Pensions Planning: The NUMBER

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  • frugal90
    frugal90 Posts: 360 Forumite
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    We are looking for 30k per year between the two of us- will reach that with lump sum backup by Easter - October 2019 if all goes to plan -I hope so.
    Early retired in summer 2018 and loving it
  • ognum
    ognum Posts: 4,842 Forumite
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    atush wrote: »
    Our number is so high I am embarrassed to say lol.

    I too am embarrassed by the number, not the amount we need as we are already retired but the amount we seem to have from many years of frugality!
  • justme111
    justme111 Posts: 3,508 Forumite
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    frugal90 wrote: »
    We are looking for 30k per year between the two of us- will reach that with lump sum backup by Easter - October 2019 if all goes to plan -I hope so.

    Have not you just said in another thread you aiming for Easter 2018?
    The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
    Often people seem to use this word mistakenly where "quandary" would fit better.
  • chiefie
    chiefie Posts: 406 Forumite
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    For me getting to my number depends on what George has to say in his next budget/statement in November. The pension ISA may be coming as may the loss of hrt relief. May require some number crunching. I would love it if he allows people to take the state pension earlier with a reduction but fat chance of that I think !
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
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    chiefie wrote: »
    The pension ISA may be coming as may the loss of hrt relief. May require some number crunching.

    I'd go straight onto reduced hours to ensure that he didn't get a penny more from me.
    I would love it if he allows people to take the state pension earlier with a reduction but fat chance of that I think !

    Zero chance.
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • brewerdave
    brewerdave Posts: 8,508 Forumite
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    Our number currently is £28k pa net of tax - we APPEAR to be able to live within our means for about a further 5 years.
    HOWEVER, I've had a stab at working out our actual inflation rate in retirement -and currently it's running at ~ 5%:eek:
    Allowing for a modest income increase rate of 2% we will be chewing into savings by 2020 and out of cash by 2033 so we are not going to be able to maintain our current living standards for very long.
  • Gatser
    Gatser Posts: 624 Forumite
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    ognum wrote: »
    I too am embarrassed by the number, not the amount we need as we are already retired but the amount we seem to have from many years of frugality!

    Your just reward for all that effort.... but now the difficult task of applying some effort into SPENDING it! :D
    THE NUMBER is how much you need to live comfortably: very IMPORTANT as part 1 of Retirement Planning. (Average response to my thread is £26k pa)
  • robin61
    robin61 Posts: 677 Forumite
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    chiefie wrote: »
    For me getting to my number depends on what George has to say in his next budget/statement in November. The pension ISA may be coming as may the loss of hrt relief. May require some number crunching. I would love it if he allows people to take the state pension earlier with a reduction but fat chance of that I think !

    You would have to think that any fundamental changes will take quite a bit of time to implement. I am definitely hoping to take early retirement in the next couple of years so hopefully no major changes in those timescales. You never know though !
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
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    robin61 wrote: »
    You would have to think that any fundamental changes will take quite a bit of time to implement.

    The last few have been knee-jerk rush jobs, so I really wouldn't think that!
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • Marine_life
    Marine_life Posts: 1,059 Forumite
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    I'm going to argue that you actually need a couple of "numbers"

    Number 1 - is you bum basic living i.e. what you could survive on if you live a fairly frugal lifestyle (actually there is an "extreme" level below bum basic but lets not go there).

    Number 2 - is you want to spend a little in retirement and enjoy the fruits of your labours (i.e. you want to travel a bit or take up golf - all of which require a bit of extra cash)

    Number 3 - is you want to have some "flash" money - buy that Porsche, indulge your desire for fine wines etc.

    Number 4 - is your buffer is you have one over and above everything else.

    So....My numbers (in € unfortunately) are:

    1. €30,000
    2. €15,000
    3. €15,000
    4. €Who knows!
    Money won't buy you happiness....but I have never been in a situation where more money made things worse!
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