While I can't speak for Odea or indeed what anybody else would need financially to live on each year as it will differ from each couple to coupleThanks Odea.
35k - is that each or for both of you?
Thank you for that. Reading posts here and in my late 40s, I sometimes worry about what we should do or more should have done concerning our pensions. While we have been relatively frugal all our adult lives, pensions have not always been our priority for investment or our main investment as we also wanted to make sure our lives were secure before that time. When we definitely focus on them now and we should definitely have a good few hundreds of thousands in savings, I am happy to hear that costs can be somewhat managed.While I can't speak for Odea or indeed what anybody else would need financially to live on each year as it will differ from each couple to couple
I can give you a rough breakdown of what we, a couple with no kids but a cat in our mid fifties have spent over the last six years to end of 2022
Overall we've spent a total of €231K which equates to an average of €38.5K a year
When I break down the figures and remove travel €58K and then what I've spent on cycling €40k
The average now comes in around €22K a year
€22K a year might sound to some people as been too little to live on but from our prospective it's more than enough
Everything is included in that from all our utility and grocery shopping bills, the running cost of two old cars a 131 and an 07,
two Laya Control 300 Create heath policy's, repair and upkeep of our house, all our socializing and takeaways etc etc.
I often hear here and in other places that a couple who are relying on two state pension as their main source of income in retirement will have a somewhat bleak existence, well going on my figures and the life we're living, if you have a small private pension of a few hundred thousand to go with the state pensions you'll have nothing to worry about (per se) except how you're going to spend all that free time you now have access to.
While I can't speak for Odea or indeed what anybody else would need financially to live on each year as it will differ from each couple to couple
I can give you a rough breakdown of what we, a couple with no kids but a cat in our mid fifties have spent over the last six years to end of 2022
Overall we've spent a total of €231K which equates to an average of €38.5K a year
When I break down the figures and remove travel €58K and then what I've spent on cycling €40k
The average now comes in around €22K a year
€22K a year might sound to some people as been too little to live on but from our prospective it's more than enough
Everything is included in that from all our utility and grocery shopping bills, the running cost of two old cars a 131 and an 07,
two Laya Control 300 Create heath policy's, repair and upkeep of our house, all our socializing and takeaways etc etc.
I often hear here and in other places that a couple who are relying on two state pension as their main source of income in retirement will have a somewhat bleak existence, well going on my figures and the life we're living, if you have a small private pension of a few hundred thousand to go with the state pensions you'll have nothing to worry about (per se) except how you're going to spend all that free time you now have access to.
Yes and no, at the moment we're living off savings and investments and going by current spending should be enough for the next 15 yearsThat is very informative, you aren't in receipt of the state pension yet. In your planning do you expect your current income to drop by ~22k pa by the time you hit state retirement age and then topped up by the state pension?
Being able to fund ~40k pa for close to 20 years indicates by the time you hit 50 you had a sizeable private pension pot?
Yes and no, at the moment we're living off savings and investments and going by current spending should be enough for the next 15 years
By the time the state pension kicks in the fund will be fairly close to depletion and will be a welcome income stream to replace this
I also have a small PRSA of €250K which hopefully when I cash it in in ten years time will be worth €350 to €400K
The thing with early retirement is unless you have what is called FU money, you have to get comfortable with risk and decumulation of your wealth
but you also have to be aware that as you get older especially in your late sixties and early seventies, even though you have the resources you might not have the physical or mental capability to enjoy it, so it's better in my opinion to front load your retirement while you can and then in the sunset years you can live a very frugal life remembering the good times, that's of course if you can still remember
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?