I have asked this in a reply in my previous posts, but I would be grateful for a review of this.

MikMikandThriceMik

Hopefully I am allowed to ask this as a direct forum question seeking for help even though I have it in a reply in a previous post.

I just need to know if my calculations are correct. There must be someone on here who just loves looking through spreasheets and knows about pensions ?

I have updated my google sheets with myself retiring end of April so I get one month's salary in the new tax year.

https://docs.google.com/spreadsheets/d/1sE49yTNOSVpBik5uZ8ie886TIyItE-_rYNNJIHIG3Sk/edit?usp=sharing

I know this is quite personal to me, but if anyone else has to retire early, has to use part or all of their taxfree lump sum to increase their pension so that their pension lasts more years, already has other savings to fall back on so the lump sum is not used as savings, has committments like CM, and perhaps other things I have no thought of here, I think this would be useful for many other people. 

No drawdown calculator that I have used on the internet gives the option of using the lump sum as part of the pension taken to eke out the years that the pension will last.

GenX0212

MikMikandThriceMik said:

. 

No drawdown calculator that I have used on the internet gives the option of using the lump sum as part of the pension taken to eke out the years that the pension will last.

Guiide.co.uk allows you to add other income kicking in at a specific point in time

eastcorkram

MikMikandThriceMik said:

Hopefully I am allowed to ask this as a direct forum question seeking for help even though I have it in a reply in a previous post.

I just need to know if my calculations are correct. There must be someone on here who just loves looking through spreasheets and knows about pensions ?

I have updated my google sheets with myself retiring end of April so I get one month's salary in the new tax year.

https://docs.google.com/spreadsheets/d/1sE49yTNOSVpBik5uZ8ie886TIyItE-_rYNNJIHIG3Sk/edit?usp=sharing

I know this is quite personal to me, but if anyone else has to retire early, has to use part or all of their taxfree lump sum to increase their pension so that their pension lasts more years, already has other savings to fall back on so the lump sum is not used as savings, has committments like CM, and perhaps other things I have no thought of here, I think this would be useful for many other people. 

No drawdown calculator that I have used on the internet gives the option of using the lump sum as part of the pension taken to eke out the years that the pension will last.

What is CM??

400ixl

Child Maintenance I assume from the document.

bolwin1

To be honest, it's quite difficult to look at someone else's spreadsheet & work out if it's correct, even though you have commented it well. 

I think the format used makes it quite difficult to follow. I've taken a completely different spreadsheet approach which (for me) works much better.

I have a column per year, with various pensions starting at different years & money being taken from savings & then the DC pot based on a post tax target income. You could include the CM payments in that way as they'll presumably stop at some point. 

I can't comment on the overall calcs, but your outgoings tab looks very low. 

Council tax seems very low (I presume this is the rates line), unless it's shared. 

There are no water rates in there. 

You have car insurance, but no tax, servicing, money set aside for car repairs, or capital allowance to replace the car.

No holiday fund ?

No TV license ?

The house upkeep numbers look low, unless it's a very modern house. 

xylophone

There are no water rates in there. 

OP lives in Northern Ireland.  CT system was not introduced in NI where householders still pay rates. The water charges are included in the rates.

MikMikandThriceMik

GenX0212 said:

MikMikandThriceMik said:

. 

No drawdown calculator that I have used on the internet gives the option of using the lump sum as part of the pension taken to eke out the years that the pension will last.

Guiide.co.uk allows you to add other income kicking in at a specific point in time

Couldn't figure it out to do same as I have in my sheet. Unfortunately.

MikMikandThriceMik

bolwin1 said:

To be honest, it's quite difficult to look at someone else's spreadsheet & work out if it's correct, even though you have commented it well. 

I think the format used makes it quite difficult to follow. I've taken a completely different spreadsheet approach which (for me) works much better.

I have a column per year, with various pensions starting at different years & money being taken from savings & then the DC pot based on a post tax target income. You could include the CM payments in that way as they'll presumably stop at some point. 

I can't comment on the overall calcs, but your outgoings tab looks very low. 

Council tax seems very low (I presume this is the rates line), unless it's shared. 

There are no water rates in there. 

You have car insurance, but no tax, servicing, money set aside for car repairs, or capital allowance to replace the car.

No holiday fund ?

No TV license ?

The house upkeep numbers look low, unless it's a very modern house. 

As X says, I live in NI, in a tiny house in a council estate. Rates are about £600 this year.

ATM, I drive a zero tax car.
Servicing etc will have to come out of my savings and/or the spending money I have left over any month.
To replace car, it will be a cheap old one, again prob out of my savings. Loads of people won't be able to afford cars or the insurance in a few years anyway. Locally, taxis and buses may be a cheaper option for me in a few years. I also have an electric bike which I go shopping with so my car only does 4000miles per year. 
I don't do holidays really. Can live vicariously via YouTube
No TV license, watch YouTube all the time(non live videos of course).
It is a 40 year terrace house, again savings hopefully pay for anything major. I'll just have to suffer the old kitchen until I shuffle off. The gas boiler is 2years old. The bathroom is brand new.
I may come into a very good inheritance in a number of years, hopefully not for a long time yet, but since my own health not the best, I don't expect to live much into my 70s anyway, if even that. 
I don't think any annuity will give me the money I need even with my health issues.
As long as I have enough to feed my son at the weekends and give him a stipend pocket money on top of the CM I pay his mother for up to the next 5 years, then that's all I can really wish for. 
Unfortunately, I will not be able to support my daughter in UNI in her final year next year, nor support my son at UNI in 3 years time if he goes there, but he can get the CM I would be paying his mother for two years maybe. That is the only major downside that I feel real bad about, but again my savings may be able to help a bit there also.

Whats that saying? Can't change the past, can't tell the future, just have to live for the now, so I am going to do just that by retiring and taking it boringly easy, living a simple life. One day at a time sweet Jesus, as Patsy Cline sang years ago

Thanks to all for replying.