How much to live on

Best_Auntie

@helensbiggestfan Thank you. I get you about the burnout. I am also a lurker on the Alzheimers Society carers forums. Sadly, for many of the poor souls over there, carer burnout is a real thing. We don't acknowledge the damage that caring can do to carers' well-being, health and financial security.

@Albermarle Thank you, and thank you to everyone for your replies. I am reassured that I'm not wildly off with my thinking. I'm coming round to the possibility that I may be able to retire sooner rather than later. I certainly don't need to take on that extra session at work.

QrizB

I'm coming round to the possibility that I may be able to retire sooner rather than later.

I found the switch from thinking "I need to save and don't know when I'll be able to retire" to "oh look, I could give up work soon" happened really suddenly.

The first inklings were 24 months ago, and I'm still struggling to believe it. I have managed to persuade myself to go part-time, currently 3 days a week and soon to drop to two.

I'm hoping that after another year I'll feel comfortable packing it in entirely.

So yes, what you're going through is not unusual!

BrilliantButScary

https://forums.moneysavingexpert.com/discussion/comment/81965920#Comment_81965920

Have you thought about your eligibility for claiming Carer's Allowance?

https://www.gov.uk/carers-allowance/how-to-claim

Humboldt

https://forums.moneysavingexpert.com/discussion/comment/81964869#Comment_81964869

Morning @Best_Auntie, I am just adding my thoughts relating to your post. As always, my thoughts are my own and I understand that some may not agree, or indeed have the choice.

I have done just what you are considering doing. Whilst my DH and I have had what some would consider to be professional careers, I too struggle to comprehend the amounts shared on the pensions thread and admit to finding some of the financial talk intimidating. That said, I also see the advice kindly shared with others when asked.

Finances are a very personal thing. We all earn differing amounts, live different lifestyles, and often have different circumstances to deal with, and how we choose to manage these factors is down to individual choice. This is the reason I choose not to share personal financial figures on my own thread, because how I choose to manage an amount, may differ from how someone else would manage an equal amount, either through choice and/or circumstance.

You share that you have never earned pots of money, and that you cannot quite believe that you have got yourself in a position where you think that you might be able to retire a few years early. However, you also share that you are mortgage free and go on to provide a breakdown of your personal finances that clearly demonstrate that you understand your incomings, outgoings, and contingency planning. Believe in yourself, because I know how much effort, organisation, and resilience it takes to be in this position and that it does not happen overnight.

Retiring early was not something that I expected to do, but circumstances have made it so. I realised that life is short and that I no longer wanted to endure the toxic culture within the workplace. I asked myself what were my expectations of retirement and whether my finances would enable me to fulfil them. Like you, we already lived what I consider to be a simple life, and top of my list were things that cost little or nothing i.e. spend more time with family and friends, become healthier, have time to do the things that I enjoy, etc.

I believe things happen for a reason. Having read some of the posts from others, they confirm that life is not always about money and kindly offer suggestions about how we might manage our money to help us achieve our goals. It is my view that only you know the answer to your question, because it is dependent upon your own expectations of retirement and you continuing to manage your resources in such a proactive way. However, from the outside looking in, you have earned it and have the skills and knowledge to do so. I wish you well, whatever your decision.

Organgrinder

Well Saturday has arrived. The EV has proved interesting. 70 miles driven. 4 miles per kWh. Cost £4.03 equivalent to about £2.88/gallon or £0.63/litre.

That's on my tariff of 23p per kWh and not a special EV one.

Next year I'll likely only drive 6000 miles. Total cost £345 on current tariff.

The downside is I need a home charger installed. Otherwise it's 14 hours on the "granny charger". Or 2 x7 hours.

Had a bit of a disaster on my latest stooze. I hadn't realised Chase make it awkward by not letting you use your card number to transfer to another card, but a different 16 digit number. Attempt 2 will be done later.

My latest clubcard challenge promotion ends tomorrow yielding 3780 points. That's worth over £70 in partner offers. There are I believe 4 more to run this year too.

My various investments are doing ok too. I've got my head around all my retirement figures. As said on another thread it's difficult changing your mindset. I've often said I've wanted to be able to go on holidays when retired without worrying too much. For me it's a mix of city visits, adventure and relaxing. We've four booked over the next 16 months and I'm tempted by a 5 day visit to Budapest next February too. Flights, hotel and transfer for a bargain £500 for me and Mrs O. If anyone has been your thoughts would be appreciated.

louby40

Not been to Budapest but friends who have been are impressed with it. Only one way to find out….✈️

middlewife

Congratulations on your purchase @organgrinder, you will eventually ignore the range guessometer, my husband hates the fact that when he borrows my EV I can check up on his driving in the app! It even gives him a safety score. I found a local electrician to install my charger as he was able to fit the cabling where we wanted as opposed to the franchises who charged more but wanted the shortest route for cabling. If you are thinking of using a fancy electric tariff in the future, make sure the charger and car is compatible with the energy provider. My Kia isn't compatible with octopus agile, or intelligent octopus and neither is my podpoint charger.....

Organgrinder

https://forums.moneysavingexpert.com/discussion/comment/81967984#Comment_81967984

I've noticed the whole tariff thing is a minefield. And here's the thing for me. I'll be at home during the day the majority of the time soon. I don't particularly want to worry about a ridiculous daytime tariff if I want to cut the grass or cook etc.

I'm normally all for saving money but I'm not convinced I will. I put all my figures into a calculator and my current electricity use worked out at £67/month on average without an EV. The one with the overnight tariff worked out at £103/month. So that's £36/month difference.

On my existing tariff this buys me give almost the exact same mileage. I think I'll give it a couple of months before I decide what to do.

Humboldt

https://forums.moneysavingexpert.com/discussion/comment/81967872#Comment_81967872

Morning @Organgrinder thanks for the latest update on your EV. Great result on the latest clubc@rd challenge. Never been to Budapest, but it is on our very long list of places to visit. Friends have told me that it is split into 2 parts by the river - Buda and Pest. Buda is the more historic area.

Murphybear

https://forums.moneysavingexpert.com/discussion/comment/81931589#Comment_81931589

https://forums.moneysavingexpert.com/discussion/comment/81933278#Comment_81933278

After retiring I started teaching evening classes. I had some qualifications to teach the more academic classes and taught beginners word processing and computing. I have the patience 😺. This was a few years ago. I loved helping adults and it gave us a bit of extra money, always useful