How much to live on

RetSol

Happy Easter, @[Deleted User] and everyone. As the lockdown lifts, I am getting a bit nervous about whether my budget is going work in reality.  My "pensioner" life has been spent mainly under lockdown thus far. 

203846930

My budget is going to take a huge hit as the cost of dental treatment starts to kick in, I have a broken upper bridge and first estimate says that a tooth (root) will need to come out and a denture fitted but it could be more depending on the x-rays.
I may need to borrow some money from the dog's account.

[Deleted User]

duncanthedog said:

My budget is going to take a huge hit as the cost of dental treatment starts to kick in, I have a broken upper bridge and first estimate says that a tooth (root) will need to come out and a denture fitted but it could be more depending on the x-rays.
I may need to borrow some money from the dog's account.

Sorry to hear this, but it is important to get the correct treatment. I believe you mentioned in earlier posts that you do have some savings for emergencies like this. I hope all goes well.

203846930

I do have money tucked away in all sorts of places for such emergencies but I still don't like to 'have' to use it.

MovingForwards

Hope it doesn't work out too expensive Duncan.

I'm another with my cat having savings.

Just had a quick look at my pensions and early retirement savings, knocked 2 years off my retirement age. 
I'm increasing my mortgage overpayment from payday.
I get a small payrise later in the year, half will go into savings, the other half into my SIPP. My employer will take a bit for the DB pension.

Some of my savings are earmarked for communal repairs, some for upgrading my flat in 5 years (to see me through), some for my car and the rest is EF and insurances etc.

Once I hit 50 I should have enough general savings to then throw a lot more money at the mortgage to clear that in the next 5 year cycle, then I can look to a slower pace of life with my working hours. 

[Deleted User]

All looking good movingforwards. What retirement age are you aiming for? What is your number for your retirement? Hopefully not being too nosey just in keeping with title of the thread. Best wishes. 

MovingForwards

@[Deleted User] retirement age depends on my SIPP and savings. I need £500pm for outgoings, including running a car*. I also need 9 years NI to get a full SP. (*Edit to say this is with mortgage and work related costs removed and by early retirement I will have enough for big communal repairs)

My 10 year plan:
- Stay with this employer for 5 years to get 5 years DB.
- Remortgage in a few years and keep overpaying the mortgage to get rid of that by 2030.
- Work PT, or less hours than I am now, by 2030 when I'm 55.

That's as far as I've got as I work in 1, 5 and 10 year cycles when planning. I've one eye on finances and the other carefully monitoring my health, push too much and my deck of cards will fall.

Think it was page 1 or 2 of this thread I first commented.

mark55man

sounds like some solid planning all round.  I'm on a 3 year countdown, 2 DC are still at Uni or planning to be so.  I can't quite let go of my revenue before that's sorted, although I could retire on quite a frugal basis now.  I know my use of the word frugal is a bit some frugal is less frugal than others, but it is what it is

[Deleted User]

Many thanks movingforwards and apologies for my oversight.

MovingForwards

@[Deleted User] no apologies needed, it seems like ages ago when this thread started 🤫