I am looking for advice / Feedback on my plan on having a minimum income of €1,000 per week, so that myself and my wife can retire when I turn 60 or earlier.
The figures below are related to our joint property(s) and my pension only, my wife will have a pension also and we both should qualify for the state pension. I am not including these in the analysis.
I am looking for feedback / advice on my current plan to retire at 60 by selling the rental property and using these funds to keep us going until 66 when the pension kicks in.
I am using a 1% per year growth number for property and a reducing yearly % number for the pension going from 5% today to 1% closer to retirement.
All numbers are in expressed in €,000
Outside these numbers I believe that I have the usual rainy day / college / change cars funds etc.. covered. and expect a lot of the financial heavy lifting done by 53 with mortgages paid off and at 60 with the last of the kids through college..
Thanks -Gal1
The figures below are related to our joint property(s) and my pension only, my wife will have a pension also and we both should qualify for the state pension. I am not including these in the analysis.
I am looking for feedback / advice on my current plan to retire at 60 by selling the rental property and using these funds to keep us going until 66 when the pension kicks in.
I am using a 1% per year growth number for property and a reducing yearly % number for the pension going from 5% today to 1% closer to retirement.
All numbers are in expressed in €,000
Outside these numbers I believe that I have the usual rainy day / college / change cars funds etc.. covered. and expect a lot of the financial heavy lifting done by 53 with mortgages paid off and at 60 with the last of the kids through college..
Thanks -Gal1
Age | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 |
Growth | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% |
PPR | € 450 | € 455 | € 459 | € 464 | € 468 | € 473 | € 478 | € 482 | € 487 | € 492 | € 497 | € 502 | € 507 | € 512 | € 517 | € 522 | € 528 | € 533 | € 538 |
Rental | € 295 | € 298 | € 301 | € 304 | € 307 | € 310 | € 313 | € 316 | € 319 | € 323 | € 326 | € 329 | € 332 | € - | € - | € - | € - | € - | € - |
Remaining Mortgages | € 263 | € 200 | € 151 | € 92 | € 37 | € - | |||||||||||||
Growth | 5% | 5% | 5% | 5% | 4% | 4% | 4% | 4% | 4% | 4% | 3% | 3% | 3% | 2% | 2% | 1% | 1% | 1% | 1% |
Pension | € 400 | € 445 | € 494 | € 546 | € 602 | € 656 | € 714 | € 775 | € 840 | € 908 | € 981 | € 1,049 | € 1,119 | € 1,192 | € 1,216 | € 1,241 | € 1,253 | € 1,266 | € 1,278 |
Additions | € 25 | € 26 | € 28 | € 29 | € 30 | € 31 | € 33 | € 34 | € 35 | € 37 | € 38 | € 39 | € 40 | € - | € - | € - | € - | € - | € - |
Growth | € 20 | € 22 | € 25 | € 27 | € 24 | € 26 | € 29 | € 31 | € 34 | € 36 | € 29 | € 31 | € 34 | € 24 | € 24 | € 12 | € 13 | € 13 | € 13 |
Sell | Rental | Less | Exp | +CTG | € 312 | ||||||||||||||
Spend | Per | Year | € 52 | € 52 | € 52 | € 52 | € 52 | € 52 | |||||||||||
Retire | Lump | Sum | € 300 | ||||||||||||||||
Pension | Month | Month | € 5 |