Lifetime Allowance/Inheritance Tax Plan

CityOwl

Budgetwise £3K is more than enough to cover our monthly expediture.  £1.5K covers utility bills, groceries, upkeep on 2 cars and charity donations.  We budget another £1.5K per month for additional spending; breaks away, DIY, clothes, etc.  Any money not spent goes into savings.  All on a spreadsheet which goes into far more detail, but I will not bore you with the minutiae.

Albermarle

CityOwl said:

Budgetwise £3K is more than enough to cover our monthly expediture.  £1.5K covers utility bills, groceries, upkeep on 2 cars and charity donations.  We budget another £1.5K per month for additional spending; breaks away, DIY, clothes, etc.  Any money not spent goes into savings.  All on a spreadsheet which goes into far more detail, but I will not bore you with the minutiae.

As a point of reference this retirement spending survey can be useful .Retirement living standards | Loughborough University (lboro.ac.uk)
Of course it is a one size fits all, and in other threads there has been lots of debate about spending in retirement . As it is a MSE forum there are quite a lot of couples who seem to happily survive on state pensions + a bit of top up , but its not for everybody of course .