4-7 Years Before Retiring....

westv

.....but I'm already obsessed with pension planning and how to get the best income when I do retire. :o:rotfl:

Anybody else in a similar situation?

HappyMJ

westv wrote: »

.....but I'm already obsessed with pension planning and how to get the best income when I do retire. :o:rotfl:

Anybody else in a similar situation?

Nope..not me. Not bothered in the slightest.

I'll cash any private pension I have out and live on the state pension supplemented by regular cash withdrawals from my savings.

Around £12,000 a year is just about enough for me and my partner. We do not own a car which makes a big difference.

foreversummer

Nope.

Been reviewing ours recently. Makes sense to keep an eye on it and do what you can, however . . . only one out of the four of hubbys and my parents lived long enough to draw a pension so it was certainly not a priority for us.

So I say, its fine to plan ahead in life but remember to enjoy the journey!

Foreversummer

PS Don't mean to depress anyone!

ArmyDilllo

Yep.
I was 56 in February and have been obsessing about it since 2010 when I realised the crash had not wiped my savings out and I was in a much stronger position than I had expected all these years.
I never married or had kids but always planned my savings around that eventuality.
Now I realise I have accumulated rather more than I need, hence my hankering toward an early retirement.

I have a number of SIPPS and managed pensions through different jobs and one I started as a standalone many years ago.
I have also made full use of my ISA allowance for shares & fund investments and also have a significant proportion of savings in an investment bond.
A few other small investments but these are my guarantees.

I would have retired in 2015 but I had an opportunity to start a business with an old school-friend and took it up for the experience of running my own business more than any financial reasons.

My worries are not for myself but for my eventual beneficiaries (Nephew and Niece) and how I mitigate their IHT liabilities.
My savings will provide me with a better income than when I was working, but I don't see me changing my lifestyle, with which I'm quite happy.
So, for fun, I am trying to organise my affairs so I can target taking a solely tax-free income (ISA's, etc) as soon as possible and alleviate any interest HMRC might have with me for evermore.
I also plan to continue my annual ISA investments to grow my estate for my beneficiaries (who have no inkling of my plans) while also continuing to reduce their burden from it.
Such a shame that I won't be around to see the looks on their faces when they eventually find out.

I don't believe in an afterlife but I'm considering putting clauses in my will to have them perform ridiculous tasks in order to claim it (like some 30's suspense novel) just for my own fun.
Just in case there is an afterlife.

ex-pat_scot

westv wrote: »

.....but I'm already obsessed with pension planning and how to get the best income when I do retire. :o:rotfl:

Anybody else in a similar situation?

I'm 8 to 10 years out.
It's VERY front of mind at the moment - partly a function of being fed up at work, generally overworked and too tired.


I have fancy spreadsheet models to try and kid myself that I am planning things properly. Fiddling with inflation rates, expected rates of return, retirement dates, annual and lifetime allowance RPI increases etc. All I can really control are the inputs, ie contributions and (hopefully) duration / retirement age.

ex-pat_scot

ArmyDilllo wrote: »

I'm considering putting clauses in my will to have them perform ridiculous tasks in order to claim it (like some 30's suspense novel) just for my own fun.

Love it! Annual "red wig" day on my birthday, to celebrate my redheaded Scottish persona.


Thinking about it - why wait until I'm dead? There are lots of dependents relying on my salary today, never mind when I'm gone

pandora205

I'm pretty obsessed with planning too - Depending when I go, I have 3-4 years (I'm planning on September 2019 which is a few months after my SPA as that would be a good time of year to go in my job).

We should find a count down gadget to put on our desktops!

robin61

westv wrote: »

.....but I'm already obsessed with pension planning and how to get the best income when I do retire. :o:rotfl:

Anybody else in a similar situation?

I guess so. I am 55 now and started to plan about 5 years ago. I have been making the most of the AVC linked to my DB scheme. I will easily have enough in there so as I can get the maximum PCLS tax free without reducing my pension.
I also have a SIPP with a modest amount in but have started to increase my payments into that. My wife doesn' t work but have started to put £2880 into her SIPP every year. So that should top her pension up a bit.
I hope to retire early at 56 or 57 at the latest. Hopefully the SIPP will either fund deferal of the DB scheme or it will provide a nice top up until we get State pensions. Maybe both. I haven' t really decided which way to go but it is a nice problem to have.
Really we should have as much or more disposable income when we retire so I am really looking forward to it. My wife is just bored hearing me talk about it !

fkerr

I'm 32 and already thinking ahead to retirement. I've only got £53k in a DC fund and topping up through AVCs. Hoping to retire early around 60 years.

redmalc

I am 60 in June and I have to admit it's a worrying time,sitting with 230K in two pension pots .
I have substantial other savings in cash and S&S isa,s I would like to work another three years then I will call it a day and buy a place in Spain

Stubod

....both myself and toh looking to go in the next 12 months..loads of planning and spreadsheet work..problem is every time I think "time to go"...... I keep thinking what I could buy with "just another months salary...." problem is have saved all our lives and now I find it difficult to spend anything!