How much to live on

LL_USS

@Organgrinder working till 65 sounds a lot, especially when we feel we have no choice. However for now I feel I wouldn't mind working 18-20 years more, perhaps reducing the contract gradually overtime.The point I tried to make is, as my number to live on could be very low, my current DB is already just about okay, meaning the "target" could probably has been achieved even excluding state pension, given the savings I've built up. So I should take it easy in planning. When I work more, I can pass more to family.

I think I'll work at least a few more years till my second child goes to and finishes her university. Then I'll see where life takes me ;-). 

WYSPECIAL

So I started looking at the figure I wanted but subtracted the state pension. The figure was £35k. Less state pension became £23k. That gave me a possible retirement date 6 years earlier.

That's what I did too.

Cleared the mortgage and got a big enough pot to cover to state pension then stopped worrying. Didn't give up work completely but took a part time low paid job that I enjoy but know I can give up anytime I want to.

dreaming

When I was facing relocation or redundancy at the age of 58 I knew I didn't want to relocate so "practised" living on what my reduced income would be if I took my company pension then instead of at the age of 60. I didn't include the mortgage becasue I knew my redundancy payment would pay that off, and found it much easier than I thought once I had trimmed all the stuff that had crept in. So when the department moved (my last day was actually the day before my 58th birthday) I happily wished everyone well and said goodbye to working. Thanks to our wonderful pension team who gave me so much information in the months beforehand I paid part of my redundancy payment into my pension, which meant I could then take out 25% tax free and increase my monthly pension. I still ran a car and did all the things I wanted to do (although I am not a traveller so did not have that expense) and saved as well. I am so glad I did retire early as the last few years since I was 65 has seen a number of fairly major health issues which means I am less able to get out and about now (can no longer drive or walk far) so I am happy I had those years to enjoy life before illness struck. I often think of my dad who worked hard all his life and then died suddenly 3 months after he retired.

LL_USS

@dreaming good for you to have got your younger years better spent!

I myself had a bereavement in the family at a quite young age. I also have two close friends and colleagues who both have their dads passing away before reaching retirement, one of these friends still putting everything and too much into pension and spending unnecessarily too little in my opinion - the other one, whilst still working quite much, rightfully enjoying life each day.

I am like the second one! 

And I do like planning but well accept uncertainty. We never know what's around the bend. 

Organgrinder

Well yesterday my house insurance renewal came in. Higher than last year! So I tried the price comparison sites, I tried direct and both came out cheaper by £40. I phoned them, yes they'd match it but they wouldn't go further.

So I bought through Topcashback and got another £38 in cash back, a total of £78 cheaper than quoted.

Bizarrely, my clubcard quote on Tesco was £20 more expensive than through Topcashback, £58 more if the cashback is taken into consideration.

I do wonder if this is how insurance companies are getting round the thing about offering existing customers the same deal.

I decided to check out my car insurance too. At least that's looking lower!

I'm now up to over £500 on Topcashback this year too.

Jimbobdibob

Possibly not in keeping with the thread but after my previous post on here thought I would elaborate.........

I worked close to a 6 figure job for years but with absolutely no understanding of money (not 1p in savings).

Wasn't even in the company pension scheme for years (missing out on a 10% contribution from them) doh, how dim witted am I? Kept the country afloat with my (avoidable) tax payments

Divorce changed everything, one of the biggest changes was finding here.

After a health scare (probably job stress related) I retired at 55. I had been planning retirement for about 3 years as the job had changed, more Corporate scrutiny, expected to travel again (loved Covid), almost all friends left/retired.

With the new Mrs dunnm1 we revamped the entire house including an extension that could be converted to downstairs bedroom / walk (or wheel) in shower at a later date. Chopped all trees down, paved 95% of garden (huge error).

My retirement was a big mistake, it is a cliche but I retired from something not to something. Had invested £100s in Airfix models and associated equipment but as much as I love it not for 40+ free hours each week.

Quickly resorted to my favourite pastime, cask ale! Mrs dunnm1 wasn't happy with my 5 day a week pub lunches and found me a job like hers, minimum wageish but vocational. Mrs dunnm1 has always refused to retire because she loves her job too much.

That was 12 months ago and not looked back, best job of my life, no more sinking feelings Sunday evenings, regularly do 50+ hours a week. Education, so plenty of opportunities for extra circular activities. 

We live off our wages and put into savings each month therefore I know we have more than enough to retire and live to 100+.

Unfortunately I am not sure if my knee will allow me to keep working much longer.

MarzipanCrumble

Knee - enough savings to go privately/abroad to get a fix?

Jimbobdibob

MarzipanCrumble said:

Knee - enough savings to go privately/abroad to get a fix?

Thank you, stated was dim witted, could pass any exam put in front of me but not one ounce of common sense. Not thought of this.

MarzipanCrumble

There was a news item on BBC Wales at 6.30 pm the other day about a woman who flew to Lithuania for (I think) a knee replacement - £8k.  She is relatively yound - late 50's - and did not want to wait 2 years + to have it done on NHS.

helensbiggestfan

Don't talk to me about knees.😱.  As well as mild arthritis, a few years ago I tore the meniscus in my right knee. Not nice.  I am just about to try acupuncture again.  It has helped in the past.  I am determined to avoid surgery. I know losing some weight would help me too. I've managed to lose around 7lbs since I moved into my new house.  Apparently every 1lb of extra weight we carry, is equivalent to 4lb of pressure to the knee joint so I'm sure that losing another stone or so would be a big help in alleviating my knee pain.  

Anyhoo......I've finally received all the monies I was owed. This has all gone straight back into my savings which are starting to build up nicely again.  It seems that all the direct debits for regular bills etc are now up and running ok.  Everything is pretty much as expected.  Council tax seems extortionate but then I worked out that due to the delays the amount due is spread out over 8 payments instead of the usual 10 so not quite so terrifying after all. 

Now it's time to start spending........(on the house).  I have bought a new tv and now I'm in the process of looking at decorating and replacing some of my furniture.  Storage or rather lack of it is a bit of an issue in this house so I will start there.  I have ordered some storage units for the bathrooms and the entrance foyer as well as a media storage unit for the new tv.  I have set myself a budget but ideally I want to make that budget  "cost neutral" by selling off unwanted "treasures" to fund my new acquisitions and so freeing up some of the budget for labour costs.  I have two strapping sons and a fantastic handy man so hopefully I won't need to buy in much extra help.  

However, as I get older I do find I am having to buy in help more often these days, especially with anything involving ladder work or lifting.  It's not worth the risk of injury. As my darling husband used to say when confronted with a job he just didn't want to tackle ....."why have a dog and bark yourself".  So I shall be delegating some of the more arduous tasks.  

I have found a good window cleaner and I've already asked him to clean the guttering in the autumn. My house overlooks a small wooded area so there will be a lot of leaves.  There's no way I would tackle a guttering clean  myself.....😂