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The Retirement Thread

174 watchers
GregP
GregP
Apr 2022
8:38am, 29 Apr 2022
134,978 posts
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GregP
Right. I really need you lot to gather round my spreadsheet and give me the benefit of your hive wisdom - or at least I need to remember to take my laptop next time I see TRO.

I've done a re-model and, sorry for first world problem, my SIPP's too big.

If I just dribble 4% out of it starting next year then when my Thomson and state pensions kick in I'll have more than I need. Whereas I want more than I need in the 5-7 years before that when I'm still, erm, sprightly enough to go spend it on planes, boats, trains and hotels.
Fizz :-)
Fizz :-)
Apr 2022
8:43am, 29 Apr 2022
6,974 posts
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Fizz :-)
My take:
Assuming £20k a year (or whatever), if you take off state and Thomson, what’s your 25x multiple of that? You can spend the SIPP down to that level and still be ok.

(Goes off to look at own spreadsheet)
GregP
GregP
Apr 2022
8:49am, 29 Apr 2022
134,979 posts
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GregP
Thanks Fizz - that's exactly what I was groping towards but couldn't make my head get round it. Thank you thank you thank you.

I love Fetchland. Thank you once again. Right. If anyone needs me I'll be underneath my spreadsheet with a socket set and a Haynes manual.
Diogenes
Diogenes
Apr 2022
9:02am, 29 Apr 2022
69,341 posts
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Diogenes
I'd love to say I understand both the question and the answer and can apply both to my own circumstances, but I can't.
Sharkie
Sharkie
Apr 2022
9:37am, 29 Apr 2022
19,796 posts
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Sharkie
Me neither, Dio.
cathrobinson
cathrobinson
Apr 2022
9:44am, 29 Apr 2022
10,199 posts
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cathrobinson
Nope, that’s me lost too.
GregP
GregP
Apr 2022
9:46am, 29 Apr 2022
134,991 posts
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GregP
So the upshot of this, then, is I might be able to do what Sue’s pension guy said was ideal if I could do it, which is defer my LGPS pension until NRA rather than taking the ‘less for longer’ approach.

I’d got bogged down in the idea of my SIPP being inviolable, as it were.

If I defer it to NRA then from then on I won’t actually need my SIPP at all. This is all quite a shock.
Fizz :-)
Fizz :-)
Apr 2022
9:50am, 29 Apr 2022
6,975 posts
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Fizz :-)
So you can spend all your SIPP between now and 68. :-) Imagine the bikes . . .
macca 53
macca 53
Apr 2022
9:55am, 29 Apr 2022
29,855 posts
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macca 53
The only bit I understood was Greppers’ final sentence about trains and boats and planes and spending on them until you’re not sprightly enough to do it any more which exactly what we are doing after retiring on 31/10/2017. We invested/frittered away (depending on you world view) a lot of my lump sum on an apartment in the sun and have spent most winters away from Blighty. We still have a few long haul things we want to do (Canada, South America and NZ), but after that we’ll sit in our bath chairs and smile peacefully. We are very lucky and try to never forget it.
Totriornottotri
Totriornottotri
Apr 2022
10:36am, 29 Apr 2022
2,130 posts
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Totriornottotri
The 4% is based on the fact that a passive tracker would have tracked the S&P at 7% from 1900 and inflation averages at 3% giving a ‘safe’ 4% drawdown rate. 100/4 = 25. *this is not financial advice etc*

About This Thread

Maintained by Sigh
A place for baggy spaciousness: "The quality of time, soft attention and ease that we could enjoy 'doing nothing' "
(thanks to TheScribbler for the term (p1516)!)
( see also: neilthewriter.co.uk
and
darkangelswriters.com )

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