Retirement Planning

Albermarle

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,

I could add to that, helping out offspring financially and vets bills ( can be Thousands even with insurance ) 

bostonerimus

Home repair costs should be included and food should have a number as it will be one of the largest outgoings. What about

Travel
Holidays
Entertainment
Medical bills

Have you considered the cost of home help or moving into a nursing home

westv

TheMilkmansDad said:

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.

There are two of us here and we pay £32 on a meter.

westv

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,

My bank offers a download (which can be opened in MS Excel) containing the last 12 months transactions. 

Brie

Why do you assume you will have a reduction of the TV license at 75?  That is all benefit related these days I believe.  Unless you plan on giving up live TV and never using BBC iPlayer.

MallyGirl

Albermarle said:

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,

I could add to that, helping out offspring financially and vets bills ( can be Thousands even with insurance ) 

I am living through a period of huge vet bills - mostly covered by insurance but need to pay up front and there's a hefty excess. 
Pets section - insurance, vet plan, food
I have a section on vehicle expenses - insurance, tax, MOT, service, breakdown cover, maintenance (tyres, wipers, etc)
Window cleaner, decorating (external work going on right now and it requires scaffolding)
boiler/heating cover

dunstonh

Water does seem a very high figure.  We are £37 for water inwards, on a meter and we water half the paddocks during the summer months (or from April as it was this year due to it being a drought year so far) as well as daily replacement buckets of water and washdowns etc on top of personal use.  So, much higher than typical use.

DE_612183

Brie said:

Why do you assume you will have a reduction of the TV license at 75?  That is all benefit related these days I believe.  Unless you plan on giving up live TV and never using BBC iPlayer.

Thanks for that - I didn't read the small print! I won't get pension credit so the full fee for me!

westv

dunstonh said:

Water does seem a very high figure.  We are £37 for water inwards, on a meter and we water half the paddocks during the summer months (or from April as it was this year due to it being a drought year so far) as well as daily replacement buckets of water and washdowns etc on top of personal use.  So, much higher than typical use.

Paddocks? Blimey, IFA fees must be good. 

Freecall

I think that this is totally the wrong way to look at things.  However detailed you are, things will get missed, capital purchases overlooked and so on.

The only real (and in fact simpler) way to look at this is as follows :

Total take home pay (over say last ten years) less total not spent (now sitting as savings) = Cash needed to maintain your lifestyle

Both 'total take home pay' and 'total not spent' (savings) are easy fugues to find.

It doesn't really matter what your individual expenses are, the fact is that the difference in these two figures is what you actually spend to maintain your current lifestyle.  This is true whether your lifestyle is frugal or lavish or anywhere in between, it's what you are used to.