10 November 2017

Retirement Fund Update - October 2017

So I am better able to track my progress toward FIRE, I have decided to post an update of my retirement fund each month.

This fund is the sum total of my SIPP, Work Pension, Friendly Society Tax Exempt Savings and my S&S Isa, none of which I will be drawing from until my planned retirement. The target for these funds is £300,000, which is based on a retirement income of £12k per annum. I am saving separately for a house deposit and although that money is not part of my retirement fund, it will be instrumental in providing me eventually with a paid off house and therefore reducing the amount I need in retirement to £12,000 per year.

The aim is to keep throwing as much as I can into my retirement fund, with the biggest portion going to my SIPP, to take advantage of the tax relief. I am planning on being a non-tax payer in retirement.

Going forward, I will be tracking the totals of the above accounts, which hopefully will rise with growth and dividend reinvestment. I have input the last two months figures into google spreadsheets and come up with the handy little graph below:

The long journey to financial freedom starts here!

Although it doesn't exactly look very exciting right now, I am hoping that as the months go by, it will give an accurate picture of my journey towards financial freedom.


  1. Hi Jamie

    Interesting to read about your target number for your retirement funds. If I'm able to retire early, then I plan to be a non-tax payer too. However, when I come to draw my company pension at age 65, this will take me over the tax threshold, so I'll probably have to do some juggling to try to minimise the tax I have to pay.

    Congrats on your first graph - it's going in the right direction! Looking forward to see how it develops!

    1. Hey Weenie,

      I spent ages working on 'the number' as a goal for my retirement pot and how much I think I could realistically live on in retirement. I actually think I could live on much less than 12k per year, however you have to start somewhere and with four children still at home, there is a lot which will change between now and FIRE.

      I also agree that there is a lot of juggling needed to be able to reduce tax during retirement, however for me, having only a tiny pension now, I am able to control that figure as my work pension is by far the smallest amount in my pot, and I aim to supplement my SIPP withdrawals with income taken from my ISA.

      Inspired by your graphs, I thought it was about time I put together one of my own:) It will be exciting adding data to it as the months go by!