I certainly will.
Always worked at physically demanding jobs so looking forward to putting the feet up when I reach 66
so from a funding POV most couples nowadays both get full State pension which is nearly 32K,even a modest private pension on top of that will get you into the mid 40k per annum.
When I worked never bought coffee but buy 5 a week now and lunches as you have time to fill.
Some like me had their health insurance paid by the job ,that now costs me 4k.
I am not saying you need 45k for a couple to retire but if you want to travel and have an active social life
and not worry about finance i think my estimate is ok.
We definitely could trim things like sky sports,2 cars etc,and may do in the future but our lifestyle is far
from extravagant but we do like to travel and Ryanair sales are fantastic for retirees.
You spend all day every day on boards arguing with people about nothing. Enjoy.
It's easy to work out your fixed costs, utilities, and insurance, property tax, food, transport, maintenance of the house, and so on eveything after that is a choice.
I keep thinking of that quote that goes something like - "I don't work for money, I work to avoid not having any…"
As soon as I retired I cancelled the Life Assurance policy , we are mortgage free and have decent savings so no need to be paying out on that.
BTW , Canaries are beautiful at the moment, 27degrees this afternoon so very glad we retired. Place is full of wrinklies like me.
The way the country is at the minute I really hope im dead at 64
That could be a motto for this thread.
I reckon a lot of people if they had enough money wouldn't bother to work at all.
If you're one of them start planning that early retirement now !
This is very true in my case anyway. Grew up very poor so now have a real fear of being poor. The key question is - what's enough?
Looking at some of the surveys done regarding different levels of income in retirement, I definitely think between 2.5k and 3k a month (plus OAP) are what im looking for as a single person. Want to make sure I'm ok if the boiler goes, or if I wanted to go away for a last minute break.
Anyone considering Spry finance?
Two pieces in the news touching on this topic. First that projections estimate that by 2060 the worker to retiree ratio will be 2/1 compared with 4/1 currently.
The second is the FG stock investor account that allows up to 28K tax free investing to get people to utilise the big lump of savings that sitting in bank deposits earning less than consumer inflation.
Personally I prefer the Australian superannuation option of being able to move money between stocks, bonds and cash as suits.
have read a lot on the idea of a new investment account , but haven’t seen anywhere a mention of 28k tax free yet, have you got any further information?
I got the 28K from this piece, my mistake for saying it was a direct Harris quote.
But crucially, there is a tax-free threshold. No tax is due on the first 300,000 SEK (€28,000) held in an ISK.
Like to get out of the rat race at 60. 53 atm and hopefully have mortgage paid off next year. Work in the PS and can take early retirement when I reach 60. The older you get the more you realise time is more important than money. And of course the freedom to do other things in life.
So you reckon you’ll need around 4k a month to live even without a mortgage?
Aiming for between 36 and 40k including oap. As a single person, I'll pay tax on that (not sure how much) and also not sure what 40k in today's Monday will be worth at the time.
will have no mortgage, but will probably need to get a better health insurance policy. My house is ageing (even now) for example heating system needs overhaul (min 5k) and I expect as the house gets older it will need more tlc.
Also want to factor in some special travel - at least in the first ten years.
Constantly re doing sums- some people say you need more, some less , guess everyone will need to find their own way.
My parents earn about 50k gross in retirement. They pay 8%-10% income tax on that.
They get :
2x full med cards
2x FTP
free TV licence
€35 per month / €420 pa off their elec bill
They have relatively simple lives, so in their cases, they save out of the income.
Note there is a two year waiting period on pre-existing conditions when you upgrade your private health insurance - if you want better coverage you have to bite that bullet sooner or later. Waiting until you need it isn't an option.
How do they get full medical cards and not a GP visit card? how do they get money off there electricity every month? What is FTP?
We decided in our wisdom to grant medical cards to over 70s even if they're millionaires, but not to struggling working parents of young kids.
Electricity = household benefits package
FTP = free travel pass
You forgot to include
Your spouse or partner is aged under 70 years: Where only one of you is aged over 70 years, you will both qualify for a medical card if your combined income is not over €1,050 a week.
https://www.citizensinformation.ie/en/health/medical-cards-and-gp-visit-cards/medical-card-means-test-over-70s/
If the Epstein-Iran war continues many of you will be out of work well before 66, thats a certainty.
Global economic crash incoming.
Everybody over 70 gets the HBP = Household Benefits Package
https://www.citizensinformation.ie/en/social-welfare/extra-social-welfare-benefits/household-benefits-package/
The HBP includes €35 pm off elec bill.
They are pampered!!!! No other country is as generous, for 8% income tax!!!
What a great country.
I am actually a bit surprised they still get full med cards, as their incomes have gone up recently.
How often is that means-tested?
2020 / 2021 = about 49k
2022 = 56k
2023 = 58k
Thery never mention any means-test.
The idea behind the GP visit card for over 70's is to encourage them to get into the system.
Regular check ups and early diagnosis help to manage health problems as they get older.
It can actually be cost effective.
Virtually never.
It's not a GP visit card it's a full medical card, regardless of means.
Most of them have more tablets in their house than a pharmacy.
You mean like during COVID when Irish exports continued to grow…. Trolling and economics not your forte….
Global demand for oil fell during Covid, kept prices down.
Global oil supply is now severely restricted, coupled with the AI industry gobbling up increasing amounts of electricity, energy prices are going to rise ……………drastically.
In dumbed down terms , as energy prices rise, unemployment levels will rise.
Consider yourself now somewhat enlightened on what is incoming,
There are two types for over 70s.
1 The GP visit only which is the one I mentioned. This has no means test.
2 The full medical card which covers many different services including the cost of prescriptions. This is means tested.
I stand corrected, it used to be a full medical card and there was war when it was proposed to means test it, so I just assumed they backed down as they always do…
On a private pension - If I die, does this pass to my named beneficiary, i.e. my wife?
