How do you see yourself when the retirement talk comes around

[hellohellooo]

48

No mortgage

I paid into local authority pension for 20 years

Now self- employed
Don't pay into a pension

Want to retire when I turn 50

No
Savings
No mortgage
Car is paid for

Live in a low cost area
Own another property that I rent out

What's my harsh reality here?
Do I need to really get on with my saving?

I have very low outgoings thankfully so just plan on having a simple life no hassle

Tips please 😎😎😎

An easy simple one
On the farm

Gym
Swimming
Coffeee with friends

Maybe a holiday per year if lucky

Small car

All my pets (bloody expensive they will be my biggest outgoing)

Have you checked you have enough years to qualify for full state pension?

@hellohellooo bit confused

You have no savings

But you make six figures?

Have you actually sat down and entered every bit of your expenditure and income into a spreadsheet? At the moment you seem to be suggesting that you can live on less than £800 a month. From that amount, you don't just have all the obvious expenses of food, utilities, clothes etc but you are also proposing that you can afford gym membership with a pool, occasional social outings and car expenses and maintenance. Have you considered everything else like house insurance, TV licence, broadband and phone, house maintenance, replacement of breakages, haircuts etc etc

If your business is making six figures, why on earth are you not saving some of that rather than apparently handing it all off to your kids? They are either dependent children in which case you need even more than the amount you're proposing on which to live each month, or they are adults and should be independent, at least to the extent that some of your business profits go to you rather than them!

Oh yes, and I completely forgot the multiple pets! They'll be using up hundreds of pounds just on their own.

Have a look for the Which ! Figures on how much you need in retirement. You are proposing living on less than state pension, which even this government feels is too low and will award pension credit to those who are just on state pension.
ypu need to know your number this is the amount of income you need to live a life on that you are comfortable with. At present you are just guessing at this. You need detailed investigation into the last couple of years spending and then a couple of years trying to live on this. It really does not sound possible at all at your proposed £800 a month

Also what if your tenants stop paying the rent? I wouldn’t be totally reliant on that income in case there’s an issue in the future.

Yes I gave some money to my kids to get on the property ladder

Not even factoring that in 🤦🏼‍♀️🤦🏼‍♀️😅

And what when you need to replace the car? Or need repairs on your own house. I also think gym, swimming, animals and the occasional coffee with friends seems like a lifestyle you could tire of within a few years, especially if pretty well everyone you know is still working (everyone I know my age is working at least part time in their late 50s unless they have significant caring responsibilities or ill health).

That's what I need to re consider

So one day of work each week seems better until maybe 60??!