Enjoying Retirement

Enjoying Retirement

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GT3Manthey

Original Poster:

4,524 posts

50 months

Thursday 19th May 2022
quotequote all
Drumroll said:

I take my money out once a year, it works out at 1450 a month. No mortgage, 3 bed semi only 2 of us living in it. Daughter financially independent, but do have gas guzzling 4 4.

No doubt I will need to eat into savings this year and drawdown more next year.

Edited by Drumroll on Thursday 19th May 07:50
Many tks

Welshbeef

49,633 posts

199 months

Thursday 19th May 2022
quotequote all
Drumroll said:

I take my money out once a year, it works out at 1450 a month. No mortgage, 3 bed semi only 2 of us living in it. Daughter financially independent, but do have gas guzzling 4 4.

No doubt I will need to eat into savings this year and drawdown more next year.

Edited by Drumroll on Thursday 19th May 07:50
If you’ve already taken out this year your quids in as (assuming it’s invested fund) will have dropped in value

Carbon Sasquatch

4,653 posts

65 months

Thursday 19th May 2022
quotequote all
My advisor told me there are broadly 2 approaches -
How do I get the maximum cash ?
How much cash do I need and what's the lowest risk way of providing that ?

Most people focus on the former and largely ignore the risk associated with that. It usually comes with more stress and more effort too.

I ended up keeping my DB's because along with the state pensions they should cover all our basic needs forever. Even with 1 state & the spouse DB, that should cover my wife forever with absolutely no stress or thought required from her.

I'm fortunate to have a decent DC pot as well, so I can now use that for my early retirement & can plan to spend the lot before 80. If I get through it too quickly, then I'm on an earlier glide path to basic needs than I might prefer, but hey, I might also have more money than I started with....

GT3Manthey

Original Poster:

4,524 posts

50 months

Thursday 19th May 2022
quotequote all
Carbon Sasquatch said:
My advisor told me there are broadly 2 approaches -
How do I get the maximum cash ?
How much cash do I need and what's the lowest risk way of providing that ?

Most people focus on the former and largely ignore the risk associated with that. It usually comes with more stress and more effort too.

I ended up keeping my DB's because along with the state pensions they should cover all our basic needs forever. Even with 1 state & the spouse DB, that should cover my wife forever with absolutely no stress or thought required from her.

I'm fortunate to have a decent DC pot as well, so I can now use that for my early retirement & can plan to spend the lot before 80. If I get through it too quickly, then I'm on an earlier glide path to basic needs than I might prefer, but hey, I might also have more money than I started with....
Option 2 is what I’ll be looking at especially in the early stages and looking to taper down post 6 years when costs of uni etc expire .

You are in a good position carbon good luck to you .

No reason you can’t relax and enjoy your retirement

Welshbeef

49,633 posts

199 months

Thursday 19th May 2022
quotequote all
James6112 said:
The way inflation is going, the drawdown pots will have to perform pretty well to keep up!
Could go either way, it’s a gamble after all.
Eg a half million pot in lieu of a db sounds a lot now. But I plan on living another 30 years. The gas bill will cost that in 2050 wink

I’m not retiring for a couple more years, as generous salary & wfh. Will bring it forward if I have to go in more than occasionaly

A mix of drawdown gambled with HL & 2 DB pensions started when I hit 60 recently. Still paying into another DC.

The state pension forecast went up nicely:-


Wife’s state pension forecast just a few short of that
Thanks just checked mine again and the 21/22 year is updated

The Max I can get is £9,990 why is your maximum higher? Surely the new state pension is level for all or is it possibly because I’m older and have more of the old state pension than the new state pension than your split?

Phil.

4,764 posts

251 months

Thursday 19th May 2022
quotequote all
Dermot O'Logical said:
We need to change the thread title.

Nobody seems to be "Enjoying Retirement".
The theme has certainly moved to ‘’preparing for retirement’’ plus worrying about the state of the economy, from enjoying retirement.

James6112

4,379 posts

29 months

Thursday 19th May 2022
quotequote all
Welshbeef said:
James6112 said:
The way inflation is going, the drawdown pots will have to perform pretty well to keep up!
Could go either way, it’s a gamble after all.
Eg a half million pot in lieu of a db sounds a lot now. But I plan on living another 30 years. The gas bill will cost that in 2050 wink

I’m not retiring for a couple more years, as generous salary & wfh. Will bring it forward if I have to go in more than occasionaly

A mix of drawdown gambled with HL & 2 DB pensions started when I hit 60 recently. Still paying into another DC.

The state pension forecast went up nicely:-


Wife’s state pension forecast just a few short of that


Thanks just checked mine again and the 21/22 year is updated

The Max I can get is 9,990 why is your maximum higher? Surely the new state pension is level for all or is it possibly because I’m older and have more of the old state pension than the new state pension than your split?
I’m an old codger too! 60
I believe it’s something to do with opt in - opt out decades ago. Something I don’t understand or have any recollection of..

Steve H

1,169 posts

225 months

Thursday 19th May 2022
quotequote all
Drumroll said:
GT3Manthey said:

Drumroll , just to come back on this point- can you remind me what you drawdown each month for yourself and your wife pls to save me going back thru the thread ? We seem in our household to have gotten way to over our heads in what we think we’ll need each month.

I’ve compiled a list in my notes app and it seems to be constantly growing !

There is a provision in there for my daughter whilst at uni plus a monthly holiday savings plan but nonetheless it seems to be getting to the point where retirement is looking less likely !

I take my money out once a year, it works out at 1450 a month. No mortgage, 3 bed semi only 2 of us living in it. Daughter financially independent, but do have gas guzzling 4 4.

No doubt I will need to eat into savings this year and drawdown more next year.

Edited by Drumroll on Thursday 19th May 07:50
Drumroll, may I ask, had you already taken your 25% tax free amount or does the £1450 Pm take that into account?

GT3Manthey

Original Poster:

4,524 posts

50 months

Thursday 19th May 2022
quotequote all
Phil. said:

The theme has certainly moved to ‘’preparing for retirement’’ plus worrying about the state of the economy, from enjoying retirement.
You have a point Phil .

Time to get it back on track

mikeiow

5,377 posts

131 months

Thursday 19th May 2022
quotequote all
Phil. said:
Dermot O'Logical said:
We need to change the thread title.

Nobody seems to be "Enjoying Retirement".

The theme has certainly moved to ‘’preparing for retirement’’ plus worrying about the state of the economy, from enjoying retirement.
Ha!
The truth is that prior to stepping away it feels all about the money, whereas in fact it should be all about preparing what you want to spend time doing. Cut down spending, cut down on unnecessary outgoings or reduce regular payments - can all make the number lower.

I am just over 1 year in now.

It has been fantastic! Only last night we were discussing the total lack of regret at ‘moving on’….

Where has the time gone…..
Cycled LEJoG (& about to do 350miles next week with a pal between the last remaining iron viaducts in Britain!); been to two music festivals & one comedy one; multiple trips to our IOW place (the managing of which still counts as “work” to me, but *very* much in our control….indeed, we are just back from a weekend away including a day course on lime mortaring, ready to attack walls!); first ever visit to the Albert Hall; played a full season of volleyball & helping keep the Club running; helping MrsMikeIOW manage her frail mum (challenging!); plenty of walks to pubs, drinks and BBQs with pals, including winning quizzes; gardening, built mini greenhouse, epdm’ing 2 sheds…& plenty of almost weekly ‘messages’ to a big bunch of pals round the world to keep in touch: I plan on abusing those friendships in the future, gotta nurture them now wink

Plan to not be bored, & you won’t be…..the money side is clearly important, but once you have an idea of *your* number & how you might achieve it, crack on!

GT3Manthey

Original Poster:

4,524 posts

50 months

Thursday 19th May 2022
quotequote all
mikeiow said:

Ha!
The truth is that prior to stepping away it feels all about the money, whereas in fact it should be all about preparing what you want to spend time doing. Cut down spending, cut down on unnecessary outgoings or reduce regular payments - can all make the number lower.

I am just over 1 year in now.

It has been fantastic! Only last night we were discussing the total lack of regret at ‘moving on’….

Where has the time gone…..
Cycled LEJoG (& about to do 350miles next week with a pal between the last remaining iron viaducts in Britain!); been to two music festivals & one comedy one; multiple trips to our IOW place (the managing of which still counts as “work” to me, but *very* much in our control….indeed, we are just back from a weekend away including a day course on lime mortaring, ready to attack walls!); first ever visit to the Albert Hall; played a full season of volleyball & helping keep the Club running; helping MrsMikeIOW manage her frail mum (challenging!); plenty of walks to pubs, drinks and BBQs with pals, including winning quizzes; gardening, built mini greenhouse, epdm’ing 2 sheds…& plenty of almost weekly ‘messages’ to a big bunch of pals round the world to keep in touch: I plan on abusing those friendships in the future, gotta nurture them now wink

Plan to not be bored, & you won’t be…..the money side is clearly important, but once you have an idea of *your* number & how you might achieve it, crack on!
Tks for getting us back on track mike.

Love the idea of cycling to the viaducts , that’s a real goal for me .

I might well tap you up for more insight to this

Jon39

12,832 posts

144 months

Thursday 19th May 2022
quotequote all

Welshbeef said:
James6112 said:
The state pension forecast went up nicely:-


Thanks just checked mine again and the 21/22 year is updated

The Max I can get is 9,990 why is your maximum higher? Surely the new state pension is level for all or is it possibly because I’m older and have more of the old state pension than the new state pension than your split?

£195.77 eh!
Sounds a but like communism, where everyone is equal, apart from those with car collections and super yachts.

Hopefully PHers can clarify, but there was a change to the payment amount, just a few years ago.
The announcement was a new level simplified state pension for everyone, which would be at a higher weekly payment amount than before.
The number of NI qualifying years was also reduced.

Sounded wonderful, until the existing state pensioners eventually realised, that it did not apply to them.

I am not complaining because I don't need it, but I have just looked up my state pension payment which is £141.36.





98elise

26,641 posts

162 months

Thursday 19th May 2022
quotequote all
GT3Manthey said:
Phil. said:

The theme has certainly moved to ‘’preparing for retirement’’ plus worrying about the state of the economy, from enjoying retirement.

You have a point Phil .

Time to get it back on track
Agreed...

It's a weekday, the sun is shining and I'm sitting in my garden instead of an office. I'm going on my second holiday this year on Saturday.

I'm definitely enjoying retirement smile

mikeiow

5,377 posts

131 months

Thursday 19th May 2022
quotequote all
GT3Manthey said:

Tks for getting us back on track mike.

Love the idea of cycling to the viaducts , that’s a real goal for me .

I might well tap you up for more insight to this
Heh heh - feel free, I have a brain FULL of planning ideas! I have today set aside to pack and repack kit for tomorrow's jaunt - we start pedalling on Saturday!

On the topic of figuring out your money (which you do need to know) - I had a pal recommend Moneyhub to me a while back - https://www.moneyhub.com

Now I don't generally want anything accessing my accounts, but having read up on the Open Banking APIs used, I decided to delve in, & added our main account, couple of small accounts and our credit card.
After letting it settle down for a week or two, and checking transactions are being put into the right categories, I have to say it looks VERY good.

I will keep checking for some months, but it is able to confirm that our spending since January has been on average over a grand pcm LOWER than my 'budget'.
Now, we haven't had any major holidays, but we have booked some events later in the year. As a way to aggregate multiple accounts and get a decent retrospective view (with some planning capabilities), it looks VERY good.

There are some other ones - https://app.moneydashboard.com is free to use (money hub has 6 months trial then about a quid a month), but any worth looking at if you are unsure of your spending habits!!


OldSkoolRS

6,754 posts

180 months

Thursday 19th May 2022
quotequote all
I've had a lazy morning while my wife went for a swim, so I got my acoustic guitar out and practiced some songs I want to perform at an open mic in a few weeks. Did a couple of bits of admin (cashback thing on my new personal phone that I wasn't sure how it worked). Just waiting for my wife to 'sort out her hair' then we're off out for lunch in the sunshine. Think I'm getting the hang of this now. smile

Blimey...she's actually ready before I finished typing this!!!

Somebody

1,186 posts

84 months

Thursday 19th May 2022
quotequote all
Has anyone done inter-railing across Europe? Would like to do this for a month or two with the Mrs and would love to hear of tips/experiences.

Welshbeef

49,633 posts

199 months

Thursday 19th May 2022
quotequote all
Somebody said:
Has anyone done inter-railing across Europe? Would like to do this for a month or two with the Mrs and would love to hear of tips/experiences.
https://www.theadventurists.com/adventures/mongol-rally/

This could be so so much fun

CharlesdeGaulle

26,291 posts

181 months

Thursday 19th May 2022
quotequote all
Somebody said:
Has anyone done inter-railing across Europe? Would like to do this for a month or two with the Mrs and would love to hear of tips/experiences.
I did it a long time ago. So long in fact that crossing borders into Yugoslavia was quite the thing!

Does it have to be by rail? How about a gentle meandering road-trip?

Somebody

1,186 posts

84 months

Thursday 19th May 2022
quotequote all
CharlesdeGaulle said:

Does it have to be by rail?
Yes, preferably by rail. Would like to experience overnight sleepers getting from A to B, or C to D.....


Phil.

4,764 posts

251 months

Thursday 19th May 2022
quotequote all
mikeiow said:

Plan to not be bored, & you won’t be…..the money side is clearly important, but once you have an idea of *your* number & how you might achieve it, crack on!
Sound advice. Couldn’t agree more.