4-7 Years Before Retiring....

geelamch

Good thread,
50 now. Obsessed with retirement, never been out of work so I believe I am due a decent retirement.
I would like to be more active in my plans but due to my lack of financial "savvy" I believe it will be in the hands of the gods lol.
Probably looks good on paper but in reality it is terrifying.

redmalc

I think it would have been far easier to finish work if I had nothing.
I agree one more months salary and 7% from the company into my pension keeps me working another month.

geelamch

What I will add is that through some "nudges" through this site /contributors I think I am heading in the right direction.
Fs pension will be 40 years
Tfls should be around £170000
Pension annually £25000
A few quid squirrelled away
Kids have good jobs

Won't need money for food as rum will suffice lol

worried_jim

I'm only 42 and have about £100k. I review mine every November but I do find myself constantly thinking about it.

I save 18% into a work place pension. I pay 5% and they pay 13%. I'm looking to about 60ish.

westv

robin61 wrote: »

. My wife is just bored hearing me talk about it !

My wife gets bored with me talking about it too. She says I should concentrate on now rather than years in the future.
The way I see it though is that it's like planning in spring for a holiday later in the year.You're not wishing your life away by wanting to be that time now but you do look foward to what you might do when you do go. The weather will be better in September but you'll have a more to spend on a holiday if you went in October.

geelamch

I have 5 years to go before first opportunity to go , currently pay 27%in to salary company pay 13 % on top. I will up this by another 5% each year till I decide to go .
Love to go at 55 but am afraid I will adopt others position and say " another year" . Ideal scenario would be to get pushed rather than walk . Here's hoping .

Notfarfromtheborder

Similar to the OP, obsessed, not sure of the timescale, but would like to get out of the rat race at 51 (4 years from now) and then take a view on alternative employment if needed. Might take a couple more years so timescale very similar.

robin61

westv wrote: »

My wife gets bored with me talking about it too. She says I should concentrate on now rather than years in the future.
The way I see it though is that it's like planning in spring for a holiday later in the year.You're not wishing your life away by wanting to be that time now but you do look foward to what you might do when you do go. The weather will be better in September but you'll have a more to spend on a holiday if you went in October.

Fail to plan = plan to fail.
Plus increasingly I find I need to know there is light at the end of the tunnel. Helps me get things into perspective at work and not take it all as seriously as I might have done in the past.

Delete33

I am a mere pauper, all I have is £30000 in a frozen ex employer pension. My new employer pension is 6 months in got £3,235 I pay 9% employer 12%, this has changed for the new tax year from 6% and 12%. I have a £1000 emergency fund and a SIPP that has £75 per month going in from Feb 2016.

Snakey

I'm not concerned with the exact details of the income (the rules will certainly change between now and age 55/57, not to mention what the stock market might do) but with getting myself into the best position that I can.

I also like to plan how soon I could potentially give up full-time employment. I'm not there yet though. 50 at the earliest. And there's lots of space between now and then for everything to change.

This does all require a certain amount of playing around with expected income, cash flow, tax relief etc. I have a spreadsheet!

I don't know how it will go when I move from saving to spending. I see working life vs retirement as being like dragging a heavy sledge up a big hill. I'm jollying myself through the climb by looking forward to the pay-off, once I get to the top I'll tease myself and enjoy the view for a while before going on the best ride of my life.

I'm "meh" on the subject of inheritance. I can't imagine prioritising the interests of my sister's as-yet-unborn grandchildren and great-grandchildren (who for all I know I'll never even meet, never mind have a meaningful relationship with) above anything I might want for myself while I'm still alive. They're welcome to anything left over, but that's as far as I'm going.