Should I work another year or two?

older_and_no_wiser

Good point about making a will so the state doesn't get any of your money on death.

I've left percentages to charities, family and lump sums to the sports clubs I am a member of. I'm also considering gifting some money before that point so that I get the benefit while I can - and also the pleasure of seeing others enjoy the money. Eg. Towards new tennis courts at my club. They're a small club and it would mean a lot to them. 

MalMonroe

Alicante6 said:

Thanks Pat38493, that's a good point. £3k a month wouldn't be needed beyond say 72. I don't see myself travelling after reaching that age. So the drawdown could be set at £3k initially and adjusted down to allow for the State pension from 66 and stopping travelling at say 72. 

I, for one, am very sorry to hear that. I'm 72 now, recently registered with HMRC to launch my own online business and hope to travel more than I have done already - at least until I'm old and grey. If you are anything like me, you'll not just switch off because you hit your 70s. I do hope not, anyway. 

saucer

MalMonroe said:

Alicante6 said:

Thanks Pat38493, that's a good point. £3k a month wouldn't be needed beyond say 72. I don't see myself travelling after reaching that age. So the drawdown could be set at £3k initially and adjusted down to allow for the State pension from 66 and stopping travelling at say 72. 

I, for one, am very sorry to hear that. I'm 72 now, recently registered with HMRC to launch my own online business and hope to travel more than I have done already - at least until I'm old and grey. If you are anything like me, you'll not just switch off because you hit your 70s. I do hope not, anyway. 

It’s interesting that when you ask different age groups, from small children upwards, what age is ‘old’ it is always a number of years older than they are then e.g. for 4 year olds it might be 6. This trend continues right through until mid 70s when people often (though not exclusively ) start to see themselves as in the ‘old’ age group. I distinctly remember thinking 30 was old

Brenster

I think you in a good position to retire.  Definately go travelling sooner rather than later, you never know what tomorrow may bring.  As has previously been said split your pot into different categories (Now till State Pension Age), then in 5 year increments, as you get older, your spending will naturally decrease, but whilst you are still relitively young and healthy, enjoy !!!  And if you plan it perfectly, your cheque to the funeral director will bounce

GazzaBloom

Do it now!

I have had a family member die at age 56 and a work colleague die at 66 in the last few years. Both fairly suddenly with no prior warning. 

No-one goes to the grave wishing they worked a year or two longer

Albermarle

No-one goes to the grave wishing they worked a year or two longer

I have quoted that in threads before, or the similar ' Nobody on their deathbed wished they had spent more time at the office'

However looking back I do know some people, who would have voluntarily worked until they dropped.
I had a customer  who was 90, and still came into the office still twice a week, until he had to go in a nursing home.  His successor  dropped to 3 days a week at 85. Family company. 
Joe Biden is 80 and looking for another term.