How much to live on

kempiejon

Albermarle said:

kempiejon said:

robatwork said:

CanalBoatTime said:

  I have a Pension wise appointment booked, don’t know if they will be any help.       

I'm not saying don't do the appointment, but the level of "guidance" that pensionwise will offer is generally tailored to people who would never visit a pensions or financial forum. Chances are you won't learn anything you don't already know or haven't seen on this thread. 

It is handy to marshal your thoughts for the interview. I found having my plans and knowledge reaffirmed was reassuring. We went over the finer points of the small pots which I hadn't previously paid much heed to.
Yeah, I didn't learn much new but I got the piece of mind that I was about right and there's a download to keep.

You just have to be aware that they can not offer any personal financial advice ( you have to pay for that). They can offer guidance, give out info, point you in the right direction etc. A bit like these forums !

Yes all they can offer is information, I was very pleased to get that information, it reaffirmed my knowledge which had informed my plan. I was also able to ask some questions about some of the intricacies of small pots, a new part of the process I hadn't bothered with previously.
I have re-read my download and it reads like a hand out on the key points of defined contribution pensions, tax treatment etc and some generic questions to ask your provider before starting the process.

Savvy_Sue

QrizB said:

CanalBoatTime said:

 I’ve recently applied (not heard back yet) for voluntary redundancy (compulsory redundancies to follow).  I’m 55, and feel like I’ve rushed the decision, but think I can make it work ...
I hope my sums are right!  £25k including kids, and £20k by the time they start earning their own way!

It's that end-of-year check-the-spreadsheets time and we're currently spending something like £3.5k a month. That includes two adults (self and OH) and two dependent kids (one at uni, the other in 6th form college), so we might drop back to £2.5k a month once they can stand on their own feet.

When is that, exactly? When they're 25? 30? 40?

I'm also mid-50s but not quite set to retire. I'll be dropping back to 3/4 time in the New Year, though, which is a step in the right direction. A couple more years and I should be ready, provided macroeconomics don't throw a spanner in my plans.

To the bold bit, as always, it depends! Mine were off post Uni and barely came back afterwards - DS1 for 6 months or so, but paying rent; DS2 for a couple of months; DS3 not really at all, because he acquired a girlfriend along with his first degree, and wrote up his PhD from her mother's place! 

I must have done something right, but I suspect it was just that we were stony broke until they left home - DS1 has now bought his own flat, and DS3 has married and done the same! 

Roger175

Savvy_Sue said:

To the bold bit, as always, it depends! Mine were off post Uni and barely came back afterwards - DS1 for 6 months or so, but paying rent; DS2 for a couple of months; DS3 not really at all, because he acquired a girlfriend along with his first degree, and wrote up his PhD from her mother's place! 

I must have done something right, but I suspect it was just that we were stony broke until they left home - DS1 has now bought his own flat, and DS3 has married and done the same! 

We thought we'd got away with it with our 3 boys, but then, nr 1 Son, who's a surgeon found himself having to stay in hospital accommodation for a year as part of his training (at the age of 30) and so we were asked to store his entire house contents for a year. This wasn't a huge problem as we had two spare bedrooms as well as a self contained annex. Then nr 3 Son, who's a teacher, decided he needed to get out of rented and so he and his fiancé came to live in our annex for 18 month whilst they saved for a deposit. They arrived the week after we had cleared out nr 1 Son's crap, along with all their furniture which promptly filled the two spare bedrooms again. Now, nearly 3 years later, we've finally got our house back to ourselves. Still. it's nice to be able to help your kids and at least they are all now settled.

Savvy_Sue

Ah, we still have a fair amount of their 'stuff' ... 

Clowance

both my kids in their 20's came back in Covid and one stayed a couple of years the other, now 27, cant afford to move out so is still here. 

GunJack

QrizB said:

 A couple more years and I should be ready, provided macroeconomics don't throw a spanner in my plans.

   the macroeconomic situation that happened in 2008 duffed us and we're only just recovering from it!!!!

QrizB

GunJack said:

QrizB said:

 A couple more years and I should be ready, provided macroeconomics don't throw a spanner in my plans.

   the macroeconomic situation that happened in 2008 duffed us and we're only just recovering from it!!!!

See, that's what I'm hoping we can avoid happening again in before I retire!

helensbiggestfan

Hello everyone

Not posted for a while so I have just spent a happy few minutes catching up with the thread.  Lots of helpful tips and advice as usual. 

Well I have some news........I have finally found a house to buy.  I have gone completely against the grain or common retirement practice because instead of downsizing I'm actually upsizing.  Lol.  

After I sold my large sprawling very energy inefficient bungalow I decided to rent for a while, choosing a two bedroom bungalow (well tbh more like one and half bedroom, the second bedroom is very small). Whilst it was ok at first I have found it increasingly cramped and "pokey"hence my decision to upsize.

  I have found a lovely three bedroom, two bathroomed detached house which is only six years old. It is well maintained, and beautifully decorated, in fact turnkey ready, although I shall probably tweak it and personalise it to my tastes.   It has a B energy rating, a vast improvement on my old F rated bungalow.  

I am so glad I decided to rent for a while before making this purchase because it really helped me clarify my thoughts about my wants and needs because I do intend this to be my last home purchase and I wanted to get it right.  

I have worked out a rough budget, and it's looking pretty good. A higher council tax band but that should easily be offset by the lower energy bills.  Hoping to legally complete Feb/March time.  

New year, new house, new life.....wahoo.  💃.  

Once I have moved I shall resurrect my vintage clothing/antique sideline and will be on the lookout for more money saving/ money making ideas.  

I shall also finally get round to joining a gym and concentrate my efforts on improving my fitness and chances of longevity. 

I have finally finished my dental implant treatment, very expensive but my new Hollywood smile is worth every penny. 

Albermarle

Whilst it was ok at first I have found it increasingly cramped and "pokey"

It is a good example of why downsizing is not always as easy as many people seem to think.

The other issue is that even if you move to a smaller property, there can be a temptation to move to a nicer more expensive location. By the sea for example.

So you have to be careful relying too much on downsizing to be part of your retirement financial strategy, although it does work for some.

Savvy_Sue

helensbiggestfan said:

Hello everyone

Not posted for a while so I have just spent a happy few minutes catching up with the thread.  Lots of helpful tips and advice as usual. 

Well I have some news........I have finally found a house to buy.  I have gone completely against the grain or common retirement practice because instead of downsizing I'm actually upsizing.  Lol.  

After I sold my large sprawling very energy inefficient bungalow I decided to rent for a while, choosing a two bedroom bungalow (well tbh more like one and half bedroom, the second bedroom is very small). Whilst it was ok at first I have found it increasingly cramped and "pokey"hence my decision to upsize.

  I have found a lovely three bedroom, two bathroomed detached house which is only six years old. It is well maintained, and beautifully decorated, in fact turnkey ready, although I shall probably tweak it and personalise it to my tastes.   It has a B energy rating, a vast improvement on my old F rated bungalow.  

I am so glad I decided to rent for a while before making this purchase because it really helped me clarify my thoughts about my wants and needs because I do intend this to be my last home purchase and I wanted to get it right.  

I have worked out a rough budget, and it's looking pretty good. A higher council tax band but that should easily be offset by the lower energy bills.  Hoping to legally complete Feb/March time.  

New year, new house, new life.....wahoo.  💃.  

One suggestion: do look at the property carefully in terms of 'future-proofing'. I have friends who moved into a bungalow on retirement, and caused the builder great amusement by insisting on widening ALL the internal doors to make them 'wheelchair-ready'. At the time they were very fit and active, and AFAIK they remain so 20 years later, but they wanted anything disruptive done early rather than late! 

It might even be something simple like making a door open inwards rather than outwards, or improving access to the internal doors, or re-modelling the garden. 

And I must admit, I looked at our current home and thought "yes, internal doors wider than the average 'new' home; stairs broad and shallow, I won't have to leave this!" 

I hope you're very happy there.