Itsallaguess wrote:newguy wrote:
So realistically £800K would be two high for me but £500K would almost certainly be two low.
Now try running some numbers again for the £500K capital-spending scenario, but where you might maintain a number of years past 55 only working in a part-time capacity...
A potential scenario might be where you look to cut your working hours in half around that age (2.5 days instead of 5, perhaps..), but where you're still left with a monthly working wage that covers all running-expenses, even if there is little left after that for additional saving or investment, but where the key thing then would be to maintain your already accrued capital without having to draw anything down, and also allow it to continue growing by being fully invested as normal.
There an awful lot of middle ground in all of this, with plenty of potential scope for playing financial tunes with your cash and your human capital, and some hours spent scenario-planning with a spreadsheet can help to expose these types of possibilities.
Whilst a position of full retirement might well be a worthwhile goal, there might also be lots of personal and financial benefits to considering some years of part-time work before you might reach that point, as a potential trade off for you at some stage...
Cheers,
Itsallaguess
Thanks again Itsallaguess. I've been running some different numbers this morning and working part could make quite a difference.