How much to live on

GeordieGeorge

duncanthedog said:

It is good to read about other people's plans and how they will fund them but it does make me feel somewhat embarrased when I see some of the huge number that are being handed around and I am left wondering what I am missing out on.
But then when I reflect on it, I am missing out on nothing, I am living the life that I had planned for and I still have room to spare on my drawdown as well as the equity on my house and with just 4 years 'till pension age when my income will almost treble, I have a lot to look forward to.

I’m where I am because of the decisions I made a long time ago, and that I’ve then acted on for over thirty years, and it means that the position that I’m in now, despite leaving me very well off had other costs, including;

I worked after school from age 16 when other friends played out
I went to school all day, every day, rather than bunking off
I did the best possible degree, not an easy one
I spent another three years being dirt poor to get a doctorate
I joined a graduate scheme in an investment bank, which required me to be at my desk, without fail, at 06:40 every day.
I moved away from friends and family to be able to work in finance, and spent a quarter of a century far from those I love.

I’ve then, every day, tried to improve how well I work, and to add more value for my employer.

The net result is that I’m now on a very good senior investment banking wage, but the costs to get there continue. I work with psychologists and job coaches to ensure that my productivity remains high, I’ve been commuting overseas for a while, and despite the odd bit of posting on here, still put in the best part of sixty hours a week.

[Deleted User]

I wonder if, apart from the money, it was worth all that sacrifice GeodieGeorge. A high price to pay for something that is so temporary in the scheme of things.

However, I wish you well with your plans.

Madrick

duncanthedog said:

It is good to read about other people's plans and how they will fund them but it does make me feel somewhat embarrased when I see some of the huge number that are being handed around and I am left wondering what I am missing out on.
But then when I reflect on it, I am missing out on nothing, I am living the life that I had planned for and I still have room to spare on my drawdown as well as the equity on my house and with just 4 years 'till pension age when my income will almost treble, I have a lot to look forward to.

Duncanthedog, you have found what we all want in retirement, happiness
Sounds like you are living the life.. 
I just hope that I will be like you sir.
I too Left school at 16, worked all my life, never really highly paid. My kids now earn more than me
I have friends who earn 4 times my wage and neighbours on NHS pensions higher than my current wage.
I know I'll never reach those levels, just hope to scrape by in retirement and not have to worry too much. 

[Deleted User]

Madrick I believe you will be fine. You have a good plan and quite a considerable potential inheritance. You are in a better position than most I suspect. Best wishes.

helensbiggestfan

The thing is......you never know when you might get hit by a curveball.   

Armageddon is never far away,  

My husband and I were on track for a well funded early retirement, we had it all planned, finances in place, second home in Spain, all ready for my husband to retire at 55.   Then disaster struck.  He never even got as far as early retirement because he got sick and had to give up a lucrative career when he was 49, later dying at 57.

 Just one of those things.  His illness nearly bankrupted us, but I discovered MSE and we scraped through and I managed to salvage something from the wreckage. 

Now my own retirement is nothing like we planned for and envisaged. I am now pushing 70, widowed and living on £12k a year.  But, actually it's fine, I have enough and am comfortable.   I have a lovely home, a small car, and (prior to covid) I even managed holidays.  Last big one was a trip to the Amazon in 2018 by myself.  

Miss my husband every day of course but I'm happy enough, living a simple life.  Just grateful for the 34 fabulous years we spent together. 

I have just started a sideline business selling vintage clothing. Partly to downsize my vast wardrobe but also because it's something I love doing.  Always had a passion for fashion.   It won't make rich beyond the dreams of avarice but It's something I love. And, if it makes me a few extra shekels to blow on cruises and adventures (covid permitting),  then so much the better.  😂

One thing I am grateful for is that we didn't postpone our dreams until retirement, we had our big holidays, second home in the sun, and fun times as we went along, rather than wait.  I think my husband always had a premonition he wouldn't make old bones (he often used to say he didn't think he would make it to retirement). So.....he lived fast and hard and died young. 

He had a fabulous career, but he made sure we also took time to have some fun along the way.  

I am so glad we did......I'm glad he got to make some of his dreams come true.  It's bad enough dying so young but it would have been even more tragic if he had put everything on hold until retirement.  

It's a balancing act.  By all means save for retirement but don't forget to live in the meantime.  

[Deleted User]

Thank you so much for your heartfelt and inspiring post helensbiggestfan.

Good memories and quality of life beat everything.

Very best wishes.

Arkers

HBF - I couldn't agree more, and without sounding patronising I'm sure your DH would have been so proud of you.  I lost my dad when he was 56, my mum is now a war widow, she's lucky in some respects as she has his army officer's pension and a war widows pension so has more then enough to live on.  Over the last 15 years she's enjoyed life as best she could, and I'm so proud of her.  I also had a cancer diagnosis at 49, but keeping fingers crossed still clear.   It really is a balance trying to live for today and save for tomorrow. Thank you for your post.

Madrick

Exactly Helensbiggestfan
You just don't know what is around the corner. My wife was similar, really fit and active, living a full life, then struck down in 12 months with a rare cancer.

Trip to the Amazon sounds amazing. 

helensbiggestfan

Thanks my friends for your well wishes.  

Arkers -  I don't think you are being patronising at all.  I'm sure he is looking down on me and cheering me on.  He always encouraged me in my dreams.  I think he would be pleased that I try to have some fun and be the best I can be.  I know he would have loved to be involved with my latest little business venture and I'm sure he would be spurring me on to success.  

Your mum sounds like a woman after my own heart. Life has to go on - trite but true.  I do my best to make mine a good one. 🥂.

I am sorry to hear of your cancer diagnosis, I do hope all will be well for you.  🤞.  

GeordieGeorge

[Deleted User] said:

I wonder if, apart from the money, it was worth all that sacrifice GeodieGeorge. A high price to pay for something that is so temporary in the scheme of things.

However, I wish you well with your plans.

I really don’t know. Sometimes I wish that I’d stayed close to home, and “settled” for a more ordinary job, but if I’d done that I’d not have met my wife, or travelled the world.

But yes, it’s an awfully large price to pay to earn the extra money.

It was something I was driven to do though. I’ve always wanted to be the best, and I may well have been thoroughly miserable doing the payroll in a factory on a trading estate in Northumberland.