How much to live on

blue.peter

duncanthedog said:

You may also find that if you use your car less with not working you won't need to change it as often and it may also be a case of finding a car that suits you better and thus you don't change it so soon.

This is a really good point. I'm finding exactly this.

I bought myself a new car (a VW Golf) in 2013 and took early retirement in 2015. It's now nearly eight years old and still has less than 25,000 miles on the clock. I'm still very happy with it, and not planning to change it for a good while yet. Similarly, my father bought a new Golf in 1996 (he'd retired in 1990). He still had the same car when he died in 2016, i.e. he kept it for twenty years.

Prior to retirement, we both changed our cars more frequently - roughly every four years.

blue.peter

duncanthedog said:

Of course I am really not allowed to comment on others plans for retirement as I am already there and my numbers are so small, it is embarrasing.

On the contrary: you should be proud, not embarrassed. And you've made some useful contributions to this thread.

helensbiggestfan

blue.peter said:

duncanthedog said:

Of course I am really not allowed to comment on others plans for retirement as I am already there and my numbers are so small, it is embarrasing.

On the contrary: you should be proud, not embarrassed. And you've made some useful contributions to this thread.

Well said. 

Duncan I love reading your posts, you are inspirational.  You  made the decision to retire early and are living the dream.  You show people that it can be done, that you don't need a fortune to have a happy and fulfilled retirement.  

I agree with the car bit.  I run an older car.  2006 reg,.  I did think maybe I should replace it but it's only done 28k miles.    It sailed through its last MOT. My mechanic advised me to keep it and save my money. 😂

RetSol

Duncan I love reading your posts, you are inspirational.  You  made the decision to retire early and are living the dream.  You show people that it can be done, that you don't need a fortune to have a happy and fulfilled retirement.  

Exactly! Well said. 

blue.peter

helensbiggestfan said:

I agree with the car bit.  I run an older car.  2006 reg,.  I did think maybe I should replace it but it's only done 28k miles.    It sailed through its last MOT. My mechanic advised me to keep it and save my money. 😂

Are you happy with it? If, and only if, you're becoming unhappy with it for some reason (e.g., it no longer meets your needs, or its running costs are becoming excessive, or corrosion is becoming a problem), then change it. Otherwise, I'd agree with your mechanic. Replacing a perfectly good car without a good reason is just pouring money down the drain.

28,000 miles is nothing in context. That's an even lower annual mileage than mine. It's a very long way short of its life expectancy.

helensbiggestfan

Very happy with it.  It's quite nippy and a fun drive.  Just one little bit of rust near the boot catch.  The mechanic is going to sort it soon.  

It was my dads car.  He was retired, in his 80s when he bought it so didn't drive much.  And he always looked after his cars really well, so when he had to finally give up driving I bought it off him.  I knew I was getting a good one.  

I'm hoping I can get another couple of years out of the old girl.  😂

just edited to add......my little sideline business seems to have taken off ok.  A little bit of extra income is rather nice.  

More to the point I'm enjoying the challenge, learning new skills so a double win.  

blue.peter

helensbiggestfan said:

just edited to add......my little sideline business seems to have taken off ok.  A little bit of extra income is rather nice.  

More to the point I'm enjoying the challenge, learning new skills so a double win.  

Terrific - I'm delighted to hear it!

Inaflat

scottish_lassy said:

Thank you all for your replies.  It is definately a 'change of mindset' as we are programmed all through our working lives to save, save, save for the future and now that the future has arrived I need to accept that I CAN stop saving.  As apintplease says, I have been giving to children as I go and have no need to leave a huge inheritence and I dont want to go without just so the government can get their hands on it.  You would think I have tonnes of money but I have had tough times in the past so even £1k is a big amount!!!  My plan this year is to do any modifications required to the house which will make the future easier and then assess what I need and get the 'mindset' changed - I may need therapy for that!!!!

I found the transition from saving throughout my working life to actually spending my savings in retirement very difficult, but now after 5 years I’m getting used to it, State Pension Kicks in this year and we’re quite comfortable on £1200 a month

RetSol

I found the transition from saving throughout my working life to actually spending my savings in retirement very difficult, but now after 5 years I’m getting used to it,

Thank you, @Inaflat.  I'm find it difficult too but it's good to know that it gets easier.  I think that I will find it easier in 5 years when I am closer to SPA.  

drummersdale

Am new to this forum but have been a stalker on the pensions forum.  I have enjoyed reading other people’s comments and getting others perspectives.   I will have completed 40 years in the civil service this year and am looking to take Partial Retirement next year at 59 - I believe the pension (reduced for collecting it a year early) plus salary means I should find my income is not too bad each month for working only a 3 day week - plus I will have my lump sum as well, which should be in the region of £75k, or more if I wanted to exchange some of the pension.  My wife is 5 years younger (and a career civil servant but in a lower grade than me) so the plan would be to work part time for another 5 years until she felt ready to retire - she could then take her pension and lump sum too.  Using the CS pensions modeller I reckon by the time we are both retired we should have in the region of £35k a year as a couple plus whatever lump sum we have left after paying off the mortgage etc.  So from what I can gather from this forum that should be ok to live on reasonably well.  I often think back to when I first joined the CS as an 18 year old when pension was just something you saw deducted from your wages and never gave a minutes thought to fast forward 40 years later when it should mean I am in a relatively good position compared to many - for which I am very grateful.  Obviously if god spares us and we lived to collect our state pensions too that would add a further £18k a year but let’s not get ahead of ourselves!