How much to live on

Roger175

My wife (58 last Oct) has already handed in her notice, she does various roles in a local primary school (HLTA & IT technician etc). She is quite frankly sick to death with all the stress that comes from a very poorly paid job and she needs to go before it affects her health. She hasn't had a proper pay rise in 10 years and the nonsense she has to put up with is just ridiculous. I was 58 in March and planned to follow a year or so later - we had never really defined what the "or so" period might be, but it is almost certainly now going to be longer than originally hoped.

I'm self employed as a freelance consultant and I do at least have the benefit of being able to work flexibly and can hopefully reduce my hours a bit as we move forward. One of my plans is to just take on future work from my 'better' clients, by which I mean the less stressful ones and ditch all the others. This will hopefully result in me feeling able to work on a bit longer, albeit putting in fewer hours.

The issue for us is not the current increased costs, on a day to day basis these are not hugely noticeably, but in the longer term all our current savings/investments will be devalued and obviously won't last as long as we originally thought. Furthermore, we are almost certainly going to have to continue to help support our 3 children, who, whilst all in good employment and generally independent, are probably going to struggle as inflation bites and only one has yet managed to buy a house.

So, although we've made no firm plans, other than the fact that my wife is definitely retiring at the end of this school term, we are keeping an open mind on when I finally decide to go. It might be another year, but more likely another 3 or 4. Who knows? 

Kim1965

Similar to you Roger. Self employed, only really need to work 2 days a week. I either work 2 days and kill time, thus my dc pot has to fund a shorter time, anything over two days is basically swept into savings. Im just so knackered. 
This cost of living crisis is just a ball ache and brings uncertainty. I read theaverage energy bill come october will be 2.8 k pa, not sure i fancy six months a year of retirement shivering whilst resembling the michelin man. 

jevbanx1

Don't frighten me Kim....I've just about made my mind up. 

[Deleted User]

Kim1965. Take a deep breath and don't panic.
Average energy bills are not the bills for everyone. Also remember how the news media like to to scare and over exaggerate!

jevbanx1 stick to your plan. You will be fine!

Kim1965

jevbanx1 said:

Don't frighten me Kim....I've just about made my mind up. 

Apologies, just using this thread to think aloud. I do however feel the need to revise my required number up, revise future investment growth down a bit.
 Of course for all those lucky enough to be heavy on the db fully indexed pensions, there is little to worry about. I have some, just wish i had more. Relying in part on dc funds is very much like a game of cards, how you play your hand. 
 

jevbanx1

Thanks Baron Dale. Appreciate it

Kim1965

jevbanx1 said:

Thanks Baron Dale. Appreciate it

Besides, your position is different to mine, your a lot closer to sp age. 

jevbanx1

Agreed Kim ..I've spent the last two years saying, just one more year, but really am at the end of my tether with work now.  I have save hard for many years and can fund myself, but, the cost of living issue is a worry for all. Trust me to pick this year! I always pick the wrong queue. 
Take care and best wishes. 

Suzzi59

Yes, thanks Baron Dale. I enjoy reading this thread. I have been a long time lurker and thought it’s about time I contributed something, in the hope that it might reassure others that you can enjoy life on a lot less.
 

trevjl

[Deleted User] said:

Kim1965. Take a deep breath and don't panic.
Average energy bills are not the bills for everyone. Also remember how the news media like to to scare and over exaggerate!

jevbanx1 stick to your plan. You will be fine!

I agree, I just don't see these figures. I live in a standard 3 bed semi and I now pay £120pm for both and that will end up way in credit. Hot water one for one hour a day, thats enough to keep us going and when the heating is on, its only for a couple of hours in the evening. Obviously if you are home all day you may need more, or as I tell 'er indoors, move around more or put a jumper on !!!