Retirement wannabe

angelicious

Hi everyone 

Not sure this is the right place to be posting my diary but can’t see anywhere dedicated to retirement diaries, I do have some debt too so hopefully you won’t mind me posting here 😀

Been thinking about retirement for quite a while now. I am only 50 but definitely don’t think I could do another 17/18 years so thought I’d start a diary here to keep me focused on my goal and mark my progress.

So a little about me- 50 year old, currently working two jobs and aiming to retire at 60. 10 years seems such a long time so I’ve decided to look at it another way. I currently have 9 years and 7 months to work so 97, a higher number than 10 obviously but the number will reduce every month rather than every year so hoping this will spur me on!

So where am I at right now:

Currently renting but have just had an offer accepted on my new home so hopefully in the next 3 months or so I will be a homeowner again and mortgage free at the same time. So excited & looking forward to being settled in my forever home!!

Debt wise just under £12k (£7.5k of this on updating my car recently) and all 0%. After the house move goal is to clear this asap.

Retirement wise - have workplace pensions in both my jobs so when I retire at 60 will max out lump sums on both. In addition I do have some money stashed away but this needs to increase substantially!!

So the plan:

1. Get settled in new home.

2. Pay off debt,

3. Save, save, save!!

Key to all of this is keep earning as much as I can and holding on to as much of it as I can 😝. The next few months will require a few big purchases for the house while at the same time being as frugal as possible.  

I’m thankful for the position I’m in right now and I know it’s more than possible for me to retire at 60 do here we go!! I’m 😛  Retirement Im coming for you!!

[Deleted User]

What retirement income will you have at 60 after you have maxed out the tax free lump sums? Are they DB or DC pensions? What are you savings targets for 60? Just being very curious lol. Best wishes.

Perhaps think of retirement in terms of months way. 9 years 7 months is 115 months. Countdown from there.

angelicious

Hi Lord Mattenly

Thank you for the good wishes!

One pension is DB and one is DC. The DC pension will be minimal after I take out the lump sum.

If I retire at 60, I plan to use savings up til state pension age. I m working in having 25,000 a year so I’d need £175,000 in savings!! 

My goal is to save £20,000 a year so by the time I retire I’d have £180,000 plus what I have now plus my two lump sums. 

I may also decide at 60 that I’m not ready to retire completely so I may stay on in my second job for another few years but we’ll see 😝 

[Deleted User]

Thank you for the update. You must be a high earner if you are able to save £20000 a year!