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Have we got our sums right?? Appraise our plan.
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My wife has a similar scheme - she has a decent DB pension due at 65, so we have built up a DC pot for her to produce £8kpa or so up to DB age. That DC will be run down to zero.I think it depends on how you plan the work free income aka pension income. We are buying future income pot in a SIPP that will be drawn down to zero by SP age at a rate equal to Mrs CRV SP, so approx 8k pa. That's how I have to view it as we save or I'll be grumpy watching it go down as I am watching it slowly grow now.
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Spreadsheetman wrote: »My wife has a similar scheme - she has a decent DB pension due at 65, so we have built up a DC pot for her to produce £8kpa or so up to DB age. That DC will be run down to zero.
Interesting. We've been working out how to bridge that gap too. We are currently planning on using a S&S ISA for Mrs. Anon.0 -
The decision was made easier for us as DW had an old small DC pension to kick the saving off and then when she retires we plan to do the £2880/pa contribution for a number of years to get the free £720 from HMRC. The advantage was clearly to go the SIPP route in her circumstances.Anonymous101 wrote: »Interesting. We've been working out how to bridge that gap too. We are currently planning on using a S&S ISA for Mrs. Anon.0 -
Spreadsheetman wrote: »The decision was made easier for us as DW had an old small DC pension to kick the saving off and then when she retires we plan to do the £2880/pa contribution for a number of years to get the free £720 from HMRC. The advantage was clearly to go the SIPP route in her circumstances.
Good point regarding the 20%. £720 p.a. is worth a little thought... Mrs Anon is mainly LGPS but does have a small DC pot from a past employer we could utilise.0 -
Anonymous101 wrote: »Good point regarding the 20%. £720 p.a. is worth a little thought... Mrs Anon is mainly LGPS but does have a small DC pot from a past employer we could utilise.
I agree. DH's occupational pension is going to be below the Personal Allowance threshold and he might do a bit of top up work - I think that those earnings might all go in to a SIPP (and buy Class 2 Voluntary NI Conts). Meanwhile he is going to draw-down little lumps of cash from his DC pot, but not until after April 20 so it minimises the tax on the draw-down (the 25% TFLS has paid a lump off the mortgage :whistle:)Save £12k in 2025 #2 I am at £4863.32 out of £6000 after May (81.05%)
OS Grocery Challenge in 2025 I am at £1286.68/£3000 or 42.89% of my annual spend so far
I also Reverse Meal Plan on that thread and grow much of our own premium price fruit and veg, joining in on the Grow your own thread
My new diary is here0 -
Am I a bad person for not wanting to tell my family the news of my ER?? (parents/sibling).
We want to be able to enjoy our freedom and spontaneity for a while before we become the family chauffeur service now that we'll "have time on our hands".
I just know the first thing they'd say is "Ooh good, that means you can take me shopping next week". Cue 80 mile round trip!!!
Obviously I don't want to lie to them...just want some breathing space to settle into it and find our feet. That's not so unreasonable is it??How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)0 -
It's a great idea!Save £12k in 2025 #2 I am at £4863.32 out of £6000 after May (81.05%)
OS Grocery Challenge in 2025 I am at £1286.68/£3000 or 42.89% of my annual spend so far
I also Reverse Meal Plan on that thread and grow much of our own premium price fruit and veg, joining in on the Grow your own thread
My new diary is here0 -
To be invested in low volatility assets when drawing down??Spreadsheetman wrote: »My wife has a similar scheme - she has a decent DB pension due at 65, so we have built up a DC pot for her to produce £8kpa or so up to DB age. That DC will be run down to zero.0 -
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Refer to it as a change of 'role', rather than ER :TAm I a bad person for not wanting to tell my family the news of my ER?? (parents/sibling).
We want to be able to enjoy our freedom and spontaneity for a while before we become the family chauffeur service now that we'll "have time on our hands".
I just know the first thing they'd say is "Ooh good, that means you can take me shopping next week". Cue 80 mile round trip!!!
Obviously I don't want to lie to them...just want some breathing space to settle into it and find our feet. That's not so unreasonable is it??Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0
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