time doing something like "working on my novel".

That's my general life plan, anyway. I could in theory manage it by 50 if I keep my job blah blah, and I did always promise myself it would be 50, but I suspect I am doomed through my personality type to forever want just a bit more of a safety net than I have at any given time and will not actually allow myself to retire until a year or two before pension day just in case.

redpete

remorseless wrote: »

And if you have not yet established it, what would make you feel comfortable?

When the only questions I relate to on MSE are variations on "How should I invest my money for the best return?" or "What enjoyable ways can I spend my money?"

racing_blue

I have been hanging around these parts for a few years now. A lot of questions come up again and again. "Will the FTSE go up or down next week?" (Yes). "Should I invest in vineyards / forestry/ motorhomes?" (No). But now and again a question comes up that makes me pause and think, and this is one. How comfortable am I? How comfortable do I want to be?

There have been times where I have felt distinctly uncomfortable. Borrowing too much money, squeezing the cashflow, keeping too small a buffer. Those times are gone I hope.

I hope to be financially comfortable- pipe, slippers and log fire- when I'm old, but those times are not yet here.

I still have a lot to give in life, kids to raise, feed, clothe and house. And I suspect the stress-performance curve is U-shaped. By which I mean, too little stress - or too much comfort- might be just as damaging as too much stress. So right now I have a job, a house, some savings and some investments. And some expenses, a mortgage, and various future liabilities and targets. I guess I am neither comfortable nor uncomfortable, and that's probably the sweet spot right now?

JohnRo

I'm more towards uncomfortable if honest. I've more than enough to see me out but lead a humble existence and a few material luxuries wouldn't go amiss. That's my dilemma with investing at present, either spend or save, I can't really afford to do both.

I'm also uncomfortable with the fact I didn't start this saving and investing lark 20 odd years ago.. water under the bridge. It feels like I'm in permanent catchup mode now but finances are slowly going the right way. I plan to get to seven figures net some time before I shuffle off.