Can we retire please? How much money do you really need need?

Garry Walden said:
not once have i ever heard anyone say "I wish we had waited"...
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My wife wish id waited 3 months and would have been made redundant the extra K£20 or so would have allowed her mind to have given up as well. To me those were golden months. Left work 18mth ago I get my pension next month. The op sounds prepared.
I thought about it for 2 years, got all major purchases out of way, new van new toad new sofas carpets etc. Glad i did it.
 
I think the Pensions “industry”, ( didn’t want to use the word “racket”— oops sorry I did) has deliberately over-egged the amount you need in retirement and based it on selling you the notion of a pension when you are in your 30s or 40s, when you are spending/buying at your highest level
 
Cheshirecat57 said:
I think the Pensions “industry”, ( didn’t want to use the word “racket”— oops sorry I did) has deliberately over-egged the amount you need in retirement and based it on selling you the notion of a pension when you are in your 30s or 40s, when you are spending/buying at your highest level
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If you think that hopefully most couples will receive £17,000 per year state pension and the average household needs £21,000/£24,000 to cover household bills then once you have them covered then anything on top is for holidays extras and emergency spends.
The big Elephant in the room possibly waiting to knock the wall down is the cost of long term care, there are no proper plans available that you can invest in to cover the potential cost and you don’t know whether you will ever need to cover the cost, but you should have some form of plan just in case, downsizing and putting cash aside or sufficient savings.
Why should you even bother having money ready just in case, well until the Government get their arse in gear and formulate a fair and equitable system to cover the costs then if you haven’t got the cash you will not the choice of care you will be pushed into the cheapest offering in your area.
 
Otter Spotter said:
If you think that hopefully most couples will receive £17,000 per year state pension and the average household needs £21,000/£24,000 to cover household bills then once you have them covered then anything on top is for holidays extras and emergency spends.
The big Elephant in the room possibly waiting to knock the wall down is the cost of long term care, there are no proper plans available that you can invest in to cover the potential cost and you don’t know whether you will ever need to cover the cost, but you should have some form of plan just in case, downsizing and putting cash aside or sufficient savings.
Why should you even bother having money ready just in case, well until the Government get their arse in gear and formulate a fair and equitable system to cover the costs then if you haven’t got the cash you will not the choice of care you will be pushed into the cheapest offering in your area.
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I see where you are coming from. However, I want to live now rather than have a better care home.
 
Pappy said:
I see where you are coming from. However, I want to live now rather than have a better care home.
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I also see where you are coming from. BUT might you think differently if the time came to require a care home...? :unsure:

Just saying... ;) (y)

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Pappy said:
I see where you are coming from. However, I want to live now rather than have a better care home.
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I know exactly what you are saying and I tend to agree with you, if dementia sets in with me I won’t give a toss where I am but I don’t want my family to have to suffer the potential costs.
 
UPDATE

So 18 months have passed since the original question was asked and finally we set off next week for our initial retirement trip. :Grin:
5 weeks drifting around France this time and already booked the 90 day next June

The timing was not as we would have wanted but the way the last 18 months have gone we are happy to still have the choice. Thanks for all the advice over the thread it made us look carefully at every option and the wait is worth it.

We are far from rich but a mix of travelling using aires and some campsites will help spread the money. No debt and house paid means finances are easier now and after a few years of monitoring we were surprised at how much we actually spent (not a great deal)(y)
So thats it at 60.
46 years of continuous work ends on the 31st Aug although I'm already off. Other half has finished as well. New adventures with no time restrictions.
We can start living the dream:party:
 
Fragle said:
UPDATE

So 18 months have passed since the original question was asked and finally we set off next week for our initial retirement trip. :Grin:
5 weeks drifting around France this time and already booked the 90 day next June

The timing was not as we would have wanted but the way the last 18 months have gone we are happy to still have the choice. Thanks for all the advice over the thread it made us look carefully at every option and the wait is worth it.

We are far from rich but a mix of travelling using aires and some campsites will help spread the money. No debt and house paid means finances are easier now and after a few years of monitoring we were surprised at how much we actually spent (not a great deal)(y)
So thats it at 60.
46 years of continuous work ends on the 31st Aug although I'm already off. Other half has finished as well. New adventures with no time restrictions.
We can start living the dream:party:
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We are currently trying to plan for next year, initial plan was year after but as you say the last 18 months has made us think hard. We still have Mortgage but speaking with advisor it may be possible to do it next year and pay everything off. It may be Mrs T will retire next year and I will do another year but as i WFH we can still travel even if it s weekends as we can't now as she works Saturday.

Good luck, hope you enjoy it.
 
MichaelT said:
We are currently trying to plan for next year, initial plan was year after but as you say the last 18 months has made us think hard. We still have Mortgage but speaking with advisor it may be possible to do it next year and pay everything off. It may be Mrs T will retire next year and I will do another year but as i WFH we can still travel even if it s weekends as we can't now as she works Saturday.

Good luck, hope you enjoy it.
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Good luck. At least planning is a start.

Hopefully like us you can get out earlier.
 
Congratulations, enjoy it while you can.

We are not far behind, hoping to wind down from 1st January, had wanted to finish earlier, but with Covid and being unable to travel easily didn't seem much point, the extra year's work has helped boost our funds.
 
I handed my notice in 6 weeks ago on my 60th birthday, giving a years notice. After almost 30 years with the company it was a tough decision. But now the deeds done I can’t wait for the 30 June next year. Pension wise it looks like we are a little better of than we hoped we would be.

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andyman said:
I handed my notice in 6 weeks ago on my 60th birthday, giving a years notice. After almost 30 years with the company it was a tough decision. But now the deeds done I can’t wait for the 30 June next year. Pension wise it looks like we are a little better of than we hoped we would be.
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Why a years notice, is that the rules of the pension scheme or something?
 
Just seen this thread,
I retired 4 years ago (aged49) and to be honest have been a bit lost, seem to have no real purpose, taken the odd job here and there but nothing fulfilling as such so don’t really stay for to long.
Don’t get me wrong I have friends who have retired at a similar age to me and never looked back and love it. But unfortunately that’s just not me.
Just my opinion
Ps This post isn’t meant to piss on anybody’s chips and if you are finishing work soon enjoy it it’s a long time coming.
Cheers all
 
To save money, only buy what you need, not what you want. Recycle everything. As others have said shop late and get the late bargains. Don’t follow the latest trends on here. If it works don’t change it to keep up with the Jones.
My pension has gone up by £100 pm since I last posted😂
 
Fragle said:
UPDATE

So 18 months have passed since the original question was asked and finally we set off next week for our initial retirement trip. :Grin:
5 weeks drifting around France this time and already booked the 90 day next June

The timing was not as we would have wanted but the way the last 18 months have gone we are happy to still have the choice. Thanks for all the advice over the thread it made us look carefully at every option and the wait is worth it.

We are far from rich but a mix of travelling using aires and some campsites will help spread the money. No debt and house paid means finances are easier now and after a few years of monitoring we were surprised at how much we actually spent (not a great deal)(y)
So thats it at 60.
46 years of continuous work ends on the 31st Aug although I'm already off. Other half has finished as well. New adventures with no time restrictions.
We can start living the dream:party:
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Jealous :)

enjoy , well done
 
We’ve taken the plunge, mortgage paid of next week😃,state pension for me next year😀,did Lakefest last weekend[gold camping ,don’t get me started]now in Manorbier celebrating wedding anniversary in same hotel and room as honeymoon 28 years ago [romantic sod ain’t I] ,already planing next two trips, both complaining we’re busier than we were when we worked ,can’t understand those who say they’re bored hope by the time we’re hundred and fifty might have chance to take it easy.

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I am incredibly lucky.

I have discovered that I have an immense talent and expertise, developed over the years, in the art of sitting in the shade of a magnificent oak tree and doing nothing...

20210819_180204.jpg


As the financial experts here will confirm, this does not cost me very much.

Add into the mix, free solar power, free water and no parking fees and it means I am able to put a little aside each month from the plain old Blighty basic pension. Even after luxuries like the odd burger or tank full of fuel I still have a tad left over.

Obviously if I was into scuba diving or flying or mountain climbing I would not be able to manage fiscally but, as I posted above, sitting in a recliner thinking, is fully covered.

A rich man is not the one who has the most.

A rich man is the one who needs the least.

Sorry to sound so smug...


JJ :cool:
 
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MichaelT said:
Why a years notice, is that the rules of the pension scheme or something?
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I always said I’d give a years notice to make it an easy transition. We need to put someone into the roll and give them time to settle in, and allow time for me to let go.
 
Slippymurphy said:
Just seen this thread,
I retired 4 years ago (aged49) and to be honest have been a bit lost, seem to have no real purpose, taken the odd job here and there but nothing fulfilling as such so don’t really stay for to long.
Don’t get me wrong I have friends who have retired at a similar age to me and never looked back and love it. But unfortunately that’s just not me.
Just my opinion
Ps This post isn’t meant to piss on anybody’s chips and if you are finishing work soon enjoy it it’s a long time coming.
Cheers all
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Very honest post. We were planning on stopping after Christmas but I‘ve just been headhunted with a very tempting offer…….
 
Slippymurphy said:
Just seen this thread,
I retired 4 years ago (aged49) and to be honest have been a bit lost, seem to have no real purpose, taken the odd job here and there but nothing fulfilling as such so don’t really stay for to long.
Don’t get me wrong I have friends who have retired at a similar age to me and never looked back and love it. But unfortunately that’s just not me.
Just my opinion
Ps This post isn’t meant to piss on anybody’s chips and if you are finishing work soon enjoy it it’s a long time coming.
Cheers all
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Totaly agree we toured europe FT for 3 years and loved it no money worries as a good pension .Been home now 6 months totaly bored and looking to go back to work part time until european travel appeals to me again.After 2 lockdowns there would prefer to stay here at moment.
 

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