I've finally decided on a retirement date from work...31/12/2024

RandallFlagg

https://youtu.be/9BOefaL-RPI

RandallFlagg

mrkb said:

Im interested in how much per year people think they’ll need to retire. It’s something I’m struggling to work out, hence it’s difficult to determine when I can retire.

You need to get a good handle on what you need to spend in retirement to be able to work this out. A detailed budget of annual expenses today can help build a sensible outlook of spend in retirement.

Have a look at James Shack on YouTube, some great solid building blocks to consider:

https://youtu.be/9NGajZhp-C0

EricTheWeary

mrkb said:

Im interested in how much per year people think they’ll need to retire. It’s something I’m struggling to work out, hence it’s difficult to determine when I can retire.

Easy to underestimate, the cost of living crisis has really pushed up the price of Farah slacks, supermarket own brand white trainers and bobbly cardigans. 

Chalky

Much easier to learn how to spend less in retirement than how to get more money 

Philly_Q

EricTheWeary said:

mrkb said:

Im interested in how much per year people think they’ll need to retire. It’s something I’m struggling to work out, hence it’s difficult to determine when I can retire.

Easy to underestimate, the cost of living crisis has really pushed up the price of Farah slacks, supermarket own brand white trainers and bobbly cardigans. 

Just so long as it doesn't hit comfy grey shoes with velcro fastenings.  And off-the-shelf reading glasses.

RandallFlagg

I've just handed my notice in...giving 12 months notice, so will retire as planned at the end of the year.

I took the red pill and will unplug from The Matrix and leave all this subservient b*llshit behind, living life on my terms, doing what I want, when I want with no commuting drudgery or treadmill corporate crap.

There...got that off my chest 

EricTheWeary

Congratulations. Although jeepers 12 months notice that's a lot of time to mentally compose rude emails. 

RandallFlagg

EricTheWeary said:

Congratulations. Although jeepers 12 months notice that's a lot of time to mentally compose rude emails. 

I've composed enough in my mind over the last 2 years to write a book...

I feel like I've come full circle. I didn't want a job at aged 16...I wanted to be in a band, play gigs, get a John Peel session, get a record contract, make albums and tour the world. 40 years later, age 56, after faltering at stage 2 (gigs)....I got a job, but still just like when I was 16, don't particularly want a job anymore.  

CHRISB50

Congratulations! Must be a great feeling.

bertie

CHRISB50 said:

Congratulations! Must be a great feeling.

this



and it is,  even better when they pay you to fuck off (sneakily not called redundancy cos of T&Cs)

Chris.B

Congratulations - it's a great feeling, with so much to look forward to. 

I walked away from the corporate world at 57 and never looked back, despite a few calls to come back on my own terms - set your own hours, short term, long term etc.  

Good luck for a long and enjoyable retirement. 

boogieman

Congratulations. Now set yourself up a countdown to retirement chart so you can tick off the remaining work days left. 

I took early retirement at 58, best thing I ever did. No more stress, early starts, the hassle of the daily commute, arsehole managers. The only thing I miss is the social side of work but it’s a small price to pay for the freedom. 

Philly_Q

boogieman said:

Congratulations. Now set yourself up a countdown to retirement chart so you can tick off the remaining work days left. 

No need to get that sophisticated...

ToneControl

RandallFlagg said:

I've just handed my notice in...giving 12 months notice, so will retire as planned at the end of the year.

I took the red pill and will unplug from The Matrix and leave all this subservient b*llshit behind, living life on my terms, doing what I want, when I want with no commuting drudgery or treadmill corporate crap.

There...got that off my chest 

congrats

bags me next

viz

So, at, say, 58, and speaking generally not specifically (if that's somehow possible), what sort of size pot would a couple need to live fairly comfortably? Assuming any kids are settled into jobs by then. 

Hyster

RandallFlagg said:

I've just handed my notice in...giving 12 months notice, so will retire as planned at the end of the year.

I took the red pill and will unplug from The Matrix and leave all this subservient b*llshit behind, living life on my terms, doing what I want, when I want with no commuting drudgery or treadmill corporate crap.

There...got that off my chest 

Good on ya! Hopefully you can wind down over the next year and ease your way in to a long and happy retirement.

I've become slightly obsessed with my pension over the last couple of years after realizing one day I was sleepwalking towards a disaster. All over it now though and shovelling most of my wage rises and all of my bonus in, if all goes well then 7 or 8 years to go for me most likely.

fastonebaz

viz said:

So, at, say, 58, and speaking generally not specifically (if that's somehow possible), what sort of size pot would a couple need to live fairly comfortably? Assuming any kids are settled into jobs by then. 

 

boogieman

viz said:

So, at, say, 58, and speaking generally not specifically (if that's somehow possible), what sort of size pot would a couple need to live fairly comfortably? Assuming any kids are settled into jobs by then. 

Depends on loads of things. Will you still have a mortgage at that point? What’s your monthly outgoings? Are you keeping the same house or planning to downsize? Do you plan on replacing your car regularly? Do you like going on holidays? Do you (or your wife) like buying clothes/jewellery/guitars or other high ticket items? 

All I’ll say from experience is that you’ll probably end up needing more money in retirement than you think you will, as it’s almost impossible to calculate what your real world spending will actually be. I worked out what I thought I’d be comfortable with as a monthly income figure, then added 50% on to that as a safety margin. It still wasn’t enough. 

viz

So is 50K pa enough? I mean I know it depends, but is that enough, sort-of? For a couple with no debt

boogieman

viz said:

So is 50K pa enough? I mean I know it depends, but is that enough, sort-of? For a couple with no debt

For an average couple (whatever that is these days!) yes I’d say so. It really does depend on your lifestyle and expectations though.