Mortgage free by 2021?!

SueP19

Ad revenue all the way, you have a willing audience to tell you whats wrong with the current calcs so use us :rotfl::rotfl::rotfl:

Pension one was this morning :mad: I know how much I need a year in 2031 but can't get the magic figure to tell me how much of a pot I need

Just think of all those finance institutions that would pay to advertise products...............ISAs, Pensions, Mortgages......a money maker for sure

Ali-OK

Huge audience for it too...even Gnatsvest are advertising OPing on their tv adverts now.

Sue, on the pension side, have you looked at Retire Easy dot co dot uk ? I'm using that as my retirement guide (it's free). Can't remember if it tells me what I *should* be saving though!

SueP19

Will try it thanks

Petal88

Ali-OK wrote: »

Huge audience for it too...even Gnatsvest are advertising OPing on their tv adverts now.

Sue, on the pension side, have you looked at Retire Easy dot co dot uk ? I'm using that as my retirement guide (it's free). Can't remember if it tells me what I *should* be saving though!

Ha I just looked it up and although it looks great, I stumbled at the first hurdle as it won't let me choose a birthday any later than 1980! I guess they don't get many 20-somethings on there trying to plan their retirement:rotfl:

SueP19

I gave it a quick go and although it tells me my shortfall it doesn't tell me how much I need in my pot by 67 unless I couldn't see it

hiddenshadow

Petal88 wrote: »

Ha I just looked it up and although it looks great, I stumbled at the first hurdle as it won't let me choose a birthday any later than 1980! I guess they don't get many 20-somethings on there trying to plan their retirement:rotfl:

It does have some very odd assumptions - I can't tell it that we're going to down size our house at age 40 (not 50), and I had to lie about my age. I also can't say I want to leave my job before age 50...not very early retirement, I must say!

hiddenshadow

SueP, I know there are better calculators out there, but can't find them right now.

You can fiddle with the numbers pretty easily on this one, though - just requires some guesswork for what to put in for the monthly contribution and/or length of retirement values to get a surplus.

http://www.bankrate.com/calculators/retirement/calculate-retirement-income-money.aspx

Also note that you'll want to click the pencil on the right under Investment Returns and taxes and swap Federal Tax to 20% (or 40% if you think you'll be in that income bracket during retirement) and State Tax to 0%.

I do like this one because it factors inflation into the mix - it's very easy to just eyeball it and say "oh sure, I could live on £20k for the rest of my life!" but what happens if/when the price of petrol doubles, or bread, or something? Factoring in inflation makes a huge difference, but IMO better to save a bit too much as a hedge against it than too little and eat rice and beans for a decade.

gallygirl

I used a few calculators, this one was my favourite:
http://www.firecalc.com/firecalcresults.php
as it tested the results against lots of models and told you how often it failed (i.e. you would end up on the street :eek:). You do need to guestimate the size of your pot but it does let you add in one off lump sums (both income and expenditure) and you can save with different lump sum values. However, I found it best to do my own spreadsheet and use conservative growth assumptions and less conservative inflation assumptions - that way I really understood my own data. The downfall of course is it doesn't model it against different scenarios.

What I have found in general is that you need a LOT less capital than you would think :T.

hiddenshadow

That's a nice one, gally. (The calculator is here, I think: http://www.firecalc.com/index.php)

hiddenshadow

:mad: Grr banks.

We're in the midst of our chain of SOs to move money around bank accounts to meet all the transfer requirements.

For some reason, Clyde$dale is counting tomorrow's outgoing transactions against our available balance this weekend, so shows us as £900 overdrawn (that led to a panicked phone call yesterday morning). We have £1,500 coming in tomorrow from other bank accounts, so it's fine, but officially we have no money in the account.

£2.66 will be OPed tomorrow once we "actually" have money in the account...£600 current balance being ignored, so it wouldn't let us do the transfer.

In other annoyance-news, we're also going to have to pay another £15 overdrawn fee from last week. We pay the full balance of our CCs every month by direct debit. I have incoming transfers set for this weekend to cover the DD for our T3sc0 CC that's due on the 13th. Apparently even though the due date is the 13th, T3sc0, in their infinite wisdom (and with no info/alerts informing us of this), actually takes the money a week before the statement date...when the money wasn't in the account. So we'll get charged a returned payment fee from T3sc0, an overdrawn fee from Clyde$dale, and a late payment fee from T3sc0 (as paying the full balance manually on Saturday doesn't count as paying the balance by Sunday, obviously ). T3sc0 did say they would reverse their two charges, will phone Clyde$dale and see if they take pity on me and reverse theirs as well (if the DD had gone out on the date T3sc0 gave me, it would have worked!).

Grump.

At any rate, in other news, have lost £7.91 from MB over the weekend. It's all qualifying stuff, so should have over £200 in free bets next week for Cheltenham. Hoping to net over £100 by the end of next week.

Non-money wise, very quiet weekend here. Went out for dinner with friends on Friday and ate gluten, so have felt pretty miserable since. Have sent an angry e-mail via the restaurant's feedback form telling them not to inform people that something is gluten-free when it is, in fact, covered in gluten. If I don't hear back on Monday I'll also call the restaurant, as I don't want them telling anyone else that the dish is safe to eat!