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How much is enough?

Discussion in 'Retirement' started by heldon, Nov 4, 2015.

  1. heldon

    heldon Occasional commenter

    Seems a bit scary the prospect in a couple of years of packing this job in. I am going through the calculation process at the moment of working out how much we need to live on. Between myself and my wife I reckon that an annual income of £24000 will be enough. Especially if there is capital to call on for big ticket items. We are both teachers so will both have teachers pensions. How have those that are retired found things- how much has been enough for you?
  2. Morninglover

    Morninglover Star commenter

    If you have no mortgage, then I'd say that will be fine (unless you both have very expensive tastes!!) FWIW we (two of us) live on just my pension, not much more than 1/2 what you expect, plus accumulated savings etc. for 'big ticket' items.

    And we seem to be doing OK....
  3. heldon

    heldon Occasional commenter

    When I hit 55 .5 I have calculated my pension will be about £15k. Mrs is 5 years younger - she is planning to stop as well. We have no debts have saved £100 k ish. Mrs pension will be about 12k when she hits 55. These figures include the actuarial reduction. We are seriously thinking about jacking it in. We used to to love the job but don't anymore. Have plenty free hobbies and interests. Actually as I am typing this - I think I am convincing myself that the 2 year plan is on and we should just do it. Life is too short to spend it filling in spreadsheet.
    ScotSEN and FolkFan like this.
  4. Morninglover

    Morninglover Star commenter

    Go for it...

    I did and have no regrets (even though our income is pretty low & will be until the state pension kicks in when I am 67!)
    ScotSEN likes this.
  5. Nebka

    Nebka New commenter

    Go for it, we had the same plans but unfortunately cancer struck so we are waiting, money is important but it is not the most important!
    ScotSEN likes this.
  6. mrkeys

    mrkeys Occasional commenter

    Life is too short and the job just is not worth the hassle.
    Been retired for over a year and no regrets.
    All the fun went out of teaching years ago.
    TheaPine, ScotSEN and FolkFan like this.
  7. catmother

    catmother Star commenter

    I used to think that I would definitely stay until 60 and on a good day, thought maybe a couple of years past that (small pension and husband is fairly low paid job without second pension). However, the idea of 55 or thereabout looks more and more attractive. My strategy is to save as much as I can every month as an escape fund.....
    I keep looking at the bright young things in the staffroom who are so confident and full of it, and ask myself " do they realise they'll be doing this until their late 60s?"
    ScotSEN likes this.
  8. heldon

    heldon Occasional commenter

    This debate is helping me - definitely going to work towards 2years come this Xmas. I'll come back to this thread later as I move through the the next 2 and a bit years. Anybody else looking at Xmas 2017 as well ?
    Reckon we could save £24k over the next 2 years. Meaning a backup fund of £124k. We are going to work hard towards that goal. Have a good weekend all.
    ScotSEN likes this.
  9. Lara mfl 05

    Lara mfl 05 Star commenter

    Not retired yet but husband and my combined income is going to be @ 9000, so £24000 per year sounds an absolute fortune.
    ScotSEN likes this.
  10. Guest

    Guest Guest

    Holding on I am sorry, but I cannot understand your anxiety about having enough on which to retire.
    From the point of view of many other teachers wishing to retire you seem to be in an extremely fortunate position. You estimate your savings to be £124000 in two years time plus of course two pension lump sums(so potentially nearer £200000) and an income of £24000 per annum. State pension to be available 11 years after that. For most of us on here this is the stuff of dreams!! Just get on with it.
    yodaami2 likes this.
  11. heldon

    heldon Occasional commenter

    I guess the anxiety comes from making the decision after so many years. I know we care in a reasonable good position, mind you that has come through many years of hard work and being quite frugal. Thanks for your encouragement.
  12. Yoda-

    Yoda- Lead commenter

    The link below is for a minimum income calculator.


    The link below is for the Joseph Countries Foundations report into minimum income standards.


    You will probably find that your pensions will enable you to do far more than what's included in these two links. They should reassure you....

    Have a happy retirement. I am sure you both worked very hard to get to your enviable pension position.
  13. jacob

    jacob Lead commenter

    Where you born after 6th April 1960? That is the birthdate when it goes to 67.
  14. Morninglover

    Morninglover Star commenter


    So is this good news and I get it at 66?? :D
  15. Alldone

    Alldone Senior commenter

    Hi FolkFan
    If you go to this site it will tell you when your state pension is due
    You can also have them send you details of how much you will get and how it was calculated. I retired this year - will be 62 this month and my retirement for state pension will be when I reach 65. The letter I got back took about 10 days after filling in the form on line.
    FolkFan likes this.
  16. Morninglover

    Morninglover Star commenter

    Thanks! I will look into this....

    [On edit] It's 66!! :D
    Lara mfl 05 likes this.
  17. gymjack

    gymjack New commenter

    My pension is £16,400 or £1270 a month after tax and with no mortgage to pay I'm managing fine on that.
  18. aspen_1

    aspen_1 New commenter

    I've been hivering and hovering continuously about retiring for at least a year or two but am now feeling encouraged by what I'm reading on this thread. I'm hopeful of clearing the mortgage and then having £240kish to last on until my pension comes in at 60 (6-7 years away). If I don't take it early it'll be about £11,200ish + lump sum. Really tempted to bail out very soon - just had enough of all the nonsense.
  19. Yoda-

    Yoda- Lead commenter

    Good for you Aspen 1.

    Do try the minimum income links posted previously in this thread.

    Firm up the amount of your pension with Teacher Pensions. Many teachers find it's more than they expect....

    Obviously you only get one chance of getting this right so double check all your calculations. Look at your outgoings for the previous year and plan your budgets for future years....
  20. aspen_1

    aspen_1 New commenter

    The minimum income links were very helpful thank you Yoda - have bookmarked too for future reference. Have calculated budget for future years and think I will be okay - I'm quite a frugal person really.

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