Pensions Planning: The NUMBER

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  • mgdavid
    mgdavid Posts: 6,705 Forumite
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    A: £80 p.a.
    The questions that get the best answers are the questions that give most detail....
  • justme111
    justme111 Posts: 3,508 Forumite
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    Sorry did not understand that
    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.
  • NoMore
    NoMore Posts: 1,085 Forumite
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    justme111 wrote: »
    Sorry did not understand that

    Your question:
    justme111 wrote: »
    Question :if i had pension income of 6000, rental income of 5000 and income from funds held in an isa 10000 qhat income tax would i be paying ?

    The Answer:
    mgdavid wrote: »
    A: £80 p.a.

    What don't you understand then? its comes from

    Ignore ISA as its tax free.

    Tax free on earnings upto 10600 on your other income leaves 400 (5000+6000-10600)

    This 400 is taxed at 20% so £80 for the year.
  • justme111
    justme111 Posts: 3,508 Forumite
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    Thank you.
    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.
  • mgdavid
    mgdavid Posts: 6,705 Forumite
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    dear god...
    The questions that get the best answers are the questions that give most detail....
  • Seanymph
    Seanymph Posts: 2,874 Forumite
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    To everyone who has contributed.

    I am on a sharp, steep, learning curve - and struggling a bit to be fair. I have just read this thread all the way through and it has really helped.

    I think our number is around twenty thousand.
  • justme111
    justme111 Posts: 3,508 Forumite
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    22000 is my number
    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.
  • MrsFingersCrossed
    MrsFingersCrossed Posts: 93 Forumite
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    Great to see this thread keeps being revived and other people are finding it as helpful as I did (and still do). We've just downsized our home in the run up to retirement and I've been rethinking our sums. With a simpler life I think £20 - £22,000 income per year will be manageable and is what I would like to aim for us as a modest-spending couple. It think it will be fun making do and shopping at markets and growing our own where we can.
    As a fan of THE NUMBER THREAD, our NUMBER IS £22,000 a year = FREEDOM
    Amended 2019 - new NUMBER is approx £27k pa nett (touch wood)
    Amended 2021 - new NUMBER is approx £29k pa nett - heading that way...fingers crossed!
  • Stubod
    Stubod Posts: 2,169 Forumite
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    ..picked up this thread a little late....so appols if this has already been asked, but on top of the "magic number", what percentage do you allow for ongoing inflation, and what percentage for any savings you may have...

    ..for the record my number is about £24k, with an occasional "extra" spend of £4k every 3 years or so, assume3.5% average inflation, and 1.5% interest on any savings...then dying peacefully in sleep at about 91.5 (its a Monday I think.. :) ...)
    .."It's everybody's fault but mine...."
  • missyrichards
    missyrichards Posts: 1,148 Forumite
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    I can't remember if I already posted on here but our number is about £25-£30k a year. We are hoping to retire in about 10 years time.

    We have been living on less than £20k a year for the last year but I think we might want a bit more after retiring as we might want to at least have a holiday once in a while.:D
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