The Piano Diary

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AgathaSquirrel said:

Amazing position to be in. Many, including me, can only dream of a comfortable PLSA standard.

I notice that PLSA have increased the amounts in the latest update in the last few days. 'Comfortable' is now £60,600. To be honest, I didn't really focus on consolidating retirement savings until I had paid off the mortgage in 2021. I really doubled down on saving after that as the pandemic made me realise that I wouldn't be able to carry on working at that level of intensity beyond a certain age. However, luckily I have always paid AVCs since my twenties. Its really difficult right now with the ridiculous cost of everything. We are lucky to have the income to be able to save like that that, I acknowledge that. If you do have the income, it comes down to choices, where do you place the priority. 

A quieter weekend as DS has gone to stay with some friends. OH and I are taking part in a 10k run tomorrow with some friends. Today is doing various chores.

Money wise, slow but steady progress on clearing the credit card debt.

Main focus is in clearing the zero % debt which is now down to £8800. Target is to clear by October.

Emergency fund is up to £3000.

I have received the official quote from the pension company for if I retired at the end of this year. So now I understand the process and how this works. You are allowed up to two quotes per rolling 12 month period.

AgathaSquirrel

Hope you didn’t take me the wrong way. I genuinely mean well done for getting yourself to that position and I know how hard you’ve worked to increase your pension.

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AgathaSquirrel said:

Hope you didn’t take me the wrong way. I genuinely mean well done for getting yourself to that position and I know how hard you’ve worked to increase your pension.

Not at all, we go back a long way 😊, you have always been super supportive, thank you for your kind words.

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Dear diary and all,

We had a great day at the seaside yesterday. Both OH and I took a day off and took DS with us. Simple pleasures.

I’ve only gone and got promoted! Found out this week but I have to keep it quiet for a month. I’m actually more pleased than I thought I would be. I guess its one thing to think about it in the abstract, but it feels different when its for real. A small 3% pay increase which I am very happy with in the current climate. I has given me a bit of a boost and tells me that I am doing the right things etc. I am keen that I keep contributing whilst I am still working rather than going through the motions. It looks like post reorganisation I still have my role since the stuff I am involved with seems to be valued so that is good. I don’t think it changes anything in regards to the finishing at 60 goal. I’m going to increase my pension contributions back up a bit.

South_coast

Congrats on the promotion 👍  

AgathaSquirrel

Congratulations on the promotion!

edinburgher

It slightly terrified me that the PLSA standards assume no mortgage or rent!

AgathaSquirrel

Think you have to take PLSA with a pinch of salt and work out your own numbers. I hope that’s true anyway as they have me living on a minimal lifestyle 60-67. I hope my retirement will feel better than that!

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South_coast said:

Congrats on the promotion 👍  

AgathaSquirrel said:

Congratulations on the promotion!

Thank you!

edinburgher said:

It slightly terrified me that the PLSA standards assume no mortgage or rent!

Indeed it is striking that they assume that the person is free of mortgage and rent!

AgathaSquirrel said:

Think you have to take PLSA with a pinch of salt and work out your own numbers. I hope that’s true anyway as they have me living on a minimal lifestyle 60-67. I hope my retirement will feel better than that!

Yes,  it is very personal. I think I am going to do my own calculation over 5 years and see what it comes out as. Things like cars and holidays can make a huge difference. Will report back.

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Interesting episode of Moneybox on Radio 4 yesterday which was covering the additional cost of being single and the difficulty this leads to in saving for retirement and again in cost of living in retirement. This is reflected in the PLSA numbers since amounts for couples are 20-30% less than double the cost of a single person.