Retirement Planning

DE_612183

So I'm now looking at retirement planning and what need to be paid on a monthly basis, I've come up with the following - but please help out if there is anything I've missed!

TV Licence £13.25 - no reduction till 75
Council Tax £201 - no reduction unless disabled 
Gas & Leccy - £230 - no discount
Water £95 - No Discount
BT - £40 - No discount - but may get rid off and just use mobile
Mobile £10
Car Tax - £12

Rest then is sinking funds or food and clothes etc.

TheMilkmansDad

Insurance springs to mind (Life, House, Car, Pet, etc)

Billxx

Car insurance? House insurance? Broadband? Subscription services (software)?

MX5huggy

Water seems high to me? On a meter?
Insurance? Car, home?
Presume your mortgage free 

DE_612183

yep mortgage free.
Insurance is a good one!
Broadband included with BT

Water is based on family of 4 - in due course will be just 2 so assume that and G&E will reduce accordingly!

jimi_man

I allow costs such as dentist, hair, car servicing (and/or breakdown cover), car depreciation. Some of these are nominal figures like depreciation and don't physically get paid but I allow for them in the overall costing.

dunstonh

So I'm now looking at retirement planning and what need to be paid on a monthly basis,

Monthly should be relatively easy as you just look at your bank statement and credit card bills.

It is the annual costs and ad-hoc costs that tend to catch people out.   Car tax, servicing, MOT, decorating, repairs & maintenance.   Replacement boiler, replacement car. Holidays,

DE_612183

dunstonh said:

So I'm now looking at retirement planning and what need to be paid on a monthly basis,

Monthly should be relatively easy as you just look at your bank statement and credit card bills.

It is the annual costs and ad-hoc costs that tend to catch people out.   Car tax, servicing, MOT, decorating, repairs & maintenance.   Replacement boiler, replacement car. Holidays,

Yep, I plan to add in some sinking funds to cover these things.

Audaxer

Probably best to budget for some spend on interests or hobbies you may take up in retirement. Also consider house maintenance as I have found things always crop up unexpectantly. In that category you could also include garden maintenance.

We also got a dog when I retired, which can be quite costly taking into account insurance, food, treats etc. I have no regrets though about getting a dog.

TheMilkmansDad

DE_612183 said:

yep mortgage free.
Insurance is a good one!
Broadband included with BT

Water is based on family of 4 - in due course will be just 2 so assume that and G&E will reduce accordingly!

Water still seems excessive to me, were a family of 4 on a meter and pay £31 per month.

As for G&E - I'm sure your aware of the current climate so perhaps budget for a little more to cover yourselves for the next year or so (unless your on a long term fix!)!

gambleruk

My list below from my spreadsheet, might help you remember something you have forgot about. Electricity

Council tax

Dentist

Broadband

Lottery

Water

Mobile Phones

Food & Groceries

Holidays

Gigs Tickets

Nights Out

Takeaways

Car Serv, Mot, Tax, Ins

Petrol

Dog food vets kennels

House Insurance

Tv Licence

Household Equipment

Health/Beauty/Clothes

Records & Player Service