Follow the Yellow Brick Road 2023

Archerychick

SandyShores said:

Just reading the Retirement Living Standards Report .  Interesting to see this and to read the comments on MSE - everyone is so different in their expectations.  I think we would probably fall into the 'moderate' category and luckily we are on track to get there - all dependant on paying off the mortgage of course.

I can’t understand how they think using a sample size of 135 people makes this a robust report! Find it very hard to believe it can be representative of the UK 

SandyShores

BOOKS / READING

Day 2 of not taking phone/laptop to bed didn't go as well as the first. 

I did manage to finish a book - something I've struggled to do lately - and I'll pass it on to someone I think will like it. I used to read loads, but seemed to lose the ability to become absorbed at a certain point in my life (children, life stresses and events).  Although I've just realised that all the books I have are non-fiction books and maybe that's part of the problem. 

Anyway after finishing this paperback book, which was recently gifted to me (like I need another non-fiction book in my life at the moment), I moved onto my kindle and read a sample of Fat is a Feminist issue which seems fairly interesting and I'd like to read the whole book at some point.  But I reminded myself that I absolutely cannot buy another book until I've 'disposed' of the others - so its gone into the 'samples' folder for now.  A family member purchased a book about China's leadership on my @mazon account and said it was interesting so I thought I'd try that one next.  Unfortunately it didn't send me off to sleep and I was awake well past midnight - seems quite interesting though.  I eventually managed to get off to sleep without picking up my phone, so not a total loss and I was awake nice and early so something worked and hopefully day 3 will be better.

I did have a quick look through the rest of my 'books to read' shelf and picked up one all about decluttering over 30 days.  I think it was recommended by savingholmes a while back - it looks like something I can dip into to give me a prompt of where to start when I have time but don't know where to start.

This prompted me to look through the others on the shelf and divide them into practical books (14) and another 8 books I could read at bedtime.   So those 8, plus 4 on Kindle totals 12 books to read - all non-fiction but I'm going to aim to read at least one a month and be finished by Christmas.   There are another 35 non-fiction books on my kindle - some have been read, some are handbooks or guides e.g. to become skilled at Excel, but I'll look forward to sorting through them once I'm a good way through the 12.

SandyShores

Oh no, just found 2 books in my paperwork drawers - one is half read so that will be my next focus before I start on the kindle one again, but one is going to my friend.  I also had another look at the practical books pile and moved one to my reading pile, however I felt there were 2 that could be donated (or sold).  So I have 11 books in the reading pile, 4 on the kindle and now only 10 in the practical/theory pile.  The practical pile will move to the office today - but I have a feeling that I might find some more there.  I'm still aiming for a Christmas finish though.

edit -  There's always useful info on MSE isn't there and the two books that could be donated or sold may return about £10 on the bay of flea - so there's hopefully another OP soon.  I've just heard from ZZ that they can't make payments to mortgage providers, so it looks like that money will be off to the council tax, and I'll transfer the same amount to the OPs.

SandyShores

Further update on Books:

I found another book in the practical pile and checked it out on webuyboks - it says £9+ so I decided to package it up with the other one and take it straight to the parcelshop.  Nice bit of quick decluttering and I should hopefully receive £14 back.  The other book had a slight tear so I'm hoping it isn't rejected, fingers crossed.  The other book which is the new one, is sat in its packaging ready to go, but I'm going to wait for a fleabay discount weekend to try and make at least £5 profit.  

Feeling motivated, so I've looked at the decluttering book again to find another 'day'.  Paperwork next, then after that will be clothing uploaded to V1nted - at least 10 items.  I've decided to go through the days and create an A4 poster showing the 30 days as a quick reminder.

LadyWithAPlan

well done on your book and leaving the phone away from your bedroom 
it’s really helped me the last few days refocus and sleep much better 

redofromstart

I laughed a lot at those pension figures, I am sure they interviewed ex Loughborough senior lecturers and professors and asked them how they spend their money, and allowed for the golf memberships, boat at the Notts marinas, food shopping at Norths of Rothley (amazing patisserie), several 4WD cars, the 'crib' in Ulverscroft (just down from the Gimson NT place) and funding the grandchildren's dancing, fencing and being obnoxious lessons.

SandyShores

There's a few threads on here redofromstart that have discussed the pensions figures.  Its good to hear that a lot of people think they are on the high side - they gave me a bit of a shock.  I'm not quite at retirement but definitely not planning to take up golf or get a boat - I'd kind of like one of those chelsea tractors but I'm more a 2 wheel bicycle person - though I could use it to visit Leicester to cart home some goodies from Norths of Rothley.  Just looked it up on insta and it looks delicious

Thanks @LadyWithAPlan.  The phone and laptop stay on the dressing table until the morning now - its working really well.  I'm hoping to drop off a bit quicker tonight, but they do say that a habit takes a few weeks to form so I'll persevere.  I popped to the parcel shop and dropped off the two books and am looking forward to cracking on with the reading.  Paperwork is planned for tomorrow, then I'm really looking forward to getting some clothing listed and hopefully out of the house.  I need to draw up the 30 decluttering days somehow, so I have a visual.  Hopefully by the end of those 30 days my reading will have well and truly become habit too.

savingholmes

I think on your pension - as a starting point - if you are planning to be mortgage free in retirement - take your current bills and then reduce them by the cost of the mortgage - and possibly related life insurance - depending on what age the life insurance was due to go up to. That will give you a base.

Then work out what costs will change if you no longer have to go to work / dress for work / buy food for at work .etc. What will that save you? In my case not a lot -as I wear pretty much the same stuff everywhere and mainly work from home. 

Then consider will you need / want as many 'I'm too exhausted' type meals out or takeaways or alternatively if you become a lady that lunches will you want them more frequently?

In your early retirement years do you hope to work through a bucket list and travel - in which case your costs will be higher - or do you want to continue a similar pattern to now. 

What clubs and leisure activities are you likely to need?

Do you need health insurance / would you pay private to skip waiting lists? Do you need to add any money for that to your 'number'? Those are the kind of things I'd consider along with any stored up home improvements, new car needs etc.

Don't forget that on current rules as I understand it you don't pay ni on your pension - but are likely to be liable for tax...  

redofromstart

I have read a few of the threads but find the figures of others of limited use. We did 'what matters to us' and what would be 'enough' to work out our figures. I'm still giggling at some of the breakdowns of spending for those figures. 

SandyShores

Day 3 of leaving the phone alone at bedtime went really well.  I managed to get to sleep fairly easily and have under 50 pages of the half-read book left to read.  My instinct this morning was to reach for the phone, but instead reached for the book and read a couple of pages before coffee.  

Thanks savingholmes and redofromstart for your insights re. the pensions.  On those calculations we should be absolutely fine if we keep going as we are.  Will re-visit again in 12-18 months time when some decisions will need to be made, but in the meantime - breathe   (breathes out and relaxes).

Its paperwork decluttering day today - something I've been putting off for a long-time.  I used to keep everything in a neat folder and have a ToDo pile - now I just seem to have a pile (or two or three).  Its a daunting task but one I'm looking forward to completing.