How much to live on

LL_USS

@WYSPECIAL and @Organgrinder thank you both.

I have had one 0% interest card with M&S from April and will just search for one that has about 24m and small minimum payment. I guess I still should do a bit of research on how long after the first card application, which bank this second one with... for a good chance of approval before applying as if it's declined it will be a while until I can apply again....

kempiejon

My broad suggestion with multi-card stoozing is leave a long gap between applications and bunch them up. A year or so back when I started a recent stint I applied for a handful of cards on the same weekend, I think I was accepted on 4 out of 5. I can then leave it until towards the end of term before applying again. I get attractive enough offers as repeats, I'm looking at 20 months 3% fee from MBNA to recycle a 12 month no fee from Sainsbury's.

Organgrinder

kempiejon said:

My broad suggestion with multi-card stoozing is leave a long gap between applications and bunch them up. A year or so back when I started a recent stint I applied for a handful of cards on the same weekend, I think I was accepted on 4 out of 5. I can then leave it until towards the end of term before applying again. I get attractive enough offers as repeats, I'm looking at 20 months 3% fee from MBNA to recycle a 12 month no fee from Sainsbury's.

I currently have that offer from MBNA for a dual purchase/balance transfer card. But they also (for me anyway) have a 32 month 3% fee balance transfer card. Santander have a 15 month 0% fee card too.

Organgrinder

LL_USS said:

@WYSPECIAL and @Organgrinder thank you both.

I have had one 0% interest card with M&S from April and will just search for one that has about 24m and small minimum payment. I guess I still should do a bit of research on how long after the first card application, which bank this second one with... for a good chance of approval before applying as if it's declined it will be a while until I can apply again....

There are lenders who don't report to credit agencies if you pre-check any application. 

Albermarle

Just catching up with this thread's last few pages and would just like to comment on this statement.

In terms of the title of this post, it is very subjective how much we will all need to live on, but it is possible to live a fulfilling retirement on quite modest amounts. I feel that a lot of posters, particularly on the Pensions board, will not be able to spend their assets in their lifetimes. 

This last phrase in italics is entirely correct, but there is some logic behind it.
If you went to an IFA for your retirement planning, pretty much their Number One objective would be to make sure you never ran out of money, even if you lived to a very ripe old age. This would apply the same whether you are a modest spender or not. 
To do this it is necessary to build up what seems to be a larger retirement pot than seems necessary at first look, in case of a prolonged downturn in financial markets ( or a series of them), unexpected large expenditures,  and/or long periods of high inflation. 
The quid pro quo from this is that if markets behave normally, then it is quite possible that you will end up with more than you started with. 
It is a Safety First type policy and although most people on the Pensions boards do not have IFA's, they still follow approx the same type of guidelines.

Albermarle

Pensions_matter_2 said:

Its seems quite common for new retirees to want to put their home in order. We did/are doing the same - new double glased windows, stone repairs, paving, new doors, and planning on new kitchen and bathroom. I can’t see us doing that again any time in rhe future - aside from recurring expenditure on small items/white goods, we are hoping it will all last as long as we are in the home! 

On this subject, I actually left all this kind of stuff until after I retired, as I had more time to deal with it all.
Although I retired in 2021 when it was very difficult to find any tradespeople as there was a boom in home improvements post Covid, so some of it still needs doing !
Also I did a lot of decorating myself the first couple of years. I found it a good way to spend some time during the dark months of January and February .

Organgrinder

Albermarle said:

Just catching up with this thread's last few pages and would just like to comment on this statement.

In terms of the title of this post, it is very subjective how much we will all need to live on, but it is possible to live a fulfilling retirement on quite modest amounts. I feel that a lot of posters, particularly on the Pensions board, will not be able to spend their assets in their lifetimes. 

This last phrase in italics is entirely correct, but there is some logic behind it.
If you went to an IFA for your retirement planning, pretty much their Number One objective would be to make sure you never ran out of money, even if you lived to a very ripe old age. This would apply the same whether you are a modest spender or not. 
To do this it is necessary to build up what seems to be a larger retirement pot than seems necessary at first look, in case of a prolonged downturn in financial markets ( or a series of them), unexpected large expenditures,  and/or long periods of high inflation. 
The quid pro quo from this is that if markets behave normally, then it is quite possible that you will end up with more than you started with. 
It is a Safety First type policy and although most people on the Pensions boards do not have IFA's, they still follow approx the same type of guidelines.

Totally agree with this. Almost all my pensions are final salary. Which in one way is a shame as if my teacher's pension had a commutation factors similar to my other two pensions I'd have a lot more flexibility!

However I'm fortunate in that I have decent enough final salary pensions and enough savings / private pension to fall back on if need be.

There's a lot to be said for security.

The new teachers' scheme does strike me as somewhat strange though. It accrues at 1/57th of your salary for that year. But each year gets revalued at CPI plus 1.6%. If you teach for 40 years then your year 1 pension becomes worth 1.88 times it's original value in real terms. 

Is it any wonder people don't like pension planning!

LL_USS

kempiejon and @Organgrinder thanks for the additional advice.

I've just applied for two more 0% interest card, from Barclays and Lloyds. Both have been approved and the cards will be sent to me within the next few days.

Now I don't pay my older kid's rents by credit card any more it seems the total amount I can spend across 3 cards is already more than what I tend to pay on cards for the next 20+ months.

I suppose this means if I want to do balance transfer I can sort them out at the same time in 20+ months' time. I'll make sure I always have the balance readily available in cash saving accounts in case I'll just want to pay them off for any reason.

Ordinary_Yet_Unique

Once again I feel that several posts here would be better placed in other sections  of the forum.

Organgrinder

LL_USS said:

kempiejon and @Organgrinder thanks for the additional advice.

I've just applied for two more 0% interest card, from Barclays and Lloyds. Both have been approved and the cards will be sent to me within the next few days.

Now I don't pay my older kid's rents by credit card any more it seems the total amount I can spend across 3 cards is already more than what I tend to pay on cards for the next 20+ months.

I suppose this means if I want to do balance transfer I can sort them out at the same time in 20+ months' time. I'll make sure I always have the balance readily available in cash saving accounts in case I'll just want to pay them off for any reason.

You can indeed. Happy to help.