How much to live on

helensbiggestfan

https://forums.moneysavingexpert.com/discussion/comment/82070446#Comment_82070446

I know…….now it seems rather quaint doesnt it. A bit like that Harry Enfield sketch about Women Knowing Their Place. But it was very real, women were discriminated against and had no financial autonomy.

Love your building society story. An accountant once told me he loved looking at old manual ledgers because they told peoples life stories. I think the same about old paper files and documents. Those old building society paper mortgage files were social history.

helensbiggestfan

I had new smart meters installed today, 5g compliant. (The reason I have been hanging round these boards today, lol - had to stay home for the guy to have access). I now finally have a gizmo so I can monitor my usage. (Although there were smart meters here already the previous owners had lost the monitor). Anyway I can now obsess over my energy usage. Ha ha. I hate being cold and I refuse to freeze in my own home but if it helps me stay on track and shave a bit of my energy bill then all to the good.

Getting butterflies now for the England Match. 🤞🤞🤞🤞. It's been 60 years since we won the the World Cup. Perhaps that's an omen.😉.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82070529#Comment_82070529

Depending on your electricity supplier, you can hopefully now see your usage on the providers app on your phone.

I find this more useful than using the monitor, although the updates are about 24 hours delayed.

middlewife

Albermarle said "one good response to this is - even if you do employ an IFA it is still sensible to learn some basics about personal finance yourself. So at least you can understand better what they are saying. It is like taking your car to a garage- if you know a bit about cars it is more difficult for a mechanic to bamboozle you"

We employed an IFA to consolidate my OH pensions last year. Now OH is approaching state pension age, the IFA is proving very difficult to get hold of. Once OH stated he was interested in pursuing an annuity IFA immediately rubbished them and tried to dissuade OH by quoting returns that, having done my research, I know are outrageously low. Had I not researched the current percentages and returns, it would be easy to be locked into an IFA that seems only interested in hanging onto our money and an annual fee, as it is, we'll get our own quotes and probably give him his marching orders..... I just don't trust him

Farway

HelensBF Getting butterflies now for the England Match. 🤞🤞🤞🤞. It's been 60
years since we won the the World Cup. Perhaps that's an omen.😉.

Oh well, another 60 year wait, but you'll have to count me out for that one, I'll be long gone by then

helensbiggestfan

middlewife…….sounds well dodgy. Trust your instincts, they rarely let you down.

Farway…..We woz robbed…..lol.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82070752#Comment_82070752

That one does sound dodgy.

If it was pre Covid then annuity rates were very poor, and the take up of annuities dropped off a lot.

Since interest rates/gilt yields/annuity rates went up after Covid until today, they are now quite popular again. The thing to watch out for is that rates differ significantly, depending on the terms of the annuity- is it inflation linked or not for example.

middlewife

https://forums.moneysavingexpert.com/discussion/comment/82071270#Comment_82071270

I ran the quotes based on 50% joint lives and 3% annual increase, which combined with our existing DB and state pensions, would on current rates give us a comfortable income, slightly lower than currently, however we manage to save around £800 a month so will cut this a little to maintain our current lifestyle. Whilst we could defer purchasing an annuity until OH turns 70 in 4 years time, it's a risk that rates could fall, and he prefers the certainty of Lifetime income with a cautious approach to risk.

Things I can see changing are around things like private dentistry, so I'll look at cashback plans that cover other things like optical, physio and hearing aids. After 70, there is only one provider I think, and I would imagine premiums probably increase pretty steeply. OH is also fond of independent opticians paying £900 for glasses and £4.5 k for hearing aids, which he says he needs for when he volunteers backstage at a local theatre in order to hear clearly. I hadn't budgeted at all for that, so after this next set, will probably need to step down to a cheaper pair.

At the moment we run a car each, he has an 8 year old diesel VW, it's big, and lately seems to need more repairs.

I run a 5 year old EV, so far it's only needed servicing to maintain the 7 year warranty, and MOT and tax; 600 miles costs around £16 whereas the diesel is north of £100, however somehow the car is part of his DNA and he won't be parted from it. The costs of running 2 cars is high, but whilst we still pursue individual activities, we'll continue.

The plan is to downsize from our 4/5 bedroom house once youngest flies the nest, however until I know whether I'll need more surgery or not, then we're staying put. I can still earn £300 a month, so it makes sense to stay.....

Organgrinder

Well my last day has come and gone.

In September I'll just be doing the odd day here and there. Late starts and early finishes suit me down to the ground.

Just wish teachers pensions would hurry up and get in touch! Same for HMRC!

helensbiggestfan

Wahoo. 💃. Congratulations. 🥂 🥳