How much to live on

[Deleted User]

On further reflection I think even in retirement I will remain a man of routine and doing things in order.

For example I can never just get up up and go sit in the garden on a nice day or have a spontaneous walk unless the I’ve done my exercises, the household chores and got myself ready lol! It’s a family joke that I don’t do spontaneous.  🤷‍♂️. 

Of course I go for walks, sit in the garden etc but it’s all part of a daily plan lol.

We are certainly all different.

BooJewels

Just because I take pleasure from things that don't cost anything/much, doesn't mean that I'm aiming to live especially frugally - I also have expensive tastes and a bad vintage watch habit.  I'm certainly not tight - and I neither scrimp nor spend for the sake of it.  I generally buy what I want, but I'm also delighted with a bargain.

Mentally, I have different types of spending and they're all budgeted and accounted for in different ways - everyday living expenses (the sums I mentioned earlier) and what I call my 'quality of life' funds - holidays, treats, days out, things to improve the house/garden etc.  The latter has a budget and I'm way ahead of it at the moment, spending less thus far than I planned/expected.

I do have issues with routine and self-discipline though - all attempts to re-train myself are proving useless since I've been on my own.  When I'm unlikely to see or speak to anyone or leave the house, it makes little difference whether I shower at 7am or 11am - I can get up fine, it's the next step that I have an issue with.  My late M-I-L was totally ruled by the clock - she ate, made a brew, went shopping, made phone calls to a tight schedule every day and I still get twitchy at 5pm every Sunday waiting for her weekly phone call.  I need to strike a balance between the two.

I too am a habitual dog petter @barnstar2077 - I tend to walk with a bag of small pieces of dried sprat in my pocket and dogs go daft for them if you get chance to offer one.  My sister has a miniature schnauzer [stop tittering at the back] and hence I have them in for her and always have them with me when we go out - she'd definitely want to talk to you - she looks crestfallen if someone walks past and doesn't bend down for a chat. 

At such time as I can take sufficient responsibility for myself, I may well get a dog of my own - but I need to get my own life sorted first.  The regular walk I do includes an assortment of animal encounters and I often come back and tally them to 'three chickens, two cats, four dogs, a robin and a horse'.  The chickens, one cat and the robin are a given, the rest tend to vary.

Organgrinder

Well today was a bit of a shocker. Car insurance up to £275 from £175. (Over £300 with same company).

So i signed up to quidco via mse link....£45 back and using my chase account another £2 so soften the blow. But seriously? 57% increase in a year!

Anyway this quidco looks interesting. There's another £25 back too. Seems to take a few months but why not?

louby40

I use TopCashback - had over £2k free payouts in the 10 years I've been using it.
I swap mine for Amazon vouchers and buy books with it. Avid reader, regularly read over 60
+ books a year for FREE!

Organgrinder

Well i never realised just how much you can get eg 2% off an easyjet holiday, so say £40. 

I'm always on the lookout for "free" extras if for example it's part of our normal spend.

This year for example since January.

Nutmeg £200 gain.
Chase £48 cashback on normal spend.
Halifax £40 for meeting banking requirements.
Pensionbee £100 for a referral.
Wealthify £75 for investing £75.
Clubcard £40 in cinema vouchers.
Clubcard extra £20 savings after one month.
Asda rewards £15 so far and just got £5 back for spending £50.

There are others too but these spring to mind. I reckon to get the above has taken maybe an hour or two in terms of setting accounts up. If only my job paid me such a good hourly rate!

AliBee16

I'd like to say a big Thank You to all the contributors to this thread. I thought I was doomed to work in my physical job (retail but doing all the delivery every day) till I was 67. Having read this thread and doing a few calculations I went to my IFA with a firm plan and the confidence that I wouldnt be laughed out of the building, and now she has put in the paperwork for my annuity and I will be going soon, aged 62. My pension (app. £k450) was part of my divorce agreement and I was in drawdown but now I will be taking 25% cash to go into bonds to last the 5 years till SP, half of the rest in annuity (£k12/year) and the rest will stay in my Pru pension pot till SP. I feel happier that the annuity will cover my expenses and I will still have some for my daughters to inherit, depending on when I die. I wasnt happy with the risk of the SIPP drawdown before running out. My only jitters come from wondering whether I will miss the buzz and social life of work, it is never boring, but then I remember how rude some customers are and how exhausting being nice all day is and how much my muscles ache after a shift. Thanks again

Savvy_Sue

AliBee16 said:

I'd like to say a big Thank You to all the contributors to this thread. I thought I was doomed to work in my physical job (retail but doing all the delivery every day) till I was 67. Having read this thread and doing a few calculations I went to my IFA with a firm plan and the confidence that I wouldnt be laughed out of the building, and now she has put in the paperwork for my annuity and I will be going soon, aged 62. 

Just be aware, if your IFA has not already told you, but there is strong demand for annuities ATM, and those companies offering the best rates are quoting at least 35 working days to come up with a quote ... and that's after you get your medical questionnaire to them! I need some historic info from my GP, and am waiting for that. Hoping annuities don't crash before I'm able to get mine sorted! 

That, at least, is according to my pensions guy. 

AliBee16

Savvy_Sue said:

Just be aware, if your IFA has not already told you, but there is strong demand for annuities ATM, and those companies offering the best rates are quoting at least 35 working days to come up with a quote ... and that's after you get your medical questionnaire to them! I need some historic info from my GP, and am waiting for that. Hoping annuities don't crash before I'm able to get mine sorted! 

That, at least, is according to my pensions guy. 

Thanks for that info Savvy Sue, no I didnt know that, but I know these things take absolutely ages and I thought I would be leaving work some time next year. Fingers crossed they dont crash, although Im not sure the interest rates are finished peaking yet. Maybe it will be a better quote you never know

WYSPECIAL

AliBee16 said:

I'd like to say a big Thank You to all the contributors to this thread. I thought I was doomed to work in my physical job (retail but doing all the delivery every day) till I was 67. Having read this thread and doing a few calculations I went to my IFA with a firm plan and the confidence that I wouldnt be laughed out of the building, and now she has put in the paperwork for my annuity and I will be going soon, aged 62. My pension (app. £k450) was part of my divorce agreement and I was in drawdown but now I will be taking 25% cash to go into bonds to last the 5 years till SP, half of the rest in annuity (£k12/year) and the rest will stay in my Pru pension pot till SP. I feel happier that the annuity will cover my expenses and I will still have some for my daughters to inherit, depending on when I die. I wasnt happy with the risk of the SIPP drawdown before running out. My only jitters come from wondering whether I will miss the buzz and social life of work, it is never boring, but then I remember how rude some customers are and how exhausting being nice all day is and how much my muscles ache after a shift. Thanks again

Why not ask if you can drop down to 2 or 3 days a week before you go completely? That way you’ll still get the social buzz, it’ll keep you fit and you’ll have some extra money. How long you do that for depends on how much you enjoy it compared to the extra days you’re no longer working.

AliBee16

WYSPECIAL s

Why not ask if you can drop down to 2 or 3 days a week before you go completely? That way you’ll still get the social buzz, it’ll keep you fit and you’ll have some extra money. How long you do that for depends on how much you enjoy it compared to the extra days you’re no longer working.

I have considered this and may do it for a while but paying 20% tax on my whole wage, which is minimum anyway, doesnt appeal and I would still have to work Bank Holidays and all over Xmas. But, as you say, it would only be for the social side and it would give me a different perspective of it being able to give notice when it gets too much. There are so many things to consider when retiring and that is why these threads are so useful