41 looking to retire at 50... possible ?

Discussion in 'Money makeover' started by teaandbiscuits, Mar 14, 2017.

  1. SirMille

    SirMille Frequent Poster

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    This post saved me typing
     
  2. Gordon Gekko

    Gordon Gekko Frequent Poster

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    I would also question the wisdom of retiring at 50.

    Money is not the be all and end all. The people I know who enjoy the healthiest and most "successful" retirements still work a little.
     
  3. SirMille

    SirMille Frequent Poster

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    If I may ask the OP, what hobbies do you have. A bit off topic
     
  4. Gerry Canning

    Gerry Canning Frequent Poster

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    After your pension contribution @ 25% you have k70 + spouses income of k 100 = k170 to live on.
    I assume ? you will need a similar lifestyle ?

    1. Have k120 left of the k170 after tax ,less savings k50 each month = k70 left to spend
    It seems you require a net k70 per year to maintain life style.
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    2. Hold circa k900 twix savings and pensions .
    Future save k50 + 25% pension on your salary = k30 == total saving of k80 per year.
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    After 9 years you will have K900 + more saved of 80@9 years = k720. + some growth.
    That equals k1620 to be divided over another 25 years from age 50 = k65 per annum.
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    So if my simple assumptions are your general thoughts = you are close.
    Also after 68 add in state contributory pensions of % of years contributions , I guess k6 each