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The Retirement Thread

174 watchers
ThorntonRunner
ThorntonRunner
Apr 2022
3:11pm, 27 Apr 2022
5,823 posts
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ThorntonRunner
That's similar to us - between Mrs TR and I we have state + DB schemes that will give us after tax and at today's prices £32k per year, which we're happy with. My DC scheme I'll use to bridge the gap from finishing at the end of this year aged 62 until those pensions come on stream.
GregP
GregP
Apr 2022
3:14pm, 27 Apr 2022
134,874 posts
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GregP
Yep, sounds very similar, which is reassuring.
Lip Gloss
Lip Gloss
Apr 2022
4:02pm, 27 Apr 2022
61,246 posts
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Lip Gloss
Oh bloody hell im so confused.

I think I have a decent pot in my investment from Ex’s pension but not sure how much of it can last me the 7 years till my state pension comes into play. Got my forecast from that today and I’m okay with NI contributions etc but don’t get it till 2030. My NHS pension can be taken next year although it’s not all that great unless I’m calculating wrong. Think when I see FI guy this autumn I’m going to get him to have things in place for retirement next Nov when I turn 60. If there happens to any inheritance in between times then things might change. All this means I can keep my own house and that will be for my son .
EvilPixie
EvilPixie
Apr 2022
4:07pm, 27 Apr 2022
32,255 posts
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EvilPixie
can someone confirm if my mutterings are correct please?!
Cerrertonia
Cerrertonia
Apr 2022
4:21pm, 27 Apr 2022
16,330 posts
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Cerrertonia
EvilPixie - yes, what you wrote looks correct.

The 25x figure is what is needed to provide that annual income adjusted for inflation, for ever (actually 30 years in the original Trinity Study). It's obviously impossible to know exactly how long someone is going to live, what investment returns will be like in future, so it's a conservative rule of thumb, not a guarantee.
EvilPixie
EvilPixie
Apr 2022
4:24pm, 27 Apr 2022
32,256 posts
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EvilPixie
thanks a lot :-D
TROSaracen
TROSaracen
Apr 2022
4:28pm, 27 Apr 2022
25,316 posts
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TROSaracen
Life is so much simpler with a defined benefit pension!

Only issue is I can't now adjust it, ever. With a drawdown I would have front loaded, taken more between ending work and state pension (part as the tax free lump), then paring back the residual to its sustainable % pa drawdown amount at SP age knowing that I had the state pension as well to top it up.

You could probably model something that kept your income (very roughly) even pre and post state pension with this approach.
TROSaracen
TROSaracen
Apr 2022
4:34pm, 27 Apr 2022
25,317 posts
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TROSaracen
As it is I have a DB pension from 55, and will probably work (part time) till 60.

I have a (much smaller) DC Pension pot - still being added to slowly which I'll draw down between 60 and SP age - with no intention of having any left, leaving me with the SP and the DB from 67 onwards.

Ultimately I'll have the most income 55-60, and will step down a bit 60 onwards but still should be plenty assuming I give up my VERY EXPENSIVE triathlon hobby at, or before 60.
lammo
lammo
Apr 2022
4:38pm, 27 Apr 2022
11,187 posts
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lammo
I wouldn't count on that TRO, you'll need ever more expensive bikes to offset the slowing with age process :-)
TROSaracen
TROSaracen
Apr 2022
4:41pm, 27 Apr 2022
25,318 posts
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TROSaracen
The equation will be very simple Lammers: you want expensive bikes, Ironman entry fees and races around the world, you carry on working.....the equation will shift once I'm a decrepit old f&*k shuffling to the finish line after dark when everyone's packing up....

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
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Retirees Hall of Fame

star CumbriAndy star (17.04.25)
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westmoors (27.03.25)
dobbers (26.02.25)
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Jaks (15.05.24) (third time of retiring)
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um (May 2017)
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