Have we got our sums right?? Appraise our plan.
Comments
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If the consumer 'sucka' lifestyle doesn't appeal then living at a frugal level of spending just happens naturally. But there are plenty of people on this board who claim that they need £30-50k a year to have a 'comfortable' retirement.0
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If the consumer 'sucka' lifestyle doesn't appeal then living at a frugal level of spending just happens naturally. But there are plenty of people on this board who claim that they need £30-50k a year to have a 'comfortable' retirement.
That's us! (although we are currently saving nearly £1K per month). No feelings of guilt whatsoever - we both spent our childhoods in what would be, by today's standards, abject poverty. In my case, that was 5 of us in a 2-up-2-down with no central heating or ready hot water and an outside loo. We lived pay packet to pay packet, with tea the night before payday being jam butties (if we were lucky). No 'free' university for us - that was only for the better off families who could afford to do without the pay packet we were expected to bring in after leaving school at 15.
Most of our pensions come from our combined 50+ years service in the Armed Forces, hence our comfortable retirement.0 -
I guess it boils to what each of our own definitions of "comfortable" are.
Plus, guilt should never come into it. We've earned it, it's up to us (all) how we choose to spend it.
Enjoy, no matter what your budget!!!How's it going, AKA, Nutwatch? - 12 month spends to date = 2.47% of current retirement "pot" (as at end February 2024)0 -
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so why yu still working?The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
Often people seem to use this word mistakenly where "quandary" would fit better.0 -
Our current 'Pots' are as follows:
My Pension pots - £107,000 (plus potential widows pension from OH)
OH's pension pots - £130,000, plus 2 Final Salary pots expected to pay £12,000 p.a between them (or reduced Wid Pen)
Shares/Investments - £86,000
Cash (across various types of accounts) - £140,000
I've been keeping track of our spending for a few years, and think we'll need approx. £12-£15k p.a. in full Retirement.
So worst case scenario if we stopped work tomorrow, we'd have £226k available, which should last approx. 15 to 18 years, with our pensions available after that. i.e. defer as long as possible.
Does this all look do-able, or have we made a complete Horlicks of it all.
My wife will be in a similar position when I snuff it.
£7k SRP
£8k widows pension
£3k personal pension
Please dont let her know;)
I reckon you have worked too long already.0 -
Our current 'Pots' are as follows:
My Pension pots - £107,000 (plus potential widows pension from OH)
OH's pension pots - £130,000, plus 2 Final Salary pots expected to pay £12,000 p.a between them (or reduced Wid Pen)
Shares/Investments - £86,000
Cash (across various types of accounts) - £140,000
Our pots have moved on a bit since my OP. We are now...
My Pension pot - £128,000
DH's Pot - £146,000
Shares/Investments - £103,000
Cash - £123,000
These exclude any SP and DH's DB pensions.
As for my job..I enjoy it, it's the hours i want (not many!!) the benefits are pretty good too (holiday/pension). But it's nice to know i don't HAVE to keep working, if i decided not to.How's it going, AKA, Nutwatch? - 12 month spends to date = 2.47% of current retirement "pot" (as at end February 2024)0 -
As for my job..I enjoy it, it's the hours i want (not many!!) the benefits are pretty good too (holiday/pension). But it's nice to know i don't HAVE to keep working, if i decided not to.0
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