Keep calm and carry on....

South_coast

Ah yes, but you don't know the extent to which I obsess about stuff 😡!

themadvix

Obsessing about S&S ISA is not good!! Don’t do it!

South_coast

No, I'm not going to. I can see it fluctuating between elation and crashing lows - I get enough of that at work 😂!

Thick_n_Thin

South_coast said:

Maybe we could write one - that could be Passive Income Source #1 😂

Unfortunately my knowledge would not fill the back of a postage stamp 😂

South_coast

Doesn't matter - we just need to put on page one "We are not financial advisors and strongly recommend you take independent advice before committing to any decisions" blah, blah, blah, then no-one can sue us 😂

Busy_Mee

Loving the new plan and the "number" is the important bit. You need to understand how much you need in retirement to be able to plan how to get there. We are almost over the finish line.....Mr Mee has already retired and I could go now if I wanted. We worked out how much we would need in retirement and then how much we would need to save to achieve it. 

We took the view that you need to front load your money to the early part of your retirement, for when we are fit and able and would need less later on when we are too old to go anywhere and we can only shuffle to the local coop.  

shangaijimmy

themadvix said:

Obsessing about S&S ISA is not good!! Don’t do it!

I distance myself from the obsessive label and instead refer to myself as a 'personal finance hobbiest'...

South_coast

Loving the "personal finance hobbiest" moniker SJ 😂! Good job BF is not here, he would be seriously rolling his eyes (at all of us!) right now....

Thanks Busy Mee, the rough plan is  £18k net income pa, as at the moment £1500/month seems like it would be plenty? Sketching it out, I'm looking at:
* Taking my pensions as soon as I can (possibly wishful-thinking that that will still be 55 😯?) and getting around £9k from them, working part-time at minimum wage for the other £9k 
* Stopping work at 60, then drawing on £72k in the ISA to give me £9k pa in addition to the pension income
* State pension at roughly £9k aged 68 is then a straight swap for what I'd earned from ages 55-60 or withdrawn from ages 60-68 and that and the pensions will carry on for the rest of my days

Er, I think the expression is "Simples"....😂!?!?!

That's a good point though about burning through the cash quicker in the earlier years, I might have to give that a bit of thought....

This switch in focus to one long-term project instead of multiple medium-term ones is really interesting. I've been doing a bit of re-jigging this evening and have upped the direct debit for the ISA from £40 to £100/month, as I decided that £60 would work better for me going out to do its thing in the stock market in the long-term than paying off a 0% debt in the short-term. Of course, the logical continuation of that would be to do the same thing with ALL of the money - but definitely not up for that level of risk at the moment, £100/month is plenty 😂!

themadvix

I'm pretty sure (from reading other's posts here and elsewhere) that there's already a date for pension access to increase to 58? I may be wrong, but if it's not set in stone it seems to be accepted as fact.

I think, and goodness knows, don't ask me how you'd do it, but I think you ought to factor inflation in somewhere along the line, so that you don't get to the target number and then realise it's not enough... But like I said, don't ask me how.... 

greenbee

You might also want to factor in the need for care in your later years - or at least help to stay in your own home. You don't want to have to rely on the government for that if you can avoid it... I'm planning on the equity in the house covering that (as is my mum) but you do at least need a plan.