The cost of living

Ganga

plan on ensuring a comfortable retirement by reading lots of online debates about how often you need to replace a fridge freezer. The resulting early death from sheer boredom will ensure I don't run out of money.

Vey funny:rotfl::rotfl::rotfl: Ganga

saver861

Malthusian wrote: »

I plan on ensuring a comfortable retirement by reading lots of online debates about how often you need to replace a fridge freezer. The resulting early death from sheer boredom will ensure I don't run out of money.

Well, get a freezer big enough and you can have your body preserved!! Just in case they ever come up with a way to get you kicking again ...... you could then catch up on all the subsequent discussion on freezer replacement schedules during your other frozen absence ..... that way you don't miss a trick!!!

bigadaj

Malthusian wrote: »

I plan on ensuring a comfortable retirement by reading lots of online debates about how often you need to replace a fridge freezer. The resulting early death from sheer boredom will ensure I don't run out of money.

What you should really do is set up a Monte Carlo spreadsheet including all your electrical goods, ascribing probability of replacement life by variety of normal and triangular probability distributions.

If you get bored with that you can add in cars, double glazing, shoes, underpants etc to your hearts content. That might keep you occupied for a few decades.

Triumph13

saver861 wrote: »

Well, get a freezer big enough and you can have your body preserved!!

But only for the 5-7 years until the freezer gets replaced of course...

bigadaj

Triumph13 wrote: »

But only for the 5-7 years until the freezer gets replaced of course...

And that standby generator is going to cost a few quid as well.

fatbeetle

AnotherJoe wrote: »

My bad but in that case if you will buy another car when this one is at the end of its life it seems to me you should be accounting for its eventual replacement.

Fair point.

AnotherJoe wrote: »

Or is your plan / intent that you have a sum of savings set aside for large purchases such as this, and therefore they don't count for day to day expenditure as it's not coming out of income such as pensions and drawdown? Because if that's the case, whilst that works for you, in the general case, it is indeed an expense that needs to be accounted for.

Our plan, such that it is, is rather beset with complexity.

We intend retiring back to Blighty in 2020.
We will have two super funds in Aus, we will also have a house in Aus which we may rent out or sell for the capital.
We have a house, without a mortgage, in the UK which we may return to, or if selling our Aussie house may buy another and keep the present house as an investment / rental for income.
I will get a UK state pension at 67 yrs old, having paid sufficient NI contributions before emigrating.

Hence this thread, to see how much roughly, we would need to live on in the UK, with the intent of retiring earlier if poss.:beer:

saver861

Triumph13 wrote: »

But only for the 5-7 years until the freezer gets replaced of course...

Well .... given that the freezer would be preserving the bod of the one and only Malthusian, I'm thinking it would be prudent to err on the side of caution and replace definitely within the 5 -7 years.

You really don't want to go down in the morning to find the freezer has conked out during the night and the said Malthusian looking unrecoverable ..... now that would be disaster!!!

Well_excuse_me.

fatbeetle wrote: »

I will get a UK state pension at 67 yrs old, having paid sufficient NI contributions before emigrating.

Hence this thread, to see how much roughly, we would need to live on in the UK, with the intent of retiring earlier if poss.:beer:

If you have a house and no mortgage, run a "normal" car, and want a fairly average lifestyle, I would say £10k each pa for a couple. But with £100k reserve.
Once you have your SRP forecasts(say £6k each)you can do the sums.

Post SRP (joint) £20k - £12k = £8k income required.
Pre SRP (joint) £20k income required.

We run at £18-19k pa. but dont feel the need for foreign holidays.

missbiggles1

Wednesday2000 wrote: »

If white goods started breaking down and you were worried about paying you could always try and get them replaced with second hand goods or look on freecycle.

I think we would be okay on £20,000 a year, but would be happier at £25-£30k a year. It's hard to tell how much inflation will affect everything in the future.

Someone I talked to yesterday is retiring next year (at 55) and getting a £120,000 lump sum and then about £1,200 a year. It should be more than enough for her as she only has a tiny mortgage.

I was assuming we were talking about current costs with inflation covered by planning, not whether £20k would still be enough in 10 years time.

missbiggles1

Well_excuse_me. wrote: »

If you have a house and no mortgage, run a "normal" car, and want a fairly average lifestyle, I would say £10k each pa for a couple. But with £100k reserve.
Once you have your SRP forecasts(say £6k each)you can do the sums.

Post SRP (joint) £20k - £12k = £8k income required.
Pre SRP (joint) £20k income required.

We run at £18-19k pa. but dont feel the need for foreign holidays.

Assuming that "reserve" isn't contributing to the income, that sounds incredibly unrealistic to me.