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Retirement options?



 
 
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  #11  
Old December 8th 17, 12:23 PM posted to uk.finance
AnthonyL
external usenet poster
 
Posts: 99
Default Retirement options?

On Thu, 7 Dec 2017 09:46:12 -0800 (PST), wrote:

Thanks all for the advice, I will pass it on and advise him to pump the num=
bers into a spreadsheet.

He now tells me his 90k is sat solely in Premium Bonds (in his and wife's n=
ames, not sure if good or bad but he reckons he raked in 6 x =C2=A325 wins =
in December).


I assume that is 6 x 25 and not those funny numbers that non-text
systems introduce. He should be averaging about 1,000/yr though the
90k is eroding in value.

Worth a read of

http://www.telegraph.co.uk/investing...premium-bonds/

I work on drawing about 3% on my investments which still allows them
to grown at around the inflation rate. Nothing spectacular but seems
to be working so far. My wife's 90k invested (funds) has paid for
the weekly shop for the two of us over the past 7 or 8 years.



--
AnthonyL
  #12  
Old December 15th 17, 03:13 PM posted to uk.finance
tim...
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Posts: 16
Default Retirement options?



wrote in message
...
Posting on behalf of a (real) friend.

He is 54, has 90k in savings, no mortgage, no kids and a pension from his
previous employer of around 5k a year.

He reckons he could take redundancy from his current employer (£4k),
"retire" and live off of the savings and pension until he hits 67 when he
can start drawing the State Pension.

He says he and his wife will cheerfully cut back on non-essentials (second
car, for example) and it'll work.

If the going gets tough between now and 2030 he says he'll go and sit on
the checkouts at B&Q a couple of afternoons a week.

Sounds a great end to a working life but I've told him it isn't going to
work......except, I can't quite quantify *why* it won't work.

Any thoughts?


drawing down 90K over 13 years to support a couple is just not enough

end of

tim




  #13  
Old December 15th 17, 04:09 PM posted to uk.finance
Mark[_9_]
external usenet poster
 
Posts: 48
Default Retirement options?

On Fri, 15 Dec 2017 15:13:43 -0000, "tim..."
wrote:



wrote in message
...
Posting on behalf of a (real) friend.

He is 54, has 90k in savings, no mortgage, no kids and a pension from his
previous employer of around 5k a year.

He reckons he could take redundancy from his current employer (£4k),
"retire" and live off of the savings and pension until he hits 67 when he
can start drawing the State Pension.

He says he and his wife will cheerfully cut back on non-essentials (second
car, for example) and it'll work.

If the going gets tough between now and 2030 he says he'll go and sit on
the checkouts at B&Q a couple of afternoons a week.

Sounds a great end to a working life but I've told him it isn't going to
work......except, I can't quite quantify *why* it won't work.

Any thoughts?


drawing down 90K over 13 years to support a couple is just not enough

end of

tim


Also could they live of the state pension alone after the 13 years
have elapsed?

--
insert witty sig here
  #14  
Old December 16th 17, 04:08 PM posted to uk.finance
[email protected]
external usenet poster
 
Posts: 10
Default Retirement options?

On Friday, 15 December 2017 16:09:45 UTC, Mark wrote:
On Fri, 15 Dec 2017 15:13:43 -0000, "tim..."
wrote:



wrote in message
...
Posting on behalf of a (real) friend.

He is 54, has 90k in savings, no mortgage, no kids and a pension from his
previous employer of around 5k a year.

He reckons he could take redundancy from his current employer (£4k),
"retire" and live off of the savings and pension until he hits 67 when he
can start drawing the State Pension.

He says he and his wife will cheerfully cut back on non-essentials (second
car, for example) and it'll work.

If the going gets tough between now and 2030 he says he'll go and sit on
the checkouts at B&Q a couple of afternoons a week.

Sounds a great end to a working life but I've told him it isn't going to
work......except, I can't quite quantify *why* it won't work.

Any thoughts?


drawing down 90K over 13 years to support a couple is just not enough

end of

tim


Also could they live of the state pension alone after the 13 years
have elapsed?

--
insert witty sig here


Well he has a £5k pension from his previous employer so he wouldn't be relying solely on the state pension.

I agree with Tim, the weighting is all wrong.......90k savings with 10 years to retirement is probably do-able, £120k savings with 13 years to retirement likewise.

I think (and have told him) he's three years or 30k short of his goal.

But thanks for the input all.
 




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