How much to live on

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. 

helensbiggestfan

Savy Sue.  Thanks some useful tips there. 

With the house being a new (ish) build it does actually conform to current disabled person legislation.  For example,  it has a downstairs cloakroom, an accessible shower in the ensuite, no steps to front door etc.  I haven't checked the door frames but my understanding is the legislation I'm referring to (sorry can't remember the actual year it was introduced to new builds) does actually cover width of doors to accommodate standard wheelchairs and/or walking aids such as zimmer frames and rollators.  Obviously not the large "tilt in space" wheelchairs my husband  needed as his illness progressed and he could no longer sit unsupported in a standard wheelchair.  You would normally need double doors for those.  If I ever got to that stage I wouldn't be able to live alone anyway.  

Widening door frames is easy enough, if a little messy so I could do that as and when I come to redecorate.   The only modification that is glaringly obvious is whether or not I might need some sort of stairlift.  Although I would prefer the newer domestic proper lifts you can get now rather than a stairlift.  No idea of the price though, I would imagine they cost more but I can cross that bridge when I come to it.  

The house has an integral garage which I might convert into additional living space to make a utility room and study. This space could house the lift if one were needed.  

The garden has already been hard landscaped to include a substantial stone patio area, leaving a small easily maintained lawned area, although I might have that removed and replaced with gravel to create a Japanese style garden.   I did something similar in a previous house.  It was very pretty, with a water feature and wide borders for trees and shrubs. Very minimal and zen like. Lol. I will be definitely be planting trees around the perimeter for extra privacy.  

When I remodelled my last bungalow I did actually pay attention to future proofing, even to the extent of putting in "comfort height" toilets.  It was definitely a selling point. My buyers were very impressed because the lady had been diagnosed with MS and so they were being extra careful about her future needs. 

As you say it's always worthwhile thinking these things through, even if I hope not to be needing such adaptations for some time yet.  

Thanks for your good wishes. I think it has the makings of being an attractive and comfortable home. The survey was done yesterday and the surveyor told me he really liked the house, that it had a great layout and that he especially liked the location.  It's the last house in a small cul de sac of just 4 properties, overlooking a wooded area.  Each house is a different style so it doesn't look or feel like a "cookie cutter" home. 

I know this might sound a bit airy fairy but I viewed several properties, .......as you do........Whilst most of them would have been perfectly acceptable this one just has the right "feel".  I am sure the house and I will be very happy together.  😁