Enjoy life while you can.

pensionpawn

MK62 said:

pensionpawn said:

savingmore said:

interesting thread.   How much do people feel is a good retirement pot? level of income? I know there are other threads on that but interested in folks views here.  still deciding/balancing whether we are good to go now or not,  a couple of years before sp...

 I'm aiming at generating pots large enough for me and my wife to drawdown our personal allowance each, so a minimum of £25k pa tax free. This can be nudged slightly higher (tax free).

Ooohhh.....do tell.....can't leave that sort of nugget on the table without expanding on it......

I didn't want to add more because this isn't the 'what's your number thread' however I was eluding to UFPLS which can take a couple up to £33k3 tax free pa if they don't fully crystallise and take their 25% TFLS up front.

barnstar2077

blisteringblue said:

savingmore said:

interesting thread.   How much do people feel is a good retirement pot? level of income? I know there are other threads on that but interested in folks views here.  still deciding/balancing whether we are good to go now or not,  a couple of years before sp...

There are plenty of "wad" comparing threads on this board and I like that this is more about people thoughts about money not actual discussions of "how much have you got".
Pots are relative.  Personally I had a monthly figure in my mind and I can pay myself that comfortably until I am about 87 years old (there is a brilliant google spreadsheet that has appeared on the board for working this out).   When I will still have full state pension and a couple of small DBs.    At 87 years old I probably won't care where I am sat in my pants saying "wibble".   As I said earlier I am currently 53 and start my retirement journey in exactly 7 weeks. 

Update: Grr this new forum interface blows chunks.  I tried to link to the spreadsheet but apparently that is not allowed now.   Well remove the functionality then     Here is a link to the website then  https://whatapalaver.co.uk/retirement-planning-couples

I plan to retire at 53 also.  Please let us know how you get on!  What are you going to do with your time while covid is still an issue for instance?

Chickereeeee

Having retired with a fairly good pot, I still look for the 'value' options, much to the frustration of my wife. I tend to research and make sure the item/service is optimal for my needs, and at the 'right' price, before buying. She is (now) more of the attitude 'if you want it, buy it. If it is not quite right, get rid of and buy the right one. We can afford it'. The time used looking for the best fit being time wasted when I could be enjoying said item/sevice.
I a bit afraid that, if i got used to buying things on a whim, and automatically selecting the 'luxury' options (expesnsive chain lube for the bicycles, business class flights, high end hotels, premium fuel for the car etc.) then expenditure would get out of hand....

blisteringblue

barnstar2077 said:

I plan to retire at 53 also.  Please let us know how you get on!  What are you going to do with your time while covid is still an issue for instance?

Plenty of golf hopefully when it reopens, but my job to begin with is to get a little bit fitter.  A bit of covid belly to shift (well that is my excuse  )  My wife is semi retired already so we have a few UK trips already lined up for summer onwards.   I'm also interested in some cookery courses at the local college, something I have always avoided at home.   My wife finds this really funny and she doubts I am serious, but I am.    Although like you say a lot of it depends on a resemblance of order in world.  Fingers Crossed.

I am giving it 6 months anyway.  I am aware of a lot of people who find it difficult without the structure of work.   If I find this creeping in (I hope I have enough to do to prevent this) I may look for a bit of part time freelance after the summer.  I am lucky that I have skills that allow this.

Baby steps really, but lets give it a go.    Good luck in your plans too.

marycanary

blisteringblue said:

savingmore said:

interesting thread.   How much do people feel is a good retirement pot? level of income? I know there are other threads on that but interested in folks views here.  still deciding/balancing whether we are good to go now or not,  a couple of years before sp...

   At 87 years old I probably won't care where I am sat in my pants saying "wibble".   As I said earlier I am currently 53 and start my retirement journey in exactly 7 weeks. 

Dad is 90 years old and Mum is 88. Neither of them is sat in their pants/knickers saying, "wibble". Although they have slowed down a bit and don't holiday abroad any more, they do have days out, meet friends for a meal and take holidays in the UK (at least they did before Covid). They have received the 1st jab and are looking forward to more excursions when restrictions are lifted. 
Might it be a mistake to assume you will be past it at 87, it could be a horrible self fulfilling prophecy?  I hope to be still on the go and out enjoying life - although there are no guarantees of, course.

Mary

barnstar2077

blisteringblue said:

barnstar2077 said:

I plan to retire at 53 also.  Please let us know how you get on!  What are you going to do with your time while covid is still an issue for instance?

Plenty of golf hopefully when it reopens, but my job to begin with is to get a little bit fitter.  A bit of covid belly to shift (well that is my excuse  )  My wife is semi retired already so we have a few UK trips already lined up for summer onwards.   I'm also interested in some cookery courses at the local college, something I have always avoided at home.   My wife finds this really funny and she doubts I am serious, but I am.    Although like you say a lot of it depends on a resemblance of order in world.  Fingers Crossed.

I am giving it 6 months anyway.  I am aware of a lot of people who find it difficult without the structure of work.   If I find this creeping in (I hope I have enough to do to prevent this) I may look for a bit of part time freelance after the summer.  I am lucky that I have skills that allow this.

Baby steps really, but lets give it a go.    Good luck in your plans too.

Once everything is opened up again you will have no problems keeping yourself occupied I am sure.

I have many, many years to go yet, but just knowing I have a plan to escape really helps when I am at work.

Albermarle

Chickereeeee said:

Having retired with a fairly good pot, I still look for the 'value' options, much to the frustration of my wife. I tend to research and make sure the item/service is optimal for my needs, and at the 'right' price, before buying. She is (now) more of the attitude 'if you want it, buy it. If it is not quite right, get rid of and buy the right one. We can afford it'. The time used looking for the best fit being time wasted when I could be enjoying said item/sevice.
I a bit afraid that, if i got used to buying things on a whim, and automatically selecting the 'luxury' options (expesnsive chain lube for the bicycles, business class flights, high end hotels, premium fuel for the car etc.) then expenditure would get out of hand....

Sounds like a familiar scenario 

JustAnotherSaver

Not reading all 9 pages. Some of what your guy said I agree with, some not. 

ATEOTD you need a goal. We all need goals. You do what you can to achieve that goal whilst at the same time being as happy as you possibly can be. 

My goal 1 was to put down a deposit big enough to make me comfortable with repayments while also getting a house in a decent area. Lived at home until I was 32.

Goal 2 is to retire as early as is possible. A working life is not for me but it needs to be done so I have little choice in the matter. 
I don't work all the hours going, I take days off when I can get them because 60 hours is enough. I need time away from the place. Who knows when retirement day is. Hopefully tomorrow but probably in my late 60s.

blisteringblue

marycanary said:

Dad is 90 years old and Mum is 88. Neither of them is sat in their pants/knickers saying, "wibble". Although they have slowed down a bit and don't holiday abroad any more, they do have days out, meet friends for a meal and take holidays in the UK (at least they did before Covid). They have received the 1st jab and are looking forward to more excursions when restrictions are lifted. 
Might it be a mistake to assume you will be past it at 87, it could be a horrible self fulfilling prophecy?  I hope to be still on the go and out enjoying life - although there are no guarantees of, course.

Mary

I was probably being a bit flippant, all I was really saying is even if I spent my pot, I had enough to survive at that age in all likelihood as well as a mortgage free house.  

MK62

pensionpawn said:

MK62 said:

pensionpawn said:

savingmore said:

interesting thread.   How much do people feel is a good retirement pot? level of income? I know there are other threads on that but interested in folks views here.  still deciding/balancing whether we are good to go now or not,  a couple of years before sp...

 I'm aiming at generating pots large enough for me and my wife to drawdown our personal allowance each, so a minimum of £25k pa tax free. This can be nudged slightly higher (tax free).

Ooohhh.....do tell.....can't leave that sort of nugget on the table without expanding on it......

I didn't want to add more because this isn't the 'what's your number thread' however I was eluding to UFPLS which can take a couple up to £33k3 tax free pa if they don't fully crystallise and take their 25% TFLS up front.

Fair enough......I thought you might be about to reveal a way, unknown to me, of getting more than £25k (joint) out of drawdown pensions, tax free......that grabbed my attention.
I'm already on UFPLS......but the added flexibility of drawdown does appeal.....