Retirement calculator NHS pension

tinsy

Hi
I semi retired 2 years ago, small NHS pension (1995 scheme)  but ideally want to fully retire by 63. Currently still working paying into 2015 Scheme which I will likely take early (with reduction)  at 65 rather than 67 and also have some savings. 

So it's the million pound question can I afford to go? My main concern being able to bridge the gap from 63 to 67 when I get full state pension. 

Can anyone recommend an income/expenditure calculator so I can make sense of my figures, all of the ones I see talk about private pension schemes with annuities/drawdowns/investments etc which don't really fit my situation, or am I just have to input my figures into an excel spreadsheet. Many thanks

QrizB

It's more commonly used over on the Debt Free board but there's a handy expenditure calculator over on the LemonFool site:

https://lemonfool.co.uk/financecalculators/soa.php

Marcon

tinsy said:

Hi
I semi retired 2 years ago, small NHS pension (1995 scheme)  but ideally want to fully retire by 63. Currently still working paying into 2015 Scheme which I will likely take early (with reduction)  at 65 rather than 67 and also have some savings. 

So it's the million pound question can I afford to go? My main concern being able to bridge the gap from 63 to 67 when I get full state pension. 

Can anyone recommend an income/expenditure calculator so I can make sense of my figures, all of the ones I see talk about private pension schemes with annuities/drawdowns/investments etc which don't really fit my situation, or am I just have to input my figures into an excel spreadsheet. Many thanks

An excel spreadsheet sounds as good as anything for your particular situation. 

Sarahspangles

The thread pinned at the top of this board is ‘The Number’, it’s been running for years and goes off piste at times but there was a relevant recent discussion. It starts with @kimwp’s post on this page, about the published survey responses of pensioners, after which the discussion highlights people’s actual experience.

https://forums.moneysavingexpert.com/discussion/2146737/pensions-planning-the-number/p275 

There’s also this discussion which possibly has more participants on modest incomes, or who are frugal by choice.

https://forums.moneysavingexpert.com/discussion/6228191/how-much-to-live-on

If you do end up setting up a spreadsheet, the SOA type ones used for the indebted may not fully unpack the sort of long term capital expenditure you might want to budget for in retirement. Things like cars, bikes, kitchens, roofs….

BrilliantButScary

Hi @tinsy,
Are you a single household or part of a couple?
If you have a partner, are they a similar age to you?
If you or your partner died first, would the remaining person have adequate financial provision.
The above factors need to be taken into account when retirement planning.
We, as a couple, bridged one gap 60-65, currently bridging the second one 60-67.

tinsy

Hi @BrilliantButScary

Single household, so only have myself to rely on for income, do have a son still living at home. Thankfully mortgage free. I look at the numbers and sometimes I think I have enough and then other times too many 'what ifs' and can I manage

tinsy

Hi
@QrizB thanks for lemonfool calculator. @Sarahspangles thankyou for the other information. I did look at 'The Number'  thread but didn't seem to apply. I'll have a further look and at the the other thread. 

BrilliantButScary

Hi @tinsy,
Have you done a State Pension Forecast?

https://www.gov.uk/check-state-pension

I was a HCP and retired 2 years ago, at 60 and must say that I don't miss it. When you have worked a lifetime, it can be daunting both from a financial and personal perspective what this next stage in life will be like.

I also recommend looking at the thread already mentioned by @Sarahspangles

https://forums.moneysavingexpert.com/discussion/6228191/how-much-to-live-on

and a personal favourite @Humboldt

https://forums.moneysavingexpert.com/discussion/6502323/away-from-the-madding-crowd#latest

Don't forget about the money that you will save potentially by not working, National Insurance, Tax, Professional fees, Union subscriptions, Travel expenses, work clothes, collections etc 

You will also have time to do budget saving activities, if you need or want to, such as cooking from scratch, growing your own etc

tinsy

@BrilliantButScary

Thankyou for the reply, all really good information. 

Yes will get full state pension and will be fine when that kicks in. 

I'm so ready to go, still enjoy my job (NICU) but the 12.5 hour shifts and and hour each way commute and getting to much. I guess you always think just a bit longer to keep adding ££ to the pension pot. I did the lemonfool SAO and just slightly in the negative so I'm not far off. Thinking of taking the 20% hit in the 2015 pension, only minimal but should make up most of the shortfall.

You're right about the potential savings from not working, I have a good but relatively inexpensive social life so will have plenty to do when I finish. Love the grow your own suggestion definitely will give that a go even if it's only tomatoes 😂.  If it doesn't quite work I'm sure I could pick up a few hours work somewhere  Will give those other threads a read. Thanks again I need to stop dithering and take the plunge.