54 and to retire

[stevewool]

Well i know this bloke does not come on here and i am sure i have mentioned before about him too.
Its his birthday tomorrow and he will be 54 and in 2 weeks time he is retiring from work.
I hope it goes well for him and he thinks he has enough to last him in cash too, here is what he has.
He sold his house and he lives in rented accommodation now.
He got £74,000 cash after the mortgage was paid.
He has £35,000 in savings.
Next year when he is 55 he will take 25% of his pension £30,000
His partner has £54,000 savings
25% her pension £12,000.
So when you add all this together its a nice sum of cash, but he cannot take his state pension for another 11 years and his partner 7 years, yes they have private pensions they can draw on , but is this enough,
They are hoping to buy or rent long term in Spain but who knows, he is like me a tight git but his partner well what is hers is hers if you know what i mean.
Good luck i say

[Arthur Little]

Well ... ... if there're just the two of them, and any kids they had have "flown the nest" as it were, then it looks like they've probably enough between them to retire.

[Terpe]

Well personally it doesn't look enough.
Depends how long they will be retired, health and the retirement life they plan to live.

Some folks have a happy life doing nothing and living a frugal life.

Takes all sorts.

If that's what they'd planned for good luck to them I say.

[SimonH]

I think I'd want a lot more than that put away

[stevewool]

His problem and only problem is his PARTNER,

[fred]

So whats his plan Steve?? Spend say 10 grand a year till his pension comes in?

[stevewool]

So whats his plan Steve?? Spend say 10 grand a year till his pension comes in?

Spot on Fred, he can take his private pension next year and if he lives long enough his state pension in 11 years,
I must admit if I had his cash and pension plans I would be off and could live well,
I am not far behind his amounts but I have a rental income coming in once we make the jump to happy living

[fred]

Spot on Fred, he can take his private pension next year and if he lives long enough his state pension in 11 years,
I must admit if I had his cash and pension plans I would be off and could live well,
I am not far behind his amounts but I have a rental income coming in once we make the jump to happy living

Thats good Steve...Cant beat that rent coming in each month!
So when is the five year target due?

[Trefor]

Seems awfully low to retire in the West. Maybe live in a cheaper part of the world, but then what about healthcare insurance etc.?

No issue in retiring early if he's had enough of work, but what will he do with himself? Maybe he doesn't expect to live too long, or he's very frugal? Or is he expecting to depend on the state for housing etc. in the future?

[stevewool]

Thats good Steve...Cant beat that rent coming in each month!
So when is the five year target due?

I am still on target Fred, its the wife who has problems with dates
Next April is still the date for me, that's when I shall hit my target, but and there is a but, it will be down to the economy and where the pound will be by then, as I have said each month we are here £______ goes into the bank to help compensate the low rates

[stevewool]

Seems awfully low to retire in the West. Maybe live in a cheaper part of the world, but then what about healthcare insurance etc.?

No issue in retiring early if he's had enough of work, but what will he do with himself? Maybe he doesn't expect to live too long, or he's very frugal? Or is he expecting to depend on the state for housing etc. in the future?

Retirement in Spain and living the good life he is wanting, frugal yes but I am sure his partner has other big ideas,

[stevewool]

Can I say lots of folk keep on about healthcare insurance, what happens if you can't afford any, stop living your dreams and stay here in England where you will be safe and everything will be free, well that's unless you have savings and God help you if you have a house all paid up,
I understand we need to care for ourselves but there is a limit to what we can pay for the just incase,
Enjoy life and take a aspirin that usually works, a beer may work out better for a quick remedy

[Trefor]

Can I say lots of folk keep on about healthcare insurance, what happens if you can't afford any, stop living your dreams and stay here in England where you will be safe and everything will be free, well that's unless you have savings and God help you if you have a house all paid up,
I understand we need to care for ourselves but there is a limit to what we can pay for the just incase,
Enjoy life and take a aspirin that usually works, a beer may work out better for a quick remedy

I agree in general, especially if you don't foresee any problems. I'm all for living for today etc. At the same time you hear of things happening to people where they get trapped abroad (or equally keeling over and dying the day after retiring). There is no perfect answer unless you're loaded. Personally I plan to keep an address here to cover me (i.e. as my insurance). Possibly live here a few (nice) months of the year. It would probably be in the Peak District or on the South Coast (better weather).

[Michael Parnham]

Spot on Fred, he can take his private pension next year and if he lives long enough his state pension in 11 years,
I must admit if I had his cash and pension plans I would be off and could live well,
I am not far behind his amounts but I have a rental income coming in once we make the jump to happy living

If he lives long enough, that's not a nice thing to say he's only a kid at 54 should manage another 40 years yet

[stevewool]

I agree in general, especially if you don't foresee any problems. I'm all for living for today etc. At the same time you hear of things happening to people where they get trapped abroad (or equally keeling over and dying the day after retiring). There is no perfect answer unless you're loaded. Personally I plan to keep an address here to cover me (i.e. as my insurance). Possibly live here a few (nice) months of the year. It would probably be in the Peak District or on the South Coast (better weather).

Great idea, that is why we have our house here in England too

[stevewool]

If he lives long enough, that's not a nice thing to say he's only a kid at 54 should manage another 40 years yet

Yes times are a changing Michael, yes many would like to live a very long time, but we don't have a choice in that matter, once you know that you can retire from work do it as many have stayed you don't know when your last day will be up

[Trefor]

Yes times are a changing Michael, yes many would like to live a very long time, but we don't have a choice in that matter, once you know that you can retire from work do it as many have stayed you don't know when your last day will be up

The trick is working out the right balance of course. How long do people in your family live for any issues with the big C, other family demands. Then you get run over by a Jeepney on day 1 Hence live for today

My problem is that I want a comfortable retirement, flying back and fore to Asia, 2 homes, nice wheels and not to be worried about paying the heating/aircon bill. I could retire tomorrow if I go on the figures at the start of this thread. I do wonder what this guys Mrs will do once the cashflow stops...

[fred]

the big C??

[stevewool]

The trick is working out the right balance of course. How long do people in your family live for any issues with the big C, other family demands. Then you get run over by a Jeepney on day 1 Hence live for today

My problem is that I want a comfortable retirement, flying back and fore to Asia, 2 homes, nice wheels and not to be worried about paying the heating/aircon bill. I could retire tomorrow if I go on the figures at the start of this thread. I do wonder what this guys Mrs will do once the cashflow stops...

The cash flows will not stop, ok they could reduce, but once the state pension kicks in then it's another income,
Like anything in life you cut your cloth accordingly, but some won't and don't

[Trefor]

the big C??

ancer

[fred]

ancer

OMG!!!!

[stevewool]

ancer

That's one of only a few things that can stop you living your dream

[stevewool]

So Fred if you don't mind answering the dreaded question, do you have health insurance of any kind, as you have been living out there for such a long time

[fred]

So Fred if you don't mind answering the dreaded question, do you have health insurance of any kind, as you have been living out there for such a long time

I think we are insured for "dreaded disease" and stuff like heart attacks etc..
Its a savings account here and after 5 years we can take all the money out if we want..After 5 years,no more payments..We put in about 15 k a month right now from memory..Its also a life insurance policy..If I go first she gets a Million..If she kicks it..I get it.. If we both die in a car crash the kids get it to pay their estate taxes.
Anything else we pay cash.. Thank goodness we all seem happy n healthy.
Must be the lifestyle Steve.

[stevewool]

I think we are insured for "dreaded disease" and stuff like heart attacks etc..
Its a savings account here and after 5 years we can take all the money out if we want..After 5 years,no more payments..We put in about 15 k a month right now from memory..
Anything else we pay cash.. Thank goodness we all seem happy n healthy.
Must be the lifestyle Steve.

That's amazing

[Arthur Little]

Well personally it doesn't look enough.

Seems awfully low to retire in the West.

... 'fraid I disagree.

No issue in retiring early if he's had enough of work, but what will he do with himself? Maybe he doesn't expect to live too long, or he's very frugal?

Having decided to quit my stressful job at a comparatively early age also - with only a fraction of what this couple have between them in total - rest assured, I managed fine financially on an index~linked pension on top of a severance [lump sum] payment of £111/2k.

So, ... it CAN be done - without living frugally - as I've indicated.

... you cut your cloth accordingly, but some won't and don't.

Precisely, Steve! 's what I do and, of course, given the fact that neither Myrna nor myself drive, don't have to worry about the considerable expense involved in the upkeep of a car.

[Michael Parnham]

I wish you would all stop worrying about dying before your time and get a 20 or 30 year plan you can look forward to then you'll live longer, it won't matter if you drop dead halfway through at least you'll all die happy

[Arthur Little]

I wish you would all stop worrying about dying before your time and get a 20 or 30 year plan you can look forward to then you'll live longer, it won't matter if you drop dead halfway through at least you'll all die happy

, Michael ... ! There is much more to life than money - or the lack of it - being content with one's lot [as I am] is the MAIN thing as far as I'm concerned.

[stevewool]

I wish you would all stop worrying about dying before your time and get a 20 or 30 year plan you can look forward to then you'll live longer, it won't matter if you drop dead halfway through at least you'll all die happy

I am not worried about dying Michael, we all have to go sometime, I worry about making sure Emma will have enough left if I do go quicker then planned, that's why I am planning the future more then maybe others,
Ok some may say why bother I am dead anyway, but I love Emma and I want to make her life good till her time comes to a end,

[Michael Parnham]

I am not worried about dying Michael, we all have to go sometime, I worry about making sure Emma will have enough left if I do go quicker then planned, that's why I am planning the future more then maybe others,
Ok some may say why bother I am dead anyway, but I love Emma and I want to make her life good till her time comes to a end,

I think differently, my wife has a good job a house and a decent pension so I don't worry, worrying puts you in your grave earlier, no offence intended but it's the way I think, after all I brought her here and that was enough to secure her future