It's time to start digging up those Squirrelled Nuts!!!!

Terron

Sea_Shell said:

Terron said:

I am waiting for my kitchen to be done (largely paid for by an inheritance). I booked it months ago and it should have started but has been delayed an extra 2 weeks.

As for a luxury stay in the UK can I suggest Northcote - www,northcote.com
I first went there for the 90th birthday of the person I inherited from and held my own 60th there.

That place looks amazing!!  Definitely luxury.  DH doesn't like "fancy" food though, so would only be interested in B&B rather than full "gormet" package.

Any nice pubs nearby?

But TBH places like that can make me feel like a fish out of water, as they are usually frequently by "proper" rich people.    I'm merely an imposter!! 😉

At my birthday party I booked the chefs table and they created a menu around my suggestions, and produced a vegetarian option for one guess. 
Last time we went we had the gourmet menu, but with plenty of changes. Some people did not like seafood, I did not want the alcoholic desert. They are very flexible. Though they haven't reintroduced their a la carte menu since Corvid yet.
They do a pretty traditional Sunday lunch.

Terron

Ibrahim5 said:

Looks like the sort of place where I would have a meal and then run off to the nearest chippy because I am still starving.

Unlikely. The portions main be small for the 5 course menu but there are 5 courses, plus appetisers before, chocolates afterwards and an optional cheeseboard. The Sunday lunch is not small.

enthusiasticsaver

AlanP_2 said:

Sea_Shell said:

We drove from Sheringham to Wells.

Didn't look far on the map!!😲

There will be people born in both those places who think the other one is a foreign country, that they have never visited and never intend to.

We moved up to Suffolk nearly 30 years ago and I was talking to one of the locals and said I would have a 30 minute / 20 mile drive to work. He looked horrified,  "never go that far for anything" he said.

The local traffic news should have given us a clue. No mention of accidents on A or M roads, but you could find out whose tractor was blocking what single track lane. OK slight exaggeration but it was different to what we were used to from London and Estuary Essex.

Never regretted it though, great quality of life.

I would love to visit Norfolk but too far from Cornwall where we live. I think we would have to break the journey or figure out a way by train without going through London. We moved from London to Cornwall more than 30 years ago and never regretted it either. Our friends and family told us we were mad even though my husband had a good job down here, housing costs were lower and the schools were better. Now they are fighting to get down here in retirement. 

@Sea_Shell  I think you are in the same place we were a few years ago where we had spent so long saving for retirement we could not relax enough to spend above the level we had been. It is only after our IFA did a cash flow forecast and we weren’t actually using any of our investments (so living off our DB pensions alone) that we thought we should reset as we still have another £18k a year to come when our state pensions kick in in a few years time. Old habits die hard but we do like fancy restaurants, hotels and even now we are doing about six breaks a year in the UK. We also get tradesmen in rather than DIY although DH often finds faults with their workmanship. Upscaling on expenditure is not easy as most of us on here do not want to waste money even when we can afford to. 

Sea_Shell

@enthusiasticsaver

I agree, it's early days, and we're still finding our feet in our transition from savers to spenders!!

We're pretty sure we have almost enough in DC pensions to last until SP/DB pensions pay out (at least 10 years)... so like you may never have to touch our investments/cash.

We're also aiming for 6 breaks a year.  We've had two, third one booked, but weather and availability have scuppered us a bit this year.   Hopefully next year will be better all round...please!!!

ex-pat_scot

Sea_Shell said:

@enthusiasticsaver

I agree, it's early days, and we're still finding our feet in our transition from savers to spenders!!

We're pretty sure we have almost enough in DC pensions to last until SP/DB pensions pay out (at least 10 years)... so like you may never have to touch our investments/cash.

We're also aiming for 6 breaks a year.  We've had two, third one booked, but weather and availability have scuppered us a bit this year.   Hopefully next year will be better all round...please!!!

It certainly seems that the accumulation phase is much easier than decumulation!  
It's pretty straightforward to earmark a portion of salary, to select and monitor investments, and to theorise about "the number" and Safe Withdrawal Rates etc.

I think the early decumulation phase is going to be much more complicated.
There's the obvious "what are you going to do with the time" questions, and how to find purpose and satisfaction. How to arrange the rhythm of the day, week, year without the cadence of the working pattern.  How to unpick identity from job title.

There's the more subtle alteration of relationships. With spouse, with children, with friends, with parents. Having availability, but wanting not to over-commit perhaps.

Then there's the money. The psychological letting-go of control and trusting the process.  It's a bit like marathon training - you have to trust in the training plan, and that the outcome will be a success.  In decumulation, you trust in the withdrawal plan, and that it will not leave you penniless.
I'm sure the temptation will be strong to resist spending. Nervousness when the total balance drops, where temporary market dips happen. Regular checking of values and still a desire to keep accumulating as a safety net.

I rather expect that I will want to do many of the jobs I could outsource - DIY to gardening to cleaning to some car maintenance etc. This won't be done out of pure money saving, but a combination of purpose and interest. With lots of time (theoretically) available as a retiree, I will be able to decorate properly, to fix and improve things in the house, to keep the garden tidy. I won't need to pay anyone to do these things and buy back the time for myself. At least not yet- there will come a time when I won't have the energy or capability, as we are finding with my father in law.
I suspect I might want to use some sort of "reward" system, perhaps to allow myself to spend on frivolities if I've "earned" the money by not spending it on the DIY / cleaning etc.  Perhaps in having a comfortable spending level, below SWR, and where we splash out if the market gods have been generous.

I'm keen to see how others are adapting to this, hence the other posters on this thread have been so helpful.

Sea_Shell

"It's a bit like marathon training - you have to trust in the training plan, and that the outcome will be a success. "

I agree, and can relate to that having done one once. 

At the start you can't quite imagine being able to do it...but you gradually increase your distances in training...and lo and behold...you cross the finishing line!! 🏅

Sea_Shell

Well I decided to close off August's books today, as no more spends due.

In round figures...

DCs - £380,000
S&S ISAs - £200,000
Cash - £60,000

12 month spends to date £15,900.


September's going to be a busy month, financially, here's hoping it all goes to plan.

enthusiasticsaver

The investments are looking good. How long until your DB/SP pensions kick in now?

Our cash reserves are looking a bit sorry for themselves since we lent £14k to our DD for their garage conversion and gifted £10k to both DD. Seemed daft for them to borrow from a bank when it is sitting earning virtually nothing in a cash savings account. Takes our cash reserves down to £25k but we have £36k  per year in DB pension income so don’t really need the cash reserves. 

Sea_Shell

DH is about to turn 55 and me 50.

So 10 years to DHs DB c. £8500pa in today's money.  Capped inflationary uplift Inc 50% widows pension.

12 years until DH SP - £7700 in today's prices (will look to pay up missed years nearer the time)

18 years to my SP - £8000 (again a few years short)

I don't have any DB.

Our DCs are currently split £200k and £179k each, plus I'll keep adding to mine (£3600) "forever"... As I'll be able to get more out tax free, before SP.

michaels

Can only add 3600 pa up to age 75. Still worth dh doing so even if he will pay income tax on 75% on the way out.