How much do you need to retire?

Colin_Hunt

racing_blue wrote: »

So you live on £215 per month... but have a car fund, a house maintenance funds, a council tax fund, a Hawaii fund (?) etc etc, any other funds?

My income is £110 a month.
I've got a fund too.
My target income at todays rates is £20k for two of us, we own our home.

Jack_Itin

Some interesting comments here.....in 8 weeks time my income will be £190 a week, for two of us to live on......we plan to use £12000 of a lump sum to pay the bills for 3 years, until I hit 65, at which point we should still have £20000 + left in the bank.......some say good idea.....some say not.....I guess it is really up to the individual how they manage their retirement........Jack.

PennyForThem_2

atush wrote: »

It must be a lonely life to have no friends and family. And if spending xmas on your own not buying bottle of tipple, and a bird to roast.

That is a bit harsh, tbh. I have family but I am a loner. Yes, I may have undiagnosed mental problems - certainly as a family we all 'suffer' from not wanting to be with people. I mean parents and siblings and to a certain extent offspring. However we recognise this and it is a choice.


We all are happy and comfortable with are own company. We make our own entertainment. We do not need other people to make life worthwhile although I think we do recognise that other people are helpful. We socialise as necessary.

MoneyWorry

Interesting??

http://www.dailymail.co.uk/money/pensions/article-2961805/Cost-pensioner-surged-8-11-200-year-finds-study.html

MoneyWorry

The DM reckons in survey above you need £11900 to £13900 per annum.

Colin_Hunt

MoneyWorry wrote: »

The DM reckons in survey above you need £11900 to £13900 per annum.

Appears to be a singleton.
Whilst we are a £20k budget couple (we spend around £18k), as I expect to pre-decease my wife, I need to budget for after my death, so I am working on £12k for her alone.

PeacefulWaters

My own planning is aiming at £26k gross as a couple and £16k gross once one of us has croaked. Indexed as far as possible.

This to sustain a mortgage free family home, replace a small car every five years, allow six weeks all inclusive European holidays a year, replace a major kitchen appliance every year, a boiler every fifteen years.

Modest lump sum to cover major crisis, inflation risk where indexing is inadequate and also to fund a few major trips before we're old and weary.

The kids can whistle for the balance. I intend to spend it!

jamesd

Jack_Itin wrote: »

Some interesting comments here.....in 8 weeks time my income will be £190 a week, for two of us to live on......we plan to use £12000 of a lump sum to pay the bills for 3 years, until I hit 65, at which point we should still have £20000 + left in the bank.......some say good idea.....some say not.....I guess it is really up to the individual how they manage their retirement........Jack.

It really is for the individual because we all have different levels of needed and desired spending. With state pensions and any work pensions that start around age 65 what matters long term is that those will provide you with a good enough income for the following 30-40 years.

atush

PennyForThem wrote: »

That is a bit harsh, tbh. I have family but I am a loner. Yes, I may have undiagnosed mental problems - certainly as a family we all 'suffer' from not wanting to be with people. I mean parents and siblings and to a certain extent offspring. However we recognise this and it is a choice.


We all are happy and comfortable with are own company. We make our own entertainment. We do not need other people to make life worthwhile although I think we do recognise that other people are helpful. We socialise as necessary.

Not harsh at all, but to have no one you would want to buy a birthday present for (and not monetary it could be a gift of your time, or something you make yourself) is very sad indeed. The OP said they had no costs at all for any of these activities which seems to me to indicate they have only superficial contact with others on a social basis/

AS for christmas, I come from a place where people who are not christian practice the festive bit of friends and family getting together for a meal. No religion required. And if you are going to someone for a emal, and didn't have to buy and cook food for yourself, a very small low cost token gift for the host is good practice.

If you have ZERO costs for these activities it means you don't participate in them. Which i find quite sad really. Does mean you or anyone else has to? Ie friends invite you around for a meal but you don't go as buying a bunch of flowers or a bottle of wine is an extravagance so you don't go?

Sure a gift isn't required but nor is buying a gift, as I said you could make one, or give the gift of your time.

I don't really know what to say bout your undiagnosed mental problems except best of luck going forwards with diagnosis and treatment? As long as you are happy that is the main thing. But for Torbrex to crow he doesn't spend money on the fripperies of social contact, in effect saying that is a total waste of someone else's money, is also harsh. Some would consider such small expenses part of the enjoyment of life.

atush

jamesd wrote: »

Holidays in Hawaii hardly sound boring. Traditions at Christmas and birthdays vary, as do means of providing for any gift-giving that may happen, if that tradition even exists for the individual or group concerned. It's not universal. People differ and it's already clear that the poster concerned has quite ascetic tastes in many ways.

I agree that holidays to Hawaii sound fun.

But going on my own, not so much. I love my own company but travel is one time I like to share experiences.

And yes things are not universal. I took the comments of the poster in question to imply that others who spend their hard earned cash on token gifts for a family member/spouse/good friend's birthday are wasting money better spent on themselves.

And in my opinion that idea is sad.