What age do you plan to semi-retire?

[Whorty]

I'll put this here because General would quickly go off track. There's been some talk here of monthly costs and people retiring etc. I've always found this to be an interesting topic because I firmly believe we're not born to just work and we need something beyond this to make life meaningful.

No matter what age you are now, do you have a plan for when you might want to call it a day with full-time work?

Assuming all other things are fine (health etc), you might need to consider 2 things:-

1. How much money do you need to live your chosen life each month. This should cover all costs, necessary and luxury and hobbies etc.
2. What age do you want to be free from the shackles of full time work.

When I was I 30, I thought I could survive off £1k/month and planned to semi-retire by 35. Then, getting married and having kids changed that to £5k/month and between 40 - 45 as my target age. Now I just don't know. I'm not sure what I would do if I wasn't working - sad isn't it. It isn't about the money any more. The middle class bracket is vast and I'm not going to be a multi-millionaire with a Ferrari and a mansion, but I don't need that and am not going to sacrifice the rest of my life to attain such things.

Technically I don't actually have to work any more. But if I wasn't working, I honestly don't know what else I would do. I've lost my childhood imagination, hopes and dreams. And that makes me a little sad.

The plans me and the wife had have been completely turned upside down. 5 years ago, when her health was going, we sold up in London to by the country pad as she'd never lived in the country and wanted an easier pace of life. Plan was to stay here for 10 years then semi-retire at 55 with me working 6 months or so each year and we together travelling around in the campervan.

She became so ill so fast and only made 5 of those years. I'm now left with a stupidly sized house in a location I no longer like as have too many sad memories. I'll look to sell this place in the new year and probably move back to Solihull (where we first met) and buy a flat. I don't need to work but I have no idea what else to do so I'll continue to work until I get my head straight and work out what future looks like.

Wife made me promise to enjoy what we had planned to do together, so travel will be on my agenda. As will cycling lots more.

All I can say to peeps on here is, don't have any regrets and make sure to live your life to the full.

[Old Greg]

The plans me and the wife had have been completely turned upside down. 5 years ago, when her health was going, we sold up in London to by the country pad as she'd never lived in the country and wanted an easier pace of life. Plan was to stay here for 10 years then semi-retire at 55 with me working 6 months or so each year and we together travelling around in the campervan.

She became so ill so fast and only made 5 of those years. I'm now left with a stupidly sized house in a location I no longer like as have too many sad memories. I'll look to sell this place in the new year and probably move back to Solihull (where we first met) and buy a flat. I don't need to work but I have no idea what else to do so I'll continue to work until I get my head straight and work out what future looks like.

Wife made me promise to enjoy what we had planned to do together, so travel will be on my agenda. As will cycling lots more.

All I can say to peeps on here is, don't have any regrets and make sure to live your life to the full.

Solihull? I’d say you’ve suffered enough, matey.

[Whorty]

Solihull? I’d say you’ve suffered enough, matey.

I quite like it up there, still got a few friends in the area. It's where my wife wants a tree planted (in a memorial garden) so seems logical.

It's either there or back to London, but I'm struggling to see how I can go back to City life without my beautiful wife by my side.

Time may change my mind, don't know. But I can get a decent central Solihull place and leave me enough in my bank to retire on £35k net each year until I'm 100! I have no mortgage, no kids and no feckin idea what to do next.

[NowPermOutsideUK]

I quite like it up there, still got a few friends in the area. It's where my wife wants a tree planted (in a memorial garden) so seems logical.

It's either there or back to London, but I'm struggling to see how I can go back to City life without my beautiful wife by my side.

Time may change my mind, don't know. But I can get a decent central Solihull place and leave me enough in my bank to retire on £35k net each year until I'm 100! I have no mortgage, no kids and no feckin idea what to do next.

Im sorry to disappoint you but have you really thought this through and in particular whether 35k a year after tax is enough

I have no idea how much pensioners need these days but as someone in late 30s I would be nervous about having only 35k a year to spend a year adjusted for inflation and paying for car house maintenance a few holidays and the general food utilities. It really does feel very low and I would have thought you would need more.

Before everyone tells me how mad I am I do not know how much one needs but is 3k a month really enough?

[northernladuk]

Before everyone tells me how mad I am I do not know how much one needs but is 3k a month really enough?

With no mortgage or kids? He's thought it through more than you it appears.

[Whorty]

Im sorry to disappoint you but have you really thought this through and in particular whether 35k a year after tax is enough

I have no idea how much pensioners need these days but as someone in late 30s I would be nervous about having only 35k a year to spend a year adjusted for inflation and paying for car house maintenance a few holidays and the general food utilities. It really does feel very low and I would have thought you would need more.

Before everyone tells me how mad I am I do not know how much one needs but is 3k a month really enough?

Everyone is different, and maybe for some that's not enough but for others it's a king's ransom. Currently my expenditure (excluding holidays) is £15k a year. That's food, house, bills, car, etc

I can easily live on £35k (net) a year. No mortgage, no kids, zero debt.

How much do others think they need to retire on per year?

[NowPermOutsideUK]

Everyone is different, and maybe for some that's not enough but for others it's a king's ransom. Currently my expenditure (excluding holidays) is £15k a year. That's food, house, bills, car, etc

I can easily live on £35k (net) a year. No mortgage, no kids, zero debt.

How much do others think they need to retire on per year?

I would also seriously like to know what you need and how much is enough because I think about when to stop a lot more then I used to! That’s why this topic really does interest me

My initial thoughts on the absolute minimum are

Council tax 2.5 k
Electric and util 2k
Car insurance 1k
Car lease 6k
Home insurance 1k
Home repairs 4K
Tech 3k
Food and coffees 200 a week 10k
Furniture / clothes / restaurants / theatres / gifts / dental / private health insurance and so many more.

I’ve been conservative here. There are no stupid taxis or double digit k cruises or months in New Zealand

[malvolio]

You'd be surprised how many things vanish once you pay off the mortgage and stop flogging in to work and back, some of which are quite abstract (less reliance on convenience food during the week for example). £35k for a single man with a decent backup war chest should be more than enough.

[SueEllen]

I would also seriously like to know what you need and how much is enough because I think about when to stop a lot more then I used to! That’s why this topic really does interest me

My initial thoughts on the absolute minimum are

Council tax 2.5 k
Electric and util 2k
Car insurance 1k
Car lease 6k
Home insurance 1k
Home repairs 4K
Tech 3k
Food and coffees 200 a week 10k
Furniture / clothes / restaurants / theatres / gifts / dental / private health insurance and so many more.

I’ve been conservative here. There are no stupid taxis or double digit k cruises or months in New Zealand

If you are old why do you need two expensive cars on lease? That cuts down your car costs.

Most older people I know move to smaller and newer homes so their repair bills, council tax and utility bills go down. (I should say newer may simply mean moving from a Georgian home to one built in the 1950s.)

[vwdan]

I would also seriously like to know what you need and how much is enough because I think about when to stop a lot more then I used to! That’s why this topic really does interest me

My initial thoughts on the absolute minimum are

Council tax 2.5 k
Electric and util 2k
Car insurance 1k
Car lease 6k
Home insurance 1k
Home repairs 4K
Tech 3k
Food and coffees 200 a week 10k
Furniture / clothes / restaurants / theatres / gifts / dental / private health insurance and so many more.

I’ve been conservative here. There are no stupid taxis or double digit k cruises or months in New Zealand

WTF? We're a family of three and most of our bills are near half of what you quote and I don't think we're particularly reserved.

Council tax is 1500
Car insurance is 5-600 quid
Lease is 2200 incl deposit
Main Shopping bill is about 100 quid - even with top up shops and some coffee and takeaway we aren't spending an additional 100 quid!

Your example figures are in no way reserved - given Whorty is a single guy looking at the Midlands he should be good as gold.