How much could you live on – very early retirement question

I would probably be OK on £900pcm. I am frugal and dont have a mtg / wife/girlfriend or kids.

Just researching some literature on the new pension rates and tax implications of pot grabbing .
Pension #1 started at 17yo £45pcm
Pension #2 started at 21yo £50pcm
Contracted out of serps at 24yo
Not looking like achieving any where near the sums projected although will be hundreds of thousands when Im 65.

If the OP was looking to retire now I just read this.-

Anyone who has not paid NI for at least seven, or possibly even 10, years in total in their working life will not qualify for the new single-tier state pension at all.

oops

I like your location Kryton, assuming there are shops, doctors, dentists, a swimming pool and all the services I’ll need later in life within a five-minute walk (which may then take half an hour). I assume that house has a stair lift.

I can see why you would need more than £1k a month to be comfortable.

For all those who are saying they need more, how many have a pension in place that will deliver what they are expecting?

ow many have a pension in place that will deliver what they are expecting?

I’ve just had a play with my pension calculator. If I retire at 67, which means another 30 years at work, I’ll get more than my current salary as a pension. (I think I may not understand the calculator.)

However, currently, the life expectancy for a male teacher who retires at 65 is 68. I don’t intent to work until I’m 68.

Yes Edukator, someo of those things would be a consideration.

Being 42, I’d imagine I still have another 40 years at work to think about it tbh.

Back to the original question, I reckon that Mrs M and I could live on £12-£15k year comfortably, if we dump a car and drink less wine. We’re fairly frugal, so on THursday I intend to tell my boss I want to go part-time. That should leave us some party funds too.

My boss is a roadie, so if he’s reading this – sorry, Dave!

according to the fire minister today I will live until I’m 87, if I don’t I’m coming back to haunt the bitch.

Ten grand a year is plenty enough, most on this site live in a debaucherous world of greed and excess.
Bloody hell i’m turning into binners.

Wow. Wasn’t expecting quite so many replies.

I’ve just flown home from a meeting where the company and I have agreed to part. There’s a settlement, and I have my own financial background (which is mine, and mine alone to know).

I guess the imp inside was interested in knowing if I had to work again. I don’t mind working again, and I probably want to, but it’s nice to know you have options.

I’d be quite happy to sell Chez RSwank for a cheaper place and live there.

List of variables. I was just keen to hear people’s experiences / thoughts/ musings. I do like the trappings of life though, and this is my biggest concern. Am I ready for a quiet and sober existence…… No.

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.

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

For all those who are saying they need more, how many have a pension in place that will deliver what they are expecting?

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