How much annual income in retirement?

MEM62

The figure I am working to is 80% of current income level. This will actually give me more disposable income than I currently have but I figure that, with more time on my hands, I will spend more on hobbies & travelling etc than I do now.

I have also made my calculations excluding the state pension. I am 55 so at my age I would expect the state pension to be there in some form or another when I reach retirement but it's value into older age is not something that I am prepared to rely on. Therefore, for me, anything form the state is viewed as a bonus.

atush

What I have done, at least until we downsize as we have a huge house with high running costs, is to take our current salary and take off pensions, mtg, other savings, and reduce costs in some areas like clothing as wont need expensive suits/shoes etc when retired. Petrol will go down too, but we will keep 2 cars at least in the beginning.

We'll use this figure until I can see how much our running costs will be lower once in a smaller place.