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Would it be foolish to stop work at 52?
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DT2001 said:atush said:If you cant save while on the one income, i feel you dont have enough savings/Sipp to retire at 52.
Rethink going at 55, go part time to see if that helps, or get a different job for a few years. Will give you more time to save
There is also the BTL which is generating £6k.
Personally I’d look at taking an actuarially reduced figure. I took mine at 51 (protected age clause in redundancy package) as although the crossover point from getting more (in total) was mid 70’s in my case I will have paid less tax and theoretically our spend will decrease from 75 onwards.0 -
Kim1965 said:robatwork said:Albermarle said:robatwork said:Albermarle said:robatwork said:To get back on track... just a general comment about this particular forum. As well as being one of the most useful and realistic resources for UK (pre) pensioners, it tends to err on the side of financial surety. I've seen threads where £30k or even £40k wasn't seen as enough to live comfortably in retirement.
Obviously it depends on your lifestyle, but just bear it in mind. In your position I'd be leaving my detested job as soon as I could.
In the unlikely worst case there are still jobs available to people in their 50s.
Retirement living standards | Loughborough University (lboro.ac.uk)
That would not be a proper luxury retirement, as that would cost triple that probably .
I think the overall figures look about right . Although it seems that some can manage on a lot less.
I agree that many on these forums are high salary earners and have big pension plans. Good for them. We feel pretty sure we would be fine with £2-2.5k per year
That final line you quoted in italics was from ChocolateWombat and I'm sure a typo for per month.
£200 pm for a singke person in aldi is very doable including some beer and wine (not to feeda habit tho).
10.2 k for a single person to cover basics would seem a struggle though, at that level a person would have to watch every penny, it would be a drag. Are there any singletons on this site who manage in such low incomes?1 -
robatwork said:Kim1965 said:robatwork said:Albermarle said:robatwork said:Albermarle said:robatwork said:To get back on track... just a general comment about this particular forum. As well as being one of the most useful and realistic resources for UK (pre) pensioners, it tends to err on the side of financial surety. I've seen threads where £30k or even £40k wasn't seen as enough to live comfortably in retirement.
Obviously it depends on your lifestyle, but just bear it in mind. In your position I'd be leaving my detested job as soon as I could.
In the unlikely worst case there are still jobs available to people in their 50s.
Retirement living standards | Loughborough University (lboro.ac.uk)
That would not be a proper luxury retirement, as that would cost triple that probably .
I think the overall figures look about right . Although it seems that some can manage on a lot less.
I agree that many on these forums are high salary earners and have big pension plans. Good for them. We feel pretty sure we would be fine with £2-2.5k per year
That final line you quoted in italics was from ChocolateWombat and I'm sure a typo for per month.
£200 pm for a singke person in aldi is very doable including some beer and wine (not to feeda habit tho).
10.2 k for a single person to cover basics would seem a struggle though, at that level a person would have to watch every penny, it would be a drag. Are there any singletons on this site who manage in such low incomes?0
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