Investing in things to reduce outgoings in retirement

pensionpawn

I've just remembered some other tips, if you have solar (and divert). Of course it goes without saying that if you're at home, it's sunny and it's convenient for your plans that day, cook your main meal just after noon instead of importing energy at tea time. We save around 1.5 - 2 kWhrs doing that. Also, planning on treating yourself to a takeaway during the week. Then, again if it's convenient to your plans, grab your takeaway when it's raining saving the sunny day to cook, hopefully for free. Finally, if you have a solar divert to your IH in your HW tank, set the thermostat to around 80c and instal a thermionic mixer valve on the hot outlet to bring the water down to ~40c for your taps. This stores more energy effectively giving you more hot water (at 40c) than the tank would normally hold. All these tweaks are fairly small by themselves however they combine over the course of a year, reducing your outgoings which to me means I don't need to draw so much out of my pot, the pot doesn't need to be bigger and hence you could retire earlier / reduce your hours (as I have).

artyboy

Given recent events, I'm investing in things simply to lock some value in to my GBP cash savings, even though I'm probably a few years from retirement. I'd much rather get the drive, patio, bathrooms etc upgraded than have it sitting around losing value to inflation.

And that next foreign holiday can wait till the pound is worth a bit more (relatively speaking!)

rothers

Ciprico said:

We got solar panels about 12 years ago with great feed in tariff (about £1.3k pa) but the installation cost £14k.

No feed in tariff now but systems cost massively less so payback would be far quicker even without fit. 

They've been totally maintenance free and we're looking to get more & electric car in the near future as retirement approaches... 

I got my solar panels in December 2011 and currently get circa £1700 a year in feed in tariffs, they are guaranteed for 25 years.. I’m curious as to why you don't get them anymore?

Bimbly

I got my solar panels in December 2011 and currently get circa £1700 a year in feed in tariffs, they are guaranteed for 25 years.. I’m curious as to why you don't get them anymore?

I believe Ciprico means that they get the FIT because they installed 12 years ago, but anyone installing now will not get it because the scheme was withdrawn in 2019.