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Nov 2020
5:47pm, 20 Nov 2020
7,063 posts
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Northern Exile
Minimag made a very good point there - it actually does cost quite a lot to be in the workplace doesn't it? Bobs always said that it saved her a fortune as soon as she left the bank. She often mentions one of her former colleagues who she describes as a "financial disaster" who every day she would have to go into town and visit M & S, buy a new pair of tights and have her lunch there plus perhaps a cheeky sticky bun for afternoon cuppa time. If you do that religiously, every working day, it soon adds up when you factor in travel costs etc.
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Nov 2020
5:48pm, 20 Nov 2020
4,176 posts
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ThorntonRunner
We're looking at £30k after tax and that was based on expected expenditure. We'll use my DC pension to bridge until various DB and state pensions kick in - 8 months till I go part time and Mrs TR finishes
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Nov 2020
5:50pm, 20 Nov 2020
4,177 posts
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ThorntonRunner
And as others have said, the key thing is to retire while still healthy enough to enjoy it
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Nov 2020
5:53pm, 20 Nov 2020
18,614 posts
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GimmeMedals
I think I've probably said before (possible many times so apologies if it's old, repetitive news) Mr GM retired at 55 - 6 years ago - so we've known what his monthly pension is.
About 18 months ago, I started really looking at our monthly essential outgoings (bills, food, car costs etc) and how much we were more or less spending on other things - holidays, clothes, Christmas etc. From that, I worked out how much a month we needed to live, pay for a few wants (holidays, car costs) and to be able to save a bit each month. As I knew what Mr GM was bringing in, I could see how much I needed to bring in to fill the gap. I went on tinterweb to see how much I'd "bring home" after any deductions for various monthly amounts and converted that into an annual minimum pension. The Teacher's Pension website was excellent at allowing me to play around with numbers and work out that retirement at 55 was possible.
I'm now 3 months in and we have plenty to live a comfortable life as long as we are not frivolous. As minimag said ^^^, there are various reduced costs - fuel, clothing, lunches, even not contributing to staff gifts, staffroom cakes/biscuits, popping for a takeaway on the way home after a tiring day to name just a few and COVID has limited opportunities for going out for lunch 
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Nov 2020
6:05pm, 20 Nov 2020
10,743 posts
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XB
Our pensions man had a very useful spreadsheet which plotted money drawn down from pensions/savings over the years. We started with an amount that would sustain a reasonable lifestyle and projected it until I hit 100. We review it each year.
Obviously, it's a moving feast with variable investment returns, and gives me cause for concern from time to time. But, even if we have to really tighten our belts, I'd rather be retired, eating cat food, and watching Bargain Hunt than working.
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Nov 2020
6:10pm, 20 Nov 2020
18,616 posts
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GimmeMedals
It's cheaper to eat a pack of Morrisons doughnuts (5 for 50p - bargain) than to have to eat Whiskas.
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Nov 2020
6:15pm, 20 Nov 2020
46,086 posts
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Lip Gloss
I think I need to ask a lot of questions on Monday with my financial chap....I want to retire before my arthritis really kicks in
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Nov 2020
6:15pm, 20 Nov 2020
17,359 posts
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northernslowcoach
Reading with interest
Both turned 50 this year, mortgage was paid off last year, don't have kids and want to be able to be young enough and fit enough to enjoy ourselves
The current plan is to assess at 55, I would like to stop my proper job then, having paid into an NHS pension for 30 years
We wouldn't downsize but have the option to downlocate
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Nov 2020
6:15pm, 20 Nov 2020
202 posts
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Minimag
The other thing to remember when you do 'retire' is that it doesn't have to be full time retirement, I still do 3 days a week at pro-rata pay, and I quite enjoy the work/life balance, works well for me. This is likely to end soon, but, if I wanted, I still have marketable skills even on a consultancy basis, and would even consider minimum wage (which when retired with no loans or mortgage the rate doesnt seem bad) doing something I enjoy say helping out at a micro-brewery (I am an amateur brewer)
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Nov 2020
6:17pm, 20 Nov 2020
49,916 posts
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Velociraptor
With my last "proper" job I got to the point of deciding that I'd rather eat nettles and roadkill than remain on that particular treadmill. It had broken me once and I wasn't going to let that happen again. I sometimes grumble about my current role, but it's a great deal better than any other paid job I could do.
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Synge 