How much to live on

TallGirl

Thanks Madrick the occupational pension is not part of those calculations so that will be extra but I'm only paying minimal in so is my employer but still it will be something. Yes it is intimated retirement in 9 years time because that is what I asked for. 

I pay an ongoing fee for him managing my portfolio so it was just part of my annual review. He just said to keep taking to him each year and then we can work out how things are and move the investments to more cautious nearer the time. My work is very short term contracts (charity sector) so it's good to know it's all there should I need it before 60.

Madrick

Sounds good TG
You mentioned that your other half is a little older than your good self.
Is she planning to retire at the same time as you?
Fingers crossed that her job picks up in the meantime, and you can both live a long & happy retirement 👍

Durhamborn

blue.peter said:

duncanthedog said:

I vaguely recall reading something about the government going to raise the age that fou can access your SIPP to 57, I can't find it at the moment but just to warn you.

You appear to be correct. There's a reference to this on Aegon's web site - see https://www.aegon.co.uk/news/pension-ages.html and scroll down to the heading Minimum pension age for private pensions. There's a link there to the relevant consultation document. I haven't bothered to read it 'cos it doesn't affect me. (Retirement's wonderful. If I was still working, I would not only already have known about this proposal, but have been intimately familiar with the consultation. I'm so glad that I no longer have to.)

The change is apparently proposed for April 2028. If this change is made in the same way as the increase from 50 to 55 in 2010, there'll be a group of people who are able to take their pensions at 55 but, if they don't do so by 5 April 2028, will then find that they are unable to take them between 6 April 2028 and their 57th birthday. The people concerned are (if I've done my sums correctly) those born between 6 April 1971 and 5 April 1973.

2021 - 49  = 1972, so I think that this does affect @Durhamborn .

It does and doesnt affect me,id be cut off for 6 months from taking out after i had for 18 months.I wont be in full drawdown from 55 il be taking UFPLS of £16600 a year so all tax free,il go into full drawdown a month before state pension age.

Iv easily enough in ISAs to get me to 55 or 57,but id prefer not to run them down too much as i want the tax free cash on top of my allowance.Il never take a penny that would be liable to tax so the ISA topping up the SIPP and then the State Pension is important.

Durhamborn

[Deleted User] said:

scottish_lassy, be good to hear how your plans are going.

Any updates from regulars? New posters? All welcome.

sunnylifeover50plan. Quite incredible to retire at 49.

Durhamborn, so with all your years off etc... how did you manage to go at 49! Most of us are ordinary mortals on this thread! lol!

[Deleted User] said:

scottish_lassy, be good to hear how your plans are going.

Any updates from regulars? New posters? All welcome.

sunnylifeover50plan. Quite incredible to retire at 49.

Durhamborn, so with all your years off etc... how did you manage to go at 49! Most of us are ordinary mortals on this thread! lol!

I have been investing since i was 13.Bought a house at 21.Worked for blue chip employers and always made sure i had a lot of time off on the sick etc to make sure when any redundancies came along i was selected and got a good payout that i could then invest.Never married any partners.Very frugal,15 year old car i fix myself ,cook all meals myself from scratch etc.Its not easy,but even less hardcore than me should be able to do 55.I had from 29 to 35 off in one stint,dont regret any of it.

vulcanrtb

Durhamborn said:

I have been investing since i was 13.Bought a house at 21.Worked for blue chip employers and always made sure i had a lot of time off on the sick etc to make sure when any redundancies came along i was selected and got a good payout that i could then invest.Never married any partners.Very frugal,15 year old car i fix myself ,cook all meals myself from scratch etc.Its not easy,but even less hardcore than me should be able to do 55.I had from 29 to 35 off in one stint,dont regret any of it.

At least you're honest and hopefully your username is anonymous enough not to upset the colleagues who filled in.

[Deleted User]

Durhamborn, I can’t in all honesty say I agree with your approach, even though it has been financially rewarding for you. I thoroughly enjoyed (and continue to do so) my 40 years in education. It was hard work at times and not that lucrative, but I look back with the satisfying knowledge that I may just have made a positive difference to some lives.
For most of my career  I got on with doing the best I could, not really thinking of the money or the pension.

vulcanrtb

The bit that just made me imagine all kind of malingering is the 'etc' in "always made sure i had a lot of time off on the sick etc" 🤦‍♂️🤣

[Deleted User]

On reflection I think my main gripe with the main pensions forum is (for many contributors, but by no means all) its absolute focus on maximising financial gain. I perfectly  understand that this is MSE and the pensions forum is only doing what it is meant to do. That is to assist people maximise their retirement income. However, people sometimes  outline retirement plans which to me seem perfectly fine, only to be told that they don't have enough or should consider this or that etc.... Rarely does someone receive a 'Yes go for it and good luck!'

Of course there are some threads on there which are great, ordinary and realistic.
Since returning to MSE I rarely go there, and when I do I am very selective about what I read. It works for me!
The one thing I like about this thread is its encouragement to live life even on a lower income, more based on quality of experiences than mere financial numbers. However, to hear about the retirement incomes of others is fascinating at a more realistic level.

Great to see the number of views to this thread are nearing 100000, which I think speaks volumes about its usefulness.
Long may it continue!

Greylocks

Durhamborn.

“always made sure i had a lot of time off on the sick etc”

Despicable behaviour. I hope you didn’t work in the NHS. I used to work 24 hour shifts and had to cover for sickness. 

cbsexec

This thread gives hope to people (maybe most of us) who will be retiring on a basic state pension with perhaps a small private pension.   Not massive pension pots!   They want to know it is possible to live a good life after retirement which definitely seems to be the case from this thread although a few posters have appeared with large pension pots 😟