What is a GOOD pension Pot to retire on??

weenie15

Rosemary7391 wrote: »

. I should probably just set up a spreadsheet and play with the figures myself.

Instead of just saying that you 'should probably' do this, perhaps just go ahead and 'do it'?

The spreadsheet will at least give you more of an idea in terms of numbers and help you to plan. Break up your long term goals into smaller/short term ones so that you will have little milestones to achieve to keep up your motivation.

It's possible that when you jot down all your expenses and trim off unnecessary costs, you might be surprised to learn that you are able to save a bit more than £50 a month.

Rosemary7391

weenie15 wrote: »

Instead of just saying that you 'should probably' do this, perhaps just go ahead and 'do it'?

The spreadsheet will at least give you more of an idea in terms of numbers and help you to plan. Break up your long term goals into smaller/short term ones so that you will have little milestones to achieve to keep up your motivation.

It's possible that when you jot down all your expenses and trim off unnecessary costs, you might be surprised to learn that you are able to save a bit more than £50 a month.

I've started a new thread as this is a bit tangential to the current one - will answer you over there

Coveredinbees!!!!

Looks like I will either have to work until I die or win the lottery

Moby

Are the figures being given eg 2k a month for a couple or a single person?

redmalc

Going to see my IFA shortly for advice on my situation to look at retiring next year at 61.
Property paid for 370K,pension pots 260K ,investments 310 K,shares and NS&I 32K.
its a difficult one given still being paid very well, 8% from employer into pension plus Medical Insurance and new company car.
I realise you are dead a long time and making the decision is a tough call when the cash is still rolling in, work is not that bad,now or next year or the year after my head is all over the place

bigadaj

Coveredinbees!!!! wrote: »

Looks like I will either have to work until I die or win the lottery

Over the years the majority of the population have been in the former position, that latter possibility is vanishingly small.

AnotherJoe

redmalc wrote: »

Going to see my IFA shortly for advice on my situation to look at retiring next year at 61.
Property paid for 370K,pension pots 260K ,investments 310 K,shares and NS&I 32K.
its a difficult one given still being paid very well, 8% from employer into pension plus Medical Insurance and new company car.
I realise you are dead a long time and making the decision is a tough call when the cash is still rolling in, work is not that bad,now or next year or the year after my head is all over the place

Depends on your living expenses but £600k isn't a lot to live on for 35 years. It could be done but If you are enjoying work at the moment then why not continue and focus on preparing for major expenses in retirement by doing things like any major work that may be required on house and garden whilst you are earning and save for a new car? If you are a HRT put as much in pension as you can to get the max 40% tax relief, see what you feel like in year or two?

Pennysmakepounds

Moby wrote: »

Are the figures being given eg 2k a month for a couple or a single person?

I was thinking couple, but having thought about it again I think the figure should be 3K to ensure the quality of life is maintained and any unplanned expenses can be managed.

p00hsticks

Pennysmakepounds wrote: »

I was thinking couple, but having thought about it again I think the figure should be 3K to ensure the quality of life is maintained and any unplanned expenses can be managed.

You may also need to consider what happens when the first of that couple dies, to ensure that the second doesn't see a significant drop in income as result. The saying "two can live as cheaply as one" is exaggerated but there is an underlying truth to it.

Pennysmakepounds

redmalc wrote: »

Going to see my IFA shortly for advice on my situation to look at retiring next year at 61.
Property paid for 370K,pension pots 260K ,investments 310 K,shares and NS&I 32K.
its a difficult one given still being paid very well, 8% from employer into pension plus Medical Insurance and new company car.
I realise you are dead a long time and making the decision is a tough call when the cash is still rolling in, work is not that bad,now or next year or the year after my head is all over the place

If i'm completely honest with myself i'm not sure how well I’m going to cope with retirement.

Like you I enjoy my job and the thought of going from having a purpose in life to not having one scares me slightly.

Obviously I’ve still got a good 20 years to go before I can ever think about retiring, so not quite in your shoes yet and I may hate my job by that point but as it stands I like the structure it gives my life.

I like the fact that I have a purpose.

I really cannot understand how unemployed people cope with having nothing to do all day, every day. There is only so much daytime TV that one can watch :rotfl: