UFPLS approach to retirement

cfw1994

MallyGirl said:

Skinnydad said:

Thanks very much Kim. I intend doing to it just the mechanism of getting it out and how best to extract it...I had a thought last night. I know most folks talk about performance and ensuring your investments keep performing. Then others rightly so, tell you that the market could crash and you could see a sharp drop in your fund etc. All true. However as I have 250k just now. Can't I just convert all this to cash and then I'd have the 250k regardless of market conditions. I know the value of money erodes if it's not making anything. Regardless I'd still be able to take 15k for around 17 years...any thoughts 

The question is - what would £15k be worth in 17 years compared to what it buys you today? Would it be enough?
Inflation is significant.

Indeed....as others have sent, build a spreadsheet!!

Kim1965

When you pick up your sp in two years could you reduce drawdown to say 8 k a year, should last much longer, might even grow? 

Skinnydad

Albermarle said:

Although the 'can't take it with you ' 'no pockets in a shroud' philosophy may suit some , it does not suit everybody I would guess and not just due to wanting to leave an inheritance.
After a lifetime of accumulating and being financially comfortable /sitting on large savings, pensions etc , I think many would feel uncomfortable having 'spent up', even if they had regular pension income etc .
I imagine even at say 90 , it would be quite a comforting feeling to still have a good wedge in the bank . Especially if it meant not having to downsize etc.
I am not advocating that one should not enjoy retirement whilst one can , only not sure of the wiseness of aiming to have nothing left when you are a lot older. 

Thanks Albermarle.  I think where people are getting confused is that there'll be plenty left. and both our children are aware of our plans.  Kids and grandkids in the wills and POA completed.  As I've stated I just want to take the money out at an amount and timeframe that suits me.  Everyone different i know but that's the case for me.

Skinnydad

Kim1965 said:

When you pick up your sp in two years could you reduce drawdown to say 8 k a year, should last much longer, might even grow? 

Thanks Kim.  Yes that's possible.  Not desperate for it..however I've worked since I was 17..so want to use some of it...give it away..plans and more plans