Escape to the country & living off savings

badmemory

Work it out based on the larger lump sum.  Then work out how long on the higher pension it would take to replace those savings you will have needed to use the first few years.  Then the tricky bit is to work out if you think you will live that long.  I haven't worked it out but suspect your break even point will be earlier than you expect.

Skint_yet_Again

Skint_yet_Again said:

I was thinking the difference between the pension from 60-67 is £11111 and difference in lump sum is £4761 = 15872

Difference between pensions at 67 = £1644 so would take over 9 years to make back the difference? That’s if I live to 76 🤔 

Thanks badmemory. I calculated 9 years. 

Thanks Suze, I am leaning toward the larger lump sum & larger pension 60-67. At least I don’t have to decide until 3 years time when I claim my pension 

badmemory

Well I am already 78 so I suspect you know what my decision would have been.

Skint_yet_Again

Also if I claim the larger lump sum it will be tax free and the larger pension 60-67 will be under the tax limit. 

After 67 with state pension I will become a taxpayer on my pensions & depending on state pension/ personal allowance there may be a bit to pay on part of the state pension. 

Skint_yet_Again

Lovely sunny breezy day. Load of washing out on the line. 

Week 1 of January budget shopping £24.42. Pack of chicken with tomorrow’s date was 75% off and chicken tikka with veg 50% off. Also bought beef & veg, courgettes and peppers, eggs cheese & cream, fruit and clothes washing liquid. Menu this week 

Beef stew
Chicken fajitas 
Roast lamb NY day dinner 
Leftovers
Courgette lasagne
chicken curry
moroccan lamb with butternut squash

SuzeQStan

Meals sound gorgeous as usual SYA - nice bargain on the YS.  

Weather supposed to get a bit fraught our way - we are due to travel east Leicester way for new years so keeping close eye on forecasts - hope you have a lovely NYE SYA 🥰

Skint_yet_Again

Thanks Suze. Have a safe journey if you are travelling and wishing you and your loved ones a happy new year x

Skint_yet_Again

Payday and last day of the year. Wishing everyone a happy and healthy 2025. 

🤩🥳 🎆 🎇 🍾🥂

January

Phone sim-only £10

Tv licence 15.00    

Water 13

Council tax £102

Union £2.24

Gas & Electric £77

Annual bills £100

Birthdays / Xmas £50

Car pot £50

Petrol £40

Entertainment £100

Food £200.  (£40 x 5 weeks)

Aquafit £32.50

Income £833

Outgoing £791.74

Remaining £41.26

jwil

Happy New Year!

Doris17

Happy New Year.