How much to live on

Organgrinder

https://forums.moneysavingexpert.com/discussion/comment/82132119#Comment_82132119

This is what I'm finding the most challenging.

Roughly speaking my pensions cover everything except our holidays.

Currently my exam marking covers most of that and so most of my earnings from teaching go into a SIPP and/or savings.

That will change when I no longer do the A level teaching I do and roughly speaking I'll have to dip into my savings to the tune of about £2,000 a year until state pension kicks in.

It's hard to change my way of thinking!

helensbiggestfan

£2k isn't a massive overspend. What about your stoozing etc. is that still profitable. Would that cover holidays.

I built up a nice little holiday fund from eBaying etc. Haven't bothered with it for a while but as I declutter I might give it another go.

Organgrinder

My stoozing actually makes close to £2k per annum though all my card offers have dried up for now.

It's all fine though. Me and Mrs O have more than enough in our SIPPs and savings.

Organgrinder

https://forums.moneysavingexpert.com/discussion/comment/82129969#Comment_82129969

Well, just made three pizzas in the new oven. It will take a bit of time to get it right.

The first one was the best albeit I burnt one side slightly as I placed the pizza too close to the fire. My new pizza peel is a tad too large so had difficulty turning the pizza. I think I also need something to hold the logs in place.

But....omg the oven gets very hot...about 450 - 500 degrees C. The door needs to be kept on initially so the stones get hot and give a crispy base. And that's where I went wrong .. between pizzas the door needs going back on.

The dough is in my opinion the hardest thing to get right and my latest attempt seems spot on. Kneaded for 5 minutes then left to prove for 20 hours in the fridge then made into individual balls and a second prove at room temperature.

It was actually easy to stretch the dough for a really thin base.

Wood wise I used hardwood kindling and hardwood logs. I read that these ovens needed something just bigger than kindling. I opted for something bigger and think I made the right choice as the burn time was quite fast.

An absolute bargain oven in my opinion. I can't justify over £1,000 but £125 is a steal! More so as it's such good fun making your own!

QrizB

https://forums.moneysavingexpert.com/discussion/comment/82132119#Comment_82132119

On a related note, every month I find myself having to take a bit more out of my savings than I'd budgeted for. And then, every month, I remember that I've got two regular savers running and so the extra "spend" isn't spend at all, it's just savings moving around 😆

Organgrinder

https://forums.moneysavingexpert.com/discussion/comment/82133986#Comment_82133986

Reminds me of my budget! I look at my projected monthly income in a couple of years and I look at the outgoings.

I think, oh no I'm £200/month short. Then I realise I have roughly £600 budgeted for holidays, £240 budgeted for pension contributions and I haven't included the £240 I get on average for exam marking.

MayDogsandCoffee

@QrizB 😄 I have just done the same, looked at my figures and thought I am going to have to sub myself £xx each month, then realised the budget lines were still in for regular savings, take those lines out and I am fine.

Organgrinder

A few days ago I said my pension calculation was about £60 lower than my calculations.

Well it looks like I may well have been correct after all.

I know it's not much but it all adds up.

In 2023 my calculation gave me a pension of 75% of my benefits and this figure had a multiplier of 0.669 applied for early retirement. Fast forward to today and the remaining 25% should have a 0.779 multiplier applied and be increased by 6.7%, 1.7% and 3.8% respectively.

But no. Teachers pensions have used my last year's salary as opposed to the 2017 figures applied in 2023 which was locked in due to a break in service. My 2023 calculation even acknowledged the calculation used a break in service figure. My pensionable earnings should have been about £2,000 higher.

Hopefully this won't be a long drawn out process but honestly their incompetence is unbelievable.

Oh well, I suppose it keeps me busy!!

Humboldt

https://forums.moneysavingexpert.com/discussion/comment/82131909#Comment_82131909

Hi @Organgrinder loving the 'a day in the life of a retiree' update ☺️

otb666

We have been retired for over 4 years I was on this thread early on worried about having enough money. Looking back that has not been a problem and its been more about supporting members of my family some no longer here. We retired at approx 55 years and quite honestly dont know how we would have fitted work in as well. Things are finally calming down now.

We have revamped the house this was new sofas as well. This did not cost as much as we thought as once I had given the house a good deep clean I thought well as its only the two of us it all looked quite good as it was. We spend a decent amount on good quality food as why not. I have bought a new Corsa but quite honestly only use it once a week at most so that may have been a waste. So hard to give up on having wheels though.

I am a bit worried about gas and electric increasing but will adjust budget if needs be and perhaps slow up a bit on helping adult children out. We currently pay 150pm (gas and electric) and if this doubles next year will most probably have to cancel sky or some other extravagances

I have also had a thorough sort out and got rid of a lot of stuff. This has been quite a revelation in making house so much more enjoyable. The reason I did this was so the kids dont have the head ache we had with our folks..We changed bedrooms (we have 3) and moved beds positions (worn carpet now under beds) Also different views honestly like being in different house.

When there is only 2 you dont need half the stuff. I have still got to work on others half golf clubs and walking machine that take up a lot of space and have not been used. My downfall is clothes but I rotate these and dont buy any now. I suppose as we are quite content with a quiet retirement we were always going to be alright. No expensive holidays as we dont do them ever Never have. I have done a lot for other members of my family and now it is my time to do nothing if I want and that is heaven.