How much to live on

[Deleted User]

@midinoon I agree with the last part of your post. Some updates about present day expenditures and average pension incomes would be most welcome. After all it is the very essence of this thread in this part of the forum. Actual/realistic figures, rather than generalisations, are more helpful to others in my view. Would be great to have any updates from some of the early posters, but fully understand they may not wish to do so or have moved on.

LL_USS

Yes some current examples would be great - though we appreciate that people's spending habits vary so much and so do the costs depending on where we live. This is an AI overview. Am kind of hoping this figure can work for me so I am not too worried about losing my job even now - given the gloomy atmosphere in the university sector (and any more pension contribution in the future is just extra.....)

[Deleted User]

AI eek!!!!

LL_USS

[Deleted User] said:

AI eek!!!!

:-P sorry - these days you google and Ai jumps out - can't avoid it.

Organgrinder

All AI really does in a search engine is summarise and collate results, saving you the effort of going through them.

The original Google search algorithm worked by looking at how many sites linked to the sort of content you were searching for along with a ranking system for the quality of the link. Many found ways of ensuring their pages were on page 1 of the results as most users never looked any further.

[Deleted User]

Organgrinder said:

All AI really does in a search engine is summarise and collate results, saving you the effort of going through them.

The original Google search algorithm worked by looking at how many sites linked to the sort of content you were searching for along with a ranking system for the quality of the link. Many found ways of ensuring their pages were on page 1 of the results as most users never looked any further.

I prefer to go through the results myself. Often the AI mish-mash can be distorted and inaccurate. 

However, I  accept most people have become very lazy with their research skills.

Recently some university students were horrified when I told them I was usually given a list of 20 titles to read, research and note when answering an essay question! Of course all written by hand too lol!

Access to information may now be easier and cheaper but people have weaker analytical skills to sort facts from rubbish. Hence the rise of extremism on all sides.

Murphybear

QrizB said:

Murphybear said:

He’s just had his 77th birthday and says he’s too old for DIY any more. When he’s in hospital having his hip replaced I might get rid of a few bits 🥶

My dad's 80 and still an avid DIYer.

Thankfully he didn't try to DIY his hip replacements 😂

Why didn’t I think of that 😹😹😹

Organgrinder

Having written a 25,000 word dissertation with a fair few references I would say search tools etc are great. I completed my masters in 2001 and the ease of finding material around my research helped greatly.

AI may have made the process easier. 

I use AI in my teaching. Students if stuck can use AI to work out how to solve problems in maths. For example asking it to differentiate sin(cos4x). The steps and explanations shown are excellent. However I always ask them to check back with me to ensure they understand the solution.

I think AI is less good when it comes to constructing a balanced argument, although whether that is the fault of AI or the sheer volume of misinformation that exists is a tricky one. 

Like anything, it is a tool. Used correctly it is a very powerful and useful one. Used incorrectly or overly relied on I think it can be very problematic.

Farway

Organgrinder said:

AI may have made the process easier. 

Like anything, it is a tool. Used correctly it is a very powerful and useful one. Used incorrectly or overly relied on I think it can be very problematic.

I've only recently started using AI and find it very useful for genealogy research, it can go through records far quicker than I can, limited of course because so may historical records are not digitised or online

I recently use AI to transcribe a 1783 Removal Order, from Olde English script, complete with ff for S  into text for me to copy.

Of course, I had to proofread it, but AI got it right first time.

helensbiggestfan

midinoon said:

LL_USS said:

Saying about the inflated living costs.....

I remember a lecture slide giving an example of different pricing strategies, with mince pork priced at just around £1 at Tesco. Now it's £2.65.

Once people wondered how I could spend £50 for a go for weekly shopping at even Aldi's.... Now it tends to be around £100 for the family....

Let's not mention the hiked up energy prices (and standing charges)....

Amazing I have managed us through draught in Spain, Covid, Ukraine War... whilst still trying to contribute more to pension to avoid falling into a higher tax rate - due to the frozen income tax bands....

One day we can look back and tell the children/ grandchildren "those were the days... we did everything to make money go a bit further..." ;-)

Yes, I guess if you went back five or six years, people's worst-case scenario in their retirement planning would definitely not have foreseen so many negatively affecting issues in such a short space of time.

I'm not sure if this is unprecedented, but it certainly feels like it - and is it even over?.

For a lot of people, just navigating these shocks while remaining employed and making ends meet is a success, let alone keeping up good pension contributions.

Having recently found this forum, I have had a look at the beginnings of this thread. The financial positions and category outgoings etc. stated are of great help in calculating things. It would be great to get some present-day examples.

At 74 I'm probably one of the older contributors to this thread. I have lived through several recessions and I think I can safely say the current economic woes are not unprecedented.   These things definitely go in cycles, boom and bust is just a feature of capitalism.  I agree with you........ I too don't think it's over, not by a long shot. In fact I think we've only scratched the surface.  We are facing a perfect storm of inflation, high unemployment, high energy costs, rocketing food prices and recovery will take time. 

I know that sounds horribly doom and gloom but I can't see any improvement in the immediate future. We are just going to have to ride it out.  Luckily, thanks to the internet in general, and sites like this in particular, we have a wealth of information at our fingertips to help us weather the storm ahead.