Pensions Planning: The NUMBER

chris_m

maggieann155 wrote: »

my hair! 340
total 8590

Sounds about right for my estimates too - apart from the hair. If anyone manages to charge me that much it'll be one hell of a finders's fee they are adding on :rotfl:

maggieann155

TMFTP wrote: »

My sister's called Margaret Ann - so on THAT basis, you've missed out my birthday and Xmas presents you skinflint!

i dislike the name myself but sorry i m not your sis cus i would ve made(tiny) provision for that! . and i dont know anyone in reading! lol

folks will have to get used to small pressies when we re pensioners i m afraid. cus we ll be spending only on ourselves so maybe i am a skinflint.

Gatser

maggieann155 wrote: »

council tax 1200
gas elec water 1200
cable/home phone/broadband/tv lic/moby 1100
house ins 250
food 3380
one car :
ins/AA/tax 400
service/mot 200
fuel town 520
my hair! 340
total 8590
ive not included any repairs/replacement to home/car . we would use capital for that as it somewhat unknown.
so probably need double that to have a little life as well!!
what your thoughts?
ps , have i missed out anything important!

Thanks for this...just comparing notes....
Some chunks of expenditure I have listed are:
Birthdays & Christmas
Clothes
Holidays
CASH & MORE CASH!!!

We never spend our clothes budget, so in retirement I am looking forward to joining an old age hippy clan....
Holidays...can be £000's but thankfully we enjoy the cheap & cheerful breaks...never have been into 5 star luxury (waste)

CASH.... an area where we will have to tighten up because we do not record every penny (why not???) we spend, yet the cash just seems to disappear quicker than Paul Daniels says "Not a Lot!"

Having the DD's around does not help of course, but they will need to get careers/jobs at some stage! :T

maggieann155

we're cheap and cheerful with hols etc. we re hippies already!
like hunting out bargains from charity shops.

we have just started to actually live on our basic amount and are adding up what else we usually spend on hols/ clothes/meals out(cheap carvery!)/xmas /birthdays etc without skimping then we ll have a better idea of what we may want/need.

should be interesting!
probably find we cant retire till 90.

exil

For what it's worth my number is 20,000 after tax. I should hit that unless
- my occupational scheme goes belly up
- state pensions are abolished
- I forget to renew the house insurance and the house burns down
- I lose my job before I'm about 60 and can't get another one
- the world's stock and property markets go into meltdown
- all companies default on their corporate bonds
- all governments default on their national debts
- all banks collapse and depositors lose their savings
(probably 2 of those would be enough)

or of course - global warming, world war, asteroid hitting the earth, oil running out - or I could walk in front of a bus next morning! MInd you that would be a shrewd move financially, my employer would cough up 3 years salary.....

stagey_2

Pobby wrote: »

Water, on a meter and would suggest that saves us about £320 per year, gas and electricity are about £1,300 for us per year. I work from home a lot of the time so I don`t see that going up by very much. We have partial central heating which comes on a couple of times a day.

Movies package on Sky, broadband and phone comes in at about £840 per year. We will switch to payg mobiles so don`t know how much that will be, say £240 per year maximum. So it all comes in at less than £2,500 per year.

Did a quick tot up and for basic living, two of us, £10,000 a year should do it.

Phew - it's comforting to know that there are many out there that have a pension income similar to what ours will be (I'm still working at 65 and that gives us lots and lots of jam at the moment) but if I wasn't my pension(s) will come in around £4k pa (married stamp lady and not much else) and my husband s/e for most of his working life and with his govenment pension and annuity our joint income will be around £16k pa (should we not be working ata ll) - he will pay tax of course - it would have been good if I could have transferred some of my personal allowance to him to reduce his tax but yes I know the arguments and history behind not being able to do that now. We arent too extravagant currently, but do like going to the theatre, eating out and generally only have 1 expensive holiday abroad a yr, and we will just cut our cloth accordingly, less theatre trips and less eating out, one smaller car, using the free bus pass (which i still have to get) possibly holiday in UK, some of our friends do have bigger pension incomes, one is selling their home to go and rent so that they have a nice little pot for those expensive holidays they are a little older than us, another is remarrying soon and combining their house/pension pots so will be OK too - but hey ho - the mortgage has just been paid off, we have our health and many friends connected with our theatre hobby, I'm sure there will be times within the next 5 years or so when I am no longer working (nor he) when we will wish we had more ££s and will probabaly have to dip into our meagre savings for things - but to be honest I think that will be the same for a majority of people - those with huge pensions are really few and far between I think.:)

gallygirl

Stagey you sound very realistic in your plans. Although your fuel costs will rise as you will be at home do remember you will not have any work related travel, clothing etc to fork out for, plus more time to shop around, cook from scratch etc. This may increase your overall free money a little.

Enjoy it when it comes

zarazara

we would need
food,£4000, cars £4000 house £3,500, r&r £1,000, going out/holidays/treats £1500, other eg clothes,xmas,birthdays £2,000; this comes to £16,000 per year.
We only have the state basic pension to look forward too. What a disaster.

Gatser

zarazara wrote: »

we would need
food,£4000, cars £4000 house £3,500, r&r £1,000, going out/holidays/treats £1500, other eg clothes,xmas,birthdays £2,000; this comes to £16,000 per year.
We only have the state basic pension to look forward too. What a disaster.

No, zarazara .... not a disaster.
It's great that you are planning ahead on the rather limited state pension... if you know what you need vs what you expect to receive at least you can plan accordingly.

It is a disaster when folks just spend without any idea (or care) about how it's all going to be paid for.

Sorry to hear that you have no other savings to rely on....:(
But how long until retirement?

exil

zarazara wrote: »

we would need
food,£4000, cars £4000 house £3,500, r&r £1,000, going out/holidays/treats £1500, other eg clothes,xmas,birthdays £2,000; this comes to £16,000 per year.
We only have the state basic pension to look forward too. What a disaster.

Are you sure? What about SERPS/S2P? If you've been working in jobs without occupational pension schemes you'll be entitled to this.
Get a pension forecast from the DWP. It's quite possible you'll have the 16k between you but you need to find out.