Pensions Planning: The NUMBER

RADDERS

TBC15 wrote: »

I’m sorry this is not a pop but how do you spend more than 2.5K on car insurance?

We don't spend quite that much on insurance but we have 2 cars, 1 motorbike and a motorhome when I did our figures just petrol, servicing, tax and insurance our motoring costs are over £5,000 per annum 😱😱😱

CFrog

I’m sorry this is not a pop but how do you spend more than 2.5K on car insurance?

.

The article isn't specific and quotes £2457 for insurance so I guess this could cover a multitude of things including car(s), home + contents, life (poss), domestic items etc.

For myself, this figure is pretty close to my own aggregate, annual expenditure across all insurance requirements. For car insurance specifically I spend £1500 pa. for 3 cars.

justme111

bostonerimus wrote: »

That's one retirement cost that UK retirees don't have to worry about.

Which I find unbelievable. Intelligent people with means to do it do not budget for health. They are accepting that NHS with 7 minutes appointment with GP and all kind of delays, neglect, limitations and obfuscation will deal with it - the most prescious asset that they have, all while paying for holidays, pets, eating out and cars. I accept for some situations NHS is the best but for most it is not.

atush

TBC15 wrote: »

I’m sorry this is not a pop but how do you spend more than 2.5K on car insurance?

The car bit is just over 2, plus then we have homeowners insurance. It is a lot higher this year as we replaced a 17 yr old car in march.

And with 2x22 yr olds it is easy to pay a lot for insurance. it is better than before when they were 17!

At least they now pay their part of the bill.

And dont worry about taking a pop at me, plenty here do lol.

atush

CFrog wrote: »

.

The article isn't specific and quotes £2457 for insurance so I guess this could cover a multitude of things including car(s), home + contents, life (poss), domestic items etc.

For myself, this figure is pretty close to my own aggregate, annual expenditure across all insurance requirements. For car insurance specifically I spend £1500 pa. for 3 cars.

Yes, that is how i took it. And i didnt add our life or health insurance to the mix. My OH gets his insurance with his job but he has to pay for me.

TBC15

atush wrote: »

The car bit is just over 2, plus then we have homeowners insurance. It is a lot higher this year as we replaced a 17 yr old car in march.

And with 2x22 yr olds it is easy to pay a lot for insurance. it is better than before when they were 17!

At least they now pay their part of the bill.

And dont worry about taking a pop at me, plenty here do lol.

Ah that explains it. Her indoors and myself are at the too old and boring to have an accident sweet spot. My father 91 is hitting the other end of the insurance companies statistics.

Terron

I haven't calculated my number, but have found it through experience.
In 2013 I inherited some money then lost my job. I was 54 and my skills were largely obsolete, so I went into BTL with my inheritance and some savings.

Initially I was on contributory JSA - ~£300pm - not enough to live on even with economizing a lot.
With my first property I went to ~£400pm - still not enough
With my second I went to ~£900pm - enough to cover day to day expenses but not things like new tyres for my car or the service charge for my flat.
With my third I went to ~£1400pm. That was enough to live on but with little left for luxuries.
At £1800pm then I was living moderately comfortably with my day to day and yearly costs covered and a ble to afford the odd meal out at other than the cheapest places. No holidays other than staying with friends though.
Then the lag caused by self-assesments wore out and HMRC started charging me tax plus 50% in advance for next year so though my income has increased further what I could spend did not. Next year should ne better with the 50% having already been paid

Still that has shown me that I can live in reasonable comfort on ~£22kpa net.

Since I use agents to manage my properties I have very little actual work to do so there is no reason to stop, and when my pensions start to kick in a couple of years I'll be moving up towards Which's luxurious lifestyle.

Northamptonblue

It must be comforting to know that you can manage on £22K but will have a lot more than that when everything kicks in. Time to start booking those cruises perhaps?

Thrugelmir

Terron wrote: »

Since I use agents to manage my properties I have very little actual work to do so there is no reason to stop, and when my pensions start to kick in a couple of years I'll be moving up towards Which's luxurious lifestyle.

What's plan B for when interest rates start to normalise?

TheTracker

Terron wrote: »

Since I use agents to manage my properties I have very little actual work to do so there is no reason to stop, and when my pensions start to kick in a couple of years I'll be moving up towards Which's luxurious lifestyle.

Seems you've found the golden goose.