What are you aiming for as an annual pension for you?

Sea_Shell

Being nosey, I'd be interested in seeing a breakdown of monthly spends from someone who wants (or feels they need) a £100k pa pension?? It'd sort of be like "Brewster's Millions";);)

fred246

You don't HAVE to have a TV, contact lenses, a car, a phone or broadband. There are people that will live without all these. That is what really makes these threads not much use.

Paul_Herring

You don't HAVE to have a TV, contact lenses, a car, a phone or broadband

Who said anything about having to have them or not? They were simply things listed that don't change over time.

JillyC8

Let me make you all feel better, I will have (current forecast) full SP plus around £9k in other pensions, so somewhere in the region of £17 -£18k in total. I earn more than that now but with mortgage paid off by the time I retire in hopefully 12 years, plus no travel costs, I'm happy.

Or rather I was until I saw this thread! ��

lisyloo

fred246 wrote: »

You don't HAVE to have a TV, contact lenses, a car, a phone or broadband. There are people that will live without all these. That is what really makes these threads not much use.

Unless you live in the center of a city most people will need a car, especially in their later years (80s and 90s) when long hikes and long bikes rides might not be possible.

However I did buy my car for £250 7 years ago and it’s still fine and cheap to run, so certainly you do not need to have an expensive car.

Living without a phone would be tricky there days especially for anyone that’s housebound. However you can have a cheap phone. Mines £7.50 per month which is a lot lower than most people.

Broadband again may be very very useful for those who are housebound, isolated or even a help to those hard of hearing. My dad is hard of hearing and for simple messages he prefers email/text so he doesn’t have to continually struggle.
Again you can go for the cheapest package.

I don’t know many people who are aiming for a subsistence lifestyle and just literally surviving.

shinytop

Sea_Shell wrote: »

Being nosey, I'd be interested in seeing a breakdown of monthly spends from someone who wants (or feels they need) a £100k pa pension?? It'd sort of be like "Brewster's Millions";);)

It's the same as people who spend £100k of disposable income before they retire. New £50k urban tractor every 3 years, dinner for 2 twice a month at £200 a pop, £300 shoes, handbags and other tat, latest iPhone/Mac/gadget every year, expensive golf club, spa days, etc. And that's before holidays. It's not hard if you try. (this isn't me btw!)

Sea_Shell

Spa days!! I've done a few of them, you pay £££ for a lovely aromatherapy massage, then your friend wants you to both go swimming...so you just end up smelling of chlorine!!! (They only ever seem to have morning appointments available for treatments!!)

Oh and not to mention Hot Tubs... What's "romantic" about sitting in a hot, chemical sheep dip??? Spoils the flavour of the champagne!!


Sorry, I digress!!

fred246

I always remember a discussion with a work colleague. He was telling me that he had worked every Sunday as overtime for a few years. We then moved onto cars. He had bought a BMW but really wanted a higher spec so the dealer found one that he wanted. It worked out that he had worked every Sunday for two years to change the engine in his car for one with a 0-60MPH time of 1.5 seconds less. I think even he could see that it sounded a bit silly.

BoxerfanUK

fred246 wrote: »

You don't HAVE to have a TV, contact lenses, a car, a phone or broadband. There are people that will live without all these. That is what really makes these threads not much use.

That might be true Fred, but the thread is just asking what people are aiming for as an annual pension, not what they need to have to survive on the breadline. We can all pare down costs to the bone if we have to.

Most of what is said on a lot of these threads may not be of much use to anyone other than the posters themselves, particularly the individual figures quoted, but nevertheless, I still find what people have to say interesting and just once in a while someone will come along with a little snippet or suggestion that others WILL find of use so I for one will keep on reading.

Prism

Sea_Shell wrote: »

Being nosey, I'd be interested in seeing a breakdown of monthly spends from someone who wants (or feels they need) a £100k pa pension?? It'd sort of be like "Brewster's Millions";);)

As one of those posters who mentioned that kind of figure. Its not that we want or need that amount. Its just that its likely to be the case that we will have that amount by the time we retire, partly because we don't spend that currently. We are currently saving/investing somewhere between 30-40k per year (SIPP, ISA, savings). My wife has 10 years of government DB pension. We both will qualify for full state pension. We are both lucky enough to have jobs we love and likely won't retire until around 60.

Of course any of those situations change for a number or reasons, but if things continue as they are then in around 15 years we are likely to have enough to consider that kind of income.