How much to live on

[Deleted User]

Happy New Year to you all!

As part of my plan to spend less time online in 2023 and also to be more relaxed about life in general I will be visiting these forums far less often in 2023.
I will probably post no more than a monthly update and may open a new thread to do so.
Take care and look after yourselves.

A final financial comment for 2022.
I have completed a provisional budget for 2023.
Expenditure £22000 Rounded to nearest £1000. This includes everything including travel!
Income £24000 or £28000 Depending on when I move to full from semi-retirement. Could be April or August. Income consists of workplace pension and earnings. 

From tomorrow I will be able to say that next year I will be receiving my state pension (2024) 😳😉😏

Best wishes.

Kim1965

Still working full time. Revise figures for me 22k nett required for a moderate retirement, would like 50k dedicated to emergencies.
 I will take a look at it in may 23, currently i have 19k secured if i retired now at 58, rising to 24k at sp age. Still plan to retire and do some part time work. 

Sterlingtimes

Expenditure related to our house, including telecommunications but excluding major repairs, is £11,000 yearly equals my State Pension. My wife will not receive her pension for another eleven years, so it is a good job that I planned ahead.

[Deleted User]

Sterlingtimes said:

Expenditure related to our house, including telecommunications but excluding major repairs, is £11,000 yearly equals my State Pension. My wife will not receive her pension for another eleven years, so it is a good job that I planned ahead.

Does that amount include your food too? Is wife still working? Do you have a workplace or private pension too or living off savings and investments? Sorry about the questions but just curious .

Sterlingtimes

[Deleted User] said:

Sterlingtimes said:

Expenditure related to our house, including telecommunications but excluding major repairs, is £11,000 yearly equals my State Pension. My wife will not receive her pension for another eleven years, so it is a good job that I planned ahead.

Does that amount include your food too? Is wife still working? Dom you have a workplace or private pension too or living off savings and investments? Sorry about the questions but just curious .

No. I am not complaining because I have other pensions: rather I am making an observation. The housing cost covers council tax, all energy, broadband, water, annual maintenance, insurance, Sky, and telephone but excludes renovations such as replacement fuse board, new windows. My wife does not work. Separately, I pay for non-housing costs such as cars, food, groceries, animals, and entertainment.

I just place a personal focus on housing cost. The cost of housing is one of the inflation indicators and mine is moving upwards viz a viz my State Pension.

[Deleted User]

Many thanks for your response Sterlingtimes.

Humdinger1

@[Deleted User] thanks for starting this thread and thanks too to all who have contributed ! I have read it all and subscribed.   It has really provoked some hard thinking and simultaneously reassured me.  I will post in more detail soon.  Onwards and upwards Humdinger 

Gin_and_Milk

Humdinger1 said:

@[Deleted User] thanks for starting this thread and thanks too to all who have contributed ! I have read it all and subscribed.   It has really provoked some hard thinking and simultaneously reassured me.  I will post in more detail soon.  Onwards and upwards Humdinger 

You will have been busy reading it all, but I agree, it does make for very interesting and useful reading.  I have about 12 years to go before I can retire if I'm being realistic, so more often than not, I forget about it.  The recent increase in the cost of living has changed that, so I've recently topped up my salary sacrifice AVC.  Not by a massive amount, as I want to enjoy today as well as tomorrow if you know what I mean.

trevjl

as I want to enjoy today as well as tomorrow if you know what I mean

Which is a very good point.

I follow the pensions boards closely but sometimes find myself shaking my head when I hear people chucking almost everything into their pension at the expense of living and enjoying the now. Some will never be able enjoy their accumulations.

BooJewels

trevjl said:

as I want to enjoy today as well as tomorrow if you know what I mean

Which is a very good point.

I follow the pensions boards closely but sometimes find myself shaking my head when I hear people chucking almost everything into their pension at the expense of living and enjoying the now. Some will never be able enjoy their accumulations.

Very worthwhile point.  My husband passed away aged 62, so our retirement plans were wiped out in an instant.  So whilst long term planning certainly has value, don't do so at the expense of now.  I'm trying to strike that balance between quality of life and long term planning and feel happy with the choices I've made.  I'm never going to be able to go bonkers or be wildly extravagant, but I should be reasonably comfortable throughout.  I've made decisions that I'm comfortable with. So don't lose sight of the present whilst busy staring long into the future.