When is enough enough

Snot

Albermarle said:

This study shows that £30K is needed for a comfortable retirement .Retirement living standards | Loughborough University (lboro.ac.uk)

That made me laugh, £1500 for clothes p.a and a new Kitchen\Bathroom every 15 years. I spent a fraction of that on clothes yet still look presentable (at least I think so); although I did have 3 holidays in 2019. Those studies need to be taken with pinch of salt.

Nebulous2 said:

We invest a lot in conflating who we are with what we do. Disentangling that at retirement is difficult. 
Not meaning to stereotype you, but in my experience that can be particularly so for single people, especially if your friends are also drawn from your colleagues. 

That's a very shrewd observation, having worked for the same company for a couple of decades relationships can become very insular if you're not careful.
Thanks all for your comments - lots to consider.

Albermarle

That made me laugh, £1500 for clothes p.a and a new Kitchen\Bathroom every 15 years. I spent a fraction of that on clothes yet still look presentable (at least I think so); although I did have 3 holidays in 2019. Those studies need to be taken with pinch of salt.

To be fair it says £1000 to £1500 but I agree it seems rather high .

On the other hand £56 a week for Food and drink , is not exactly living the high life . 

Just a couple of pints and a standard pub meal is £15 £20 even in the cheaper parts of the country . In a nicer pub in the South with wine and a couple of courses, your £56 would be nearly gone . Even without going out it is only £8 a day . So probably overall the figure of £30K to have a comfortable life as a single person is not excessive in my opinion.

Bimbly

I would be inclined to go for it and see how it goes for a couple of years.

But a couple of notes: Firstly, have something in mind that you want to do instead. Me, for example, I write books outside my other job and would do more of this. A drifting along aimlessly lifestyle is not healthy. Secondly, remember it's harder to get a job when you're out of work than when you're in work, so it may not be so easy to go back into the job market if you decide you want to.

Some excellent alternative suggestions up thread. Are you sure you don't need any more money than you say?

sevenhills

Albermarle said:

On the other hand £56 a week for Food and drink , is not exactly living the high life .

I get a 93-year-olds relative shopping every week, £25 would be ample in most weeks. He bought a new electric shaver and tin opener this week, so it was £35 this week.

barnstar2077

You can exchange time for money, but no amount of money can buy time.

Some people love to work, but those of us that don't should retire as soon as we can afford to and live a little. 

Retireinten

OP - based on the calculations on this thread you can retire now with significantly more than £20k per annum for life so you are truely financially independent. 

So financially there is absolutely nothing stopping you handing in your notice tomorrow!

I'm striving for financial independence (and at almost 46 have another 8 years or so to go to achieve this) - my next dilemma will be what to do with myself once retired.  And I think this is something you need to give some serious thought to now before you hand in that notice.   My late 40's BIL seems to have retired to a life of Netflix which is my worst nightmare. I may go three days a week in a few years and/or downsize the job while I try a few things out (hobbies/different types of holidays etc etc). 

Financially you're re sorted... now you just need to work out a plan to move into presumably an active retirement.  What a nice problem to have

barnstar2077

Retireinten said:

OP - based on the calculations on this thread you can retire now with significantly more than £20k per annum for life so you are truely financially independent. 

So financially there is absolutely nothing stopping you handing in your notice tomorrow!

I'm striving for financial independence (and at almost 46 have another 8 years or so to go to achieve this) - my next dilemma will be what to do with myself once retired.  And I think this is something you need to give some serious thought to now before you hand in that notice.   My late 40's BIL seems to have retired to a life of Netflix which is my worst nightmare. I may go three days a week in a few years and/or downsize the job while I try a few things out (hobbies/different types of holidays etc etc). 

Financially you're re sorted... now you just need to work out a plan to move into presumably an active retirement.  What a nice problem to have

I agree, have lots of projects lined up, day trips and visits with friends and family in the calendar before you leave (assuming lockdown has eased by then.)  Can't hurt to write down a few things that interest you and see how you can make that into an activity.  For example, if someone was interested in cars, then a visit to an automotive museum, or a regular local car show would be perfect.  I think that just being aware, and making an effort to address, your physical and mental health is going to start you on the right path.  A Netflix binge every now and then is great, but a varied, active and social retirement is the way to go for a happy, long and healthy life in my opinion.

I still have nine years to go till I retire, but as I don't drive, something I plan to do is to buy a yearly bus pass for my local area, so that even on days when I don't have plans I have no excuse for sitting around the house.  There is always a cuppa with my name on it in a café somewhere, and walks to be had.

vulcanrtb

Snot said:

Pension wise I'm think I'm good, deferred DB pension from 65 of ~£25k, 4 yrs short of full SP which I can make up, plus I have a SIPP worth ~£200k.  

Nobody else has picked up on this so it's almost certainly me misunderstanding things. But if you're due a DB pension at 65, but you retire now at 49 or 50, that will reduce the DB pension you are waiting for at 65, surely?

Croeso69

vulcanrtb said:

Snot said:

Pension wise I'm think I'm good, deferred DB pension from 65 of ~£25k, 4 yrs short of full SP which I can make up, plus I have a SIPP worth ~£200k.  

Nobody else has picked up on this so it's almost certainly me misunderstanding things. But if you're due a DB pension at 65, but you retire now at 49 or 50, that will reduce the DB pension you are waiting for at 65, surely?

He says it is deferred so is no longer an active member.

Snot

The thinking is I leave the DB till 65 and live off the SIPP and savings in the meantime.
Taking the DB early or taking a CETV are possibilities but not something I’m considering at this stage.