Retire early (living off savings)
Discussion
Hang On said:
I could be wrong but I don't think the starting amount is inflation adjusted in this case so should the new state pension finally exceed £169, he would get the new one instead.
I was half wrong on this point. Just read an article in the Telegraph (so not authoritative) that said the absolute difference between starting amounts new vs old (when old is higher) is given as a £ top up onto whatever state pension you finally get. This absolute amount isn't inflated but it always exists as an increment, albeit reduced in real terms over time.garyhun said:
Thanks. I assumed that the only way the amount could be higher under the old rule, if you were still yet to retire, would have only come from old SERPS payments.
Welcome, and I think you are correct. Sorry if my post came across correcting yours when we are probably just using different terminology. I thinks SERPS became S2P and S2P is an element of 'additional state pension'.Hang On said:
garyhun said:
Thanks. I assumed that the only way the amount could be higher under the old rule, if you were still yet to retire, would have only come from old SERPS payments.
Welcome, and I think you are correct. Sorry if my post came across correcting yours when we are probably just using different terminology. I thinks SERPS became S2P and S2P is an element of 'additional state pension'.
I was too lazy to type anything more than SERPS!This is a great thread.
Some people on it would do well to read this, single (widow), 78, lives in London on 18K. There is no way she's alone.
https://www.theguardian.com/money/2018/feb/03/78-1...
Some people on it would do well to read this, single (widow), 78, lives in London on 18K. There is no way she's alone.
https://www.theguardian.com/money/2018/feb/03/78-1...
Croutons said:
This is a great thread.
Some people on it would do well to read this, single (widow), 78, lives in London on 18K. There is no way she's alone.
https://www.theguardian.com/money/2018/feb/03/78-1...
Sounds awful. All her hobbies are free, she buys her clothes in charity shops and has to eat out in places she can take her own wine. And had to wait on her husband dying to even have those small luxuries Some people on it would do well to read this, single (widow), 78, lives in London on 18K. There is no way she's alone.
https://www.theguardian.com/money/2018/feb/03/78-1...
Croutons said:
This is a great thread.
Some people on it would do well to read this, single (widow), 78, lives in London on 18K. There is no way she's alone.
https://www.theguardian.com/money/2018/feb/03/78-1...
Pretty idiotic story really. She paid off her 4 bed Victorian house in London 20 years ago. So a paper millionaire probably. She hardly needs to worry.Some people on it would do well to read this, single (widow), 78, lives in London on 18K. There is no way she's alone.
https://www.theguardian.com/money/2018/feb/03/78-1...
Cotty said:
CoolHands said:
Pretty idiotic story really. She paid off her 4 bed Victorian house in London 20 years ago. So a paper millionaire probably. She hardly needs to worry.
Yep, if she does not lead an extravagant lifestyle that £18k will be more than enough. eta
and also be able to pay for her own newspaper so won't have to read the Guardian.
Edited by CaptainSlow on Sunday 4th February 10:54
Here in the north of england I plan to retire on about £26k per year at 55.
Now I could work an extra few years and have quite a bit more but the way I look at it I can’t buy time.
I may take some part time minimum wage work to kill time in the winter months if I fancy it.
This would be extra holiday - beer money.
I think £26k with no debt is achievable around these parts.
Now I could work an extra few years and have quite a bit more but the way I look at it I can’t buy time.
I may take some part time minimum wage work to kill time in the winter months if I fancy it.
This would be extra holiday - beer money.
I think £26k with no debt is achievable around these parts.
Friend of mine was 59 years old, downsized from a large house and bought a 2 bedroom flat in Lancashire and a Hymermobile, some high spec coach built motor home. His plan was to use his final salary pension and enjoy life, work a couple more years whilst he gets his plans sorted out. Then do 6 months in Europe and 6 months back at the flat. He thought he would earn cash doing casual work like grape picking and just take it easy.
He was the CEO of a training organisation, basically an engineering college.
One monday morning his Chairman came in to see him unannounced, sat down in front of him, really serious.
"Right then, ****, I know exactly all that you have been up to, come clean now and we can move on".
He was the CEO of a training organisation, basically an engineering college.
One monday morning his Chairman came in to see him unannounced, sat down in front of him, really serious.
"Right then, ****, I know exactly all that you have been up to, come clean now and we can move on".
- ** said " I dont know how you have found out, a couple of deals to save on VAT, private work at the house, bought the wife's car through the company, few meals out, nothing really, I can pay it all back"
Whistle said:
Here in the north of england I plan to retire on about £26k per year at 55.
Now I could work an extra few years and have quite a bit more but the way I look at it I can’t buy time.
I may take some part time minimum wage work to kill time in the winter months if I fancy it.
This would be extra holiday - beer money.
I think £26k with no debt is achievable around these parts.
Completely Now I could work an extra few years and have quite a bit more but the way I look at it I can’t buy time.
I may take some part time minimum wage work to kill time in the winter months if I fancy it.
This would be extra holiday - beer money.
I think £26k with no debt is achievable around these parts.
I currently have a holiday let in the Lake District, the plan is to sell up my main house and move there in retirement.
Now I have worked all over the U.K. in my time and apart from Cornwall I can’t think of anywhere I would rather retire than the Lakes. I wouldn’t live in London for all the tea in China.
Now I have worked all over the U.K. in my time and apart from Cornwall I can’t think of anywhere I would rather retire than the Lakes. I wouldn’t live in London for all the tea in China.
CoolHands said:
he good news for me is I'm up to 16.5k already (including the state pension) and I'm in my mid-40s. So I should be able to get it up to 25-30k hopefully by the time I'm 60-ish.
Good for you, but it isn't really retiring early as per the title, is it? Not being arsey, but we've drifted away from 'early' to 'retirement'.
Robbo 27 said:
Friend of mine was 59 years old, downsized from a large house and bought a 2 bedroom flat in Lancashire and a Hymermobile, some high spec coach built motor home. His plan was to use his final salary pension and enjoy life, work a couple more years whilst he gets his plans sorted out. Then do 6 months in Europe and 6 months back at the flat. He thought he would earn cash doing casual work like grape picking and just take it easy.
He was the CEO of a training organisation, basically an engineering college.
One monday morning his Chairman came in to see him unannounced, sat down in front of him, really serious.
"Right then, ****, I know exactly all that you have been up to, come clean now and we can move on".
Mmmm...... not really seeing the relevance that this thread!He was the CEO of a training organisation, basically an engineering college.
One monday morning his Chairman came in to see him unannounced, sat down in front of him, really serious.
"Right then, ****, I know exactly all that you have been up to, come clean now and we can move on".
- ** said " I dont know how you have found out, a couple of deals to save on VAT, private work at the house, bought the wife's car through the company, few meals out, nothing really, I can pay it all back"
CaptainSlow said:
Cotty said:
CoolHands said:
Pretty idiotic story really. She paid off her 4 bed Victorian house in London 20 years ago. So a paper millionaire probably. She hardly needs to worry.
Yep, if she does not lead an extravagant lifestyle that £18k will be more than enough. eta
and also be able to pay for her own newspaper so won't have to read the Guardian.
Edited by CaptainSlow on Sunday 4th February 10:54
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