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

I retired at 52 and have never looked back, I had Prostate Cancer and just getting over Bowel, If I had still been working till the right time I would have been too tired to enjoy....... I have been so lucky and just would like for a lot of others to enjoy as we have, however, we did do without previously with the view to getting out early. As for figures...... can't be done, every one has differing values, but, when you are getting low one month I'll bet the car breaks down or the washing M/c packs up............. all this said I would rather be on bread and water than go back to work.
 
Can relate to everything you say Two of us , I also was diagnosed with prostate cancer at 53 & had it removed at 55. After all this trauma when the opportunity to retire at 56 presented itself no way was I going to turn it down. Since then had bowel problems which resulted in 4 colonoscopies it just vindicated my decision. Having worked hard for 41 years I thought I should take some time for us for a change. 6 years later haven’t regretted one day, like many just feel a little cheated by the events of the last 18 months.
 
Go for it I retired 12 years ago at 60 bt paid me a lump sum big enough for me to stay at home and not lose out financially took it over 3 years so no tax and not looked back deferred my state pension at 65 for 5 years for tax reasons . Been to Spain 5 times Portugal once Italy Belgium Luxembourg Austria Switzerland Germany twice France more times worth mentioning never regretted it once put the house in the kids names and live for 7 years for tax reasons if the money runs out so what,,found out 3 weeks ago I have
A leaking heart valve that will need monitoring anually so you never know what is round the corner
 
Well I have joined this thread late and haven't read all of the pages. I have heard many times people say "when we retire we are going to do ..... together" Only for them both not to make it. My mother and father were one of these, my dad died a couple of weeks before my mother was due to retire. Seeing this changed my outlook on life and I spent a lot more time enjoying family life and less time stuffing money away for retirement. (having said that I knew I had a reasonable final salary pension to come). That was a good decision as I suffered a similar fate when my wife was diagnosed with cancer and died at 60, I was 64, fortunately She had taken redundancy a few years earlier and we had enjoyed some very good holidays. I am now 69 and have just bought my first MH a small one, just big enough for me and my greyhound - who costs more to feed than me and we intend to enjoy our travels.
What I am trying to say, from experience, is don't leave it too late to retire or you may not enjoy retirement the way you planned it!
 
berni109 said:
Think I may have posted this before. Get out as soon as you can afford to. Most people are never missed after a few week of disappearing.
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agreed.... did it in 2014 and in all our travels since have yet to meet anyone doing similar who has said "I wish i had waited longer"

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I’m in the process of early retirement (55), hopefully out 31st this month. It’s due to ill health.

Probably similar to lots of folk on this forum, I’ve seen too many people family included work themselves to a stand still, retire at the last moment and then have something awfully life changing or ending to happen soon after.

life really is for living…check what you have against what you spend and be realistic. Get rid of financial burdens as soon as possible and find ways to draw horns in BUT you must be able to enjoy your new life else what’s the point. It’s surprising how much or little you can actually live on!

small part time jobs that first may appear mindless may well offer national insurance security and the additional funds you need. After a high stress workplace, you may welcome someone else making the decisions and taking the brunt!

Really…life is far too short. If you are not enjoying what you do, health issues are knocking at up your door, or you just want to get out, look at it.
 
Go for it like a lot of people on this site I have more years behind me then in front of me
take a chance see how it goes no body can tell you if enough is enough that’s for sure .
happy days
 
This has probably been spoken about before, but if you are over 55 you can get a pension valuation. I had 4 pension schemes throughout my various careers, one of them being a private scheme with Aviva. I lost my job just 18 months before I was planning to retire, and had such a limited knowledge of pensions.

When my final salary pension was due to mature I received a load of paperwork with different options. Not really fully upstanding any of them I looked through a long list of FCA authorised and approved Independent Financial Advisors and came across Reeves Independent who are based in Newcastle, who specialise in pensions. Based on their advise I didn’t take the Final Salary pension but consolidated the 4 pensions and now have a investment account. I take full advantage of my personal allowance, and the 25% tax free part of the pension and avoid as much as is legally allowed, paying income tax. I’m still with Reeves after 4 years and I so highly recommend them. Give them a call, you have nothing to lose and everything to gain.
 
My wife and I retired almost 3 years ago at the tender age of 55 & 60 [me] having worked all our lives, bought our MoHo and it's been parked ever since due to COVID, few short trips so far. No regrets at all - we have private pension income of about £2250 between us and I get my State Pension in just under 3 years. We've managed on this and had a few holidays etcLooking forward to trying to manage on this for Europe trips when we feel ready
 
We retired a year early, Covid did us a favour, I took my NHS pension and hubby took voluntary redundancy, we managed on 15k, mortgage paid off, just utility bills and we run 2 cars, however due to lockdowns no hols. Have you got grandchildren? As we find they are money pits, especially as they get older, we have 3.

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Gixer said:
My wife and I retired almost 3 years ago at the tender age of 55 & 60 [me] having worked all our lives, bought our MoHo and it's been parked ever since due to COVID, few short trips so far. No regrets at all - we have private pension income of about £2250 between us and I get my State Pension in just under 3 years. We've managed on this and had a few holidays etcLooking forward to trying to manage on this for Europe trips when we feel ready
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We find it more expensive in this country than in Europe. Lots of Free or cheap aires to stay on and easy to travel around. Just pick an area and explore. We usually go for a month at a time (mainly because it works out cheaper for insurance purposes!)
 
Caggsie1 said:
I’m going to keep an eye on this post, we’re being forced into a retirement due to hubby getting redundancy and me having some serious back issues. Although I still do have a job at the moment. I’m a teacher in FE college. So still classed as employed just waiting on one more procedure to get fit and fiddly again. Hubby feels as I’m less able to work he would like to continue to work. I’m not against this but do feel that he could do with some time to chill and get stuff done around here. He’s been working 12 hour days and away quite regularly. I keep thinking it’s the fear factor. How many peeps come on here and say they don’t know how they managed to work they are that busy. He’s 62 and I’m 57.
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Well we did it! Hubby took a while to settle. A slow realisation that going to work isn’t necessary always a good thing. Maybe too young to retire mentally. COvid didn’t help or maybe it did, I’m unsure. We did manage a few jollies in MH. I have, this year also taken ill health retirement. I’m liking the fact that I don’t have to go back to work. Had third spinal op in June, which is proving a bit hit and miss But I’ve still more recovery time to completely right it off. So yea, in this household, if pensions are good then do it.
 
cheyanne said:
We retired a year early, Covid did us a favour, I took my NHS pension and hubby took voluntary redundancy, we managed on 15k, mortgage paid off, just utility bills and we run 2 cars, however due to lockdowns no hols. Have you got grandchildren? As we find they are money pits, especially as they get older, we have 3.
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Yes we do. only the one so far but he has rich grandparents(y). Just not us:ROFLMAO:
 
Can you rent your house out and full time in your van? Don’t look back on life and think ’what a nice house we had’, look back and think ‘wow what an adventure’.
 
Us2 said:
Can you rent your house out and full time in your van? Don’t look back on life and think ’what a nice house we had’, look back and think ‘wow what an adventure’.
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Better half doesn't like the idea. but I would.

Fortunately we could downsize. Don't need 4 bed house now and possibility of 100k freed up and a smaller house/bungalow seems to be best option if she won't rent.
 
Us2 said:
Can you rent your house out and full time in your van? Don’t look back on life and think ’what a nice house we had’, look back and think ‘wow what an adventure’.
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This is what we were contemplating for a few years after retiring at 60, mainly to supplement my meagre pensions and prolong the finances. Mrs Westy doesn’t have a pension so I could put the rental in her name as her income and would be well under her £12500 and I could draw down £12500 of my pensions, does this sound feasible? I haven’t properly looked into it yet as I’m 5 years away👍
 
Fragle said:
Better half doesn't like the idea. but I would.

Fortunately we could downsize. Don't need 4 bed house now and possibility of 100k freed up and a smaller house/bungalow seems to be best option if she won't rent.
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My other half would not want someone else in our home. I guess some see it as a home others just see it as an asset
 
Caggsie1 said:
I’m going to keep an eye on this post, we’re being forced into a retirement due to hubby getting redundancy and me having some serious back issues. Although I still do have a job at the moment. I’m a teacher in FE college. So still classed as employed just waiting on one more procedure to get fit and fiddly again. Hubby feels as I’m less able to work he would like to continue to work. I’m not against this but do feel that he could do with some time to chill and get stuff done around here. He’s been working 12 hour days and away quite regularly. I keep thinking it’s the fear factor. How many peeps come on here and say they don’t know how they managed to work they are that busy. He’s 62 and I’m 57.
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That is the age we retired at !!
But, I do have an Army pension.
GO for it !!!
You can always go back to working if things go Pete Tong. !!!
Good luck and ENJOY. !!!
Mitch.😉
 
I "retired at 42" and I/we lived off Martin's occupational pension for some years. We had little money then, but time to call our own, and we made the most of that time, travelling extensively, in Europe and further afield (southern hemisphere). We slowly then accrued more pensions, my/our last one to come at the end of November this year.

We'll never be any richer, in money terms, (and we find it hard to spend all,our income now) but the last 20+ years of travel are worth far more, in our minds, than any amount of money we'd have earnt continuing to work.

Some 20 or so (if we're lucky) years from now we'll not be bothered about money, but before we pop our clogs, well have had some lovely memories.

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WESTY66 said:
This is what we were contemplating for a few years after retiring at 60, mainly to supplement my meagre pensions and prolong the finances. Mrs Westy doesn’t have a pension so I could put the rental in her name as her income and would be well under her £12500 and I could draw down £12500 of my pensions, does this sound feasible? I haven’t properly looked into it yet as I’m 5 years away👍
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That would only “work” tax-wise if the house was 100% in her name as her asset
Remember you can also have some of her tax allowance (£1260 this year) if she doesn't use it (every little helps)
 
Cheshirecat57 said:
That would only “work” tax-wise if the house was 100% in her name as her asset
Remember you can also have some of her tax allowance (£1260 this year) if she doesn't use it (every little helps)
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I may be wrong but I think you can put the rental income in Ione name even though house is joint. She must be responsible for the rental, agent fees, her name on the lease etc
 
Fragle said:
Help. We are looking for some real world advice on if we are near or have already reached the point of retirement.
I have 8 years to pension age the better half has 2 years and both of us have had enough of being beholden to work. The better half has a few issues we feel its time to enjoy life.

Being very lucky to have paid the mortgage and the motorhome and the bills are just everyday stuff from having a property. We don't really want to full time so having done the maths I think we can do it:clap2:

Ive broken everything down that we can think of insurances, services to car and motorhome, gas electric etc multiplied and divided and computer says yes it can be done. Just.
Happy days.
But the question is? Is there an amount, a real world figure people have found they require. A couple we saw a few weeks back said friends of them had set a target of £15000 per year to live off and only spent £13000. This seems to match our figures. So is this figure realistic? Do you already live on a smaller budget?
New decade new life:xThumb: Any advice is helpful
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Hi
Take retirement as soon as possible. I lost my wife at 57 never ever Not well. Complete shock. I now live my life like it’s my last day within reason. So just get on with your life better to enjoy your life when your healthy. You can always go and do some work if things get desperate. Worry about it if the time comes. Some say you might need this or replace that. But you might not. Hope you start living the dream soon.
Regards
Richard

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ceejayt said:
I may be wrong but I think you can put the rental income in Ione name even though house is joint. She must be responsible for the rental, agent fees, her name on the lease etc
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Only works-if the joint owners are un married OR if the property purchase was originally registered as joint tenants in common with an agreed split at that time

I doubt if either applies in this case
 
Cheshirecat57 said:
That would only “work” tax-wise if the house was 100% in her name as her asset.
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Correct.

ceejayt said:
I may be wrong but I think you can put the rental income in Ione name even though house is joint. She must be responsible for the rental, agent fees, her name on the lease etc
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Wrong I'm afraid. If it is owned jointly in equal proportions (which is the norm) the income and expenses have to be split 50/50.

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