I would need approx £2k per month
AFAIK the majority of people working in the UK don't earn that(including me) and even if they had the best possible pension scheme for all their working lives(40 years) then they would only retire on half that.
Following a career change our household net income doesn't even get to £2K these days (~£1800 down from £4K) and we live just fine. I still manage to have a drink every now and then and run a couple of motorcycles and a car.
No debts, mortgage cleared.
I actually may be better off come retirement as we're likely to inherit 2 decent houses
[i]For all those who are saying they need more, how many have a pension in place that will deliver what they are expecting? [/i]
I would suggest only those of us old enough (or in the public sector or in long-term jobs from years back) to have final salary pensions.
I always enjoy this sort of thread as it brings out 2 types of people.
The willy wavers - Those who take every chance to tell people that they are 12 and mortgage free, own several investment properties and earn a trillion pounds a day.
The Martin Lewis's - They can survive on 5 pence a week, save half of it while having a holiday every year, raising 7 kids and still being perfectly happy. They sometimes even buy Heinz beans rather than lidl own brand as a luxury.
* Some points above slightly exaggerated for effect 😉
Those who take every chance to tell people that they are 12 and mortgage free,
I would guess that most 12 years olds are mortgage free...
Commonly known as The Commuters Fallacy...
Where they're going wrong is driving into work. I increased my bike commute to an hour each way and its great.
Andy, you forget that most people can't cycle 53 miles in an hour, towing a child trailer 😉
I technically had a crack at retirement when i was 35, it was nice for a week and then i realised all my friends had jobs and so spending all day riding on my own was dull. So i started working again.
Now I'm a bit older and have a daughter my axis has changed a bit and I do now realise that time is a bit more valuable and would like a bit more. I will miss the cut and thrust of business but frankly I'm over it and would prefer to tighten my belt a bit and have time to do the things i pay other people to do now , like everything.
I need to get my calculator out again but i reckon to have an enjoyable time I would need about 25k pa to service family
