How much to live on

Organgrinder

https://forums.moneysavingexpert.com/discussion/comment/82015623#Comment_82015623

Isn't it great being able to read how others have managed their money both pre and post retirement? But not just how many pounds and pence they have but what they do with it. How people fill their leisure time, how they supplement their income, what money they make from deals etc etc.

Humboldt

https://forums.moneysavingexpert.com/discussion/comment/82017261#Comment_82017261

Exactly that @Organgrinder!

I recently read on another thread that someone has what they call a 'Fairy Dust Fund', which they use to spread a little cheer to family and friends that need it.

helensbiggestfan

https://forums.moneysavingexpert.com/discussion/comment/82017261#Comment_82017261

Absolutely…….

I joined this site way back - when my husband was ill and we were staring bankruptcy in the face. I first discovered Martin Lewis watching him on breakfast tv, bought his books and joined this website. It was my salvation. I stuck around even when my finances improved and I am still learning. I love that posters are so generous sharing their expertise and experiences.

I often joke that if I had this kind of financial education when I was younger I would now be a millionaire. But, better late than never.

Still car free. Still happy. I really don't miss driving. It does take a bit of getting organised, no more nipping out in the car at the drop of a hat but it's working well for me. And being savvy with the vouchers and offers and not succumbing to so many impulse buys I am even saving money. Lol.

Love the sound of "Fairy Dust Fund". What a nice way of putting it. I love it that I now have enough money to "spoil" my family sometimes. It was my youngest sons 40th birthday and I was able to push the boat out a bit. Bought him a red letter day adventure package……a day driving performance cars. He has booked his day for a couple of weeks time and he is so excited.

I enjoy seeing their faces light up when you treat them to something they really want and/or that I can help them when they are in need. Thankfully, both my sons follow this and other financial sites so they are pretty much ok with managing their finances. Much better than I was at their ages. Lol

Like the old saying "money was made round so that it can go around".

louby40

If anyone needs to buy anything from Argos they have a 30% off deal which ends tomorrow. I've just saved myself £7.20 on something I needed. I went through Topcashback too which is a bit more money back.

It all helps.

Nebulous2

I'll try not to write too much, as it isn't my thread - but that's my second month of full retirement. We've had some family responsibilities that have put some limits on our ability to travel, and have meant we may need to drive at short notice, so that has limited our socialising, but it has been a surprisingly good month financially.

Far from having to dig into my nest-egg, which is there to support my retirement, I've spent about £700 less than I took in this month. That includes about £175 in interest, mostly from a maturing regular saver, and £200 from surveys. It wont last, as I have some chunky expenses coming up, but I continue to be ahead of where I expected to be.

On my separate spreadsheet - of investments, rather than working cash / stoozing / current accounts, I've bought some more Gilts. I now have almost all my modest SIPP tied up in Gilts. On a traditional Gilt I'm getting about 5.5% per annum to maturity, and on an index-linked one about 2.3% above inflation. It will be interesting to see which one 'wins.' If inflation averages more than 3.2% over the piece the index-linked will be best and less than that the traditional one will win.

I'm aiming to walk over 50 miles a week, and have been well ahead of that, managing 288 miles in May.

Simple pleasures - seeing a roe deer with two young ones while out walking. I stood still and watched and while cautious and wary of me they stayed and watched me back for a bit before they took off…

Humboldt

https://forums.moneysavingexpert.com/discussion/comment/82020597#Comment_82020597

Morning @Nebulous2 thank you for taking the time to share another interesting update.

It's all a learning process. When I initially retired, I was concerned when we had high spend months, however, I now know that we also have low spend months which create a balance. This month our fixed rate ISA's are due to mature. DH's funds have been earmarked to help pay for a 'new to us car', but the interest will pay for his annual golf club membership which feels like a win. The funds from mine will be transferred to another fixed rate ISA, but the interest will be used as part payment for a holiday which also feels like a win. I have to admit to having very little knowledge of investments and to being very risk adverse, both of which probably mean that I may actually be missing out on something.

Walking 288 miles in May is a fabulous achievement. Go you!

Thanks for sharing your simple pleasure - a magical encounter.

Albermarle

In case anyone is interested the 'Retirement Living Standards' info has been updated to take account of inflation.

Note that these figures assume that no mortgage payments or rent are being paid, and that they are costs, so are to be matched by after tax income.

Home - Retirement Living Standards

As with previous reports, some of the figures used are at best debatable.

Organgrinder

https://forums.moneysavingexpert.com/discussion/comment/82021570#Comment_82021570

Always makes me laugh this. A couple wanting a "comfortable" retirement spend on average £1237 a month on their food bills inc eating out.

As for £115 per person a day holiday spend on top of half board.....I have no words!

I clearly have a very different view on what comfortable is.

Nebulous2

https://forums.moneysavingexpert.com/discussion/comment/82021570#Comment_82021570

These figures have been criticised here in the past, and have the unfortunate risk of leaving some people feeling completely disillusioned.

Much of the press on it today has been about how many people are falling short of what the standards say is needed, and at least some previous commentators have seen it as the pension industry promoting pensions because that is where they make their money.

Pensions UK, who produce the report have said they expect 82% of people to meet the minimum standards, 23% to meet the moderate standard and only 9% to meet the comfortable standard. I'd have liked to see a standard that in the region of 50% of people will hit. An 'average man' (or 'average woman') standard.

We regularly see people on here who are very happy with the life they lead on less than most of these standards.

We also see people prioritising time over wealth, preferring to stop or reduce work while still relatively fit, over retiring at state pension age with more money and fewer years to enjoy it.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82022075#Comment_82022075

 I'd have liked to see a standard that in the region of 50% of people will hit. An 'average man' (or 'average woman') standard.

On my comment on the thread in the Pensions forum on the same subject, I said pretty much what you say above. That it would be interesting to see what the median average was, as a better comparator.