Confidence on when to "go"

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Replies

  • waveydavey48waveydavey48 Forumite
    133 Posts
    Part of the Furniture 100 Posts
    Go now. I retired at 57 last year and have never been happier.
    I worked with a chap who appeared to be very fit. He dropped down dead ....... at 57.

  • AlbermarleAlbermarle Forumite
    9K Posts
    1,000 Posts Third Anniversary Name Dropper
    ✭✭✭✭
    Icantwait said:
    I would only say you seem somewhat too confident in your forecasts of pot size.
    Now you have £660K , you will add £26K ( + maybe some tax relief) and then it will be £710K . Not too unrealistic , although this weeks 'market correction ' maybe knock it off course a bit .
    However you say in three years £660 k + £78K ( + tax relief ?) = £800/£826K  , which is around a 9% growth rate which seems very ambitious
    Not sure where you get 9% from.
    A 3% (net of fees) growth uncompounded, over three years on £660k is £78k plus £80k contributions = £799k.
    Add in some further increases on my and my employer's contributions, plus compounding and £800-826 doesn't seem unrealistic.
    Yes you are right , I made a mistake .

  • IcantwaitIcantwait Forumite
    10 Posts
    First Anniversary Name Dropper First Post
    Icantwait said:
    I would only say you seem somewhat too confident in your forecasts of pot size.
    Now you have £660K , you will add £26K ( + maybe some tax relief) and then it will be £710K . Not too unrealistic , although this weeks 'market correction ' maybe knock it off course a bit .
    However you say in three years £660 k + £78K ( + tax relief ?) = £800/£826K  , which is around a 9% growth rate which seems very ambitious
    Not sure where you get 9% from.
    A 3% (net of fees) growth uncompounded, over three years on £660k is £78k plus £80k contributions = £799k.
    Add in some further increases on my and my employer's contributions, plus compounding and £800-826 doesn't seem unrealistic.
    Yes you are right , I made a mistake .

    No worries.  It made me check my calcs.  No harm in that.
  • IcantwaitIcantwait Forumite
    10 Posts
    First Anniversary Name Dropper First Post
    @Mickey666
    Thanks for your post.  Very useful and enlightening.

    I'll consider your suggestions.
    As for engineering an R situation.  It's feasible.
    I'm currently working overseas so if I decided to retire in March 2021 I could live VERY frugally and save a chunk to see me through the first 2 years and let the capital grow.
    That wouldn't leave me too short.
    I've been building the spreadsheet over the last year or so.  It has been very useful.

    FWIW I transferred out if a closed DB scheme getting 32x the first years pension income.  Seemed a good deal.
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