Pensions Planning: The NUMBER

MallyGirl

BOBS wrote: »

Monthly Outgoings
Mortgage ................ £0
TV Licence .................. £12
House & Contents Ins... £15 £50
Car Insurance ..............£25 £110
Car Tax ...................... £25 £110
Car MOT/Upkeep ..........£40
Electric ..................... £50 £190 inc gas
Phone & BB .............. £40 £50 BT Infinity
Rates ....................... £80 council tax £230
Mobiles .................... £30 £50
Groceries, toiletries etc £260
Christmas / Birthdays £80
Oil for heating ............ £80
Petrol ..................... £85
Money for daily exp..... £500
water......................... £38
pet insurance & vet plan .... £145
contact lenses & aftercare.......£16

Total exp per month = £1322
Total exp per year = £15864
SP £155 x 2 x 52 = £16120

I don't think you have missed anything major - I think you must just live in a cheaper part of the country than me (in a cheaper house and with less cars) with no expensive pets My equivalents are in red next to yours

Mnd

Mally, shop around for your house insurances..that seems a lot

Linton

BOBS wrote: »

Ive tried to do a rough budget of what money we will need to keep us going based on our current lifestyle and it doesnt look too bad ..... which makes me think I have missed something major !!

Monthly Outgoings
Mortgage ................ £0
TV Licence .................. £12
House & Contents Ins... £15
Car Insurance ..............£25
Car Tax ...................... £25
Car MOT/Upkeep ..........£40
Electric ..................... £50
Phone & BB .............. £40
Rates ....................... £80
Mobiles .................... £30
Groceries, toiletries etc £260
Christmas / Birthdays £80
Oil for heating ............ £80
Petrol ..................... £85
Money for daily exp..... £500

Total exp per month = £1322
Total exp per year = £15864
SP £155 x 2 x 52 = £16120

Have a bit of leeway here, then add on hopefully a decent amount of ISA savings (hopefully £150k) for repairs, emergencies, car upgrades etc., then group together the various pensions we have between us and all in all doesnt look too bad.
We plan to hopefully not work right up to age 68 and will have a pot put aside to save a few years worth of spending before SP kicks in.

Does this match the total averaged over a year you are actually spending now apart from things that definitely wont apply when you are retired? I strongly recommend that you keep track of your actual spending and use that as a basis for retirement planning, there are always costs that you wouldnt have included in a budget. You will have got used to a particular standard of living over many years and may not be happy cutting back for the final 1/4-1/3 of your life.

MallyGirl

Mnd wrote: »

Mally, shop around for your house insurances..that seems a lot

not for unlimited buildings and contents on a £1m house. It is a bargain

AnotherJoe

MallyGirl wrote: »

I don't think you have missed anything major - I think you must just live in a cheaper part of the country than me (in a cheaper house and with less cars) with no expensive pets My equivalents are in red next to yours

Mally, i think you have mixed up monthly and yearly figures. Unless you really spend
£1300 on car insurance
£1300 on car tax
£600 on house insurance

....

westv

AnotherJoe wrote: »

Mally, i think you have mixed up monthly and yearly figures. Unless you really spend
£1300 on car insurance
£1300 on car tax
£600 on house insurance

....

Perhaps they have multiple cars.

MallyGirl

I am afraid I do. 2 cars (£515 car tax each) and a van (£240 tax). Multicar policy £1100, van another £300 so I have under quoted there. House insurance really is that much (rebuild £450k at last quote so went for unlimited, contents in excess of £70k so ditto).
Expensive lifestyle that I am planning on continuing (on the whole) once I retire in 10 years.

swindiff

I have 2 cars, annual tax £30 lol

MallyGirl

Maybe we'll go more 'eco' when we are older but at the moment we need big cars for big dogs and a teenager.

It just demonstrates why it is important to work out your own 'Number' and not just use what other people are saying.

AnotherJoe

MallyGirl wrote: »

I am afraid I do. 2 cars (£515 car tax each) and a van (£240 tax). Multicar policy £1100, van another £300 so I have under quoted there. House insurance really is that much (rebuild £450k at last quote so went for unlimited, contents in excess of £70k so ditto).
Expensive lifestyle that I am planning on continuing (on the whole) once I retire in 10 years.

Fair enough but misleading to imply the posters numbers are in question on the basis of that?