A Paupers Pension Tale (Not many nuts to dig up)

gambleruk

Sea_Shell said:

"I was hoping to live on £1000 per month, last years figures came out at £1600 per month and think this years will be similar." 


How much if this is covered by your wife's salary and how much are you having to fund if from your savings?


ETA - sorry if I've missed it, but do you not have any other DB pensions coming down the line other than SPs?

Wife's salary and sons board covering it all at the moment, my bad maths earlier as divided by 10 instead of 12 so nearer £1350, thought it sounded to much when I typed it lol. And nope unless we win the lottery it is what it is.

gambleruk

Expotter said:

I've just come across your thread and I think it's great that you seem to have found a life/work balance that makes you happy and suits you both as a couple. I don't intend to criticise or anything ( it's none of my business after all), but isn't it the case that you have just stopped working and are living off your wife's income, rather than retiring as such? Lots of couples live off just one income and don't really see the person not working as retired,
The only reason I'm saying this is that I don't think that at your level of assets (pensions, savings, etc.) it would be possible for most people to bridge the 17 years or so until state pension and when people plan early retirement they'd probably need a larger pot. Maybe I'm wrong, but I understand retirement as not having to live off a paid employment and instead living off whatever accumulated assets you may have, which is not exactly your situation.
Sorry if it all sounds a bit pedantic, I just think we all need to be realistic in our plans and your tale is not really a pension's tale, just a different lifestyle's tale.

This is just my story which might well fail with my "level of assets" in the next 15 years but so far so good in the past 2 years, as I have said before it will hopefully help other people in a similar situation to me. Really not sure why you think don't really see me as retired ? Do I have to wait until I am 67 to say that, even then I might be worse off than I am now ? I did not just stop working, I made the decision not to work and even knowing it was a tight call it's the call I have made with no regrets so far. If you think this thread is unrealistic then I am going to politely suggest for you to scroll past next time

Albermarle

The only reason I'm saying this is that I don't think that at your level of assets (pensions, savings, etc.) it would be possible for most people to bridge the 17 years or so until state pension and when people plan very early retirement they'd probably need a much larger pot. 

Not wishing to get involved in the main 'discussion' but the above is certainly true as a general statement.( with a couple of words added in bold)

eastcorkram

I think this is a great thread, and more relatable than some others , regarding the sums involved.

I can see both sides though, as regards calling it retired. As a couple, we both work full time. Either of us could stop, and live as a couple on either wage. If it was me who stopped, I wouldn't call myself retired. I'm not sure what I'd class myself as, but it wouldn't be that. 

Sea_Shell

gambleruk said:

Sea_Shell said:

"I was hoping to live on £1000 per month, last years figures came out at £1600 per month and think this years will be similar." 


How much if this is covered by your wife's salary and how much are you having to fund if from your savings?


ETA - sorry if I've missed it, but do you not have any other DB pensions coming down the line other than SPs?

Wife's salary and sons board covering it all at the moment, my bad maths earlier as divided by 10 instead of 12 so nearer £1350, thought it sounded to much when I typed it lol. And nope unless we win the lottery it is what it is.

So your pot doesn't need to do the "heavy lifting" as it were yet until either your wife calls it a day too, or you reach SPA.

gambleruk

Sea_Shell said:

gambleruk said:

Sea_Shell said:

"I was hoping to live on £1000 per month, last years figures came out at £1600 per month and think this years will be similar." 


How much if this is covered by your wife's salary and how much are you having to fund if from your savings?


ETA - sorry if I've missed it, but do you not have any other DB pensions coming down the line other than SPs?

Wife's salary and sons board covering it all at the moment, my bad maths earlier as divided by 10 instead of 12 so nearer £1350, thought it sounded to much when I typed it lol. And nope unless we win the lottery it is what it is.

So your pot doesn't need to do the "heavy lifting" as it were yet until either your wife calls it a day too, or you reach SPA.

Yep that's the general idea, as we all know the longer we can leave it untouched the better so time will tell.

Sea_Shell

gambleruk said:

Sea_Shell said:

gambleruk said:

Sea_Shell said:

"I was hoping to live on £1000 per month, last years figures came out at £1600 per month and think this years will be similar." 


How much if this is covered by your wife's salary and how much are you having to fund if from your savings?


ETA - sorry if I've missed it, but do you not have any other DB pensions coming down the line other than SPs?

Wife's salary and sons board covering it all at the moment, my bad maths earlier as divided by 10 instead of 12 so nearer £1350, thought it sounded to much when I typed it lol. And nope unless we win the lottery it is what it is.

So your pot doesn't need to do the "heavy lifting" as it were yet until either your wife calls it a day too, or you reach SPA.

Yep that's the general idea, as we all know the longer we can leave it untouched the better so time will tell.

I think that's what that previous poster was (clumsily) getting at. 

You're retired, but you're still a one income household.

We did similar 7 years ago, with me carrying on for 4 years after DH retired.

I was only bringing in £700pm (after 20% pension contributions), so we still needed to dip into savings.

Albermarle

 I wouldn't call myself retired. I'm not sure what I'd class myself as, but it wouldn't be that. 

To all intents and purposes you would be retired, regardless of what your partner was doing, but perhaps you would prefer just not to call yourself that as it sounds a bit old....

trevjl

I am finishing towards the end of November on my 60th birthday. (well, that was the plan, but now may be going on the sick instead) but the wife is carrying on working as she loves it. I can assure you I will call myself retired, I'm even having a birthday/retirement party !!

eastcorkram

Albermarle said:

 I wouldn't call myself retired. I'm not sure what I'd class myself as, but it wouldn't be that. 

To all intents and purposes you would be retired, regardless of what your partner was doing, but perhaps you would prefer just not to call yourself that as it sounds a bit old....

I am old . 

I guess I'd call myself that, if I started to drawdown on my SIPP or take the DB pension.