Retirement

[Greg2607]

23 minutes ago, Tommy G said:

Stocks and shares ISA - fill 'em up

oh absolutely, if you are planning to retire early... unfortunately, I don't have enough spare income to top up £20k every year!  it's taken me 5 years to get to £7k in a S&S Isa. 

[fox_up_north]

The thing to remember is that IF pensions start to collapse, then that's huge societal problems. You're essentially into Mad Max territory. Loads of people will have paid into them for years and won't be happy to see them suddenly disappear.

[Tommy G]

46 minutes ago, Greg2607 said:

oh absolutely, if you are planning to retire early... unfortunately, I don't have enough spare income to top up £20k every year!  it's taken me 5 years to get to £7k in a S&S Isa. 

Not many do - it doesn’t matter - chuck in £100 a month it soon accumulates and compounds 

[Guest Lako42]

53 minutes ago, Greg2607 said:

oh absolutely, if you are planning to retire early... unfortunately, I don't have enough spare income to top up £20k every year!  it's taken me 5 years to get to £7k in a S&S Isa. 

20k is the max. It's still worthwhile for lesser amounts. 

[Greg2607]

I'm fully an advocate.... I just don't think i'll ever get to a point where it's a really large figure for retirement.  I'm aiming for £100k in a S&S ISA at retirement.  BUT my current company pension is worth really piling in to, as my company pays in 12%.  That, with my 8% contribution is 20% of my salary a year going into my pension.   I see the ISA as a Top up to that, and then by retirement age, assuming my house is paid off, we'll downsize and release equity.   We deliberately bought the biggest house we could afford 3 years ago, to give us enough room at retirement to sell and buy something at half the price.... I'm expecting that we could buy something at £400k and bank another £400k at that point to supplement our retirement income.  

 

assuming ALL of that goes to plan... I worked out yesterday that we could actually have around £85k a year as a couple on retirement.  

 

So... based on other people's posts yesterday, I've also realised, that we are likely to be in a decent position, so can probably afford some more "lifestyle" bits now.  Gigs, Meals Out, Holidays etc..... we need to live in the here and now as well as plan for the future. 

[Zear0]

1 minute ago, Greg2607 said:

I'm fully an advocate.... I just don't think i'll ever get to a point where it's a really large figure for retirement.  I'm aiming for £100k in a S&S ISA at retirement.  BUT my current company pension is worth really piling in to, as my company pays in 12%.  That, with my 8% contribution is 20% of my salary a year going into my pension.   I see the ISA as a Top up to that, and then by retirement age, assuming my house is paid off, we'll downsize and release equity.   We deliberately bought the biggest house we could afford 3 years ago, to give us enough room at retirement to sell and buy something at half the price.... I'm expecting that we could buy something at £400k and bank another £400k at that point to supplement our retirement income.  

 

assuming ALL of that goes to plan... I worked out yesterday that we could actually have around £85k a year as a couple on retirement.  

 

So... based on other people's posts yesterday, I've also realised, that we are likely to be in a decent position, so can probably afford some more "lifestyle" bits now.  Gigs, Meals Out, Holidays etc..... we need to live in the here and now as well as plan for the future. 

Saga cruises ain't cheap

[Greg2607]

Just now, Zear0 said:

Saga cruises ain't cheap

ironically, based on my new found zest for spending.. I was looking at a Norwegian Fjords Cruise last night 

[PAULCFC]

Retired last year at 55.Both my parents passed away in 2022 and as an only child everything was passed down to me (house etc).We sold the house to pay our mortgage off and sold up in Leicester to move up to the coast in Northumberland.The  new house is a fixeruper.....so have plenty to keep me occupied!Mrs still works from home for the NHS,so that keeps us ticking over.

Edited 3 October 2024 by PAULCFC
Wrong date

[grobyfox1990]

Have no desire or will to retire as I have enjoyed all my jobs for the constant challenge and variety of tasks as the industry constantly changes, however obvs still need to aggressively plan for it as I do not want to give up any quality of life.

I feel very sorry listening to the late 50s early 60s types in the offices scratching down the days until they can leave, wishing their lives away. Again however I fully recognise that one day that will be me, and I will be reduced to complaining about the state of 'modern football' and those pesky kids 'these days'. Hopefully I can put that off for as long as poss by calling around my network as soon as I get sick of my job.