How much to live on

BooJewels

There are obviously a lot kinder people on here than me, I don't intend to leave my son any cash.  My optimal aim - if it were possible to even work it the way I wanted - would be to leave him my house (which I own outright) and enough cash to pay for my cremation and keep the house insured and maintained until he got Probate and cleared and sold it.  He effectively got some of his inheritance in advance, as I already gifted him a house deposit - I am totally happy about that - seeing him create a garden and choose colours for decorating etc. has been a real joy to me.

My long term forecasts allow a sum for my care at the end of my life and this fund to maintain the house.  I'd like to have lived well enough in my twilight years that I won't leave much of a cash lump sum behind.  I'm certainly not going to actually try to.  I suspect however, that my reluctance to actually spend money now that I actually have some is going to leave him a decent pot.  I need to up my spending game really.

Organgrinder

Roger175 said:

Organgrinder said:

There's more than one figure! There's what you need whilst in work. There's what you need between retiring and SPA. There's what you need post SPA.

That is the issue which is becoming ever more apparent to us. We are now both more or less retired at 60 (I have a few ongoing commitments, but pretty much there) and we need around £32k a year to maintain our current standard of living, which is actually pretty good. The wife has some small DB pensions paying just short of 9k, so we need to find £23k for the next 7 years, after that, with SP coming in we only need to find another £3k (all at current values). After years of worrying and saving bloody hard, it's suddenly looking like a relatively easy thing to achieve. In fact there's a good chance that at this rate, we'll never actually touch my DB pension pot of around £450k. Certainly Voyant Go are suggesting that's the case. Together with the house, the kids are going to do well!

As you've mentioned a figure I assume you mean DC.

You are aware you cannot leave a DB pot?

[Deleted User]

Roger175 said:

Organgrinder said:

There's more than one figure! There's what you need whilst in work. There's what you need between retiring and SPA. There's what you need post SPA.

That is the issue which is becoming ever more apparent to us. We are now both more or less retired at 60 (I have a few ongoing commitments, but pretty much there) and we need around £32k a year to maintain our current standard of living, which is actually pretty good. The wife has some small DB pensions paying just short of 9k, so we need to find £23k for the next 7 years, after that, with SP coming in we only need to find another £3k (all at current values). After years of worrying and saving bloody hard, it's suddenly looking like a relatively easy thing to achieve. In fact there's a good chance that at this rate, we'll never actually touch my DB pension pot of around £450k. Certainly Voyant Go are suggesting that's the case. Together with the house, the kids are going to do well!

My view is that you accumulated that pension pot so you should be the ones to mainly enjoy it in retirement. I do not understand why people worry so much about leaving something at the expense of their own needs. I am not a selfish person but my family know that anything I leave is a bonus for them and not a given. Fortunately most of the family have the same view.

[Deleted User]

Floss said:

otb666 said:

Been retired 2 years now and have managed on our 1800 pa 700 bills 550 on food and 550 on everything else and thats with a 26 year old living with us.  We also have a 3k annual slush fund for annual car ins mot service and short breaks.  I managed to save 200 on car insurance and 80 on AA. We also spend quite a lot on grandchild.  I have a mobile that costs £2 per month but was never a convert really and just for emergencies.  

Can I just check that I read this right - £550 pa for food for 3 adults? 

This may include household goods too, but even if it doesn't so what?
My elderly relative and myself have quite large food bills, we eat well and often have relatives calling in for meals. It's great!

WYSPECIAL

[Deleted User] said:

Floss said:

otb666 said:

Been retired 2 years now and have managed on our 1800 pa 700 bills 550 on food and 550 on everything else and thats with a 26 year old living with us.  We also have a 3k annual slush fund for annual car ins mot service and short breaks.  I managed to save 200 on car insurance and 80 on AA. We also spend quite a lot on grandchild.  I have a mobile that costs £2 per month but was never a convert really and just for emergencies.  

Can I just check that I read this right - £550 pa for food for 3 adults? 

This may include household goods too, but even if it doesn't so what?
My elderly relative and myself have quite large food bills, we eat well and often have relatives calling in for meals. It's great!

I think they are referring to the per annum bit which would be just over £10 per week. The figures must relate to per month. If not they can live very cheaply! I had to read it twice as it seemed unbelievable.

[Deleted User]

BooJewels said:

There are obviously a lot kinder people on here than me, I don't intend to leave my son any cash.  My optimal aim - if it were possible to even work it the way I wanted - would be to leave him my house (which I own outright) and enough cash to pay for my cremation and keep the house insured and maintained until he got Probate and cleared and sold it.  He effectively got some of his inheritance in advance, as I already gifted him a house deposit - I am totally happy about that - seeing him create a garden and choose colours for decorating etc. has been a real joy to me.

My long term forecasts allow a sum for my care at the end of my life and this fund to maintain the house.  I'd like to have lived well enough in my twilight years that I won't leave much of a cash lump sum behind.  I'm certainly not going to actually try to.  I suspect however, that my reluctance to actually spend money now that I actually have some is going to leave him a decent pot.  I need to up my spending game really.

I am much more in tune with your way of viewing inheritances. The only difference is I am not reluctant to spend money. If I need care when older funds from house will have to suffice. Hopefully y there I will be beyond hope and caring lol

Roger175

Organgrinder said:

Roger175 said:

Organgrinder said:

There's more than one figure! There's what you need whilst in work. There's what you need between retiring and SPA. There's what you need post SPA.

That is the issue which is becoming ever more apparent to us. We are now both more or less retired at 60 (I have a few ongoing commitments, but pretty much there) and we need around £32k a year to maintain our current standard of living, which is actually pretty good. The wife has some small DB pensions paying just short of 9k, so we need to find £23k for the next 7 years, after that, with SP coming in we only need to find another £3k (all at current values). After years of worrying and saving bloody hard, it's suddenly looking like a relatively easy thing to achieve. In fact there's a good chance that at this rate, we'll never actually touch my DB pension pot of around £450k. Certainly Voyant Go are suggesting that's the case. Together with the house, the kids are going to do well!

As you've mentioned a figure I assume you mean DC.

You are aware you cannot leave a DB pot?

Sorry, my error, yes I meant DC

Organgrinder

[Deleted User] said:

Roger175 said:

Organgrinder said:

There's more than one figure! There's what you need whilst in work. There's what you need between retiring and SPA. There's what you need post SPA.

That is the issue which is becoming ever more apparent to us. We are now both more or less retired at 60 (I have a few ongoing commitments, but pretty much there) and we need around £32k a year to maintain our current standard of living, which is actually pretty good. The wife has some small DB pensions paying just short of 9k, so we need to find £23k for the next 7 years, after that, with SP coming in we only need to find another £3k (all at current values). After years of worrying and saving bloody hard, it's suddenly looking like a relatively easy thing to achieve. In fact there's a good chance that at this rate, we'll never actually touch my DB pension pot of around £450k. Certainly Voyant Go are suggesting that's the case. Together with the house, the kids are going to do well!

My view is that you accumulated that pension pot so you should be the ones to mainly enjoy it in retirement. I do not understand why people worry so much about leaving something at the expense of their own needs. I am not a selfish person but my family know that anything I leave is a bonus for them and not a given. Fortunately most of the family have the same view.

I don't think he's worrying nor is he leaving something at the expense of his own needs. Indeed he says he has a pretty good standard of living.

We all make choices that fit our circumstances. For some of us, we would like to see our children not have to struggle. Our at least have a small windfall.

I was fortunate to have a well off relative who left me some money. It came at a time when I had retrained to be a teacher and it was the helping hand I needed.

Provided I have a comfortable retirement myself, I'd love to leave them say £100k each. It's not a given but certainly something I'd like to do, given that I was helped at some point myself.

Roger175

[Deleted User] said:

My view is that you accumulated that pension pot so you should be the ones to mainly enjoy it in retirement. I do not understand why people worry so much about leaving something at the expense of their own needs. I am not a selfish person but my family know that anything I leave is a bonus for them and not a given. Fortunately most of the family have the same view.

Baron Dale, I don't know where you picked up that we were worried about leaving so much to the kids or that it would be at the expense of our own needs?  The point I was making is that we have worked hard to save for our retirement and in the end it is looking like we have achieved our objectives fairly easily.

We have a very good standard of living on around £32k and are by no means roughing it! We live in a very efficient £1m property have 3 cars between us, mine a top of the range Jaguar XF and go on several holidays a year. (4 this year incl 3 weeks in Canada). If we choose to leave what's left to our kids, that's our choice, but we most certainly aren't fixated by it as you somehow seem to have concluded

Albermarle

We have a very good standard of living on around £32k and are by no means roughing it! We live in a very efficient £1m property have 3 cars between us, mine a top of the range Jaguar XF and go on several holidays a year. (4 this year incl 3 weeks in Canada).

Normally you would not think £32 Kpa would cover the costs of 3 cars and several holidays a year, plus normal living expenses?

The cost of the cars depreciation a year is probably £10K, if not more. Plus their servicing and maintenance costs.

I guess you are not religiously counting all costs into that £32K, and there is maybe a separate fund for certain expenses ?