How much to live on

missile

scottish_lassy said:

I have worked out that I would need a minimum of £1100 per month to cover all my living costs comfortably.  As Farway says, once my state pension kicks in, I would have no worries but it is the 7 years till that point that I am pondering about.  Another thought that it is in those 7 years that I might be the fitest and most active for adventure!!  BTW £30,000 would be fantastic! but that's dreamworld for me.

• A single person state pension in 2020/21 does not provide £1,100 per month. 
• You might also qualify for the Additional State Pension ?
  
• You might have a private pension?
• A lot has changed in the last 7 years and I expect there are many more changes in the next 7.

[Deleted User]

I believe Scottish_lassy will also have a works pension.

otb666

Well looks like my Severance wont be til June 22 so i will be working and hubby finishes end of the month Did think about just leaving in June 21 but cannot be bothered with all that Transfer work and feel safer keeping my pension as DB also see us through the post SP years, I guess its horses for courses Things are very changeable at the moment.  I did say to hubby want the extra 50pm earnt between now and june 22 on DB as pocket money for me to do what i want with, Whilst in lockdown the only money i spend is on books and moonpig
 

[Deleted User]

scottish_lassy, would be good to hear how you calculations are going. Have you found out yet what yur annual pension and lump sum will be if you take them early?

RetSol

Still find my way with my spending.  Lockdown makes  it more difficult as spending patterns are not normal .

[Deleted User]

I have worked more hours than expected on my casual contract since January. Even had 3 days working onsite. It was pleasant being with people again! Agree with RetSol that spending is not at normal levels, but not too far off in my case.  However, gives savings a boost for future treats.

Murphybear

We have about £21k between us.  This gives us a comfortable life, we eat out a lot and shop in Waitrose.  We don’t smoke and drink rarely and don’t go on foreign holidays.  We have had some great trips around the U.K.  We live in a desirable area, Dorset, edge of the West Country so lots of beautiful places close by.  

Over the last year we have saved a lot, the only real big spend will be a new (to us) car.  We don’t  have any children to leave anything to.  We have both been advised we have the start of cataracts but these will grow slowly over 10 years or so.  By that time we will be able to have them done privately.   in 10 years we will be 78/82 (assuming we are still around)

So the answer to how much do you need to retire on in is really “how long is a piece of string”

[Deleted User]

Good morning all.

After taking a break from all forums during Lent I am back for a quick catch up. Any updates from those who have previously posted on this thread?

I am well. My temporary contract has been further extended until the end of May and will probably continue until the end of July. I am working two days a week which has helped me keep my sanity during lockdown. I have to self test twice a week which is no problem. I have also had my first vaccination with the second one due in May.

Financially things are fine. Working more than expected has helped me to further boost savings. Plans in the near future include a kitchen replacement, garage roof replacement and some garden upgrades. Budgets and money in place. Main problem at the moment is finding people to actually do the work. Most have long waiting lists.

Looking forward to hearing from more of you.

Besy wishes.

missile

Beware of any builder who is available, there might be a reason he has no clients

[Deleted User]

Already have in place people to carry out garage roof replacement. Kitchen just waitng for non-essential to re-open. Waiting list is more for the gardeners!