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Cheeky but polite question about income required when retired

Including Financial Independence and Retiring Early (FIRE)
AsleepInYorkshire
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Cheeky but polite question about income required when retired

#437572

Postby AsleepInYorkshire » August 26th, 2021, 12:50 pm

I'm aware that when we retire our income will reduce. Whilst we are by no means millionaires we are comfortable with our nett monthly income.

We live well within our means currently and as well as putting £40K into a personal pension plan (an old style P226 which is 35 years old) joint pension plans are growing by a modest 6-7% per annum. Over ten years they are compounding at 11% growth.

The current plan is to retire when I am 72. My good lady will be 67 that year. I am 59. We're not planning a cruise on the QE2 - wasted on us I'm afraid. But I think we would like to holiday a little. Projecting growth at 6% pa net and adding £40K pa by that age there will be joint personal pension fund of circa £900K. That doesn't include my good ladies work pension. On paper it looks good. However, as many are aware my health hasn't been great and I suspect it's the largest variable in the plan. Hence adding the max to the pension now. Front loading to protect against future potential health issues and also catch up for when I couldn't contribute due to illness.

I can sit and review various variables is my masterpiece of a spreadsheet but I was looking for a little more comfort. I know what our bills will be in retirement and again can predict income and compare it to [potential] spending.

We already know that there will be minimum income of £2.2K per month tax free based on State Pension and my good ladies work pension. We know that will clear the bills and we'll have a little left over. We will only need one small car and will not have a mortgage. We don't plan to downsize our home. We are looking at securing it for our daughter before we pass - some work to do on inheritance planning.

I know it's all if's what's maybe's and buts. However, I don't know how much we will need to retire to stay ahead of inflation.

Asking most of those who have retired please - how much does it cost? How much do you need per month to live. I don't mean just survive but perhaps as I've said run a small (eco-friendly) car and have some time in the sun and be able to spend on Xmas presents for [potential] grandchildren?

Also could someone point me in the direction for inheritance planning. We don' have much but we'd like it to pass to our daughter.

Thank you

AiY

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Re: Cheeky but polite question about income required when retired

#437588

Postby Lootman » August 26th, 2021, 2:47 pm

AsleepInYorkshire wrote:IAsking most of those who have retired please - how much does it cost? How much do you need per month to live. I don't mean just survive but perhaps as I've said run a small (eco-friendly) car and have some time in the sun and be able to spend on Xmas presents for [potential] grandchildren?

Also could someone point me in the direction for inheritance planning. We don' have much but we'd like it to pass to our daughter.

That is probably two separate topics for two different boards.

There are boards for retirement planning which have a few discussions about how much you need for retirement:

https://lemonfool.co.uk/viewforum.php?f=30

I would probably answer that the number is highly dependent on circumstances. For me it is a few grand a month, but I don't bother to compute or document it.

The second topic about retirement planning is mostly a tax and probate question, and so best asked on either the Tax or Legal board, depending on which aspect you want to plan for. For most people, planning involves the judicious use of gifts, and you will find various discussions about that under IHT topics on the Taxes board.

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Re: Cheeky but polite question about income required when retired

#437590

Postby tjh290633 » August 26th, 2021, 2:57 pm

You probably know most of the costs or expenses now. All those regular outgoings, like rates, utility bills, phone and broadband. What you will not have to pay includes pension contributions, national insurance, travel to work expenses, etc. The extras come from more meals at home, eating out, visiting family and friends, other activities, such as golf or clubs and societies. Holidays, be they domestic, in hotels, cottages, with friends, or overseas, flying or driving, or cruises, vary vastly in cost.

Pub lunches can vary from Curry Club at Wetherspoons for £8.20 each to three course with wine at an upmarket hotel running into 3 figures.

Cruises can vary from £1k for an inside cabin to £5k for a suite on the same holiday. Just look at brochures.

Inheritance planning takes various forms. Giving money to family in advance is one way. Giving away property to avoid IHT then may make the recipient liable to CGT unless they live in the property. Giving or leaving money to charity is a foolproof method of reducing IHT as far as I can see.

The elephant in the room is the cost of care. It may never be needed but, if it is, you are looking at over £50k per year for decent residential care. This is where the value of one's residence comes into play. If you fall into the equity release bear trap, it does not. Although often of short duration, it can be prolonged. This is where children can be useful.

Sorry not to be more specific, but most of the numbers you know already.

TJH

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Re: Cheeky but polite question about income required when retired

#437596

Postby pje16 » August 26th, 2021, 3:09 pm

Hi AiY
not sure how you know about IHT but there are some basic figures here
https://www.sjp.co.uk/products-and-serv ... itance-tax
Between you and the Mrs you will have a £325,000 threshold each and any unsed will pass to the other depending on who goes first, so thats likely to be £650,000 befoe any IHT is paid
There is no IHT between spouses.

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Re: Cheeky but polite question about income required when retired

#437602

Postby Dod101 » August 26th, 2021, 3:46 pm

If I were to be a bit more specific, I live on my own and spend around £2,500 pm on average but it varies a good deal. It depends very much on your house and car I find. I do a fair bit of travelling around the UK and eat out a fair bit as well, entertaining or being entertained. Some will think that extravagant and others not nearly enough. I also do one long haul trip a year depending on Covid of course but that expense is not included in the number I have mentioned and the number is of course after tax. Unfortunately the answer to your question is 'It all depends' or 'How long is a piece of string?'

Two people could possibly live on not much more than my £2500 but I would be interested to hear what others have to say.

Dod

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Re: Cheeky but polite question about income required when retired

#437607

Postby AF62 » August 26th, 2021, 4:05 pm

AsleepInYorkshire wrote:The current plan is to retire when I am 72. My good lady will be 67 that year. I am 59.

We're not planning a cruise on the QE2 - wasted on us I'm afraid. But I think we would like to holiday a little.

Projecting growth at 6% pa net and adding £40K pa by that age there will be joint personal pension fund of circa £900K. That doesn't include my good ladies work pension.

We already know that there will be minimum income of £2.2K per month tax free based on State Pension and my good ladies work pension. We know that will clear the bills and we'll have a little left over. We will only need one small car and will not have a mortgage.

We don't plan to downsize our home. We are looking at securing it for our daughter before we pass - some work to do on inheritance planning.

I know it's all if's what's maybe's and buts. However, I don't know how much we will need to retire to stay ahead of inflation.

AiY


Apologies for the edit of your question into bullet points, and for the following silly / impertinent question, but if £2.2k a month (£26.4k a year) will cover your bills with some left over, then what are you going to spend £900k on?

You imply by your QE2 comment that you don't see yourselves as big spenders, so if you are not going to spend the £900k or even the income from £900k, then why carry on working for another 13 years?

AsleepInYorkshire
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Re: Cheeky but polite question about income required when retired

#437622

Postby AsleepInYorkshire » August 26th, 2021, 4:53 pm

AF62 wrote:
AsleepInYorkshire wrote:The current plan is to retire when I am 72. My good lady will be 67 that year. I am 59.

We're not planning a cruise on the QE2 - wasted on us I'm afraid. But I think we would like to holiday a little.

Projecting growth at 6% pa net and adding £40K pa by that age there will be joint personal pension fund of circa £900K. That doesn't include my good ladies work pension.

We already know that there will be minimum income of £2.2K per month tax free based on State Pension and my good ladies work pension. We know that will clear the bills and we'll have a little left over. We will only need one small car and will not have a mortgage.

We don't plan to downsize our home. We are looking at securing it for our daughter before we pass - some work to do on inheritance planning.

I know it's all if's what's maybe's and buts. However, I don't know how much we will need to retire to stay ahead of inflation.

AiY

Apologies for the edit of your question into bullet points, and for the following silly / impertinent question, but if £2.2k a month (£26.4k a year) will cover your bills with some left over, then what are you going to spend £900k on?

You imply by your QE2 comment that you don't see yourselves as big spenders, so if you are not going to spend the £900k or even the income from £900k, then why carry on working for another 13 years?

No we are very modest spenders. We have a nice house, albeit the kitchen needs replacing. That can wait though as the new puppy still likes the taste of kitchen units :lol: Most of our furniture should see us out and the two cars we have, which are paid for have a few years left in them. I suspect we will need a new one when we retire. By that time who knows electric cars should be much cheaper than they are now :shock

There's no reason why we should have £900K. Its the figure that will be in joint pensions if we carry on investing as we are and the growth is reasonable. And as I've not really made very clear we are putting £40K into pensions as we have some catching up to do and I'm also very concerned that my health fails before 72. But I don't want to retire before my good lady and she's opting for 67 currently. If everything does go to plan we may be able to trim a couple of years off that.

But I also want to help my daughter. It's what I want to do. I don't run an expensive car. It's a family saloon and it's comfortable as I do drive to various building sites. My good lady has a smaller car and she travels around the East Riding with her work. My projections suggest we should have a joint income of £4.5K net per month if we draw down at 4% pa. And in todays money that's about 60% of our income. But I also want to make sure I avoid that elephant "care home fees". So we have plans to build on the rear of our home. A single storey extension about 700 FT2. This will allow us to live downstairs if needed and protect the asset which is our home for our daughter. As a QS I can project manage this work myself at a fraction of the cost of getting local builders to do it for me. I can also future proof the extension for any care needs that may be needed in the future, such as wet rooms and steel girders for rails etc. At todays prices I think I'd need 60-80K for the extension. Obviously in 12 years time that will be a little more.

There's also some evidence to suggest that my good lady will survive me by a significant number of years (15-20) and I want to make sure she has funds to live as full a life as her health and the bank balance will allow. When I'm gone she will need financial security and not just enough to cover the bills and watch the snooker.

So we have to commit to putting as much into pensions as possible now as a safe guard for my health. We also want to protect the house as an asset from any long term health issues we may have and quite frankly at the moment other than a new kitchen and sorting out the back garden we really want for nothing. We also put money into a junior ISA for our 14 year old daughter. If we have got it right she will have a pot when 18 of over £30K. If we haven't it will still be a good sum for her to purchase her own car with. And I think she'll take more ownership of that process and look after the car as she will have earned it.

AiY

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Re: Cheeky but polite question about income required when retired

#437636

Postby AF62 » August 26th, 2021, 5:34 pm

AsleepInYorkshire wrote:
AF62 wrote:
AsleepInYorkshire wrote:The current plan is to retire when I am 72. My good lady will be 67 that year. I am 59.

We're not planning a cruise on the QE2 - wasted on us I'm afraid. But I think we would like to holiday a little.

Projecting growth at 6% pa net and adding £40K pa by that age there will be joint personal pension fund of circa £900K. That doesn't include my good ladies work pension.

We already know that there will be minimum income of £2.2K per month tax free based on State Pension and my good ladies work pension. We know that will clear the bills and we'll have a little left over. We will only need one small car and will not have a mortgage.

We don't plan to downsize our home. We are looking at securing it for our daughter before we pass - some work to do on inheritance planning.

I know it's all if's what's maybe's and buts. However, I don't know how much we will need to retire to stay ahead of inflation.

AiY

Apologies for the edit of your question into bullet points, and for the following silly / impertinent question, but if £2.2k a month (£26.4k a year) will cover your bills with some left over, then what are you going to spend £900k on?

You imply by your QE2 comment that you don't see yourselves as big spenders, so if you are not going to spend the £900k or even the income from £900k, then why carry on working for another 13 years?

No we are very modest spenders. We have a nice house, albeit the kitchen needs replacing. That can wait though as the new puppy still likes the taste of kitchen units :lol: Most of our furniture should see us out and the two cars we have, which are paid for have a few years left in them. I suspect we will need a new one when we retire. By that time who knows electric cars should be much cheaper than they are now :shock

There's no reason why we should have £900K. Its the figure that will be in joint pensions if we carry on investing as we are and the growth is reasonable. And as I've not really made very clear we are putting £40K into pensions as we have some catching up to do and I'm also very concerned that my health fails before 72. But I don't want to retire before my good lady and she's opting for 67 currently. If everything does go to plan we may be able to trim a couple of years off that.


Perfectly understandable from your point of view, so perhaps the question is why your wife is opting for 67 - is that when her pension becomes payable, because if so she might want to look at the details of taking it early, especially if you will have a substantial sum in the bank.

AsleepInYorkshire wrote:But I also want to make sure I avoid that elephant "care home fees". So we have plans to build on the rear of our home. A single storey extension about 700 FT2. This will allow us to live downstairs if needed and protect the asset which is our home for our daughter. As a QS I can project manage this work myself at a fraction of the cost of getting local builders to do it for me. I can also future proof the extension for any care needs that may be needed in the future, such as wet rooms and steel girders for rails etc. At todays prices I think I'd need 60-80K for the extension. Obviously in 12 years time that will be a little more.
AiY


I am not sure the plans for the extension will avoid the need for care, but might delay the need, for example, have you designed into your extension the possibility that you might need carers staying to look after you or your wife?

In their late 70's my parents moved into a retirement flat nearby (they had been living the other side of the country) and that worked perfectly for them for five years. Then my father dropped dead and my mother who relied on him was on her own. Although she had carers coming in three times a day it was not working very well and the only way it could have worked was to have 24 hour live in care which wasn't practical, so she is now in a care home at £65k a year. However she is enjoying where she is now living rather than enduring living in the flat with carers coming in.

My widowed mother in law in her early 80s lives in a retirement flat that is perfectly designed for the needs of the elderly. The trouble is she has just developed dementia so no longer believes the flat she is living in is hers and is frequently found wandering outside. Again she has carers coming in three times a day, but it isn't enough so a care home is being organised for her.

However if the property is being lived in by your daughter that would prevent the property being assessed as part of your assets for care home fees, but if you have £900k in the bank that would be consumed first before the property was even considered.

AsleepInYorkshire
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Re: Cheeky but polite question about income required when retired

#437654

Postby AsleepInYorkshire » August 26th, 2021, 6:30 pm

AF62 wrote:I am not sure the plans for the extension will avoid the need for care, but might delay the need, for example, have you designed into your extension the possibility that you might need carers staying to look after you or your wife?

Yes. You're completely right. It's not a perfect solution. However, one of my uncle's has suffered with dementia for some time now and indeed about three months ago was moved into a care home and he died in there and was buried two weeks ago. Can I just talk about "the extension" please. You know how most men drool over cars or football or fishing or shooting. Well my drool is focused on the extension. If we had the funds I'd start it tomorrow (well I wouldn't as there's a shortage of most things in the building industry currently). It will be a simple single storey flat roof timber framed extension. Open plan. We are South facing at the back of our home. It will be 12m long and 5m wide. And before the mathematicians jump all over me it will be 7m at one end as rear of the house has two 1m returns. At one end will be a decent kitchen. In the middle informing dining and lounging and at the other end a lounge area. That will leave the existing lounge (6m x 3.6m) to become a downstairs bedroom, the existing dining room (3.3 x 3.3m) to become a wet room and the existing kitchen (5m x 3m) to become a large utility room.

That means as we age we can remain in our home. And we want to. We purchased it new in 1994 for £100K. But even before we find we need to do that I'd just like to sit in a South facing lounge (our current lounge is North facing) and just watch the birds, the squirrels and the stoats in the garden. And I can't tell you why. I suppose it's the nearest I can say that I am doing something for me. Planning will not be an issue at all.

But then in the future if a a brain disease does strike we have additional options, not least of which "could" be a live in carer which would be much cheaper. Again it's not a perfect solution. None are.

And finally I'm going to look at the family home which is an asset on top of any pension funds. It's highly likely we will gift it to our daughter as early as possible. There will be no caveat that we remain in the home though. We could always buy something smaller and allow our pensions to protect the family home for her. It's four bedrooms, two bathrooms (proper bathrooms with separate showers and baths) and a decent garden. We don't want to die before the house goes to her. We'd like to live long enough to see the look on her face if we can turn that dream into reality.

There is an elephant in the room I agree. I can at least try not to get squashed :lol:

We've a long way to go though and I'm sure it will not be plain sailing just because I've planned it.

AiY

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Re: Cheeky but polite question about income required when retired

#437668

Postby Kantwebefriends » August 26th, 2021, 7:50 pm

You do need to see a tax planner. Gifting your house to your daughter is probably a lousy idea. Leaving it to her gains you an extra £175k each in exemption from IHT: "residential nil rate band". If you don't need that band that would change things. Then again, a change to the IHT laws governing unused pension pots being passed on would change things too.

I don't see the point in lavishing money on your house so that it really suits you and then gifting it away and moving into something smaller. Also, your daughter is fourteen; by the time she's in her mid- or late-twenties she may have life plans that are incompatible with your current ideas.

As for the cost of "care": Lord knows, it's got us stumped. Equity release, I suppose, would be the answer if I die cheaply and my widow later needs care. But if I need care while she is still alive and hoping to continue to live in the house, things get tricky.

As for the hoped-for £900k in pensions: if the great bulk of that money is yours beware of LTA (lifetime allowance): if your investments do well and LTA is reduced you could find yourself paying a tax penalty.

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Re: Cheeky but polite question about income required when retired

#437670

Postby xxd09 » August 26th, 2021, 7:52 pm

So dependent on personal circumstances
I used Quicken for some years before retirement so I knew exactly what our spending was
Retired at 57 with wife of same age so still quite fit and able to travel
Seemed to spend as much in retirement as when working ie had the means (foreign travel was our thing)
We are now both 75 -wife currently has a foot lesion that would prevent long walks which we enjoyed
Covid has put paid to any kind of out of U.K. travel
Really worked out quite well for us because as age and covid have combined to reduce our options -we were starting to slow down anyway
Just been lucky -so far!
xxd09

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Re: Cheeky but polite question about income required when retired

#437672

Postby Darka » August 26th, 2021, 7:57 pm

AsleepInYorkshire wrote:The current plan is to retire when I am 72. My good lady will be 67 that year. I am 59.


AsleepInYorkshire wrote:However, as many are aware my health hasn't been great and I suspect it's the largest variable in the plan. Hence adding the max to the pension now. Front loading to protect against future potential health issues and also catch up for when I couldn't contribute due to illness.

AiY


I mean this with the best of intentions, are you sure it's wise to wait until 72 to retire if indeed your health isn't great?
If I were in that situation then I would be wanting to retire as soon as possible.

regards,
Darka

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Re: Cheeky but polite question about income required when retired

#437674

Postby swill453 » August 26th, 2021, 7:58 pm

AsleepInYorkshire wrote:The current plan is to retire when I am 72. My good lady will be 67 that year. I am 59. We're not planning a cruise on the QE2 - wasted on us I'm afraid. But I think we would like to holiday a little. Projecting growth at 6% pa net and adding £40K pa by that age there will be joint personal pension fund of circa £900K.

I was thinking of saying that I think you should do all you can to retire much earlier than that, given your age and health issues. But a fag packet calculation says that this pension fund must only have been started (or at least significantly contributed to) very recently, and currently has a good bit less than £100K in it.

Good luck, save hard, calculate a realistic budget and get out as soon as you can.

Scott.

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Re: Cheeky but polite question about income required when retired

#437677

Postby Nimrod103 » August 26th, 2021, 8:14 pm

I am 67, retired for about 6 years, because my industry (oil exploration) collapsed. Without getting really down into the detail, I suspect most people (myself included) run pretty balanced (income vs outgoings) during early retirement.

I get the feeling that many reasonably well off people when they reach 70, find they have more money than they can reasonably spend. It sounds strange writing that, but the sort of people who are careful with money (who are likely to be contributors to this chatroom) do tend to have more than they immediately need.

It might help IMHO to focus on where the big expenses are. Are the following a significant issue: (1) expensive holidays, (2) costs of running a second or holiday home (I don't have one, but I know people who have found this quite crippling), (3) the costs of divorce, (4) the needs of profligate children, (5) expensive hobbies, (I know a couple of guys who like flying, and another who has a seriously big yacht). These sorts of headings are the ones to worry about.

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Re: Cheeky but polite question about income required when retired

#437678

Postby AWOL » August 26th, 2021, 8:15 pm

I am new to retirement and have retired extremely early so I am paying myself a very cautious "take home pay" of £24k per annum. Right now I am only getting through £17k per annum despite my attempts to spend more. We holidayed in the UK this year which will be part of this and had some domestic repairs done but I think the repairs mostly came from excess funds in the joint account so are largely not included in the £17k. I run a car (as does my wife).

In my case my wife is younger and still works and we have separate finances but half the bills. We have two dependent children in the house too. I realise we all live differently and some people would need to make an effort to spend as little as I do and others may even view me as profligate! A lot of what I like is free, like sunshine and fresh air, and the rest involves flying which I am not ready to do at this stage of the pandemic. I also think that the reason I could retire at 49 is that I am a better saver than spender. It's not that I deny myself I just find it hard to think of things that I need. I can see that lots of things would be nice to get. I am trying to spend more on the house though as I have neglected this.

In terms of getting an idea of what may work, I would look at the take home pay suggestions (i.e. after tax) here: https://www.retirementlivingstandards.org.uk/

I think this table is a decent indicator but I wouldn't take the numbers as magical just as an idea of what you can do with different amounts of money.

I am trying to leave an equivalent sum to what I retired on when I go but there are too many imponderables and too much time (hopefully) to be certain of that.
Last edited by AWOL on August 26th, 2021, 8:24 pm, edited 1 time in total.

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Re: Cheeky but polite question about income required when retired

#437680

Postby AsleepInYorkshire » August 26th, 2021, 8:20 pm

swill453 wrote:
AsleepInYorkshire wrote:The current plan is to retire when I am 72. My good lady will be 67 that year. I am 59. We're not planning a cruise on the QE2 - wasted on us I'm afraid. But I think we would like to holiday a little. Projecting growth at 6% pa net and adding £40K pa by that age there will be joint personal pension fund of circa £900K.

I was thinking of saying that I think you should do all you can to retire much earlier than that, given your age and health issues. But a fag packet calculation says that this pension fund must only have been started (or at least significantly contributed to) very recently, and currently has a good bit less than £100K in it.

Good luck, save hard, calculate a realistic budget and get out as soon as you can.

Scott.

Currently it's about £220K. My P226 pension allows a 33% tax free withdrawal unless Government have tampered with that.

Thank you for your kind words. Greatly appreciated.

Well thank you to everyone who's found the time to reply. A lot of good thoughts and sometimes it's useful to hear other thoughts if for no other reason that to reassure oneself that nothing's been overlooked or not thought through well enough.

AiY

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Re: Cheeky but polite question about income required when retired

#437683

Postby AWOL » August 26th, 2021, 8:29 pm

PS - don't forget to model your take home income taking into account effect of tax and allowances on any taxable income.

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Re: Cheeky but polite question about income required when retired

#437685

Postby AsleepInYorkshire » August 26th, 2021, 8:35 pm

Darka wrote:
AsleepInYorkshire wrote:The current plan is to retire when I am 72. My good lady will be 67 that year. I am 59.


AsleepInYorkshire wrote:However, as many are aware my health hasn't been great and I suspect it's the largest variable in the plan. Hence adding the max to the pension now. Front loading to protect against future potential health issues and also catch up for when I couldn't contribute due to illness.

AiY


I mean this with the best of intentions, are you sure it's wise to wait until 72 to retire if indeed your health isn't great?
If I were in that situation then I would be wanting to retire as soon as possible.

regards,
Darka

I'm fortunate that I don't have a physically demanding job. Most of my day is sat in front of the screen or in meetings or walking around building sites. I am not quite there yet, but am reasonably confident that within the next 2 years I will be able to drop down to a four day week with no loss of income. My health issues have been protracted and debilitating. Some quite serious mental health problems along with some physical symptoms too. We got to the underlying cause in June 2016 and since I've moved forward. Slowly at first but in the last two years I've made some great progress. I still have one or two issues though and I'm hopeful that they will be sorted in the coming months.

I'm still fit for work and given that I don't have a huge pension pot can't retire currently. I'm not too sure I want too just yet. I do enjoy my work and the interaction during the day keeps me "young" :)

AiY

AsleepInYorkshire
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Re: Cheeky but polite question about income required when retired

#437687

Postby AsleepInYorkshire » August 26th, 2021, 8:45 pm

AWOL wrote:PS - don't forget to model your take home income taking into account effect of tax and allowances on any taxable income.

I have done yes. The spreadsheet is quite complicated but works with variables such as growth, tax to pay on draw downs and it can project tax threshold growth too - albeit based on simple rises in a straight line. So it establishes a trend more than anything. For example if I reduce the projected growth from 6 to 5% then the "end out" fund drops by approx 50K. It just provides "a feel".

AiY

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Re: Cheeky but polite question about income required when retired

#437694

Postby Darka » August 26th, 2021, 9:24 pm

AsleepInYorkshire wrote:
Darka wrote:
AsleepInYorkshire wrote:The current plan is to retire when I am 72. My good lady will be 67 that year. I am 59.


AsleepInYorkshire wrote:However, as many are aware my health hasn't been great and I suspect it's the largest variable in the plan. Hence adding the max to the pension now. Front loading to protect against future potential health issues and also catch up for when I couldn't contribute due to illness.

AiY


I mean this with the best of intentions, are you sure it's wise to wait until 72 to retire if indeed your health isn't great?
If I were in that situation then I would be wanting to retire as soon as possible.

regards,
Darka

I'm fortunate that I don't have a physically demanding job. Most of my day is sat in front of the screen or in meetings or walking around building sites. I am not quite there yet, but am reasonably confident that within the next 2 years I will be able to drop down to a four day week with no loss of income. My health issues have been protracted and debilitating. Some quite serious mental health problems along with some physical symptoms too. We got to the underlying cause in June 2016 and since I've moved forward. Slowly at first but in the last two years I've made some great progress. I still have one or two issues though and I'm hopeful that they will be sorted in the coming months.

I'm still fit for work and given that I don't have a huge pension pot can't retire currently. I'm not too sure I want too just yet. I do enjoy my work and the interaction during the day keeps me "young" :)

AiY


Glad to hear you are making progress, and hope that you manage to resolve everything and come through ok.

best wishes,
Darka


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