Reply With Quotejust to change the slant slightly regarding retirement if your say between 60 -65 years of age right now what is a tidy sum of money to retire on to give a reasonable/ decent standard of living ?
with and/or state pension ?
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Originally Posted by Jimmy the Jock
just to change the slant slightly regarding retirement if your say between 60 -65 years of age right now what is a tidy sum of money to retire on to give a reasonable/ decent standard of living ?
with and/or state pension ?
Having planned ahead in anticipation of retirement I put quite some thought into this subject. I don't think anyone can really answer you properly as what one person's passable lifestyle is not someone else's. What I did was compare my full-time income in employment minus the contributions I was making for my retirement against what I could clear once I draw on my various pensions having cancelled the contributions I was making towards them - and I made sure that I will be better off and not worse off. The biggest problem is thinking about how you treat lump sums you may receive and as to how much you dip into it on an annual basis wherever it is invested and how long it will last at that rate, the problem being that you don't know how long you will live. You don't want to be skint if you live to a ripe old age but on the other hand you don't want the Grim Reaper to show up when you haven't had time to enjoy your investments (especially if you are single and childless like me).
By the way, I'm no financial expert so ignore me
A very kind City fan on here gave me a bit of a steer too.
Mozzer- as tbg says there is no right answer to this. As someone once said to me you’ll only ever know if you made the right choices once you’ve died 🙂. It’s all down to your own personal needs/expectations of retirement too. I really benefited from talking all of this through with an IFA. Choose carefully though.
Trainset.Golf.CaravaningI'll keep schtum for now but thanks for your kind words
As Taunton Blue Genie says, there's no magic number. Most of us adjust our lifestyle to our income levels.
A good rule of thumb that I use when working with people (I'm an IFA specialising in retirement planning and later life!) is around £2,000-£2,200 per month for a couple looking for a reasonable lifestyle. This figure was very similar to the recent Which magazine survey which came up with £2,170 per month. This would usually cover all the basics, plus hobbies, eating out a foreign holiday.
This would be a good target to aim for (assuming you'll be mortgage /rent free in retirement).
After working out what you need, the next step is to work out where the money's going to come from.
If you've not done so, get an upto date state pension forecast, and then understand exactly what your other pensions look like and what you can do with them.
I hope all went well in the operation last Monday. I had a below knee amputation on my left leg in 1999. I was up and walking on a prosthetic leg in 3 months. What i will say is that it takes determination but you can do it. I have witnessed folks not trying and ending up in a wheelchair. Try not to be one of those and give it a real go. Good luck. By the way the staff in Rookwood hospital are lovely.
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