Everyday Ordinary Man Approaching Full Retirement at 59.

joansgirl

I'll tell you how I worked out whether I had enough money/what I needed in reserve.

I wrote down ALL monthly expenditure, including things like dog food, Christmas and birthday presents etc. Then I worked out how much I needed until state pension age based on that. Then I added about £15-£20k on for unforeseeables. Subtracted any income/pensions I would be getting. The amount left was what I needed to survive.

Thing is, if you do want foreign holidays, new car or anything like that then those expenses must be figured in as well.

Ideally I would have worked another 3 years, but once I got the idea in my head I could stop work I couldn't shake it off. And in the end I thought sod it, life's too short, do it now.

missile

rosy wrote: »

I'd be really grateful if anyone who has been in this position could give some insight on how you dealt with these issues.

Hi Rosy,
I made an XL spread sheet with my projected income / projected expenditure / cash reserve year on year to estimate how long my savings & investments would last. I can send you a copy if this would be of interest?
To keep it simple, I have ignored the affect inflation may have on my plan. I hope the profit from investment would balance inflation.

fatbeetle

rosy wrote: »

I know we could hang on in there and go at 60 but I am conscious we will never get this time back again, on paper we can comfortably afford it and I don't want to lose this opportunity because I'm being unnecessarily and unreasonably risk averse! We've been going round in circles tbh. I'd be really grateful if anyone who has been in this position could give some insight on how you dealt with these issues.

We've just taken retirement at 59 and 54 and will be living on savings until 2022. To be honest it's the best thing we've done, we're loving the time together.

We have the extra worry of holding our savings in Australia, and moving from Aus to the UK to factor in, but to be honest, we're more than happy to take on the challenges if it gives us this freedom and time.

dunroving

fatbeetle wrote: »

We've just taken retirement at 59 and 54 and will be living on savings until 2022. To be honest it's the best thing we've done, we're loving the time together.

We have the extra worry of holding our savings in Australia, and moving from Aus to the UK to factor in, but to be honest, we're more than happy to take on the challenges if it gives us this freedom and time.

I can identify with this, having lived in the US for many years. I moved about 35% of my 403(b) funds a year ago while the dollar/pound was at jut $1.25-$1.30. I'd have moved the whole lot if it hadn't triggered higher rate tax. It gave me a 25% "bonus" on what the dollar has been at over the past 20 years or so, in terms of how many pounds I got.

I plan to move another 20% or so in the next tax year, and then convert the remainder to a fixed-dividend product (TIAA Traditional) that yields a decent fixed interest (currently 3.5%) while preserving capital. As long as the exchange rate doesn't go beyond the traditional $1.40-$1.60 range, I won't cry too many tears.

Just an additional wrinkle that us expats have to deal with when returning to the UK.

fatbeetle

I can identify with this, having lived in the US for many years. I moved about 35% of my 403(b) funds a year ago while the dollar/pound was at jut $1.25-$1.30. I'd have moved the whole lot if it hadn't triggered higher rate tax.

We've seen the rate fluctuate from $1Au = 32p to $1Au = 68p.

Currently at 57p which we're happy with, long may it stay stable there.

fatbeetle

For those of you pondering "Have I got enough money to retire?"

I just got the sad news on FB that a friend of mine has passed away at the heartrendingly young age of 43.

Enough said?

sukysue

Fatbeetle me too.... only this was a 46 year old colleague I used to work with she left a young son , very fit and slim and active and gorgeous, such a shock. Just found dead in her house no reason at all just 'natural causes'. I think it is a timely reminder for us you are right.

Misslayed

So sorry you have lost, fatbeetle and sukysue, I haven’t mentioned up to now that my first husband and I had all kinds of plans - a cruise being one - travel generally, other retirement stuff, then he got The Diagnosis and it was too late. If you can, do it now. Enjoy your time together. You never know what’s round the corner.

crv1963

fatbeetle wrote: »

For those of you pondering "Have I got enough money to retire?"

I just got the sad news on FB that a friend of mine has passed away at the heartrendingly young age of 43.

Enough said?

Sad for your losses, me- heart attack at 53, although now given the all clear and back to work, retiring from job this year, will have to do a couple more years in a similar role or find a less stressful role for longer.


But you don't know what's coming so enjoy every moment!

longleggedhair

I think if you can go you should. For years I would wake up each morning in a "panic"- heart would be racing, sweating and a feeling of dread. I could never figure out why, I had various tests which revealed nothing. I retired in November, and I now wake up so relaxed, it was work all along and I never realised it.

I worked with a lady who was very comfortable, but she and her husband wanted to work a few more years to be on the safe side. Sadly before then she woke up one morning with him dead next to her. He'd had a heart attack in his sleep. She's now very comfortable, but has nothing to spend the money on. I bet she regrets carrying on every day.

Life is short, enjoy it while you can folks, I for one certainly don't regret it.