Reality or not - Retire at 56

Spreadsheetman

TBC15 wrote: »

I get a virus warning with this link, anyone else?

No, apart from a warning that the sheet originated from the internet and may be unsafe.

The original is here: https://www.budgetsaresexy.com/free-budget-templates-sites/ (“Early Retirement Spreadsheet” @ Budgets Are Sexy)

cfw1994

Spreadsheetman wrote: »

No, apart from a warning that the sheet originated from the internet and may be unsafe.

The original is here: https://www.budgetsaresexy.com/free-budget-templates-sites/ (“Early Retirement Spreadsheet” @ Budgets Are Sexy)

Is my original spreadsheet there?
Don’t think I see it there, & I certainly didn’t put it up there?

Weird if folk get suggestions of virus: I have it stored in sync (cloud storage), should be fine. If you message me your email, I can try sending direct link to you....no virus in the original!!

Spreadsheetman

The posted link is to a sheet that is all in US currency with info saying it is by J Money - the site owner of "Budgets are Sexy". Did you post the wrong link?

cfw1994

Spreadsheetman wrote: »

The posted link is to a sheet that is all in US currency with info saying it is by J Money - the site owner of "Budgets are Sexy". Did you post the wrong link?

Eh?

The link I posted was a spreadsheet I created.
Nothing 'wrong' about it! (other than it appears TBC15 got a weird virus message and for some reason Apodemus found it didn't 'do' anything - could you not open it, Apodemus?)

Spreadsheetman

Just sat down at my desk at work - our corporate antivirus blocks access completely to that download as the site is on a list of ones with dangerous content. (file is early-retirement sample.xlsx)

DT2001

The answers show how difficult a question it is with opinions from £27 - £50k+. Depends on the level of risk, your luck with sequence of returns and your ability to adjust your expenditure in exceptional times.
Does realistic income level, in your opinion, mean the level is sustainable in 90% of scenarios (i,e, x% SWR)?

As CRV says you need to take into account SP and your wife’s investments. At SPA more than half (assuming full SP) your luxury income will be ‘guaranteed’ by the State.

I think an IFA will help you put together a plan even if you just use the advice on a one off.

Personally I’ve split expenditure between ongoing basic and then luxuries. Whatever income above basic is then available for luxuries. Income from investments is natural income so the capital value is not eroded by drawdown only market vagaries. I know that this means the pot should largely be preserved but I think we’ll be able to do all we want to on that basis.

Would you spend more if someone said you can get £60k p.a. for 35 years?

As you have accumulated the funds and looked after them yourself I am confidant that you’ll find a plan that works for you and you’ll cope with the necessary tweaks that life/investing throw at you.

Good luck.

Marcon

Why not get some proper financial advice instead of hoping that a few paragraphs will be enough to get any properly informed suggestions? You might get some ideas, but they aren't ever going to be based on an adequate understanding of your position.

davidscot

Marcon wrote: »

Why not get some proper financial advice instead of hoping that a few paragraphs will be enough to get any properly informed suggestions? You might get some ideas, but they aren't ever going to be based on an adequate understanding of your position.

My thoughts exactly. Not everyone on here is an expert on everything. With the figures you are banding around it would pay to seek advice ( in my humble opinion)

456elsbot

Thanks everyone, some very useful pointers and insights. Exactly what I wanted.
I would never blindly accept advice given on a group forum. Certainly not without undertaking considerable additional research. I will also meet with a few IFA’s. However, I’ve built my retirement fund on my own, chose my own funds based on low cost mixed assets with global spread. Many of my associates pay for advice and have ended up with costly actively managed funds along with ongoing IFA charges. They are always complaining how little their pensions have grown and expect to be working until statutory retirement age. This has left me somewhat warry of the added value.
There was a comment about my naivety, and it’s a fair criticism, however, I excluded my state pension and my wife’s income/pensions simply to establish a worse case baseline. That may be naïve, but it gives me comfort. Fact of the matter is that £30k is all I need at present and for the next few years. This is more than my current disposable income from working all the hours god sends (after pension deductions). A couple of years drawing down at this maximum level if required (or drawing from my non pension savings), while I do something less stressful, perhaps a part time or seasonal job. This will obviously reduce the drawdown and give the pension more tolerance and flexibility going forward.
I certainly have no intention of taking £60k per year, even if everyone on the forum said it was ok. Simple maths demonstrates that it would be unsustainable and would only last perhaps 20 years. I may be naïve, but I’m not stupid. I know 35 years is a long time and a few more careful years at the front end will enable me to further secure our future.
Many thanks once more for the advice, criticism. It’s much appreciated and accepted. Criticism is positive if used correctly.
My pen is ready to draft a resignation letter in order to serve my six months notice period. However, first things first, I need to persuade my misses that we will be ok financially. Personally, I think we will. The purpose of my post was simply to put it out and see what came back.

GSP

456elsbot, that's fantastic news. Enjoy your retirement and you will have some very nice holidays with that money.