Have we got our sums right?? Appraise our plan.

sarahemmm

Thanks for this - I missed the thread until now. I am in a similar position financially (though single) and will be retiring in June at 62. My IFA assures me I will be fine, but its good to have a real example!

Sea_Shell

First quarter of the year, and the slump in the values of shares/pensions etc. has made our "on paper" figures look a little green around the gills. Overall down 2% in 2018 so far. We're still adding to our pension pots, so at least we'll be buying cheap units at the mo. But its a little bit:eek::eek:

Cash is holding steady...so our income v expenditure is about right.

TBC15

The current situation is nothing in comparison to what is to come.

AnotherJoe

Sea_Shell wrote: »

First quarter of the year, and the slump in the values of shares/pensions etc. has made our "on paper" figures look a little green around the gills. Overall down 2% in 2018 so far. We're still adding to our pension pots, so at least we'll be buying cheap units at the mo. But its a little bit:eek::eek:

Cash is holding steady...so our income v expenditure is about right.

2% is not a "slump". Its noise.

GSP

TBC15, what's your forecast?

TBC15

No forecast but we need a bigger boat has always proved provident.

ProDave

With your figures of only needing £12-£15K to live, your state pensions will give you that. Add in your pensions and you will b laughing.

So you only need to concentrate on filling the gap from now to state pension age. That is the sums you need to be doing.

Sea_Shell

ProDave wrote: »

With your figures of only needing £12-£15K to live, your state pensions will give you that. Add in your pensions and you will b laughing.

So you only need to concentrate on filling the gap from now to state pension age. That is the sums you need to be doing.

Hi Dave

We have approx. £225,000 of non-pension savings/investments, so this could do us about 15 years, from finishing work completely, at which time, yes, other pensions will start to be in play.

It's the unknowns of markets and inflation over that 15 years that could put a spanner in the works...but you'd never do anything if you worried about that all the time!!!

Sea_Shell

TBC15 wrote: »

No forecast but we need a bigger boat has always proved provident.

I know what you mean, can you ever have TOO MUCH!!, but we got the point of asking ourselves "When is enough, enough?".

Yes we could have carried on both working full time for another 2,5,8 yrs and swollen the coffers even more, by probably another £200,000...but you'll never get those years of your life back.

I guess time will tell if we've made the right decisions, or made a complete mess of it all.

drumtochty

The main thing is flexibility.

If as time goes on your numbers work then that is great.

If for some reason the markets falls one of you works a little longer not too long.

Or one gets a part time job for a while.

Neither of the three options is a deal breaker.

I think with time on your hands you may spend a bit more.

I took early retirement some 8 years ago but have done some consulting and have enjoyed it but I have a very saleable skill base.

It is great turning up on a Wednesday morning at the office, having a chat as if I have returned from leave and at lunchtime on the Thursday, say thanks guys, there is the piece of work, call me next month if needed.

The other half retired at the same time and has never had a job since.

No real correct way to do it, good luck and enjoy it when it comes.