Platforms & Pensions
Whatever I do , I need to factor tax into my calculations , which will be levied on my retirement income as if it were my salary
and so on . I intend to rent out the apartment / house we ’ re not living in while we ’ re away , which is going to take organisation , but could provide a valuable source of income . Do I want to eat out regularly or get all my food from Aldi ? Do I want to fund holidays with the kids and grandkids or take them on day trips to Brighton beach ? Whatever I do , I need to factor tax into my calculations , which will be levied on my retirement income as if it were my salary . To cut a long story short , I reckon my monthly net cash burn in retirement will be around £ 3,500 ( or around £ 4,500 before tax ), but the current inflation spike is messing with this assumption . Everybody ’ s plan will be different , but this is a vital number to work out as early as you can . Then when you ’ ve finished this stage of planning , be prepared for something to come along and mess it all up .
Issue 91 - January 2023 / 65 /