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

fred246

When I retired we could then go on more holidays. I hadn't budgeted for extra holidays so I was getting a bit worried. We then realized that we still have a child at school. Once she has finished term time holidays will be much cheaper. There are so many variables to think of.

atush

Marcon wrote: »

What help would this be for anyone else? Their circumstances aren't going to be identical to mine.

I agree, but at least 60K for us. We live in an expensive place and will spend winters in the USA.

agent69

westv wrote: »

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

Typically I allow about £1500 for flights, £75 a night for hotels and £50 a day for spending money. So about £5k for 4 weeks in NZ and a bit less for the 3 weeks in SE Asia.


I'm single and other than holidays leave a relatively modest life style.

jimi_man

We have DB pensions of £30K a year (mine, currently in payment) and £10K per year (my wife’s from 65-67). We also will have two state pensions in full when we finish working at 58 (both 53 now). The single state pension changes seem to have worked out in our favour, having been contracted out for all my career and a lot of my wife’s.

We are also building up a DC pot of around £100K by 58. I’ve just joined the civil service and am trying to decide between the Alpha scheme or the Partnership scheme, which would assist the DC pot in those years 58 to 65.

Not including the DC pot that’s around £57K per year or net around £4K per month, which if I’m honest, is way more than we need. If I joined the Alpha scheme it would take us to around £60K per year from 67.

However, we did it slightly differently in that we were in public sector jobs that built up a pension automatically and we never really had a particular target to save to. I don’t mean to be blase since I (we) feel extremely fortunate to be in that position, but to a certain extent it just happened, rather than us aiming for something, though of course I was aware of how much we were saving.

That’s with (at 58) no mortgage, both kids through uni (one more year to go!!) and no other debts.

VDOT47

In today’s money, and assuming no mortgage, I’m working on an assumption of 30k per annum.

JoeEngland

agent69 wrote: »

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

25k sounds expensive to me, even for a total of 7 weeks.

Murphy_The_Cat

agent69 wrote: »

Typically I allow about £1500 for flights,

£1500 business class return to NZ is some going - OT, what route, which airline, booked with who ?

agent69

JoeEngland wrote: »

25k sounds expensive to me, even for a total of 7 weeks.

£25k was my total spend for the year. About £9k was holidays.

agent69

Murphy_The_Cat wrote: »

£1500 business class return to NZ is some going - OT, what route, which airline, booked with who ?

To get the best deals you have to be really obsesive when it comes to checking (at least once a day). Also you have to be prepared to go the long way round.



I have a load of airmiles, so the positioning flights only cost £35 return with a reward flight saver. The New Zealand deal was £1,350 from Oslo to Melbourne booked direct with Qatar. Then about £175 return to AKL with ANZ sluming it in economy.



Best I ever saw was £1150 return from Pisa to Auckland.

Murphy_The_Cat

agent69 wrote: »

To get the best deals you have to be really obsesive when it comes to checking (at least once a day). Also you have to be prepared to go the long way round.



I have a load of airmiles, so the positioning flights only cost £35 return with a reward flight saver. The New Zealand deal was £1,350 from Oslo to Melbourne booked direct with Qatar. Then about £175 return to AKL with ANZ sluming it in economy.



Best I ever saw was £1150 return from Pisa to Auckland.

I'm happy to do obsessive !!
I can now see where the £1500 came from (in fairness, ex-eu to Australia for £1350 in J would be a fairer description than £1500 to AKL in J)