How much will retirement cost you?

[King Penda]

4 minutes ago, The Idiocrat said:

Funnily enough I've been aiming for almost exactly those numbers (on my own) through my SIPP and ISA, with the Moderate level my main target for early retirement at 60 (I'm ahead of the game due to the Reflation thread and hope to get there by 58 now), and the Comfortable level as my target at 67 including the state pension and a small company pension. There's no way I could spend the Comfortable level unless I am reckless enough to shack up with a burd, so anything left my kids can inherit or I can help them out if need be.

That’s the thing no one knows what the future will bring if my mum droped dead tonight I’d get 80k she could go into care I’d get nothing.if she died my benifits would stop if mum gets the kids back in 6 months it does not matter.in theory I can’t have more than 6k you guys are lucky in respect most of you know where you stand in life I don’t. I’m not bleating I can see the good and bad in every scenario if the kids never go back I will be paid has a foster er till she is at least 18.It’s just not knowing where you stand that gets a bit depressing at times

[The Idiocrat]

2 minutes ago, stokiescum said:

That’s the thing no one knows what the future will bring if my mum droped dead tonight I’d get 80k she could go into care I’d get nothing.if she died my benifits would stop if mum gets the kids back in 6 months it does not matter.in theory I can’t have more than 6k you guys are lucky in respect most of you know where you stand in life I don’t. I’m not bleating I can see the good and bad in every scenario if the kids never go back I will be paid has a foster er till she is at least 18.It’s just not knowing where you stand that gets a bit depressing at times

I know we've go similar situations as single dads but yours are younger. 5 years ago I was struggling bringing up 2 kids on my own, lost most savings from divorce, and had lost a contract so income low, and tax credits and child benefit were really helpful. 5 years later, with graft and luck (my SIPP is now x4 what it was 2 years ago), and kids now at uni, I'm in a much better position and can hope to retire early if I want. It really did turn around quickly but I remember the feeling of uncertainly distinctly, and it was depressing, which is what led me to develop my pension planning at that time and try to save hard. Keep on keeping on mate, you're doing an awesome job, and keep on learning on here as you are doing, and as I have done.

[King Penda]

1 minute ago, The Idiocrat said:

I know we've go similar situations as single dads but yours are younger. 5 years ago I was struggling bringing up 2 kids on my own, lost most savings from divorce, and had lost a contract so income low, and tax credits and child benefit were really helpful. 5 years later, with graft and luck (my SIPP is now x4 what it was 2 years ago), and kids now at uni, I'm in a much better position and can hope to retire early if I want. It really did turn around quickly but I remember the feeling of uncertainly distinctly, and it was depressing, which is what led me to develop my pension planning at that time and try to save hard. Keep on keeping on mate, you're doing an awesome job, and keep on learning on here as you are doing, and as I have done.

Yes it’s all fun at least I now know how to cash my pension and not loose my benifits for long legally and not get done for deprivation of assets. It might even be possible to not stop my claim has social services want me to get a 3 bedroom Ed gaff the problem is a potential mortgage .the worst case scenario is to brute force it by simply squirreling cash away er i

mean my mum might give me some cash bank of mum and dad cough