Retire at 60 with minimum income of €1,000 per week

-Gal1

Registered User
Messages
47
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

Age48495051525354555657585960616263646566
Growth1%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€ -
Growth5%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
SellRentalLessExp+CTG€ 312
SpendPerYear€ 52€ 52€ 52€ 52€ 52€ 52
RetireLumpSum€ 300
PensionMonthMonth€ 5
 
On paper so far with the limited info supplied it looks pretty good to me
At 60 you'll be debt free with a PPR, a pension fund of €1.1/1.2 Mil and I presume €312 K from the sale of the rental
And not forgetting whatever your wife is bringing to the table with her pension and savings
I don't see why you shouldn't feel confident that you can retire at 60

Couple of questions
There's an aggressive pay down of your debt over the next 5 years I presume you can afford this along with your pension contributions etc etc
Why are you selling the rental, Is it not washing its face or are you not interested in been a landlord when you retire??
 
Hi Cervelo. Thanks for the reply.. Yes the paydown is aggressive but so far we are on track to achieve the timelines above and maintain pension contributions etc. The aggressive nature is aligned with our wish not have any debt if / when or kids go to college and was started a few years ago.

Selling the rental is to support having no work related income from 60 to 66 and wishing to have a minimum weekly budget of €1,000 plus what every savings we have accumulated between paying off the mortgages and finishing up working. The rental is washing it face. But I would prefer to have 5 to 6 year of extra retirement on the back of selling it, rather than keeping it and having an extra €300 weekly income at 66, on top of what I believe could be a combined weekly pension income of approximately €1,750 (My Pension €1,000 + State Pension €250 + Wife Pension €250 + State Pension €250) and a €300,000 Lump sum.

Am I missing something? Thanks -Gal1