How much do you need for comfortable existence in retirement.

[martin363]

Im well over 50 (despite my username), and i reckon i can still do it all! Bring it on!

I retired in June at 48 (with my wife), and didn't find it a wrench, but then I had planned for it for a good while (25 years) - no debt, 2 properties, kids at Uni etc.. I have more than sufficient savings to supply an income, and then I get the 'bonus' of taking my private pension at some point after 55, likely around 60, which will add an additional 50% to my income (IFA says when it is approaching LTA), and then a further 'bonus' at 67 whatever the state pension is worth at that time, so provided there are no wars, We should be ok.

I am not regretting the decision at the moment, spent last night on the beach front in Kalamata, and then drove the 90 mins home, to the seaside. You have to plan, have some luck and take the plunge, none of us know how long we have, don't waste it.

Breakfast by the Harbour this morning in Kalamata,


And then the drive home is pretty good too!

 

[Kreeeee]

.

 

[martin363]

Lovely, I wish I could move to a LCOL country but the wife wants to stay where we are in retirement.

if I could convince her I’d be looking to retire at a similar age to you.

I am very lucky my wife is Greek, we have a place in the UK, but I really don't want to live there much, the wife had different ideas, 6 / 6, but is suspect after a while it will be more like 9 and 3 to Greece

 

[Kreeeee]

.

 

[martin363]

Splitting time across countries sounds like a great approach.

It adds to the costs... but is essential I think so we don't get bored! Plus the kids are in the UK.

 

[Kreeeee]

.

 

[martin363]

I've re-calculated. £7500 per annum is more than enough for us, with the other £7500, perhaps i could rent a house in greece

A pension is only numbers, but then when you use it, it becomes invaluable. easy to forget that when you are younger.

 

[OpenToSuggestions]

I put 6% into my pension. My company puts in 12%.
I put £150 each month into a lifetime ISA and overpay my mortgage by just under 50%.
I don't know what the numbers will end up being (I'm in my mid 30s) but I'm confident that I'm doing what I can.
I also buy shares but that's not intended to fund retirement.

 

[AndyCr15]

I find this all very interesting, it makes me wish I'd paid more attention to saving and investment 10 years ago! Do we have a thread somewhere about investing advice? Are we allowed, or is it a legal minefield like medical advice?

 

[booyaka]

I find this all very interesting, it makes me wish I'd paid more attention to saving and investment 10 years ago! Do we have a thread somewhere about investing advice? Are we allowed, or is it a legal minefield like medical advice?

There is a "trading the stockmarket" thread which has sort of morphed into investing generally.

 

[Freefaller]

Splitting time across countries sounds like a great approach.

That's what I plan on doing, and why I have investments (properties) in my home countries

 

[Azza]

How Much Do I Need To Retire? from Monevator.

 

[Kreeeee]

.

 

[Freefaller]

I’ve never been a fan of property investments, there is too much hassle and risk involved with them. I’ve also always been taught to own and leverage my assets and rent my expenses, which is why I’ll never pay off my mortgage on a property that I live in, and I will most likely rent secondary accommodation.

yeah it is a hassle (maintenance and rent (only rent 2 of them)), but my family and friends use them so it's not really a massive issue for me, and it makes for cheap holidays!

 

[M1k3H]

That's what I plan on doing, and why I have investments (properties) in my home countries

This is the next item I need to sort out. Main difficulty is getting a loan on my name in my home country as I haven't worked there much. Might have enough capital to do this in the next 4 years without needing a big loan, so might convince some family to get into this with me and they can also look after the property.

 

[Freefaller]

This is the next item I need to sort out. Main difficulty is getting a loan on my name in my home country as I haven't worked there much. Might have enough capital to do this in the next 4 years without needing a big loan, so might convince some family to get into this with me and they can also look after the property.

You might pay over the odds a little as a non local tax payer - we did it through a permanent family member living there, but as I had a bank account and regularly send money to it. I'm on the voting register etc... they seemed ok about it. However as you say it's not as straightforward - but not impossible.

 

[AndyCr15]

Given I'm being made redundant next April, should/can I move my pension with that company into somewhere else? Is there any reason to leave it with my old company? I use MoneyBox for an ISA, they are offering £2k to take over a pension. I'd like the visibility if I move it there and also how easy it is to deposit into it. (Right now I have no idea how much is in my pension... I think I get an annual statement, I need to find my last one really.)

 

[djjuk]

Given I'm being made redundant next April, should/can I move my pension with that company into somewhere else? Is there any reason to leave it with my old company? I use MoneyBox for an ISA, they are offering £2k to take over a pension. I'd like the visibility if I move it there and also how easy it is to deposit into it. (Right now I have no idea how much is in my pension... I think I get an annual statement, I need to find my last one, really.)

Get your statement, check performance and ongoing management fees and then take a view. For what it's worth, I did this a couple of years ago, transferred it all to Vanguard, and it is performing strongly.