Retirement - Who do we tell?

Langtang

comeandgo said:

I just told HMRC.  Anything else, like car insurance, I just updated if necessary at renewal.  I also had to tell charities I donated to as my tax status changed from a tax payer to not tax payer.

Thanks. Of course, charities & gift aid. Great, just the sort of thing I was looking for. 

fudgecat

Congratulations on retirement. We also retired "early" and have never regretted it. So far, we have found we needed less money than we originally thought! I think this will change with inflation...

Langtang

fudgecat said:

Congratulations on retirement. We also retired "early" and have never regretted it. So far, we have found we needed less money than we originally thought! I think this will change with inflation...

Thanks, and I’m glad you feel you’ve made the right decisions. We’re also hoping that we too have over-budgeted. I’m pleased to hear that your living on less than you thought. 

One thing against us in that respect is that we didn’t really have much in the way of work costs. We both live close to work, don’t really buy food or coffee at work. We’ve also not had a mortgage for some time. I’m unsure where the “savings” will come from.

We’ve resisted getting a dog for the last 20 years, due to us both being full time. That looks very likely to change in the coming years, so I only see living costs rising. 

lisyloo

Langtang said:

fudgecat said:

Congratulations on retirement. We also retired "early" and have never regretted it. So far, we have found we needed less money than we originally thought! I think this will change with inflation...

Thanks, and I’m glad you feel you’ve made the right decisions. We’re also hoping that we too have over-budgeted. I’m pleased to hear that your living on less than you thought. 

One thing against us in that respect is that we didn’t really have much in the way of work costs. We both live close to work, don’t really buy food or coffee at work. We’ve also not had a mortgage for some time. I’m unsure where the “savings” will come from.

We’ve resisted getting a dog for the last 20 years, due to us both being full time. That looks very likely to change in the coming years, so I only see living costs rising. 

Yes you are right it's all very individual.
We have 2 cars, so we could make some significant savings by switching to 1 (maybe) but someone that doens't run 2 cars cannot (obviously) make that saving.
We have significant amounts in our budgets for new cars e.g. £3K - £6K, so if we delay by even 1 year we'll save that money we have budgetted.

If you live fairly frugally already then I agree it's difficult to see savings. You have to have the spend there in the first place in order to save it.