Confidence on when to "go" 28 February 2020 at 11:26AM in Pensions, Annuities & Retirement Planning 14 replies 931 views

waveydavey48

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.

Albermarle

Icantwait said:

Albermarle 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 .

Icantwait

Albermarle said:

Icantwait said:

Albermarle 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.

Icantwait

@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.