How much to live on

MovingForwards

Don't think I said about my plans starting this payday.

Generally I run my financial plans and budgets Jan - Dec, as Christmas does see me having a few days to wear my maths hat.

I've had my first annual mortgage statement and will be increasing my monthly overpayment by 50%.

As I was adjusting figures and budgets for the O/Ps, I decided to increase my SIPP pension payment by 10% at the same time.

Sounds a lot but in reality it's £50 and £10 respectively.

It was always my intention to increase the O/Ps on receipt of the statement, but wait to receive payrises before increasing the SIPP. Rise has been announced so I thought I may as well do it now, then when the rise comes that can go straight into savings.

[Deleted User]

Congratulations silverwhistle! Enjoy your day.

[Deleted User]

MovingForwards,every little helps. Great admiration for your organisation and forward planning.

scottish_lassy

Baron_Dale my plans have fallen through as I was not offered a package as I would have to be replaced - so no saving.  I have decided in the meantime to use my pay to get the house as ready as possible for retirement so my life will be easy.  Luckily I LOVE my job so it would be nice if they made the same offer in 3 or 4 years - although that's probably just dreaming!  I think my future pension will cover my living expenses so rather than cutting corners in my liffe today to save for future retirement, I'm just getting done what needs done.  No need to be overly rich later in life!

GeordieGeorge

I’m a bit surprised at those who are aiming to retire very young and then to live what seems to be a very frugal lifestyle.

I’m going to want to drive across the Alps to Monaco in the summers, visit friends in Whistler in the winter, eat out at good restaurants, and motorbike across the Sahara.

The idea of having forty-plus years of adding up the shopping cost at Aldi and looking forward to a weekend in Pontins in the low season once a year would fill me with dread.

203846930

GeordieGeorge said:

I’m a bit surprised at those who are aiming to retire very young and then to live what seems to be a very frugal lifestyle.

In my case it was moving to a frugal lifestyle that made me realise that I could retire early.
I made the move a lot of years before I did actually stop working, I stopped having overseas holidays on the day that my private pension kicked in and that was planned as well, I had been everywhere bar on that I had always wanted to go and the one left on my list is not forgotten, just replaced by a dog.
I had lived frugaly for 20+ years without even trying before I retired and it came naturally to me, with some it doesn't and they have to work at it, I suppose that I have been lucky that way.

Sunnylifeover50plan

GeordieGeorge said:

I’m going to want to drive across the Alps to Monaco in the summers, visit friends in Whistler in the winter, eat out at good restaurants, and motorbike across the Sahara.

or

Shop at Aldi, looking forward to a weekend in Pontins in the low season once a year.

These really aren't the only two choices we have in life 

GeordieGeorge

Sunnylifeover50plan said:

GeordieGeorge said:

I’m going to want to drive across the Alps to Monaco in the summers, visit friends in Whistler in the winter, eat out at good restaurants, and motorbike across the Sahara.

or

Shop at Aldi, looking forward to a weekend in Pontins in the low season once a year.

These really aren't the only two choices we have in life 

No, but there seem to be some in this thread who are looking to stop working as soon as they can afford to live as in the second phrase.

I’m not saying that they are wrong, it’s a personal choice after all, but it’s such an alien concept to me.

[Deleted User]

So GeordieGeorge what are your plans and numbers then? Lifestyles and choices are very individual and personal things. The posters on this thread in the most part seem happy with their lives and plans based on their financial situations. 

For what it is worth the thought of driving across the Alps or motorcycling across the Sahara would fill me with dread! (which you could actually do fairly cheaply!)

GeordieGeorge

[Deleted User] said:

So GeordieGeorge what are your plans and numbers then? Lifestyles and choices are very individual and personal things. The posters on this thread in the most part seem happy with their lives and plans based on their financial situations. 

For what it is worth the thought of driving across the Alps or motorcycling across the Sahara would fill me with dread! (which you could actually do fairly cheaply!)

I don’t have a number settled in my mind yet; my wife and I are both in careers that we enjoy, and I think that we can continue for another decade yet.