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

ratechaser

Well without wanting to stray too far OT, I think it's fair to say that I don't actively seek out places that have expensive booze! However it is sometimes a consequence of places you want to visit for other reasons, and yes, I do so with my eyes open...

fred246

Crabby wrote: »

We had a curry and a pint at the local Wetherspoons for our recent Pearl wedding anniversary, and thoroughly enjoyed it. It transported us back (just for an hour or so) to our younger days.

Did you go on a Thursday for the special offer or pay full price for the special occasion?

stronginthesun

no mortgage no kids no rent just bills . camping holidays in the uk . i reckon £12000 per year .

atush

The high is 54F where I am. At the end of May. i am so cold i want to put my heating on, although i havent.

Camping in the UK wouldnt be my idea of a holiday More like a punishment lol.

enthusiasticsaver

Sea_Shell wrote: »

Not aimed at anyone in particular, large pot or small...but in these times...

Do you consider your environmental impact when making purchases of "stuff", especially if it's on the nice to haves, rather than essentials.

Nearly everything we buy needs manufacturing, shipping, packaging so obviously the more ones buys or consumes the more impact it has.

I'd never describe myself as an environmentalist by any stretch (I didn't rinse out that mayo jar I just put in the black bin!!) but I am becoming more conscious about what I buy and if I really need it. Especially if it's just an "upgrade" rather than to replace something broken or worn out.

Will having this item or doing this thing etc. really make me happier or healthier?

I'm all for having a bigger pot!!! But for me it's more about balancing quality time and financial security than anything else.

Thoughts??

I totally agree with your sentiments. I am not interested in buying stuff any more. My DH pointed out the other day we are using a plastic colander still we bought for our first kitchen 30 years ago. I see no point in chucking out anything plastic which is perfectly ok and buying a replacement. We like to spend on entertainment, days out with the family, meals out either on our own or with our daughters and their families or extended family or friends. My DH is a devil for buying tools though and I buy books.


Prior to retirement we tracked our spending and knew roughly how much we wanted each month. We settled on £25k -£30k as we still have our own cars, we wanted to do holidays and not skimp on entertainment, hobbies and meals out during the month. We also wanted to put a new kitchen in (done last year as the previous one was 20 years old) and new bathrooms are going in this year (again the old ones were 20 years old). Our state pensions will be around £17k but do not pay out for another 5-6 years so we saved enough in cash accounts to cover our house improvements and a bit extra for car expenses and holidays and hobbies etc.


We could have carried on working until 60-62 to get a bigger pot but decided that quality time was more important and we had enough forecasted pension income and savings to cover our medium level retirement which was being comfortable and the odd luxury holiday. We will not be changing cars regularly and I certainly will not be paying out £5k for clothes each year but each to their own. We also only have one house.

Ganga

enthusiasticsaver wrote: »

I totally agree with your sentiments. I am not interested in buying stuff any more. My DH pointed out the other day we are using a plastic colander still we bought for our first kitchen 30 years ago. I see no point in chucking out anything plastic which is perfectly ok and buying a replacement. We like to spend on entertainment, days out with the family, meals out either on our own or with our daughters and their families or extended family or friends. My DH is a devil for buying tools though and I buy books.


Prior to retirement we tracked our spending and knew roughly how much we wanted each month. We settled on £25k -£30k as we still have our own cars, we wanted to do holidays and not skimp on entertainment, hobbies and meals out during the month. We also wanted to put a new kitchen in (done last year as the previous one was 20 years old) and new bathrooms are going in this year (again the old ones were 20 years old). Our state pensions will be around £17k but do not pay out for another 5-6 years so we saved enough in cash accounts to cover our house improvements and a bit extra for car expenses and holidays and hobbies etc.


We could have carried on working until 60-62 to get a bigger pot but decided that quality time was more important and we had enough forecasted pension income and savings to cover our medium level retirement which was being comfortable and the odd luxury holiday. We will not be changing cars regularly and I certainly will not be paying out £5k for clothes each year but each to their own. We also only have one house.

Jesus £30K a month,how do you justify that amount of spending:rotfl::rotfl::rotfl:

Ganga

Sea_Shell wrote: »

Don't...I caught 5 minutes of "Millionaires Holiday Club" on BBC2 yesterday. O. M. G. !!

Extravagant spending to make your eyes bleed!! (and the planet weep)

Now there's a portion of society that don't give two hoots about their carbon footprint. It's Yeti sized!!!

I also watched it,the couple who had 12 holidays a year planed,well i say holidays they do not work and the 12 holidays took in the full 12 months,they had more money than i could make in a lifetime but how they spend it is their business,no i will never be with them :rotfl::rotfl::rotfl:

kev2009

fred246 wrote: »

The only way really is to work out your own spending. I work on roughly spending £500 a month on direct debits and £2k on the credit card. So £30k a year. I think this article is one of the best
https://www.which.co.uk/money/pensions-and-retirement/starting-to-plan-your-retirement/how-much-will-you-need-to-retire-atu0z9k0lw3p

If your a single person, do you simply half these figures to get an idea of the value you need on that link you posted?

Very interesting btw..

I'm hoping to get a pension of 25k but based on current predictions i wont get there, but admittedly I've still got 20+ years to go so who know what will happen. i'm paying in 18% (employee/employer contributions) so i think i'm doing ok on % front. May considering paying in a bit more but can't do that for another 10 years or there about's and concentrating on getting mortgage lower. I'm not one really for flying to holidays abroad not to fussed about, quiet happy going away to UK places, lots of places i not been. Yes, plan to eat out more but that's about it so hoping i can get by. Current pension predictions are low but that seems to be the current trend from reading on here so makes it harder to tell what i might actually get until nearer the time but on the same token, it might be too late to change it. Will have to see.

Kev

NoMore

Can't assume halving when going from a couples expenses to a single person.

Plenty of things don't automatically half because your single, council tax, electricity/gas usage, water, mortgage/rent etc.

Crabby

fred246 wrote: »

Did you go on a Thursday for the special offer or pay full price for the special occasion?

Of course we went on the Thursday, it was our anniversary, if it had been on the Tuesday, we'd have had a steak. :money:

Well without wanting to stray too far OT, I think it's fair to say that I don't actively seek out places that have expensive booze! However it is sometimes a consequence of places you want to visit for other reasons, and yes, I do so with my eyes open...

Neither do we, after 2 weeks of touring Denmark and Sweden last month we where glad to get back into Germany for the cheap beer.:beer: