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Reading this thread with interest.
I have 2 pensions, one final salary which will give a nice tax free lump sum at age 55 of £35K to do the house up and buy some guitars etc and then an income of around £6K a year index linked that will inflate each year. The 2nd pension is a defined contribution that I have recently adjusted the investment portfolio into higher risk funds and it's growing nicely, I plan to take that as drawdown. Don't forget your drawdown pot will still remain invested and make gains (and potentially losses) via the stock market, have you projected a sensible growth vs drawdown each year? I've plotted mine out to last until I'm 80 if I take the full amount, longer if I don't assuming a long term growth of 5% pa. Minimum I would even consider is £25K after tax for me & the wife when 100% debt free and I can get that at 55, each year I work beyond 55 will see me load up as much of my salary as I can into the pension within the tax free annual limit of £40K and so make that annual drawdown higher, it goes up quite quickly, especially with the investment gains projections on the funds I'm in. My wife works part time and she will stop at 52 to manage the house improvement works we have planned from my lump sum and then probably go back part time until she has had enough, she has a smallish pension pot that we will take out as a lump sum in one go when she is 55 so we have another £30K boost when I'm 58 to top up savings etc.
As soon as I have enough savings and the drawdown it at a level where I can be comfortable then I am retiring, it will be between 55 and 60, not sure exactly when yet, the simple fact is the longer you work the more money you will have but less time, it's a balancing act.
I plan to take a year out and then we will both look for for part time work to try and get 10-12K a year to cover living expenses so all or most of my pension is disposable income for us to travel, holidays, hobbies, etc. I'm also considering becoming a magistrate when I retire, it's not paid but after training you get around 16 days a year and I sure it would be very interesting work and give a sense of service and giving back to the community. This interests me a lot. I am also going to look at other voluntary opportunities.
I am already making a bucket list of simple retirement goals, places to see, books to read, animals to see in the wild, voluntary interests etc. I can't wait to be free!
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Just because you're paranoid, don't mean they're not after youWas prety skint for a few years overpaying the mortgage so it was cleared at 55, totally worth it, whatever happens the house is ours....
We bought four and a bit acres of Woodland which keeps us busy....
Daytime TV is not for us!
Life is too short to work to death.
If you can afford it, do it!
But yes, if you've grown out of acquiring pointless clutter it's easily enough to have an enjoyable life on.
And no, I’m definitely not doing that right now
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Retirement is more expensive than people think. You need money to do something with your time each day. Everything we do has a cost.
Don't underestimate the cost of doing nowt.
If you spend all the time playing the guitar your fingers and ears will be shot!!!!
I took a few years off after I sold a business at 30. It cost me twice what you have pcm plus I needed capital for other things. I wasn't doing huge amounts.
Take some time off and then look at doing something more rewarding. My wife and I work for charities. LEss money but so much more flexibility and rewarding.
Have fun and enjoy.
Red meat and functional mushrooms.
Persistent and inconsistent guitar player.
A lefty, hence a fog of permanent frustration
Not enough guitars, pedals, and cricket bats.
USA Deluxe Strat - Martyn Booth Special - Epi LP Custom
FX Plex - Cornell Romany
And if you want to watch daytime TV and veg out, so what? It's your life and your choice.
Having unearned income is the most freeing thing because it allows you to make choices about what to do with your time.
I have no regrets, but then I hated working in IT.
Personally I don’t think £1500 a month is enough to live on, I’d want double that, or £100k in savings.
Consider inflation, in 20 years time that £1500 a month won’t go that far.
What do you do if you need to reroof you’re house, or a new boiler?
Have you really done all the travel you want to do?
Alternatively pick up something 2-3 days a week to give you more time for yourself.
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Nil Satis Nisi Optimum
Believe me mate, when I was 30, being 60 years old didn't seem like reality. Now, in a blink of an eye I am 50, feel 25 and want to live as long and as well as I possibly can.