Time to go?

System

bigfer wrote: »

whether or not I should pull the trigger on my wife

There are quieter methods.

ProseccoGirl

When I left my last job, the music I chose for the drive home was "Good to be gone" by Sugababes. (don't knock it till you've heard it!!!) It was during the banking crisis in 2009 and they thought I was mad!!!

"You're looking at me like I'm from outer space
Well allow me to wipe that smile right off of your face
Whatever you thought was simply not the case
Cause I'm out of your reach and I'm so out of this place
Cos i'm gone, so good, so good to be gone"

G4OJR

Could I ask marlot why the end of May date is significant? my NI contributions records for the SP forecast seems to be in tax years, thanks

GunJack

G4OJR wrote: »

Could I ask marlot why the end of May date is significant? my NI contributions records for the SP forecast seems to be in tax years, thanks

if you earn enough in the first couple of months of a tax year, you can effectively get a full year's-worth of NI contributions...it's something like £5.5k the LEL..maybe that's what he's referring to..

JoeEngland

Hi Bravepants, that's also a reminder that sometimes we should just be brave and take the plunge into early retirement. If the money situation doesn't work out as expected one can always try to get a job again. Every year spent working is a year you never get back to do something else with your life.

justme111

Workerbee999 wrote: »

Bigfer well done! Your update has given me a little boost to keep wading through the BS to reach our “plan”. We are 48, planning to go at 55, and the next 7 years are all about building up the pots. But I must admit we are already getting less tolerant to the latest corporate ideas.

Similar “number” to you and similar DB (20k @60, mine & 26k @ 63, his. Plus 2x full SP). Currently working on my DC pot which is @ 280k now with the plan to increase to around 600k with 7 years @40k. Should be able to save a further approx 250k cash/ISA but some of that will go into a DC pot for OH to fund personal allowance until 63. No other savings at the moment though.

Feels like a good plan to me, but we just need to sell our souls to the corporate devil for those 7 more years, and then we will also be planning our exit music. We already have a meeting request in our diaries for our leaving do on the agreed date, which was the result of a particularly bad day in the office!

Am I the only one who finds the above surreal ? A couple going to have 46 k in 15 years, then add SP ; needs 8 years to cover before 63 , already has 28O k and income of 6O k ( her pension of 2Ox3 at 6O) and still plans to stay for 7years at work which they both hate to such an extent they already plan the revenge 7 years down the line?
Funny that people keep thinking that by selling their souls they will get money which will bring them happiness...

workerbee, what are your pensions accrued at the moment and how much money do you need/want, curious what can make one write off 7 years of one life?

jamesd

justme111 wrote: »

how much money do you need/want, curious what can make one write off 7 years of one life?

60k gross is the number from the first post which they said was similar to theirs.

If they were to take DB at the given ages they'd have 46k of DB plus assumed 15k of state pensions, so 63k from final state pension age. Ignoring investment growth to do 60k gross assuming same age would take an extra 15k*5 + 43k*3 + 60k*5 + 60k*6 = 864k to go at 49. Vs 260k DC and no mention of funds to use until age 55.

No growth isn't realistic but with no apparent accessible capital a mortgage might be needed. If one of the DBs is transferable that'd help the numbers. Working out what is achievable before 55 might prove tempting at some point.

justme111

Ah. Thank you. I suppose we are all on a sliding scale with people living in a barrel like Diogenes on one hand and others who go through any kind of stress and humiliation doing what they hate day after day eith no time left for anything else for 3O years in order to afford first class travel for hopefully 2O years after.