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

lisyloo

rnj wrote: »

A ballpark for what? People will have different outgoings/cost of living, it varies significantly to get even ballpark from a few forum responses. You're best off googling what is the average pension payment.

I disagree with you that it varies significantly.
Most of us don’t want to pay higher rate tax and aren’t going to be able to live lives of luxury and frankly if we were we wouldn’t be here,

So why do you think people water, food electricity bills are going to vary dramatically.
Yes sure they’ll be different but one person won’t be spending 10 times what another will. It’s unlikely it’ll even be double - that would be the extreme end.

I don’t agree with your suggestion.
The average includes people on benefits and may well be skewed by the rich.
Here were among likely minded individuals - don’t want to hit LTA, don’t want to pay higher rate tax. Want a comfortable existence but also exercising MSE? I know fro other conversations on. Here than MSES are like minded.

If you don’t like the thread why not stop reading it, but the rest of us are free to discuss on a discussion board.

I think discussing with like minded individuals is better than google and no-one here will be living in a tent or a mansion so I don’t agree with either of your points.

Anonymous101

lisyloo wrote: »

I disagree with you that it varies significantly.
Most of us don’t want to pay higher rate tax and aren’t going to be able to live lives of luxury and frankly if we were we wouldn’t be here,

So why do you think people water, food electricity bills are going to vary dramatically.
Yes sure they’ll be different but one person won’t be spending 10 times what another will. It’s unlikely it’ll even be double - that would be the extreme end.

I don’t agree with your suggestion.
The average includes people on benefits and may well be skewed by the rich.
Here were among likely minded individuals - don’t want to hit LTA, don’t want to pay higher rate tax. Want a comfortable existence but also exercising MSE? I know fro other conversations on. Here than MSES are like minded.

If you don’t like the thread why not stop reading it, but the rest of us are free to discuss on a discussion board.

I think discussing with like minded individuals is better than google and no-one here will be living in a tent or a mansion so I don’t agree with either of your points.

I agree, most folk on here seem to be aiming for a similar standard of living.
As a very broad range that generally puts us £17.5k-£30k pa. There's the odd person that falls outside of that range but that's not very common. That's still quite a large variance though really. Certainly as s far as savings are concerned that does create a fairly varied pot size. Factoring in drawdown rates etc that could be anywhere between £400k - £1m.

agent69

crv1963 wrote: »

3) 2500 pm= pleasant retirement, includes some wider World travel.

I have about £23k / year entitlement from state + DB pension when I reach state retirement age. I also anticipate about £15k / year from SIPP, ISA etc. This is loads more than I need.



If you book your world travel wisely it doesn't need to be expensive. Last year I had 4 weeks in New Zealand and 3 weeks in SE Asia (both business class flights) and all up for the year spent £24,669.


Long live ex EU flights

BLB53

We are all going to have to make big adjustments to lifestyle to avoid climate crisis.

So, no big cruises or Winter skiing trips, no hopping on a plane at the drop of a hat, maybe a modest electric car, low carbon activities such as walking and holidays closer to home.

It will be a virtue to live simply so, for me, I would suggest £12K incl state pension should cover it. Maybe a bit more in London...

Paul_Herring

We are all going to have to make big adjustments to lifestyle to avoid climate crisis.

We already are, and have.

lisyloo

Anonymous101 wrote: »

I agree, most folk on here seem to be aiming for a similar standard of living.
As a very broad range that generally puts us £17.5k-£30k pa. There's the odd person that falls outside of that range but that's not very common. That's still quite a large variance though really. Certainly as s far as savings are concerned that does create a fairly varied pot size. Factoring in drawdown rates etc that could be anywhere between £400k - £1m.

Yes it is a big range, but I find it comforting to know that at 50 I’m already above the lower end (so if the worst happens I’ll be ok) and reassuring to know We plan to be at the higher end.

We (I mean us personally) have a great deal of uncertainty in our lives at the moment.
One element is investment uncertainty whilst brexit is going on (I know we’ll continue to invest for 35 years post drawdown and therefore retirment or drawdown day is kinda arbitrary but psycologically no one would want to start from a bad position on day 1).
The other uncertainty we have is IR35 which could dramatically change our lives i.e. Having to give up a job because it will be back dated 5 years and bankrupt the company and hence have to move.

This is a million miles from smugness I think, but just taking some reassurance that we’re on the right track given everything in our lives - health, job, home is uncertain (in our case anyway).

rnj

wow, a lot was inferred from my post, that I seemingly don't like the thread (I have no opinion) and should stop reading also that I was only talking about food and utility - which I still stand by varies significantly to household. As proven by the responses here, peoples desired incomes are varying considerably.

lisyloo

rnj wrote: »

wow, a lot was inferred from my post, that I seemingly don't like the thread (I have no opinion) and should stop reading also that I was only talking about food and utility - which I still stand by varies significantly to household. As proven by the responses here, peoples desired incomes are varying considerably.

But I’d still like to know what the range is, thanks.
I feel there is some value and reassurance in knowing I’m within the right range even if it is big.
Yes I can work on my own figures for my own situation and will do that also (I haven’t done that yet as I’m working in a very different location/lifestyle).

I’d rather discuss with like minded people than look on google which includes the rich.

Let’s agree to disagree, but if people feel they are getting benefit even if it’s just reassurance then they should be allowed to do that without meeting criticism in a free forum.

I am not basing my retiriment on what strangers say ( it will be a lot more calculated than that and my IFA has some tools and will do a thorough analysis) just getting reassurance that I’m on the right track.

Anonymous101

lisyloo wrote: »

Yes it is a big range, but I find it comforting to know that at 50 I’m already above the lower end (so if the worst happens I’ll be ok) and reassuring to know We plan to be at the higher end.

We (I mean us personally) have a great deal of uncertainty in our lives at the moment.
One element is investment uncertainty whilst brexit is going on (I know we’ll continue to invest for 35 years post drawdown and therefore retirment or drawdown day is kinda arbitrary but psycologically no one would want to start from a bad position on day 1).
The other uncertainty we have is IR35 which could dramatically change our lives i.e. Having to give up a job because it will be back dated 5 years and bankrupt the company and hence have to move.

This is a million miles from smugness I think, but just taking some reassurance that we’re on the right track given everything in our lives - health, job, home is uncertain (in our case anyway).

Given the uncertainty its very wise to build up a large safety net as quickly as possible. I think its the case for most people but definitely someone that's aware they are in a particularly uncertain situation.


Having reached the lower level of the range do you find you've taken your foot off the gas or have you just continued your saving as previous?

westv

agent69 wrote: »

If you book your world travel wisely it doesn't need to be expensive. Last year I had 4 weeks in New Zealand and 3 weeks in SE Asia (both business class flights) and all up for the year spent £24,669.

So how much of the £24k were the holidays?

As to the original question, currently looking at around £30k or so net of tax for us both.