Pensions Planning: The NUMBER

bigfreddiel

gadgetmind wrote: »

An expectation that hasn't been true for 15+ years.

That's my point, they SHOULD have known, but apparently they weren't informed.

If they chose to ignore it I guess that is their problem and only have themselves to blame.

Cheers fj

RuleTheWorld

£200/month here on groceries but not including alcohol or take aways which come from different budget.

No children

LHW99

Just under £40pw for groceries.

Yep, no problem with that...but I doubt it would cover our weekly wine consumption.

You could try making your own?

DancingBadger

LHW99 wrote: »

You could try making your own?

If life's too short to stuff a mushroom (Shirley Conran), it's definitely too short to make your own wine (although I appreciate some may find it a very enjoyable hobby).

pathtofreedom

Is that £100 a year for health for two people? That seems very low to me, I spend more than that on dentists, opticians in a year just for me, and not including things like prescriptions, physio, flu jabs and other things I have to pay out for, and I'm 20 odd years off retiring still.

I also have bupa and cash back insurance which are rapidly becoming unaffordable as I get closer and closer to 40, but with how the nhs is looking more and more wobbly, and as I have pre-existing conditions I can't risk cancelling them then not being able to afford what they end up replacing the nhs with.

Wednesday2000

geoffers4 wrote: »

Ok M_L, no-one else immediately responding to this, so I'll have a go; these figures are broadly based on our (pretty frugal but very comfortable) expenses over recent years (mortgage paid off, kids grown-up);

Units are £1,000s

---

2 Groceries
3.5 Utilities & Home Maintenance
0.1 Health
2 Transportation
0.5 Animals & children
1 Entertainment
3 Holidays
1.5 Home improvements
1 Charity & gifts
5 My Personal items
5 Wife Personal items
1 Car replacement fund
TOTAL = 25.6k

That is helpful, thanks, some of those numbers seem very low.

I just had a go at ours and it seems far too high.:eek: I will have to play around with the numbers.

The thing is that we are frugal now, but when we are retired we might want to loosen the purse strings a bit.

atush

DancingBadger wrote: »

Just under £40pw for groceries.

Yep, no problem with that...but I doubt it would cover our weekly wine consumption. :cool:

Wouldnt cover food costs for the two of us- w/o wine lol.

Right now I am spending nearly 200/wk- but we are 5 at the moment. WE were down to 3 but one finished law school and the other moved back home as he was planning 5 months of travel.

But when it was 2 of us I was spending at least 80 incl top ups, fishmonger etc.

Wednesday2000

£6,000 Groceries (inc household items/pet food)
£6,000 Utilities & Home Maintenance
£1,000 Health (dentist, optician, flu jabs)
£2,500 Pets (flea/worm, injections and vet visits)

---

£1,200 Holidays
£1,000 Home improvements
£1,000 Gifts

---

£3,600 Entertainment (nights out, concerts)
£1,200 Husband - (computer games, clothes)
£1,200 Me - (books, clothes)

TOTAL = £24,700

I think that is right.:) I don't think I have left out anything obvious.

No children obviously, and no car costs. We both get free travel from our jobs and that will continue after retirement. We don't really go on holiday now so that is low, but we might when we have the time to look for a good deal. There will be extra kennel fees for our pets if we did go on holiday.

We both don't have much family, and our friends don't really exchange gifts, we usually just meet up and have a night out and pay if if is their birthday or something.

The first four categories are essentials and the last six categories can be played around with as I doubt we will spend that much on entertainment.

atush

That looks reasonable, but i'll spend far more on holidays and gifts but less on entertainment.

Zero on pets as my dog is 13 and deaf and going blind (but still rudely healthy) but he wont be replaced.

We will run 2 cars at first (as we will have 2), then down to one.

jerrysimon

In addition to that quoted what would you guys have as savings/emergencies.

Currently my planned post retirement budget is coming out around £1500 a month but I also will have 60K in savings no kids and no mortgage. I could use the 60K to supplement until both my wife and I get another 13K total SP in 10 years time. That would be about £2000/month which seems excessive given I only earn £2400/month take home now!

Was 56 yesterday and was thinking of pulling the plug (resigning) in December leaving work end of March 2017

PS I assume where you are quoting yearly income, its after tax ?

£1500/month is about 22K before tax.

Regards

Jerry