On what minimum guaranteed annual income would you retire tomorrow on?

[Flangle]

And how old are you and do you have housing costs and dependent children?
Assuming annual sum has inflation built in?

My figure right now would have to be pretty high, lots of mortgage left and early teen DC, I’m late a 40s sandwich filling and therefore dreaming of quitting work.

Once mortgage paid off I’d not hesitate on 20k. Maybe lower, would need to do some sums, but for the purpose of this tough and ready question 20k sounds about right. Obviously more comfortable once state pension age kicks in.

Still trying to work out a late 40’s sandwich filling??! I’d rather working it meant scrimping so I’d have to say 40k with no mortgage

£120k

Is it taxed as usual? Probably £30k, but possibly could make £25k work.

I'm mid 30s, with 11 and 15yr old dc. We have a very small mortgage.

Dp and I are always dreaming of giving up work too, do more than we. We both work 4 days weeks. Work to live, don't live to work!

I am retired. I have more, but could live reasonably well on about £16,000 net. No mortgage, no dependents, and - crucially - I’m half a couple, which obviously reduces lots of my expenditure.

It’d need to be index linked, though. What I could have managed on five years ago wouldn’t be close to enough now.

Apologies, elderly parents with very high needs, tricky teens. Typical sandwich and stressed. Oh and hormones, or lack of.

Depends how much you've got in savings to cover both emergencies and luxuries.

I wouldn't want to give up work if it meant living a very frugal life and not having holidays etc.

DH and I between us have a guaranteed pension of 32k, zero mortgage, our investments made us almost 50k last year. That isn’t all guaranteed obviously, about 30k is.

Joint income of £80k to retire. Less than we earn now, but still need to put two kids through uni. Even with our “gold plated” public sector pensions that would be significantly more than we will actually retire on, but we should have lower expenses then.

We have no mortgage and I would want a household income of a minimum £40k, preferably nearer £60k. I don't want to downsize as I love my house, garden and area, so I need to plan ahead for help from a cleaner and gardener plus the odd jobs I am capable of doing myself now, but would struggle in future. I also like travelling, so want to have enough in a savings pot for a couple of non-cheap holidays! I'm well aware I am privileged and that these figures are more than many people have, but I have prioritised savings and pension in the past.

We are planning on about £100k between us. No mortgage but plan to spend a fair amount on holidays while we can. We have also used an inheritance to buy an apartment in the Alps and plan to stay there for a few weeks at a time. We hope to achieve the income through pensions and investments. Anything we inherit from our parents will go towards house deposits for 4 kids and a reserve for private medical care.

Are these annual incomes gross or after tax?

Sadly this is a question that I have been thinking about a lot recently as my husband is terminally ill. He's in a public sector pension scheme which should give me about £30k gross a year (with inflation protection) and the kids c£20k each year they are in education. There is also life insurance to pay off the mortgage and we have some existing savings/investments etc that will be a safety net. I'm roughly the same age as you. I probably want to keep my job more than ever but have been thinking about whether I am 'secure' without it if I can't manage that/want to try something else. Broadly I'll have £30k a year with no mortgage, kids costs/uni taken care of separately and then £50k plus in retirement. I think that's at a level where I could not work but would probably want to. I would be really interested in these replies to see whether people have the same view. Obviously I would much rather not be in this position.

So sorry to hear @Sunnyphoenix, wishing you all the best, small comfort that you wont have big financial worries it sounds like.

Gross, but for me it would have to be after housing & kids cost. Which I’m someway off from.

Seems I have a lower threshold than most!

Well I'm 58 and it's complicated. Paid mortgage off at 50 and relocated. But youngest child won't be through uni for another 4 years.
At that point i have old pensions that would give me 20k a year. I am putting as much as possible into pensions now to build a fund I can use to bridge the gap to state pension.

Joint pensions will be about £40K . Income will be a lot less than original income.
Have about £40000 in pot from inheritance but it needs to last. Mortgage paid so we will probably downsize. No big house deposits/ weddings for the children unfortunately.

£25k if wasn’t for uni costs for two

@Flangle I’m same age, same boat(s) and beginning to think the same thing - can I retire? Probably not as we still have a big mortgage. 1 uni & 1 school. Parents are doing ok and financially good. Probably the lull before the storm. How I wish I could just wake up to no debts and no job..

Still have a big mortgage and school age kids, so wouldn’t be able to retire on anything less than I earn now!

DM was in that position many years ago when DBro and I were in primary school, and she did keep working part time, for the adult company and mental stimulation (worked in payroll).

£100,000 pa at least and £millions in savings. Retired and have this.

I’m planning on around £15,000 p a for 6 years then rising to around £27, 000 when my state pension kicks in. Mortgage free and very low overheads.

I’m in my 40’s and married with 2 children. I’d be wanting to have £55k jointly. Mortgage is paid. This is our existing costs, plus extra for holiday, car and house expenses and general fun. We don’t spend loads/holiday often now but would want to be doing more with our retirement, health permitting.

I will be retiring next year on 28k, no mortgage, this will increase in 5 years with another pension and again at 67 with state pension. One child self supporting and 2 others that I may have to support through uni.

Dh still works, loves his job and says he will continue to work until he is no longer physically able to. So, we will have his wage also. Plus I have substantial savings (approx 200k) to uee as buffer if needed.

My job is intense and stressful. I am counting down the hours until i sign off completely next year!

I wouldn't give up work regardless of money available. I'm 49.