How much to live on

Robin9

A couple

A reasonable standard -  run a car, go on holiday, 

runningromani

Hi @drummersdale, fingers crossed your quote comes through, after a slow start I found MyCSP came through ok. 

[Deleted User]

Well this thread has one thousand posts!  A great achievement! Best wishes to all!

SarahB16

Gin_and_Milk said:

I got my DB pension forecast the other day, and when I retire in 13 years (I'll be 60), I will receive a pension of £19300.  The plan is to ensure I have more than this, and although I'm not a big spender, the recent increase in inflation, living costs etc, does make me wonder if it's enough if, for whatever reason I'm unable to increase the amount.
Most posts I read about retirement are about couples, and some seem to manage on the same amount as me, so I'm hoping I'll be OK, especially as the mortgage will have been paid off by then.

I suppose the question is whether you think this is enough to live off from the age of 60 to 67 as surely when you are 67 you will then have an additional c.£10k per annum as you will then receive your state pension?   

This would give you c.£29.3k per annum to live off (in today's money).  For a single person that seems sufficient to me.  

maisie_cat

[Deleted User] said:

Some of you need to take a deep breath not let  some of the media hype stop you from living. Nothing like worrying to shorten your life. If you can pay the bills and have a little left over for fun stick to those plans! 
Do not leave it until you run out of tomorrows!

Excellent point, we retired early on a lower income because hubby's workmates kept retiring and then dying quite quickly. 
His job was stressful and as long as we can manage and have savings for emergencies we're fine. We never were cruises and fancy cars types and we go out for  lunch a couple of times a month. 

Twixty3

[Deleted User] said:

Some of you need to take a deep breath not let  some of the media hype stop you from living. Nothing like worrying to shorten your life. If you can pay the bills and have a little left over for fun stick to those plans! 
Do not leave it until you run out of tomorrows!

Exactly this!

I am never going to achieve any desired  figure even if I work up to retirement age therefore to go early means accepting less but  providing all bills etc. are covered and savings can be made to cover repair/replacement of things in the future when any lump sum/savings are gone (mine wont last for ever).

I feel that if your desire is to go early then you just adjust to what you will have coming in.

As I said before I need a VR package to get me to when state pension kicks in and currently that's close to 7 years away.  The rumour mill at work says this may happen in March 2023/2024 

I imagine the closer I come to applying/accepting any package the jitters would kick in but there is still the option of part time work, it would not be a need right away, but I think it could be something I actually might enjoy for a number of years at least.

The only thing that may stop me is if the current cost of living continues to increase but I feel it will come down again at some point. 

BooJewels

[Deleted User] said:

Some of you need to take a deep breath not let  some of the media hype stop you from living. Nothing like worrying to shorten your life. If you can pay the bills and have a little left over for fun stick to those plans! 
Do not leave it until you run out of tomorrows!

I'm a case in point - my husband died at 62 and I am not going to have the future I hoped and planned for, by some margin. I said that I'd give myself a year before I made any significant decisions and it's amazing how fast the months flash past - yet I'm still getting used to the change in circumstances and routine.

I think, for me, just being sensible and trying to hit a compromise between living the life I choose and not worrying too much about the long-term future - if it's at the expense of the present - is the way to go.   So, whilst I'm not spending wildly, I'm not scrimping either.  I set myself a workable budget and despite price increases, have kept within it to date.  What I might do though, is put anything left each month from my budgeted amount into a separate savings account to 'save' for extras - like I'd like a new colour printer and a couple of cordless garden tools at the moment.  They're coming from the same pot of money really, but I think the discipline of putting it aside in this manner might be psychologically better.

I've considered moving somewhere else, as I have no reason to live where I do now, but I doubt I can afford the kind of house I'd want in the place I'd want and the cost of moving in itself - not to mention the stress and upheaval - probably make it prohibitive and not very prudent.  I think my money would be better spent on improving what I have and paying tradesmen, where necessary, to help me keep it in good order.

Part of my problem though, is thinking things through alone - without someone else to sound them out with and make decisions together.  The responsibility is entirely with me - that's the bit I really don't like.  Occasionally it feels like a blessing - but most of the time it isn't.

SarahB16

BooJewels said:

Baron_Dale said:

Some of you need to take a deep breath not let  some of the media hype stop you from living. Nothing like worrying to shorten your life. If you can pay the bills and have a little left over for fun stick to those plans! 
Do not leave it until you run out of tomorrows!

I'm a case in point - my husband died at 62 and I am not going to have the future I hoped and planned for, by some margin. I said that I'd give myself a year before I made any significant decisions and it's amazing how fast the months flash past - yet I'm still getting used to the change in circumstances and routine.

I think, for me, just being sensible and trying to hit a compromise between living the life I choose and not worrying too much about the long-term future - if it's at the expense of the present - is the way to go.   So, whilst I'm not spending wildly, I'm not scrimping either.  I set myself a workable budget and despite price increases, have kept within it to date.  What I might do though, is put anything left each month from my budgeted amount into a separate savings account to 'save' for extras - like I'd like a new colour printer and a couple of cordless garden tools at the moment.  They're coming from the same pot of money really, but I think the discipline of putting it aside in this manner might be psychologically better.

I've considered moving somewhere else, as I have no reason to live where I do now, but I doubt I can afford the kind of house I'd want in the place I'd want and the cost of moving in itself - not to mention the stress and upheaval - probably make it prohibitive and not very prudent.  I think my money would be better spent on improving what I have and paying tradesmen, where necessary, to help me keep it in good order.

Part of my problem though, is thinking things through alone - without someone else to sound them out with and make decisions together.  The responsibility is entirely with me - that's the bit I really don't like.  Occasionally it feels like a blessing - but most of the time it isn't.

I've only recently joined the MSE forums but the personal advice I have received has been excellent.  I also read some posts and don't comment on them and can see that the people on here are genuinely trying to help other people which is lovely to see.  

I don't know your personal circumstances and I'm sorry you have lost your husband but if you are well enough have you thought about perhaps volunteering in your local community?  This will mean you will get to know more people and may help you to decide if where you currently live is where you wish to stay.  

Also you talk about the difficulty of having to make some decisions yourself.  Sometimes it can help writing a pros and cons list and seeing it there in black and white can make it clearer what you wish to do.  However, you may also wish to post your dilemma on here as I'm sure you wouldn't be the only over 50 year old that has a choice to make re something similar and hearing the views of other people may help you to decide what is best for you.   

BooJewels

Thank you @SarahB16 - much appreciated.  I'm still a bit reluctant to mix too much with other people yet (my husband had little immune system after a stem cell transplant, so we'd already been hiding long before the pandemic, so it's a hard habit to break) and have thought about volunteering or joining in with things more, but I don't drive and have to walk everywhere, so it limits my scope a bit - at the moment.  I'm currently addressing things like opticians and dentists etc., to move to ones that are closer.  Plus I intend to learn to drive.  I've only just cleared and sold my parents' house and still have a storage unit to empty.  So I still have a lot of practical things to address - so my time doesn't need filling, as such.   I think someone has their hand on the light switch at the end of the tunnel though - fingers crossed.  

It's not so much that I can't make decisions - I just don't enjoy doing it on my own very much - it's just not as much fun, or as liberating, as you think it will be.   After 40 years of doing things as a team, it's a whole new concept to get to grips with. My grown up son has been a totally fabulous support, but he also has his own life to live too - without my neediness potentially smothering him.  I've said several times to people that I need to reinvent myself as a single lady, but that needs to be a slow process of discovery.

PennyForThem_2

Gin_and_Milk said:

I got my DB pension forecast the other day, and when I retire in 13 years (I'll be 60), I will receive a pension of £19300.  The plan is to ensure I have more than this, and although I'm not a big spender, the recent increase in inflation, living costs etc, does make me wonder if it's enough if, for whatever reason I'm unable to increase the amount.
Most posts I read about retirement are about couples, and some seem to manage on the same amount as me, so I'm hoping I'll be OK, especially as the mortgage will have been paid off by then.

It worries me that most of the posts are about couples.  I feel there is a certain 'head in the sand' 'we will live forever' because what happens if the partner who has the main pension income/looks after the finance dies?

Defined Benefit pensions usually provide for the surviving partner but at a reduced payout.  SIPs need to be managed - annuities may or may not provide depending on terms of initiation.

Please, please couples - make sure you have a plan and understand the management so that this stress is minimised on death of a partner.