Getting FIREd up 😀

julicorn

https://forums.moneysavingexpert.com/discussion/comment/82058142#Comment_82058142

I've also prioritised the pension so far, buuuut if we do manage to retire as early as we're currently targeting, and if we somehow (who knows! 😅) have some money spare, it'd be nice to not only be able to pay £2,800 into the pension each year, but also £4,000 into a LISA. May not need it at all but at the 'cost' of £200 right now I'd rather have it and not need it.

edinburgher

Actually [scratching my monkey brow] we probably have this chat before 😊

1. Minimal inflation risk (25% uplift is very generous but could be eroded over time if your savings rate doesn't keep pace with inflation). How are you doing on that front? Do you track whether you've matched inflation over time?
2. What's the issue with taking a lump sum? Just trying to keep the total value up for as long as possible?
3. 👌

South_coast

What would I do with a lump sum 🤷‍♀️🤷‍♀️🤷‍♀️? I can't see any need for one, so I'd rather keep it invested and take money out as I need it. No idea on inflation, but I have recently increased my target retirement income by 45%, so I'm sure that will help 🤣

edinburgher

Lump sum can also help with planning tax in the right circumstances, but different strokes for different folks 👍 Our lump sums will largely be reinvested in ISAs, structuring things as best we can to maximise the use of basic/intermediate tax bands

Our target has gone up as well, I blame the pesky Retirement Living Standards.

South_coast

Pffft to them, I'm following the SC retirement living standards 😀!

julicorn

https://forums.moneysavingexpert.com/discussion/comment/82058588#Comment_82058588

I read through the detailed list for those the other day, the sheer amount of biscuits and whole chickens these people are meant to consume was baffling to me - others may disagree 😆

edinburgher

Probably doing lots of strength training to stave off the inevitable - not sure about the biscuits 😉

South_coast

Taking away the taste of the chicken 😅

South_coast

In the meantime, I have done something very un-MSE and paid off just shy of £15k from my stooze cards. It makes zero financial sense to relinquish earning 4.05% interest to pay off cards that are 0%, but it feels good 😀! I'm bored of having to keep track of 5 cards each month, and update two tabs on a spreadsheet every time I take out money to cover a direct debit. I just want everything clean and simple 👍

There's another £8k to go, which I would also have paid off, but it's not actually in the account at the moment as I borrowed against it to clear the car finance. I should have that sorted by the end of the year, and am very much looking forward to seeing an account balance which actually belongs to me, rather than being owed elsewhere 😀!

South_coast

Why didn't it occur to me sooner that Spotify may also have non-fiction audiobooks 🤦‍♀️! Many items now removed from my Amazon wishlist (with the added bonus that I might actually get time to consume them now 🙄)