How much to live on

LL_USS

It's lovely to hear others share how they are preparing for their pension, projected costs and plan what to do... Perhaps I'll take some coursework marking, supervision here and there too.

I think my projected DB/month is quite average - it's lower than my current outgoings but at retirement it should cover my expenses all right, whilst I also have some DC and other savings. I can just keep calm and carry on then :-).

Organgrinder

As a final check I ran the figures through guiide this morning. Both mine and Mrs O's. No issues at all and passed each of the various scenarios.

Being ultra cautious I even put zero growth on pensions and savings and it was fine.

Let the countdown begin. :-)

Pat38493

Organgrinder said:

As a final check I ran the figures through guiide this morning. Both mine and Mrs O's. No issues at all and passed each of the various scenarios.

Being ultra cautious I even put zero growth on pensions and savings and it was fine.

Let the countdown begin. :-)

Based on that you could probably go even earlier if you wanted.

Organgrinder

Pat38493 said:

Organgrinder said:

As a final check I ran the figures through guiide this morning. Both mine and Mrs O's. No issues at all and passed each of the various scenarios.

Being ultra cautious I even put zero growth on pensions and savings and it was fine.

Let the countdown begin. :-)

Based on that you could probably go even earlier if you wanted.

It doesn't quite work.  Don't get me wrong, it's not impossible, but for me, the peace of mind of knowing there's enough to recarpet the house, get new furniture etc is something I'd rather have.

Mrs O should inherit about £80k or so. However that could easily go on care costs but in any event that's not something we wish to plan for.

kempiejon

Ho ho. Having enough to recarpet the house and get new furniture is why I'm going to work this year. That's great, work really is optional. When you can afford not to go to work does make going to work less of a nuisance, being a choice rather than a obligation you're stuck in. Liberating.

Albermarle

kempiejon said:

Ho ho. Having enough to recarpet the house and get new furniture is why I'm going to work this year. That's great, work really is optional. When you can afford not to go to work does make going to work less of a nuisance, being a choice rather than a obligation you're stuck in. Liberating.

When I think back, my accumulation of money when working was more about being able to walk away from work if it all got too much/too unpleasant, rather than being focused on building up a retirement pot, and I never really gave early retirement much thought.
Following a takeover by a difficult/aggressive new employer, and a demotion/a very real threat to my job as part of it, I was very glad to have been in a good financial position, otherwise it would been extra stressful.
In the end we  got sold again and this time it was a more positive experience, so I stayed on for a few more years, but it still always helped knowing I could walk away if necessary.

Organgrinder

I can assure you that when I walk away I have no intention of going back!

helensbiggestfan

Organgrinder said:

I can assure you that when I walk away I have no intention of going back!

Damn right.......😁.   Mind I never was overly impressed with the concept of the Protestant Work Ethic. We Brits sometimes take it to the extreme, punishing schedules and working ourselves half to death.  I much prefer the Italian idea of La Dolce Far Niente. - The Sweetness of Doing Nothing.  That is not to condone laziness but rather to learn to slow down sometimes, to take our foot off the pedal, relax and appreciate all that life has to offer.  A glass of wine, a sunrise or sunset, a walk in the park, ice cream with grandchildren, time spent with loved ones.  You get the gist.  

I am with John Lennon with this one,  He said "time wasted on something you enjoy is never wasted time". I think he might have pinched that one off someone else (maybe Mark Twain) but anyway I concur - wholeheartedly. 

Well it's been a week of two halves as they say.  

The good news is my car, vintage 2006, passed the MOT with flying colours, so I wont be considering a new car this year after all. Wahoo.  💃.  The bad news is I had a letter from HMRC telling me I owed them money.  No biggie. I have the money set aside.  I can pay it in a lump sum or I can spread the payments.  

Bet you can't guess which option I am choosing......🤣😂

Organgrinder

I've never been one who lived to work! I work to live. It's not that I don't enjoy what I do but if I had to choose between snowboarding down a mountain and being in work I know where I'd be.

Deciding to finish in two years is great. I feel comfortable knowing it can be done with every box ticked in terms of income, savings and so on.

Of course I still plan on stoozing, taking advantage of bank switching etc.  So much so I'm considering an Amex Gold card for one year if only for the airport lounge passes!

helensbiggestfan

Definitely carry on snowboarding for as long as you can. I never did try skiing. Wished I had. My son loves it. At pushing 74 it's perhaps a little late now, not sure I dare risk my old bones.  👵🏻

At some point this year I am planning to have a dexa scan to check my bone density. At any rate the overall plan this year is once I've moved I intend to join a gym and build up bone and muscle strength.  I did check my Vit d Levels and they were borderline, probably because we had such a poor summer last year so I now take extra Vit d.  

Again once I moved I shall make sure I have a winter sunshine holiday each year to get an extra boost of Vit D.

Well that's my excuse.......😉