What are you aiming for as an annual pension for you?

JillyC8

shinytop wrote: »

It's the same as people who spend £100k of disposable income before they retire. New £50k urban tractor every 3 years, dinner for 2 twice a month at £200 a pop, £300 shoes, handbags and other tat, latest iPhone/Mac/gadget every year, expensive golf club, spa days, etc. And that's before holidays. It's not hard if you try. (this isn't me btw!)

Must be my 'meagre' lifestyle but I'd feel guilty wasting money like this. I'd rather give to a charity.

MallyGirl

fred246 wrote: »

You don't HAVE to have a TV, contact lenses, a car, a phone or broadband. There are people that will live without all these. That is what really makes these threads not much use.

of course you don't but I am not interested in a retirement income which means that I cannot afford those sort of things. I would rather work for longer.

Sea_Shell

Prism wrote: »

As one of those posters who mentioned that kind of figure. Its not that we want or need that amount. Its just that its likely to be the case that we will have that amount by the time we retire, partly because we don't spend that currently. We are currently saving/investing somewhere between 30-40k per year (SIPP, ISA, savings). My wife has 10 years of government DB pension. We both will qualify for full state pension. We are both lucky enough to have jobs we love and likely won't retire until around 60.

Of course any of those situations change for a number or reasons, but if things continue as they are then in around 15 years we are likely to have enough to consider that kind of income.

Interesting, thank you. What is your main aim in accruing such a large pot? To leave a legacy, Private Medical or Care needs? Travel the world? Support adult children?

You don't sound like you've been big spenders to this point, will that change do you think?

Prism

MallyGirl wrote: »

of course you don't but I am not interested in a retirement income which means that I cannot afford those sort of things. I would rather work for longer.

Agreed. Personally I have a fast car, expensive TV, recent phone and fast broadband. Now maybe in retirement I will tone down a few of those things but I have no plans for that yet

Prism

Sea_Shell wrote: »

Interesting, thank you. What is your main aim in accruing such a large pot? To leave a legacy, Private Medical or Care needs? Travel the world? Support adult children?

You don't sound like you've been big spenders to this point, will that change do you think?

We are not big spenders but don't cut many corners either. The mortgage is £1000 per month, my car £550. Netflix, Audible, Spotify, Sky etc

For me it comes down to employment status. I run a limted company for myself so if I get ill or unable to work I need a few years expenses tucked away in case. So if that happens then my numbers will change entirely. However otherwise, upon retirement that pot will roll into everything else.

I honestly don't have any plans for the future beyond saving what we don't spend now. I guess it will mostly get spent on the kids unless we want to do some serious world travel.

BTW, a non standard extended stock market event might will change these expectations too

Ganga

Sea_Shell wrote: »

Being nosey, I'd be interested in seeing a breakdown of monthly spends from someone who wants (or feels they need) a £100k pa pension?? It'd sort of be like "Brewster's Millions";);)

The more people who earn big money even as a pension the more tax payers there are to pay my state pension:rotfl::rotfl::rotfl:

MallyGirl

We spend more on some things that others find no interest in - our dogs are expensive, we have just bought a camper van, we bought daughter a car as she couldn't learn in either of ours, DH likes a sporty car and I like something to take the family and dogs away on holiday in, we have fibre optic BB, we have a fair amount of Apple kit, we like to eat out sometimes or go to the odd gig, we allowed DD to choose an independent school for 6th form.
We rarely buy clothes (apart from decent outdoor gear) or shoes, have never paid for any form of TV, I get around to a haircut once or twice a year, we mostly holiday in the UK (have had 1 big trip in the last 18 years), don't go to the pub, I don't do make up or products.
The house is quite big and Victorian so it needs maintaining and costs a bomb to try and heat even just some of the rooms.
Everyone has different priorities.

Terron

fred246 wrote: »

You don't HAVE to have a TV, contact lenses, a car, a phone or broadband. There are people that will live without all these. That is what really makes these threads not much use.

You pretty much do need a phone these days. I just had my GP call me with the results of a blood test. To make the appointment for the blood test I phoned the surgery. Not having a phone would waste your tme and more importantly other people's.


You don't need the latest model. Mine is several years old and was far from the latest model when I bought it. It does everything I want (not just need) and I pay £5/month to use it.

Anonymous101

MallyGirl wrote: »

We spend more on some things that others find no interest in - our dogs are expensive, we have just bought a camper van, we bought daughter a car as she couldn't learn in either of ours, DH likes a sporty car and I like something to take the family and dogs away on holiday in, we have fibre optic BB, we have a fair amount of Apple kit, we like to eat out sometimes or go to the odd gig, we allowed DD to choose an independent school for 6th form.
We rarely buy clothes (apart from decent outdoor gear) or shoes, have never paid for any form of TV, I get around to a haircut once or twice a year, we mostly holiday in the UK (have had 1 big trip in the last 18 years), don't go to the pub, I don't do make up or products.
The house is quite big and Victorian so it needs maintaining and costs a bomb to try and heat even just some of the rooms.
Everyone has different priorities.

Very true. Key for me is to understand what lights you up and be ruthless about cutting anything that doesn't regardless of what others think/say/do. This then enables more extravagant spending on what you really care about.

fred246

Mallygirl if you have never paid for any form of TV you don't need to pay for a TV licence.