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How much to live on
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[Deleted User] said:Another thing I have been pondering is what happens after the older relative I live with finally departs . Hopefully not for a few years yet, but one has to be prepared. I currently own 50% of the house and will inherit another 20% of it. House is currently worth between 450000 and 500000 so I could be left with 315000 to 350000. I should be able to get something, although rising house prices in the area have got me a little worried. I definitely do not want to have an apartment as I love having the garden.I have looked at other parts of the country and it is amazing what you can get for that money compared to the south of England! I would not be averse to taking out a small mortgage to get what I want. I have no direct dependents. My building society offers mortgages for people up to 90 plus now! My pension income would cover it too. I have checked!
Hopefully not an issue for several years to come! Also assuming I last longer!
Now finally getting up to have a huge mug of tea and chocolate biscuits!
Ideas and thoughts welcome!
Should be able to retire in 3 yrs at ,60 from full time work. Likely to have £8 k dB at 60, full sp at 67 and still working on my DC pot.
Have to say it' works out much harder financially as a retired singleton than being in a couple.
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Welcome Kim1965.Be good to hear more of your plans. What income are you looking at from age 60 to 67? Are you planning on drawdown from your DC pot? Best wishes.1
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I will need 20 k a year from 60. dB and full state pension almost gets there at 67.
I have about 130 k DC mainly in dividend paying ETFs. I will probably work part time for a while 60 to 67.All depends on how much I can grow the DC in the next 3 yrs2 -
Kim1965
I think you should be ok. Here is my non expert view!
Lets say your DC pot makes 140000 by the time you are 60 you could take 25% tax free (35000) and use that to top up your income from age 60 to 67(say 5000 a year). So you have 8000 DB +5000 Drawdown giving you 13000 per annum. Your DC pot can then be left grow. Part time income of about 7000 to make your 20000 target.
From age 67 State pension of 9500 plus 8000 DB plus 4200 drawdown gives you 21700 per annum. You also have the benefit of index linked SP and DB pensions. Hopefully as well your DC pot will show growth.
Best wishes.3 -
This thread is my go to place for motivation & keeps me keeping on keeping on !! I have a very detailed indeed notebook {yes sad i know!!} with a projected forecast , covering everything & { i mean everything!!} in order to hopefully lead a fairly moderate lifestyle {19k} in around 3 years time when my SP eventually kicks in ... the working's out do fluctuate these days quite a lot due to inflation , just have to hope that my s & s investment will at the very least allow me to top up my income within at least a safe withdrawal limit of 2.5 -3% every year ..have to say that is looking a little doubtful at present having just checked it's current value ...aah well glad i've not posted that comment on the investment board !! Sometimes i do feel as if life is on hold as do most of us on here i suppose.
BD .. know i've had a little moan about downsizing on here but like you i'm not ready for an apartment just yet as i like a garden also .. would love to be near the seaside though !!4 -
Hi thriftylynny. Did you decide to use some of your investment fund as a top up to your income until SP as I suggested earlier in the thread? You seem more positive at the moment which is great. Best wishes.0
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Hi all
DW and I will retire from our respective employers end of April 2022. We will defer DB pensions until April 2023. Mines primarily to get an increase of 10% on annual pension. DW will draw from a SIPP we have been funding for the year, keeping her under the PTA. I will take TFLS from my small SIPP, then drawdown enough to keep me under the PTA. Slight reduction may be necessary due to tax payments in April salaries. In total that will be about 16.6k + 14k + 12.57k, total about 42 k. Our spend is about 32-35k but being scrubbed just now.Plenty to live on. I have some savings for any big ticket requirements, of which one will be a Campervan, up to 2/3 year old.
Plan to walk the Camino Frances to Santiago in September.Mortgage free
Vocational freedom has arrived2 -
[Deleted User] said:Kim1965
I think you should be ok. Here is my non expert view!
Lets say your DC pot makes 140000 by the time you are 60 you could take 25% tax free (35000) and use that to top up your income from age 60 to 67(say 5000 a year). So you have 8000 DB +5000 Drawdown giving you 13000 per annum. Your DC pot can then be left grow. Part time income of about 7000 to make your 20000 target.
From age 67 State pension of 9500 plus 8000 DB plus 4200 drawdown gives you 21700 per annum. You also have the benefit of index linked SP and DB pensions. Hopefully as well your DC pot will show growth.
Best wishes.
Drawdown 4.5 k if the markets permit , still think I would need to do some work, if the markets are poor I'm prepared to do 3 days a week. I think some part time work might be healthy. Give a bit of structure.1 -
Currently have no idea what my pension will be or be like in the future and I am fast approaching 60
I left the NHS IN 2013 when we moved to Australia, I have sent in my application to receive it this year and patiently waiting to see what it will be though from what I’ve read not a lot of people get a forecast it seems to just appear in your bank and trying to have a conversation from 10,000 miles away is near impossible these days. I was in the 1995 section for 23 years so will also get a lump sum, it won’t be huge as I was predominantly part time due to having children.
My state pension is approx 5 years behind at the moment but I will make those up on my next visit to UK, hopefully this year sometime. I currently stand to get £8102.64 pa / £155.82 pw
We have some savings in the UK and a property here with a big chunk of equity, I also have a very small superannuation/pension in Oz but doubtful I would receive any aged pension here as I believe it is means tested.
I haven’t included dh’s pensions as he is worse than me and 5 years younger but I’m working on him
I don’t think we will be too bad off overall and I won’t be finishing work just yet..
Once I hear from NHS I’ll feel a bit better (fingers crossed)MFiT-T7 #17 (Jan 2025) £193k (Apr) £177k (July) £
SPC 18 #6 £299.80 (12/07/25)
SPC’s (1)£27.19 (2)£728 (3)£1471 (4)£357 (5)£435.18 (6)£1114.92 (7)£1492 (8)£392 (9)£1952 (10)£1866.65 (11)£1177.74 (12)£1445.39 (13)£1608 (14)£603.30 (15)£672 (16)£2563 (17)£1300 (18)£0 -
State pension - check but I think it is frozen forever once taken unless the new trade agreement has addressed that.1
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