How much to live on

[Deleted User]

 I think the age limits are very flexible lol. 

helensbiggestfan

Age is just a number.......😉

Organgrinder

helensbiggestfan said:

Age is just a number.......😉

Numbers are clearly designed to be complicated according to hmrc.

Today I got my new tax codes for next year. This year i'm on course to repay all tax I owe AND still overpay by approx £600.

So hmrc have set me a tax code that will collect about £400 more (cos that's what I owed previously). This will obviously sort itself out around June/July but just si frustrating especially as for reasons known only to them they'd stopped my professional subs being tax deductable!

All sorted now.......I hope.

BooJewels

The problem is, the blasted numbers will insist on keep getting bigger!

helensbiggestfan said:

[snip]

3.    Learn a few simple DIY skills.  Invest in a few power tools to help make gardening and diy easier.  

helensbiggestfan said:

I meant to add to the list, gadgets and gizmos that make life easier.   Obviously these will vary from person to person, but the right gadget or tool can make all the difference in maintaining independence.  For example I have just bought one of those battery operated electric scrubbing brush thingies.  Makes light work of cleaning grungy tiles etc, also things like long handled feather dusters for high ceilings and hard to reach corners.  Simple things that just make life easier and which mean I can still do my own cleaning.  

 

I've been mulling over these comments today - after I lost my husband I found myself having to do jobs that he just always did - I'd barely even taken the wheelie bin out before.  So whilst we had plenty of tools - I often found they were just too big or heavy for me, so I've gradually put together my own tool tote with tools that suit me better. 

I've always believed in the adage that the 'right tool for the job' and once you find what works for you - is balanced, the right weight and size, the job you're doing is that much easier.   I'm actually delighted that many of the tools I found to be the right size were ones inherited from my Grandad and Father and I'm sure they'd both be delighted and amused that I'm now finding them useful.  I always thank them when I've used one of them. 

It's always amazing to me that you can learn how to do all sorts of tasks on-line.  I've tackled all manner of DIY jobs that I didn't think I'd be able to do - or didn't yet know how to do.  The single biggest obstacle I've found is just strength and size limitations - sometimes I just haven't been able to unscrew something or reach it.

I've also invested in tools specific to tasks I need to do or to make things easier, like a 3 step steps that has a platform for putting tools and materials on.  It's much easier to change a lightbulb if once you can reach it, the parts are also within reach and you don't have to hold thigs in your teeth or tuck them under your arm.  I also bought a little cordless edge trimmer for the grass outside - every single time I use that people walking past ask me about it as it's so damn dinky.

But I'd also add that cultivating a relationship with a good handiman or appropriate tradesmen is also valuable too.  There have been several jobs where paying someone else to do a job was very well worth it.  A tricky job that takes someone with the right tools or skills a couple of hours to do, but would take you all weekend is worth the fee to me.  You have to weigh up if a job is worth your time - which has a value too - or not.

Albermarle

kimwp said:

linz said:

@helensbiggestfan thankyou so much for the insight! I'm 48 (feel a bit cheeky being on an over-50's board ) but knowing how much I will need in retirement is something i'm now starting to think about so your insight is a great help. Going back into lurker-mode now 

I came to this thread from a link on the main page, hadn't realised it was an over 50s board. Retirement is the next big milestone despite it being a few years away, so it's lovely to get lots of insight from the experience of others.

In fact the title of the forum is ' Over 50's Money Saving', although few posts seem to be directly on that subject nowadays.
In case you are not aware there is also a Pensions and Retirement forum, where there are more threads on expenditure in retirement, saving for retirement, how much do I need etc. Although you will find them mixed in with more technical threads about tax relief, investing, annuities etc.
Pensions, annuities & retirement planning — MoneySavingExpert Forum

Savvy_Sue

MarzipanCrumble said:

Would anybody be interested in why a pensioner is in the higher tax bracket?

Is it not obvious? I have a sibling with their own generous private pension, plus generous inherited pension from spouse, plus state pension. They're not quite in the higher tax bracket, but could take on some self-employed tutoring which might push them into it. So they've held back from the tutoring ... 

(They know they'd still be better off (marginally) even paying a small amount of higher rate tax, but they don't want the hassle.)

MarzipanCrumble

Savvy_Sue said:

MarzipanCrumble said:

Would anybody be interested in why a pensioner is in the higher tax bracket?

Is it not obvious? I have a sibling with their own generous private pension, plus generous inherited pension from spouse, plus state pension. They're not quite in the higher tax bracket, but could take on some self-employed tutoring which might push them into it. So they've held back from the tutoring ... 

(They know they'd still be better off (marginally) even paying a small amount of higher rate tax, but they don't want the hassle.)

Yup - that is me.  DB pension, worked beyond state pension age to add 10% for 5 years to SP, widow pensions.  Don't need to supplement by work.

However I worked beyond retiring when SP said I should so that I could have that peace of mind and the income to meet unexpected expenditure without stress.  It was an informed choice for me, just like those that for various reasons want to retire early, do their financial calculations to make that happen.

Albermarle

MarzipanCrumble said:

Savvy_Sue said:

MarzipanCrumble said:

Would anybody be interested in why a pensioner is in the higher tax bracket?

Is it not obvious? I have a sibling with their own generous private pension, plus generous inherited pension from spouse, plus state pension. They're not quite in the higher tax bracket, but could take on some self-employed tutoring which might push them into it. So they've held back from the tutoring ... 

(They know they'd still be better off (marginally) even paying a small amount of higher rate tax, but they don't want the hassle.)

Yup - that is me.  DB pension, worked beyond state pension age to add 10% for 5 years to SP, widow pensions.  Don't need to supplement by work.

However I worked beyond retiring when SP said I should so that I could have that peace of mind and the income to meet unexpected expenditure without stress.  It was an informed choice for me, just like those that for various reasons want to retire early, do their financial calculations to make that happen.

worked beyond state pension age to add 10% for 5 years to SP, 
As you may know this generous uplift for deferring the SP has been reduced to about 5.5%, so less attractive than it used to be.

However I worked beyond retiring when SP said I should

The date you start with the SP bears no relation to when you should retire. There is no official retirement date in the UK.

sheslookinhot

helensbiggestfan said:

My pleasure.  

Just waiting for my mechanic.  My ancient but very reliable Ford Fiesta just sailed through it's MOT, with just an advisory to replace all 4 tyres.  He has found me some almost new alloys with plenty of wear in the tyres.  £120. Cheaper than a set of new tyres.  

Just pimping my ride.....😂🤣

Helen,

if your car did not previously have alloys consider telling your insurance as this may be viewed as a modification.

Tastiger

I see the PLSA have updated their retirement figures. £43k now for a couple in moderate retirement. Pretty sure the were quoting £34k last year. That's a rise of 26%. Makes my blood boil. We won't be on anything like this and I still think we will have a comfortable retirement.
https://www.retirementlivingstandards.org.uk/