How long will my DC pot last ?

penners324

Sounds like youve got plenty to retire now. Why not add your husbands pension pot to your own for calculation 

All the above are assuming you're the only 1 with a pension pot.

jimjames

RNV said:

MallyGirl said:

Supporting kids through uni is expensive!

Yes, no illusions here. We are aiming for 100k savings dedicated to that available by the time the universities start/or not. Then, top ups as we/they go.

Slightly different if you're planning to retire but we ended up just paying for ours from income instead so the money we had already saved up didn't get used for uni as was originally intended. In the end it didn't cost as much as expected so it was viable option. They did take out full loans though.

Albermarle

jimjames said:

RNV said:

MallyGirl said:

Supporting kids through uni is expensive!

Yes, no illusions here. We are aiming for 100k savings dedicated to that available by the time the universities start/or not. Then, top ups as we/they go.

Slightly different if you're planning to retire but we ended up just paying for ours from income instead so the money we had already saved up didn't get used for uni as was originally intended. In the end it didn't cost as much as expected so it was viable option. They did take out full loans though.

As above £100K seems a lot for Uni costs, unless you have a lot of children.

It is normally recommended that the students take the full loans, as in many cases they will never have to be paid back in full, or at all.
The max maintenance grant loan available is reduced if the parents have a reasonable higher income.
In this case the usual scenario seems to be that the parents pay the accommodation costs, which can vary quite a lot, but are typically around £7K/£8K pa

RNV

Thanks. I need to get to the point where I can comfortably contribute my share to allow similar lifestyle we have now and also to help children later as we both always planned to.  We do not spend on flashy "stuff"  but  various experiences/memories as a family; various children's interests and activities etc.   Unfortunately, I'm not there yet. 

If I stop/significantly reduce contributing towards family's finances, husband's various sources will provide for a comfortable-ish living but without discretionary spends.  Much as I dislike my work, I concluded that I will be more miserable if we could not afford anything that makes life full and interesting.

Linton

RNV said:

Thanks. I need to get to the point where I can comfortably contribute my share to allow similar lifestyle we have now and also to help children later as we both always planned to.  We do not spend on flashy "stuff"  but  various experiences/memories as a family; various children's interests and activities etc.   Unfortunately, I'm not there yet. 

If I stop/significantly reduce contributing towards family's finances, husband's various sources will provide for a comfortable-ish living but without discretionary spends.  Much as I dislike my work, I concluded that I will be more miserable if we could not afford anything that makes life full and interesting.

You really need to plan as a couple.  £45K/year in total  as a single person should lead to a comfortable life, £45K year above your husband's "comforable-ish" retirement income could be difficult to spend (luxery cruises every year for the rest of your lives?).  Perhaps you both could afford to retire now.

RNV

I do not believe a family of 4 can afford such "luxuries" (cruises are my idea of hell:)) on a gross say mine £45k (which I do not have yet)  + husband's say £55k, if fully retired early.

If "my portion" is significantly less, that will have to come from the pots that are earmarked for help to children.

Yes it is possible to live on much less than 100k/household, many do and I appreciate we are "privileged", however no way we are rich and don't count money.  Our council tax alone is 407/month (an average 4 bed in SE). Children are in state schools but various extra clubs/interests. No takeaways, cooking from scratch but don't have to count whether can afford fresh fruit/veg or not.  Holidays are not in zillion stars hotels but with experiences (e.g. drove & hiked in Austrian alps for 12 days this summer;  booked 1 week skiing in winter). 

Triumph13

I'm with Linton on this one.  Our budget is about £1k a month less than yours is going to be.  So far this year we've had two weeks winter sun, a week in Sweden and a week in Paris whilst the boys were at Uni, plus  four weeks in France and a week in Wales with them whilst they were home.  And we're still £15k under budget year to date!

RNV

Hope I'm wrong, will be very happy if that is the case. 

I cannot access my DC until 2027 and it is not big enough yet for 45k. So will have to continue as is and "enjoy" those dreaded "annual targets and performance reviews" for at least 2 years and then re-think.

I think a significant difference with your case, Triumph,  is that our children are still quite young,  10years+ until they could support themselves financially, that is if lucky and manage to get a reasonable job. So our budgets will require to support more costs, including more of those astronomical school holidays prices...

Albermarle

You might be interested in reading this link regarding different level of income in retirement.
The top level is called 'comfortable' and costs £60K pa for a couple. This assumes no rent or mortgage to pay and is after tax.
There has been plenty of debate on the forum about these figures, with most thinking they are a bit OTT. ( not me particularly) 
Which publish something similar, but their high end is called a Luxury retirement, although the sums involved are less.
Home - Pensions UK - Retirement Living Standards

Cobbler_tone

It is good to start thinking about an 'exit plan' but I think you are dreaming a little far out. I had my first Pensionwise appointment last November, then another one last week. The chap pointed out I spoke to them last year but in that short space of time my planned retirement was pulled forward 3 years.
Life brings twists and turns, family, work, health etc. 
With a pot that size I'd also be buying an annuity of some type.

The only advice would be to focus on what you actually want/need. In our position we will go from £120k gross earnings to £43k gross pension and financially be on exactly the same net footing (actually a bit better off) due to current pension contributions, tax, NI etc. It's using the wages in the best way to enable that early comfortable retirement!
Kids add another layer but mine are already at uni.