Pensions Planning: The NUMBER

bownyboy

kev2009 said:

Just looking over the table above, didn't Amazon prime go up to £95/year? it used to be £79 but it went up..

Kev

Yes it is now, but we managed to get in just before the price rise last year. It will go up this year!

bownyboy

Somebody said:

And where can I get Private Health Care x2 for £285.60?

I should have clarified. It's Beneden Health. It's a slightly different approach to private health care. 

bownyboy

Mick70 said:

On the table above , when you say £50k a year is that gross , before tax taken off.

and , £600 pm on pub and takeaways 😃

This is net, this is what we spend. Currently we're spending a mix of Cash, ISAs and SIPPs which means we pay minimal tax on withdrawals.

Yes we have some high numbers (£600 a month on pubs and takeaways!) we're very social and love going out. I think it's also something that will calm down after the initial high of FIREing! (I hope...)

eastcorkram

bownyboy said:

Mick70 said:

On the table above , when you say £50k a year is that gross , before tax taken off.

and , £600 pm on pub and takeaways 😃

This is net, this is what we spend. Currently we're spending a mix of Cash, ISAs and SIPPs which means we pay minimal tax on withdrawals.

Yes we have some high numbers (£600 a month on pubs and takeaways!) we're very social and love going out. I think it's also something that will calm down after the initial high of FIREing! (I hope...)

There's clear evidence of how different we all are , as if it were needed. We won't spend anywhere near £600 in total , on pubs and takeaways, over the next 30 years. 

Mick70

bownyboy said:

Mick70 said:

On the table above , when you say £50k a year is that gross , before tax taken off.

and , £600 pm on pub and takeaways 😃

This is net, this is what we spend. Currently we're spending a mix of Cash, ISAs and SIPPs which means we pay minimal tax on withdrawals.

Yes we have some high numbers (£600 a month on pubs and takeaways!) we're very social and love going out. I think it's also something that will calm down after the initial high of FIREing! (I hope...)

good for you mate, sounds like you have a cracking pension provision @ £50k Net ,  enjoy it. 
heres to a long and happy retirement for you and yours

m_c_s

£50k net pension is certainly above average but that is just another example of why individual planning for retirement is so important.
Well done and good luck to you. 

MarriedWithKids89

I know that everyone's number is different but I am curious how anyone can spend several thousand pounds per year on clothes. This figure is supported by www.retirementlivingstandards.org.uk so it's not without foundation. I ask because I buy new clothes/trainers whenever I need them, I buy Next/M&S/brand names, however I barely spend £200-£300 per year on new clothes. What is the experience of others here? Especially if you are already retired?

swindiff

Some women will spend more than that on a handbag, so very easy to spends thousands per year on clothes.

SouthCoastBoy

I haven't bought any clothes or shoes for myself for, I would imagine, over 20 years. Any new clothes or shoes I need I always get as Christmas or birthday presents. 

hugheskevi

MarriedWithKids89 said:

I know that everyone's number is different but I am curious how anyone can spend several thousand pounds per year on clothes. This figure is supported by www.retirementlivingstandards.org.uk so it's not without foundation. I ask because I buy new clothes/trainers whenever I need them, I buy Next/M&S/brand names, however I barely spend £200-£300 per year on new clothes. What is the experience of others here? Especially if you are already retired?

My biggest clothing expenditure each year is new running shoes, but even a couple of new pairs would only be about £100. The only expensive thing I regularly wear is a sports watch, but that is only about £150 every 5 years or so.

An annual budget of £200 would usually be fine for me - much more (eg £300 - £400) and I could renew my entire wardrobe each year, except for maybe the few pieces of formal wear I have, coat and hiking boots which are all very occasional big expenses. I can't see how I could use an annual budget of £500+ without updating things well before they are required 

Personally I have never seen the point of expensive clothes unless necessary due to technical performance (sports watch, running shoes, suits, hiking boots, coat on my case), I prefer to invest in keeping healthy and fit, my clothes are just for practical purposes.

But clothes can be a bottomless money pit. I recall chatting to a couple of young colleagues who spent a fortune on watches and trainers. The watches had no features, they were just fashionable. Ditto the trainers, just for fashion, no practical use at all.