Budgeting with no pension (2 Viewers)

[irnbru]

I know this is asking a Q like how long is a piece of string BUT
Do you budget to reach a certain age hoping it sees you out? Is this for a single or a couple?
I hear all to often about the people that drop down dead and don't get to enjoy their hard earned cash, so whens enough enough to get by.?

 

[f6c]

Pass wish I new the answer

 

[vwalan]

so long as you have at least 4 or 5 properties in your portfolio you should be able to retire at an early age .
if you have been wasting your money by drinking ,smoking ,going on holiday, buying posh motorhomes ,using campsites etc it may be that you will have to wait abit longer.

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[GJH]

In my job I needed 40 years service for a full occupational pension so we planned for that, meaning I would retire at 60. As it happened I was made redundant at age 55 but the terms of the package were sufficient to compensate for the younger retirement age. Within certain boundaries I could choose how much to take as a lump sum and how much to take each month so we had to calculate how much we would like as a regular income.

 

[MikeandCarolyn]

Perhaps 'the meaning of life' would be an easier question.
We have asked ourselves this a thousand times.

 

[injebreck99]

That's what happened to my sister, put all her money away "for a rainy day", then dropped down dead at 64, not even having time to enjoy herself as she could have done, we now live each day as it comes, sod tomorrow, and if we are skint when we die, somebody will bury us, I won't care anyway.

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[Speve]

Very difficult questions ,I always aimed at retiring at 55 but never did when the opportunity came at 60 I asked the question can I retire and how will we manage well we juggled the figures invested some funds to give us an income bought our first Motorhome and haven't looked back we are determined to do it as long as we are able and still enjoying it.Seen to many of our friends pass away before even drawing a pension you are a long time dead!
Do it as early as you can and good luck for a long retirement.

 

[Robert Clark]

Plan to live longer than the national average
In reality your expenses will probably be higher than expected and that your planned income will be less than you hoped for

 

[Kirsten]

We have been trying to be debt free [including mortgage] for ? 10 years- luckily we are both in good pensions schemes for work so that will be our retirement plan BUT I am 12 years older than OH so when to go is the question?We bought our beloved motor home 6 years ago and use it as often as we can, long discussions about replacement when I retire but can't bear thought of selling her- ever...
So problem of what to live on in old age [I am there but The Government keep moving my pension goal posts grr] is a very personal one.
I advise making list after list of what you need to live on; checking everything x 100; being sure that you want to go full time/part time/retire/not retire - check it again...
then one day you will wake up and throw caution to the wind and just go for it.

Will let you know when I get to that point xxx

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[wingman]

I once had a financial advisor say to me, "I could organise your affairs better if I knew when you were going to die!" AND, there's the rub; we know not the day or the hour.

Sure, there are the normal milestones....... Want to finish one's mortgage by this date, retire by that date, but assuming you don't get blown off course from those markers, the rest is a gamble.

It's certainly no use planning financial milestones beyond retirement age. What would be the point of saying that my target is £200k in the bank when I'm 70. Yes; have dreams of that A-Class, but to plan is a bit of a lottery.

The OP's question is a difficult one. I would say that you should aim to have enough to cover the essentials - roof over your head, food on the table and a bit put by to cover the unforeseen, if you're financially able. If one is a bit more flush, leave it to the kids or SPEND IT!

For a man, the stat's say you're looking at a late seventies departure and for women early 80's. Alas, there are many that don't even make this age.

 

[DuxDeluxe]

Plan to live longer than the national average
In reality your expenses will probably be higher than expected and that your planned income will be less than you hoped for

That is a sensible view to take - we calculated how much we need and then added 50%

 

[Puddleduck]

Not sure if this will help - an age at death calculator. I haven't tried it - yet!

http://gosset.wharton.upenn.edu/mortality/perl/CalcForm.html

It's a US site and I chose New York (State) as having the climate most similar to where I live.

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[sylvester1954]

Trouble I have is trying not to spend my hard earned pension so the kids get something when I reach the great Aire in the sky

 

[MikeandCarolyn]

For a man, the stat's say you're looking at a late seventies departure and for women early 80's. Alas, there are many that don't even make this age.

Thx for that-I'm 78 oops

 

[PhilandMena]

A tough question. We do not have a shed load of money, both retired and living on pensions although my wife (born in 1954) has to wait till she is 66 for her state pension. We have always lived within our means and as a result have no debt, so we can manage on less than others with a similar income.
Like many others we do not know what is round the corner but continue to live within our means so we can continue to do the things we want to do without having to worry if the spondoolies will run out. It's tough at times but for us it works.

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[buttons]

I am hoping to leave something when I depart, spending the kids inheritance has never been in my vocabulary. Secondly I would like to leave the chancellor nothing at all so it will be a fine line.

 

[wingman]

Just done the calculator (mentioned above). Needs a bit of a fiddle factor coz it's American!

It says I'm gonna reach 85! Be nice if that was true - can't see it though!

 

[keith]

We all live too long or die too soon.
The best advice ever is DO IT NOW.

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[Puddleduck]

Just done the calculator (mentioned above). Needs a bit of a fiddle factor coz it's American!

It says I'm gonna reach 85! Be nice if that was true - can't see it though!

I did it as if I was my Grandma. Said she would get to 85.5 and she lived to 99!

 

[DuxDeluxe]

I am hoping to leave something when I depart, spending the kids inheritance has never been in my vocabulary. Secondly I would like to leave the chancellor nothing at all so it will be a fine line.

Dux towers is our kids inheritance - the rest of it we are going to fritter away on motorhomes.......

 

[Reallyretired]

Did it and it said 88.49 years and if I didn't drive I would extend my life expectancy by 0.01 years (3 1/2 days) its worth the driving at that price..

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[GJH]

Dux towers is our kids inheritance - the rest of it we are going to fritter away on motorhomes.......

And very nice it looks too

 

[burtspieeater]

If you are not sure if you should retire early, just take a walk around your local graveyard and you will be astounded. I tend to do this every couple of weeks ( whilst my wife is placing flowers on her parents grave ) and the number of people who have died recently younger than me (I'm 62 next week) is astounding 30s, 40s 50s
Bear in mind that you do not need as much money as when you were working and also that you will probably need less when you reach your 80s than you will in the next 20 years
Whatever you do, don't leave it too late, stress is a killer and my stress levels since leaving work are now zero

 

[irnbru]

@burtspieeater how can you post if you are a "Read only" funster??

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[Huskydog]

Burt has special powers

 

[Zains Pops]

If you are not sure if you should retire early, just take a walk around your local graveyard and you will be astounded. I tend to do this every couple of weeks ( whilst my wife is placing flowers on her parents grave ) and the number of people who have died recently younger than me (I'm 62 next week) is astounding 30s, 40s 50s
Bear in mind that you do not need as much money as when you were working and also that you will probably need less when you reach your 80s than you will in the next 20 years
Whatever you do, don't leave it too late, stress is a killer and my stress levels since leaving work are now zero

I think being retired is more expensive than working....what with holidays, eating out,travelling to meet family and friends around the country. When working we were usually short of time so didn't have too much time for spending.
As to how long we all live, i heard a pension guy on radio 4 say that generally we all underestimate how long we will last. So how much do we need ? No one knows, but I can say retirement is a lot more fun than working.

 

[DuxDeluxe]

And very nice it looks too

You are not invited

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[barsteward]

Sue is 5 years younger than me so we always planned to retire together (within one month of each other) I had a private pension plan that when I reached 50 I stopped funding because we became self employed.
Unfortunately fate had other ideas.
The government decided it would alter the pension goalpost, which left me just in the 65 retirement and Sue way outside.
We certainly hadn't planned for that. Nor that are business would be hit so badly by the recession, wiping out most of our savings, so now were pretty much in limbo land I'm almost 64 and it would seem pretty much unemployable. Sue has 6 years before her pension which makes me 71.
You have to wonder if its worth making any plans.

 

[pappajohn]

In my job I needed 40 years service for a full occupational pension so we planned for that, meaning I would retire at 60. As it happened I was made redundant at age 55 but the terms of the package were sufficient to compensate for the younger retirement age. Within certain boundaries I could choose how much to take as a lump sum and how much to take each month so we had to calculate how much we would like as a regular income.

And then our esteemed leaders will dump on you from a great height and change the pension rules making your pension pot pretty much worthless.
It seems the government want you to invest in your retirement but don't want you to benefit by it.

 

[Janine]

@burtspieeater how can you post if you are a "Read only" funster??

They've used their 5 free posts as has Huskydog. Time to pay up

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