Pensions Planning: The NUMBER

NormalNorman

Here you are.

There is scope for more cost cutting. Move wife to Susu and save £1.45, cancel mortgage life policy at £11.96? No mortgage but policy would still pay out. Got 10 years to run. Get cover from work and also PT public sector job. Wife has employer cover too. If we downsize the council tax figure would drop and loose the factor charge. Could do 4G/5G broadband here which is what we do at daughter pad costing £16pm and works well enough but still in two year contract. Got a decent spare router for that possibility as I tried quite a few. Thanks!

HedgehogRulez

I’d have thought food and water would be in there

NormalNorman

Water is part of Council Tax and wife does the shopping. She probably spends about £60-70 pw. Thanks :)

QrizB

I know what you mean but I had to giggle at "mobile wife".

Kinda like a mobile shop or a mobile library, they come to visit once a fortnight 😆

LeafGreen

https://forums.moneysavingexpert.com/discussion/comment/82019703#Comment_82019703

Sorry if I am misunderstanding, but surely the shopping is still an expense coming out of your joint income?

NormalNorman

https://forums.moneysavingexpert.com/discussion/comment/82020310#Comment_82020310

If only, lol!🤣

Somebody

https://forums.moneysavingexpert.com/discussion/comment/82019629#Comment_82019629

Do you not pay Council Tax over 10 months? Otherwise is it really £4.4k p.a.?

NormalNorman

https://forums.moneysavingexpert.com/discussion/comment/82020947#Comment_82020947

Yep, over 12 months. In hindsight climbing the property ladder was perhaps not the best idea, lol! Wife is actively looking for something that suits us better. This was really bought as a school catchment house and never intended to take it in to retirement. Don't get me wrong this is a brilliant house and it saves money in other ways such as heating and everything is on my doorstep so I don't have a car. Thanks!

mrklaw

thanks for the legend.

I would not touch the life insurance. If it has ten years to run then it’s also running after you finish your jobs. Super cheap and useful spouse protection income.

Ours runs out in 2035 (hoping to retire 2029/2030) and we’ll absolutely keep it. If I die we lose half my DB and all my state pension so we’re self insuring with a ring fenced fund but the life insurance can be valuable for that (or gifting to kids or perhaps paying 250k to blast my ashes into space)

NormalNorman

Yeah, I know your are correct so will leave well alone. Good points about death planning. Uploading the policy docs to ChatGPT it's still worth about £88k today but reduces as time passes. thanks!