How much to live on

[Deleted User]

Ali660 said in reply to Tastiger ‘You mention a OH - May I ask about their provision? Just thinking whether no. 3 above should also include their state pension too?’

I was thinking this too. Wouldn’t that add another £10000 or so to post 67 income? 

Tastiger

My OH has a small SIPP and a fully funded state pension. She is a few years younger than me. Once they kick in, we will be laughing.

Suzycoll

louby40 said:

I did work that out a few years ago - pre covid and pre cost of living rise and my breakdown is as follows

Gas/electric £1200
Mobile £300
TV licence £156
Council tax £1500
water £360
Car tax £160
Broadband £360
House Insurance £100
car insurance £250
food £250 a month / £3000 
TV eg Netflix and Apple Music (both of which is could get rid of ) £400 = approx £7800

Of course there is also
house maintenance 
car bills
clothes
petrol
gifts
days out
holidays

So I reckon I'm looking at £10-11k per year plus more if I wanted more extravagant holidays.
Im used to paying a LOT for holidays as I have no choice to take them other than in the expensive school holidays.

Cant wait until I can get a cheap flight somewhere and not pay silly money. 

hi louby40
I was just looking at your breakdown, assuming it is per annum ?

looks as if you are paying too much for *water - can get it lower with a meter *broadband (mine is £18 pm) *mobile (sim only can get from £10 pm) * food - subjective depending on how many in house etc *TV- you have already commented on this 
Hope you don't mind me commenting  ?
regards

[Deleted User]

Suzycoll, comments are always welcome. One of the strengths of this long running thread. Would be great to hear about your plans and circumstances should you wish to share.

louby40

Suzycoll said:

louby40 said:

I did work that out a few years ago - pre covid and pre cost of living rise and my breakdown is as follows

Gas/electric £1200
Mobile £300
TV licence £156
Council tax £1500
water £360
Car tax £160
Broadband £360
House Insurance £100
car insurance £250
food £250 a month / £3000 
TV eg Netflix and Apple Music (both of which is could get rid of ) £400 = approx £7800

Of course there is also
house maintenance 
car bills
clothes
petrol
gifts
days out
holidays

So I reckon I'm looking at £10-11k per year plus more if I wanted more extravagant holidays.
Im used to paying a LOT for holidays as I have no choice to take them other than in the expensive school holidays.

Cant wait until I can get a cheap flight somewhere and not pay silly money. 

hi louby40
I was just looking at your breakdown, assuming it is per annum ?

looks as if you are paying too much for *water - can get it lower with a meter *broadband (mine is £18 pm) *mobile (sim only can get from £10 pm) * food - subjective depending on how many in house etc *TV- you have already commented on this 
Hope you don't mind me commenting  ?
regards

Hi, we're already on a water meter  It only went up recently because I forgot to give a reading.
just renewed our broadband and it's £30 a month. We watch a lot of TV, plus I have a 19 year son who does a lot of gaming etc.

Dont mind you commenting at all. 

Lou 

Vespaboy

Well done Baron Dale on your retirement proper. I agree you have done your bit. Well done hold head up high and enjoy yoursef

louby40

Good for you Baron Dale - I think you deserve your retirement now.

Kim1965

louby40 said:

I did work that out a few years ago - pre covid and pre cost of living rise and my breakdown is as follows

Gas/electric £1200
Mobile £300
TV licence £156
Council tax £1500
water £360
Car tax £160
Broadband £360
House Insurance £100
car insurance £250
food £250 a month / £3000 
TV eg Netflix and Apple Music (both of which is could get rid of ) £400 = approx £7800

Of course there is also
house maintenance 
car bills
clothes
petrol
gifts
days out
holidays

So I reckon I'm looking at £10-11k per year plus more if I wanted more extravagant holidays.
Im used to paying a LOT for holidays as I have no choice to take them other than in the expensive school holidays.

Cant wait until I can get a cheap flight somewhere and not pay silly money. 

Just looking at your figures for household expenses. Very similar to mine (my ct is higher, as are my gas electric, not much tho).
Are you saying in addition to the 8k essentials that you would need only another 3k for other things?
 By comparison, my outgoings are 8.5k,  I think to live a basic lifestyle with few holidays i would need £1800, pm nett, about24k gross. This figure is similar to the retirement studies for a modetate retirement. 

louby40

I think I'm looking at £15-16k pension per annum with top ups from savings and maybe a part time job. This is retiring at 58.

Im going to downsize so will have some equity from my house. I'll also have a lump sum from my teachers pension. Then when I'm 67 my state pension kicks in, which will see me getting £26k in total. 

Kim1965

louby40 said:

I think I'm looking at £15-16k pension per annum with top ups from savings and maybe a part time job. This is retiring at 58.

Im going to downsize so will have some equity from my house. I'll also have a lump sum from my teachers pension. Then when I'm 67 my state pension kicks in, which will see me getting £26k in total. 

In which case you will be comfortable. The majority of your income is fully indexed a distinct advantage over those of us who have to navigate drawdown.