What's your next milestone on the savings journey?

Sea_Shell

Our target was £500k, which we hit it Feb 19.  We then pulled the trigger to both stop working.

By the time I actually finished work, the pot had increased to £550k.

Now, after not working since July 19, the pot stands at £645k, net of our spends over that period.

Our "target" is to start spending it!!!     No more "biscuit barrel" for us now, only "Specially Selected" will do!!

Workerdrone

Sea_Shell said:

Our target was £500k, which we hit it Feb 19.  We then pulled the trigger to both stop working.

By the time I actually finished work, the pot had increased to £550k.

Now, after not working since July 19, the pot stands at £645k, net of our spends over that period.

Our "target" is to start spending it!!!     No more "biscuit barrel" for us now, only "Specially Selected" will do!!

Great to hear. I personally think, if things are good I am probably going to have to crystallise and draw the max 25% around 57, then just pull the bear minimum out to satisfy the rules up until retirement at 60.

2nd_time_buyer

I pool my finances with my wife. She is 45, I am 44.

Currently between us we have:
£16k per year DB pensions payable at 60 (plus £48k lump sum)
£82k in DC schemes
£7k of profit a year from Buy to Let (after all costs and taxes) 

Whilst we can, I am paying £3k per month into my pensions (including employer contributions), my wife is paying £1k per month. 

When I am 50, we are aiming for [in todays money i.e. assuming returns match inflation]:
£19k per year DB pensions payable at 60 (plus £57k lump sum)
£258k in DC schemes
£7k of profit a year from Buy to Let

At that point. I am hoping we will have enough saved-up to retire at 55 without needing to make further contributions. 

The period between 50 and 55, the plan is to "tread water" reducing work a bit and to try and and achieve a good work/life balance. Perhaps get a caravan.

Nebulous2

2nd_time_buyer said:

I pool my finances with my wife. She is 45, I am 44.

Currently between us we have:
£16k per year DB pensions payable at 60 (plus £48k lump sum)
£82k in DC schemes
£7k of profit a year from Buy to Let (after all costs and taxes) 

Whilst we can, I am paying £3k per month into my pensions (including employer contributions), my wife is paying £1k per month. 

When I am 50, we are aiming for [in todays money i.e. assuming returns match inflation]:
£19k per year DB pensions payable at 60 (plus £57k lump sum)
£258k in DC schemes
£7k of profit a year from Buy to Let

At that point. I am hoping we will have enough saved-up to retire at 55 without needing to make further contributions. 

The period between 50 and 55, the plan is to "tread water" reducing work a bit and to try and and achieve a good work/life balance. Perhaps get a caravan.

How is the DB split?  

We are just under 60. I have just under £23k DB in payment. In just over a year my wife will have about £1500. 

Its likely I will be a taxpayer for the rest of my life, while my wife will have unused personal allowance until I die. 

Consider balancing pensions as well as tax relief when you contribute. 

I'd recommend the caravan. It's not for everyone, I often think the people who enjoy it were brought up to camp / caravan,  but a few days away is great for my mood / wellbeing. 

bostonerimus

I suppose mine is to give money away as part of my estate planning.

frugal90

DB pension in May 22 of £22.5k, I'll be 60. Currently drawing my SIPP down to zero by next May.

Wife will get her £18.5k DB in 6.5 years, she is currently 53.5. Her SIPP to cover 55 until 60 currently valued at £118k. Joint ISA portfolio £450k cash about £50k.

Plan to enjoy life.

Currently in the eastern med in the sunshine.

Back to UK in Dec

Out for more sunshine mid March for 6 weeks, then cycle tour in Europe for 6 weeks mid June/July

Trekking in the Alps in August, the Cathar trail in France Sept, then back to eastern med For Nov

Enjoying the fruits of our labours, now doing what we want while we still can.

2nd_time_buyer

Nebulous2 said:

2nd_time_buyer said:

I pool my finances with my wife. She is 45, I am 44.

Currently between us we have:
£16k per year DB pensions payable at 60 (plus £48k lump sum)
£82k in DC schemes
£7k of profit a year from Buy to Let (after all costs and taxes) 

Whilst we can, I am paying £3k per month into my pensions (including employer contributions), my wife is paying £1k per month. 

When I am 50, we are aiming for [in todays money i.e. assuming returns match inflation]:
£19k per year DB pensions payable at 60 (plus £57k lump sum)
£258k in DC schemes
£7k of profit a year from Buy to Let

At that point. I am hoping we will have enough saved-up to retire at 55 without needing to make further contributions. 

The period between 50 and 55, the plan is to "tread water" reducing work a bit and to try and and achieve a good work/life balance. Perhaps get a caravan.

How is the DB split?  

We are just under 60. I have just under £23k DB in payment. In just over a year my wife will have about £1500. 

Its likely I will be a taxpayer for the rest of my life, while my wife will have unused personal allowance until I die. 

Consider balancing pensions as well as tax relief when you contribute. 

I'd recommend the caravan. It's not for everyone, I often think the people who enjoy it were brought up to camp / caravan,  but a few days away is great for my mood / wellbeing. 

Thanks. Yes, most of the DB pension is in my name, whilst most of the DC is in my wife's name. The buy to lets are held jointly. So I think we will both be paying a little tax all of the time. 

The finances look quite snug to retire at 55 based on only saving till 50. However, whilst I don't hate my job. I have done it for the last 22 years. Being in a position to try something else, for a few years, without it needing to pay well, is a notion I find appealing.

On a sanctimonious note, I reckon, the easiest way to do my bit for the environment is to spend less money and buy quality over quantity. So retiring as early as possible fits in with that. On the 'quality' side, we are saving for some big-ticket items that are not too un-green but which may also reduce our longterm outgoings e.g. solar panels, electric car, heat pump.

cfw1994

Sea_Shell said:

Our target was £500k, which we hit it Feb 19.  We then pulled the trigger to both stop working.

By the time I actually finished work, the pot had increased to £550k.

Now, after not working since July 19, the pot stands at £645k, net of our spends over that period.

Our "target" is to start spending it!!!     No more "biscuit barrel" for us now, only "Specially Selected" will do!!

I’m telling you now: your biscuits need to be delivered by a personal butler in these kinds of fancy tins: nothing less is acceptable 🤣

Having stepped away from the monthly wage in May, & started drawing on my DC pot 3 months ago, our goal is to see how this year goes: be nice to get to next May with a similar “net worth” to what it is today.  I’m tracking that monthly after each payment 🤞

ETA: I do track our "net worth" in one of my many worksheets....& for the purposes of this, I am excluding property.
If it was X when I stepped away back in May, 6 months ago, I can see that it is now around 1.1X (having now taken ¾% out as pension payments).
Wonder how long this trend can continue 🤷🏼‍♂️🤣

Another more immediate goal is to help DD sort out her transport: she had her precious Fiesta stolen 2 weeks ago🤬, making her life rather tricky….but insurance will no doubt drag their feet 🙄. Police rang yesterday to say they were charging 3 vermin humans for a spate of them, & have evidence hers was amongst them (but not recovered the vehicles).   Life’s rich tapestry, eh 😳

Sea_Shell

cfw1994 said:

Sea_Shell said:

Our target was £500k, which we hit it Feb 19.  We then pulled the trigger to both stop working.

By the time I actually finished work, the pot had increased to £550k.

Now, after not working since July 19, the pot stands at £645k, net of our spends over that period.

Our "target" is to start spending it!!!     No more "biscuit barrel" for us now, only "Specially Selected" will do!!

I’m telling you now: your biscuits need to be delivered by a personal butler in these kinds of fancy tins: nothing less is acceptable 🤣

Having stepped away from the monthly wage in May, & started drawing on my DC pot 3 months ago, our goal is to see how this year goes: be nice to get to next May with a similar “net worth” to what it is today.  I’m tracking that monthly after each payment 🤞

Another more immediate goal is to help DD sort out her transport: she had her precious Fiesta stolen 2 weeks ago🤬, making her life rather tricky….but insurance will no doubt drag their feet 🙄. Police rang yesterday to say they were charging 3 vermin humans for a spate of them, & have evidence hers was amongst them (but not recovered the vehicles).   Life’s rich tapestry, eh 😳

Sorry to hear about your DDs car.    Good luck sourcing a replacement.  I hear the second hand car market is "frothy" at the moment.  Hold those insurers feet to the fire in respect of the value of hers.


I shall be placing an ad for a Butler vacancy shortly.    It would make DH redundant though!!!!  

Linton

My next milestone on the savings journey will be managed by my executors.