How much to live on

louby40

Organgrinder said:

I entirely sympathise with you. 

I've just started a phased retirement. But it still might be 4 or 5 years for me. 

67 is still over 10 years away and the hardest part of my pension planning has been ensuring the gap between early retirement and SPA can be funded whilst also keeping a rainy day pot.

But.....it can be done. Good luck in finding what works for you.

I think sometimes we overthink things and just need to bite the bullet and get on with it. 

I'm sure I can manage on my £16k pension,  with a healthy £60-70k as a buffer/emergency fund and my £6000k from my partner. 

Just need to live my life in the meantime whilst I wait to retire and not wish those months away too quickly. 

[Deleted User]

louby40, is that £6000 the pension of your partner?
I agree with your sentiment about not overthinking things. 

Also at 67 you will both have your state pensions. 

barnstar2077

louby40 said:

Organgrinder said:

I entirely sympathise with you. 

I've just started a phased retirement. But it still might be 4 or 5 years for me. 

67 is still over 10 years away and the hardest part of my pension planning has been ensuring the gap between early retirement and SPA can be funded whilst also keeping a rainy day pot.

But.....it can be done. Good luck in finding what works for you.

I think sometimes we overthink things and just need to bite the bullet and get on with it. 

I'm sure I can manage on my £16k pension,  with a healthy £60-70k as a buffer/emergency fund and my £6000k from my partner. 

Just need to live my life in the meantime whilst I wait to retire and not wish those months away too quickly. 

Indeed, it is a fine balance between making the most of your time now, and dreaming about retirement!

I still have eight years, five months and 28 days to go.  Which is 3102 days, not that I'm counting! :  )

BooJewels

louby40 said:

Organgrinder said:

I entirely sympathise with you. 

I've just started a phased retirement. But it still might be 4 or 5 years for me. 

67 is still over 10 years away and the hardest part of my pension planning has been ensuring the gap between early retirement and SPA can be funded whilst also keeping a rainy day pot.

But.....it can be done. Good luck in finding what works for you.

I think sometimes we overthink things and just need to bite the bullet and get on with it. 

I'm sure I can manage on my £16k pension,  with a healthy £60-70k as a buffer/emergency fund and my £6000k from my partner. 

Just need to live my life in the meantime whilst I wait to retire and not wish those months away too quickly. 

Speaking as someone whose long term plans were hijacked by life, I think there's a lot to be said for putting your quality of life as a priority and cutting your cloth accordingly.  Decide what's important and work out a way to make it happen.

If you're wondering if you can manage on £16k - why not only allow yourself this amount to live off for a while, see how comfortable it is.  Put everything in excess of this into a savings account out of temptations way and try it for a few months.  Gives you a taste of the feasibility, without the risk of going full cold turkey.

I also wanted to let those know, who were supportive earlier, that I've now started driving lessons - no.4 tomorrow.  I'm acutely aware of just how very much there is to learn and that it's not going to be easy.  But my instructor seems to think I've made a very good start.  He said I hadn't yet headed straight for a lamp post, hadn't revved the engine at 8,000 rpm to try and get moving and hadn't bounced over the kerb and I haven't taken my hands off the wheel in pure panic when a car was coming towards me, or cried either - apparently 17 year old girls do that a lot!  He said I hadn't actually frightened him yet, but I reminded him that it was very early days, plenty of time yet.

I know what I need to do and how to do things - making the car actually do my bidding as smoothly as I think I am is another matter.  It's just going to need practice, practice, practice!  And the peril of only having size 3 feet is proving problematic in finding the brake pedal in a subtle manner. "Where is it, where is it . . . oops . .  way too hard".

littlemissbossy

BooJewels said:

louby40 said:

Organgrinder said:

I entirely sympathise with you. 

I've just started a phased retirement. But it still might be 4 or 5 years for me. 

67 is still over 10 years away and the hardest part of my pension planning has been ensuring the gap between early retirement and SPA can be funded whilst also keeping a rainy day pot.

But.....it can be done. Good luck in finding what works for you.

I think sometimes we overthink things and just need to bite the bullet and get on with it. 

I'm sure I can manage on my £16k pension,  with a healthy £60-70k as a buffer/emergency fund and my £6000k from my partner. 

Just need to live my life in the meantime whilst I wait to retire and not wish those months away too quickly. 

Speaking as someone whose long term plans were hijacked by life, I think there's a lot to be said for putting your quality of life as a priority and cutting your cloth accordingly.  Decide what's important and work out a way to make it happen.

If you're wondering if you can manage on £16k - why not only allow yourself this amount to live off for a while, see how comfortable it is.  Put everything in excess of this into a savings account out of temptations way and try it for a few months.  Gives you a taste of the feasibility, without the risk of going full cold turkey.

I also wanted to let those know, who were supportive earlier, that I've now started driving lessons - no.4 tomorrow.  I'm acutely aware of just how very much there is to learn and that it's not going to be easy.  But my instructor seems to think I've made a very good start.  He said I hadn't yet headed straight for a lamp post, hadn't revved the engine at 8,000 rpm to try and get moving and hadn't bounced over the kerb and I haven't taken my hands off the wheel in pure panic when a car was coming towards me, or cried either - apparently 17 year old girls do that a lot!  He said I hadn't actually frightened him yet, but I reminded him that it was very early days, plenty of time yet.

I know what I need to do and how to do things - making the car actually do my bidding as smoothly as I think I am is another matter.  It's just going to need practice, practice, practice!  And the peril of only having size 3 feet is proving problematic in finding the brake pedal in a subtle manner. "Where is it, where is it . . . oops . .  way too hard".

Thanks for the update, I’m a bit of a lurker on here but I always enjoy reading your posts. 

Floss

louby40 said:

I'm sure I can manage on my £16k pension,  with a healthy £60-70k as a buffer/emergency fund and my £6000k from my partner. 

Is that figure correct?!

louby40

Which figure? The £16k teachers pension? 

It is according to the Teachers Pension website. I've had calculations done by Weslyan and also used David Fountains spreadsheet (believe me I've run lots of numbers) 

If I go at 60 it's about £19k but I really cannot work until then. My mortgage is paid off in 2027 so that seems a good time to retire from teaching. 

WYSPECIAL

louby40 said:

Which figure? The £16k teachers pension? 

It is according to the Teachers Pension website. I've had calculations done by Weslyan and also used David Fountains spreadsheet (believe me I've run lots of numbers) 

If I go at 60 it's about £19k but I really cannot work until then. My mortgage is paid off in 2027 so that seems a good time to retire from teaching. 

I think they are referring to the £6000k from your partner but you meant £6k per annum that you had previously mentioned he pays you.

As has been mentioned try living on those figures and keep a spending diary. You’ll probably realise it’s fine. That’s what I did before taking the leap and going part time. You won’t regret it.

Albermarle

louby40 said:

Which figure? The £16k teachers pension? 

It is according to the Teachers Pension website. I've had calculations done by Weslyan and also used David Fountains spreadsheet (believe me I've run lots of numbers) 

If I go at 60 it's about £19k but I really cannot work until then. My mortgage is paid off in 2027 so that seems a good time to retire from teaching. 

£6,000K is actually six Million Pounds 

louby40

Albermarle said:

louby40 said:

Which figure? The £16k teachers pension? 

It is according to the Teachers Pension website. I've had calculations done by Weslyan and also used David Fountains spreadsheet (believe me I've run lots of numbers) 

If I go at 60 it's about £19k but I really cannot work until then. My mortgage is paid off in 2027 so that seems a good time to retire from teaching. 

£6,000K is actually six Million Pounds 

😂😂😂😂 see I'm so bloomin tired! I definitely need to finish work