Funds Insider - Opening the door to funds

Welcome to the Citywire Funds Insider Forums, where members share investment ideas and discuss everything to do with their money.

You'll need to log in or set up an account to start new discussions or reply to existing ones. See you inside!

Notification

Icon
Error
How much did you retire with?
+ Reply to discussion
Options
MBA MBA
Posted: 12 February 2025 21:25:02(UTC)
#31

Joined: 16/12/2012(UTC)
Posts: 1,725
RT7;334134 wrote:
Hi MBA MBA,

I will respond to your original post, but can i clarify please what does "2. How much income did you retire with?" mean ?

do you mean what was i earning when i retired ? Or did you mean, how much cash did i forecast needing a year in retirement ? Obviously cash, and gross income are very different....

Thanks




I just meant how much gross income or pension do you get / manage with? Thanks
Back to top Quote
MBA MBA
Posted: 12 February 2025 21:28:15(UTC)
#33

Joined: 16/12/2012(UTC)
Posts: 1,725
Generally some appear to be living happily on sums lower than I thought would be needed

I think I need to work out my cost base
Back to top Quote
1 user thanked MBA MBA for this post.
Newbie on 12/02/2025(UTC)
Newbie
Posted: 12 February 2025 21:42:43(UTC)
#34

Joined: 31/01/2012(UTC)
Posts: 3,818

Thanks: 6012 times
Was thanked: 7026 time(s) in 2603 post(s)
MBA MBA;334163 wrote:
Generally some appear to be living happily on sums lower than I thought would be needed

I think I need to work out my cost base

One thing that was a surprise for me was the costs involved in actually working and earning.
Suits, Shirts, Ties, Shoes, Bags, Pen, Travel etc.
Many people forget to factor (take these off) these in retirement.
Now a pair of Chino's blazer/Jacket of sorts suffices for most occasions.
No need for Suit, Dinner jacket, Sports jacket, Boating Jacket, etc.
Just a pair of loafers, rather than Oxford's, Derby's, Borgues, Boating shoes etc.
Even if you are at the races, country house, or gentlemans club you have earned the right to possess a bulge and can be oblivious to faux pas situations.
The golf gear, unfortunately needs to stay

https://www.youtube.com/shorts/2tVsTOgRN4c
Back to top Quote
 |  Edit by user
1 user thanked Newbie for this post.
Guest on 12/02/2025(UTC)
Chalky W
Posted: 13 February 2025 12:27:10(UTC)
#28

Joined: 02/01/2020(UTC)
Posts: 364

Thanks: 2970 times
Was thanked: 1030 time(s) in 283 post(s)
MBA MBA;334112 wrote:


Thanks. So you're generating £36k pa from your c £712-772k pot? I think that's only a drawdown of around 4%. so you're not depleting the capital. Given the changes in IHT rules for pensions, are you not tempted to extract £50k pa and pay just the 20% income tax rate?



I'm undecided over plans to mitigate IHT:

On the one hand, the spreadsheet indicates that it's "better" to let the sums in our ISAs and SIPPs grow while our state and other pensions cover all our living costs. Paying IHT on a much larger sum works out "better" for the recipients.

We'd also like to be able to be able to use the money to help recipients through university, buying their first car, or house deposits etc, and enjoy seeing them get ahead.

On the other hand, I also have my eyes on other expensive cars, so sometimes I think fuggit, I'm blowing their inheritance on a Lamborghini. :D
Back to top Quote
3 users thanked Chalky W for this post.
OmegaMale on 13/02/2025(UTC), MBA MBA on 13/02/2025(UTC), Lesley J on 15/02/2025(UTC)
Andrew1952
Posted: 07 March 2025 21:28:47(UTC)
#35

Joined: 06/07/2019(UTC)
Posts: 538
Newbie;334167 wrote:
MBA MBA;334163 wrote:
Generally some appear to be living happily on sums lower than I thought would be needed

I think I need to work out my cost base

One thing that was a surprise for me was the costs involved in actually working and earning.
Suits, Shirts, Ties, Shoes, Bags, Pen, Travel etc.
Many people forget to factor (take these off) these in retirement.
Now a pair of Chino's blazer/Jacket of sorts suffices for most occasions.
No need for Suit, Dinner jacket, Sports jacket, Boating Jacket, etc.
Just a pair of loafers, rather than Oxford's, Derby's, Borgues, Boating shoes etc.
Even if you are at the races, country house, or gentlemans club you have earned the right to possess a bulge and can be oblivious to faux pas situations.
The golf gear, unfortunately needs to stay

https://www.youtube.com/shorts/2tVsTOgRN4c


Cough.

Most people have never had the need for at least two of those !!
Back to top Quote
4 Pages«Previous page234
+ Reply to discussion

Markets

Other markets