How much to live on

PennyForThem_2

[Deleted User] said:

When my gas and electricity price fix ends in November I shall probably opt for another fix if available. That way I will know what to expect for a year or so.

Listen to You and Yours today (25 May 12 pm but I think about 30 mis in)  - you may find fixing now is more beneficial  - but not for everybody.  Or maybe go to
https://www.moneysavingexpert.com/utilities/-are-there-any-cheap--fixed-energy-deals-currently-worth-it--/

Langtang

[Deleted User] said:

I hope everyone is well. I am just returned from a week in Cyprus. Absolutely wonderful visiting my favourite places and restaurants after a 4 year gap. Great flights and a very smooth experience through both airports.
I have cancelled the planned cruise in late August/Early September as it would have been too strenuous for my older relative.
I am looking at alternatives for myself. I need to be away from home for the start of the new term so I do not weaken about fully retiring ! 

Good to hear that you managed to get away. We spent March in Cyprus - worst March weather since records began, but we managed to get a couple of weeks of good weather in total. It was wonderful to be travelling again, and like you I was pleasantly surprised about the flights. 

Someone mentioned the Balearics as an alternative destination. We’re off to Mallorca in June. I haven’t been there since 1981, so looking forward to see how it has changed. Long range forecast is looking good too. 

[Deleted User] said:

A couple of my savings accounts have had their anniversaries and have been renamed with extremely low interest rates. Yesterday I closed last year’s regular saver and opened a new one where I can deposit £200 a month at 2.5% which is double last year’s 1.25%.

I’d be interested in which account you went for here?

Langtang

Kim1965 said:

Robin9 said:

I used to work on the basis of £25000 pa but with energy and general cost of living I am revising this to £30000.  Having already retired this means drawing more on savings

So for those who have retired since this thread has been going, or were already retired, how has this cost of living crisis affected you? Are the increases so painful that working again is on the agenda? 

We’ve worked out our costs at c£35k pa for both of us. Our energy has gone up by £110 pcm, but on the plus side car fuel has gone down by c£200 pcm so benefitting from a slight saving (we’ve taken 6 months to do the same mileage we’d have done in a month) We have, however, had a couple of overseas holidays to factor in, so not really saving anything. 

It’s only been 6 months, but I can’t really see going back to work for either of us as an option. We’re just so used to being free of the chains of working. 

[Deleted User]

Langtang said 'I’d be interested in which account you went for here?'
NW Flex Regular Saver. I think you need to have a current account with them to be able to open this account.

blue.peter

blue.peter said:

There's no expectation that I'll have to go back to work.

It occurs to me that there's another consideration here that might be relevant to some readers: even if I wanted or needed to return to work, I wouldn't be able to go back to my former role, or one that paid as well.

There are two reasons for this.

1. As I mentioned, I was made redundant. My old job no longer exists. As a result of consolidation in the industry, fewer people are needed to cover the role. My company was taken over, and the office here was closed. Even if I could find a similar job, it would mean moving across the country. The nearest company with a similar team is a two-hour train journey each way, plus time for the bus between my home and the nearest railway station.
   
2. My old job required me to keep up to date with changes in an area of tax law. Not only have I not done that over the last seven years, but I've also forgotten a good deal of what I did know before I retired.
   

hugheskevi

blue.peter said:

It occurs to me that there's another consideration here that might be relevant to some readers: even if I wanted or needed to return to work, I wouldn't be able to go back to my former role, or one that paid as well.

The same would apply to me, but I don't see it as a problem.

As long as the pension provision was broadly right at retirement, even earning a small amount such as £10,000 p/a should make a big difference to retirement income, enabling target provision to be restored quite rapidly.

So should the need ever arise, I'd much prefer to do something I wanted to do on a part-time basis even at a vastly reduced salary than the job done prior to retirement.

blue.peter

hugheskevi said:

As long as the pension provision was broadly right at retirement, even earning a small amount such as £10,000 p/a should make a big difference to retirement income, enabling target provision to be restored quite rapidly.

Yes, that's a fair point. I only said what I did so that folks reading gave it some thought and didn't just forget about it.

Kim1965

I too, would be delighted to do something enjoyable, part time

sunnyflower

I have been reading with great interest.
I am 62 this year, already have an occupational pension so work part-time. My husband is going to retire at the end of next year & draw his private pension for a year before his SP kicks in. 
I would love to retire at the same time, or just work a couple of days to "top up".
We have been saving for our "old age" & I envisage living modestly on our pensions & using our savings for big houshold expenses,  holidays, a car etc.
My fear though is running out of money, but on the other hand we want to have a nice life together whilst we have our health & strength.
Anyone else feel the same?

[Deleted User]

Yes sunnyflower I agree. Life is for living! Obviously within means, but no plans here to be well off in the graveyard! Are you able to give any figures regarding your plans? Always useful for others on here to see ‘how much to live on’ others have!

I have actually booked four trips abroad this week covering the period October 2022 to September 2023! 

I decided to rebook the cancelled cruise for October this year rather than September. The good news is that it cost £700 less than my original booking! My older relative really wants to go and has improved health wise. It’s 7 days visiting France, Portugal and Spain.

I have also booked a flight for a solo trip to Vancouver next March for one week. The flight was excellent value and by using the remains of a travel voucher only cost me £400 return in premium economy too! Just need to book the hotel and a few trips out and about in Vancouver. Very excited, I last went to Canada nearly 40 years ago when I went to Toronto,Ottawa and Niagara.

I have also reserved a villa in Cyprus for a couple of weeks next May. Other family members will also join me. Flights yet to be booked but my avios total will help with those.

Finally I have booked a Fly/Cruise for September 2023 to Malta,Croatia and Corfu. Treated myself to a balcony cabin even though for a single person a bit pricey! Cruise lines still seem a bit behind the times regarding provision for solo travellers. Very limited number of single cabins and they are usually very pokey without even a window! 

The September 2023 cruise will be paid for by this year’s regular saver. The other trips will come out of my travel budget which should cover them ok plus of course payments from others who will be travelling with me.

I thought it was about time to get cracking on the plans. I have been semi retired for 5 years and only had 3 trips away, so need to catch up!

I also have a family wedding in October which means a 2 night stay in a London hotel. Have budgeted for that plus a new suit and wedding present. Looking forward to it.

Garden is beginning to look good after all my recent planting and purchases. Just need to paint the front 5 bar gate and take delivery of a new wooden table for outdoors eating! Plan is to spend June July and August enjoying the garden and local events. All quite inexpensive!

Still plan to finish part-time working on July 22nd and enter full retirement. However nice to know that work is there should I need it!

Have a good Platinum Jubilee Bank Holiday long weekend!