How much do you need for comfortable existence in retirement.

[SpeedFreak]

At the minute I guess I am investing about 50% of my income each month. I'll just keep doing that until I get fed up working tbh and then see what I need later in life.

 

[Uther]

No mortgage/rent? £1500 would be more than enough for us.

 

[norm]

I think retirement is such a depressing thought. You are finally free from the burden off work, and you are financially able to do the things you couldn't, but you've had to sacrifice your youth and potentially health to reach this point.

It's a cruel anticlimax really, and then so many people who have retired never really act on the plans they had and before they know it their time on this earth is at an end.

Obviously the above is a slight exaggeration, people can, and do have happy retirements, but it still feels like the end of a chapter.

 

[builder22]

^^ hmmm...£420 a week sounds about right then

 

[413x]

My hope is to grind down the mortgage I have now. And to never have a bigger mortgage than I have now (unless for tactical reasons like the money can do better elsewhere.)

I think I'd need to obviously be mortgage free.
Then bills.
Then having a life
I guess youd 1200 a month to live a decent life

 

[413x]

I think retirement is such a depressing thought. You are finally free from the burden off work, and you are financially able to do the things you couldn't, but you've had to sacrifice your youth and potentially health to reach this point.

It's a cruel anticlimax really, and then so many people who have retired never really act on the plans they had and before they know it their time on this earth is at an end.

Obviously the above is a slight exaggeration, people can, and do have happy retirements, but it still feels like the end of a chapter.

It's so depressing.
You never know when health is going to take its toll.

 

[Rroff]

I think retirement is such a depressing thought. You are finally free from the burden off work, and you are financially able to do the things you couldn't, but you've had to sacrifice your youth and potentially health to reach this point.

It's a cruel anticlimax really, and then so many people who have retired never really act on the plans they had and before they know it their time on this earth is at an end.

Obviously the above is a slight exaggeration, people can, and do have happy retirements, but it still feels like the end of a chapter.

I've seen far too many people reach retirement, especially those in high end/high pressure jobs like company directors, massively looking forward to it and worked most of their life towards it - then pass away shortly after retiring.

I thought that was going to be my dad - but then 2020 came along and forced his hand.

 

[robj20]

Yeah but surely you would spend that £100 a month fuel in your new spare time visiting friends, family, playing golf, going out? Lunches replaced with dining out when you are away playing golf, etc.

I can't imagine retiring then sitting at home watching TV all day and spending nothing like a lot of old folk do.

Yes cut backs will happen but I'd really not want to be earning less than what I was from my day job.

£200k in an ISA tracking an index would pay you £20k a year for instance (being conservative). Add that to your pensions and you are laughing. Best thing is it's all tax free. There could be dips in the market which means you don't get much one year but recoveries tend to be really quick.

£200k in an ISA is easily done over your working career I bet it would be less than £50 per month if you started from day one.

200k, at £50 a month so work for 333 years, that's a hard life. Lol

Even 50 years working you'd need to save £333 a month.

We'd have no mortgage, we were sensible with the house so it's not huge, council tax reasonable.
I'd have only one cheap car.
I doubt id still be mountain biking, but hope I can still hike/walk and do photography.

I try not to worry about it, I'll probably keep working anyway so drawing my pension will be delayed. I enjoy my job.

 

[Rroff]

200k, at £50 a month so work for 333 years, that's a hard life. Lol

Even 50 years working you'd need to save £333 a month.

We'd have no mortgage, we were sensible with the house so it's not huge, council tax reasonable.
I'd have only one cheap car.
I doubt id still be mountain biking, but hope I can still hike/walk and do photography.

I try not to worry about it, I'll probably keep working anyway so drawing my pension will be delayed. I enjoy my job.

You are forgetting the compound interest effect - though you need to assume a fairly decent interest rate over that duration unless you work a lot of years.

The reality for most people putting £50 a month away over say 30-40 years of working is probably more like 50K.

EDIT: Certainly not easily done with an ISA though - even a stocks and shares one - let alone cash ISAs which have dropped to LOL interest which might as well be 0. Might have been possible 20 years ago.

 

[adam cool dude]

The sad reality is I will be using my mothers house as capital to rent out to top up my pension as well as the pensions I am paying into. Our mortgage will be finished in our mid 40's so maybe we might put away our monthly mortgage amount from then but will see. I am a only child and my mother is Polish. She has been a pensioner for ten years now and sold her house here in England and went back to Poland. She lives like a Queen on just her English pension out there so that will always be an option in the future.

Plus when the children fly the nest we could always downsize our house to free up some capital if needed.

I am only 35 so still have another 35 years of working at least

 

[booyaka]

which is why i said 10% or are you still struggling to read?

I can read your drivel/non sensical posts very well thanks...

 

[Jester*]

I think I say this on most retirement focused posts. As soon as you know what you would be comfortable with, please please please retire and enjoy your life.

My father died at 61, after working MOD all of his life and prioritised his retirement, he had dropped down to a 3 day week semi retirement before being diagnosed with Motor Neurone Disease and it took him from us after just 6 months. I 100% live my life differently now.

 

[dirtychinchilla]

10% is conservative. This year would be 20% and last year more like 40%.

Any links to this?

 

[dlockers]

The sad reality is I will be using my mothers house as capital to rent out to top up my pension as well as the pensions I am paying into. Our mortgage will be finished in our mid 40's so maybe we might put away our monthly mortgage amount from then but will see. I am a only child and my mother is Polish. She has been a pensioner for ten years now and sold her house here in England and went back to Poland. She lives like a Queen on just her English pension out there so that will always be an option in the future.

Plus when the children fly the nest we could always downsize our house to free up some capital if needed.

I am only 35 so still have another 35 years of working at least

Nothing sad about families pooling assets/wealth. There is a reason why certain cultures always seem overtly wealthy and this is one of the main entry criteria to it. Hopefully she is somewhere near the coast in Poland so that you can tick off holiday apartment too

 

[Psycho Sonny]

Any links to this?

S&P 500 on vanguard. Make sure you open ISA account. And make sure you stay consistent put in X amount every month. Same amount every month unless you get a bonus or something.

If you want something with higher fees and more worldwide exposure and UK bias lifestrategy 100 is the one to go for.

 

[dirtychinchilla]

S&P 500 on vanguard. Make sure you open ISA account. And make sure you stay consistent put in X amount every month. Same amount every month unless you get a bonus or something.

If you want something with higher fees and more worldwide exposure and UK bias lifestrategy 100 is the one to go for.

Thought it might be, cheers. My dad sweats by the S&P and he's done very well with his pension.

 

[d_brennen]

I think I say this on most retirement focused posts. As soon as you know what you would be comfortable with, please please please retire and enjoy your life.

My father died at 61, after working MOD all of his life and prioritised his retirement, he had dropped down to a 3 day week semi retirement before being diagnosed with Motor Neurone Disease and it took him from us after just 6 months. I 100% live my life differently now.

Have to say this strikes a chord with me.

I'm planning to go part time or maybe 3 day week in my early 50s and get the hell out of servitude ASAP. I have way too many interests to be bored in a lifetime of retirement. Assuming I live that long, there's no guarantees with life

 

[Semple]

I've seen far too many people reach retirement, especially those in high end/high pressure jobs like company directors, massively looking forward to it and worked most of their life towards it - then pass away shortly after retiring.

I thought that was going to be my dad - but then 2020 came along and forced his hand.

One of our directors at work unfortunately fell into a similar situation. He was late fifties, and had made a good deal of money, was talking about his retirement plans with his wife and kids. He just hung in too long at work and dropped dead of a heart attack on a big family holiday before he could retire.

 

[Uther]

The sad reality is I will be using my mothers house as capital to rent out to top up my pension as well as the pensions I am paying into. Our mortgage will be finished in our mid 40's so maybe we might put away our monthly mortgage amount from then but will see. I am a only child and my mother is Polish. She has been a pensioner for ten years now and sold her house here in England and went back to Poland. She lives like a Queen on just her English pension out there so that will always be an option in the future.

Plus when the children fly the nest we could always downsize our house to free up some capital if needed.

I am only 35 so still have another 35 years of working at least

Poland is a pretty cheap country to live in, so that wouldn't be a bad option, especially if you know the country / language.

 

[Hagar]

I think retirement is such a depressing thought. You are finally free from the burden off work, and you are financially able to do the things you couldn't, but you've had to sacrifice your youth and potentially health to reach this point.

The trick is to have a misspent youth to recall with glee, sex drugs and rock and roll. Then assiduously acquire some wealth and look after your health during mid life. Arriving at retirement with enough put by for a little fun again.
Retirement is similar to teens and twenties with less sex, more drugs and still some rock and roll.