Cloud Cuckoo Land

dealyboy

I still have flares I bought when Heath was PM and I'm hoping that one I'll be able to fit in them again, however I have gained 2.5cm since retirement. Even if I can one day whether I'll want to I don't know, yellow flares? maybe my time has come and gone  .

Phossy

Nebulous2 said:

I like gadgetry and have often fancied one of those contraptions where you strap your ankles in, then hang upside down. 

You mean a rope?

MallyGirl

We certainly still use towels that OH took to uni - 1985-88 - easily identifiable by the name tags sown on. The rest were wedding presents (24 yrs) which haven't fared as well so we got new ones for Christmas. Clothing doesn't really interest me so I buy rarely and to fill a specific need. Same with shoes - apart from running shoes and walking boots which are replaced as required and don't come cheap.
I am always amazed by people giving away nearly new furniture on the local 'buy nothing' group as they have changed their décor. Ours lasts till we are sitting on springs!

LHW99

I don't know, yellow flares?

Orange are better for summoning emergency services

OldScientist

Albermarle said:

Mr.Generous said:

bluenose1 said:

I do like all these studies and yes you do have to compare with your own expenditure but it does make me think about my outgoings, though would have preferred the amounts in this study to reflect what the actual weekly / annual expenditure was for each group rather than hypothetical amounts.
Just checked and the Which retirement income targets does this and as of March 23 the couples Essential, Moderate and Luxury lifestyle was £19k, £28k and £44k.
Will be interesting to see the revised amounts this year.

Much more realistic figures. No, I  can't afford a superyacht, but I think Myself and Mrs Generous had a very nice last couple of years on less than £44k. I guess the key is no mortgage or debts.

However if you stopped someone in the street and asked them what they thought a luxury lifestyle was, they would probably have some vision of someone very wealthy sitting on a big yacht in the Bahamas.

A true luxury lifestyle would cost a lot more than £44K, more like £244K, so I think Which referring to a luxury lifestyle in this way is a bit misleading. The other surveys description of Comfortable is better, but not perfect. 
Maybe we should try and think of a better description ! 

I was always uncomfortable about the use of the word 'comfortable' in the retirement living standards although, I think, it stems from good old British understatement about being 'comfortably well off' (actually meaning 'loaded'!). Coming up with a non-pejorative expression (e.g., Victorian nomenclature of 'poor', 'middling' and 'upper') may not be trivial.

A few iterations of the living standards ago, I compared them with the ONS data on retirement income and expenditure (my life is full of fun ). For two adult households, the 'minimum', 'moderate', and 'comfortable' expenditure in the retirement living standards (16.7k, 30.6k, and 49.7k in 2021) roughly corresponded to the 1st, 3rd, and 5th quintiles in the ONS data (15.9k, 27.6k, and 47.2k), respectively (for 2016 to 2018 - but inflation was fairly low then).

What would be interesting to know is how well the income/expenditure deciles in working households then map to those in retirement since this might provide a bit more guidance for those planning their retirements. For example, my guess is that households that are median spenders while working will continue to spend at around the median rate in retirement, so such households might plan their expenditure accordingly.

GenX0212

What makes it harder to follow is that the 'expectations basket' for last years figures is so vastly different than that used this year.
e.g. Comfortable last year for Holidays it was 'three weeks in Europe' now it's a '4*Med and 3 uk weekend breaks'. For cars the last year it was '2 cars replaced every 5 year' and now it's 'one car replaced every 7'

The infographic is poor, I think last years was better. The illustrations given don't really account for the £16k difference between Moderate and Comfortable. It makes it look like the vast majority of the cost differential all gets blown on £50 extra a week for food and upgrading from a 3* Med holiday to a 4* one.

[Deleted User]

I am now a 65 year old male. Semi-retired in 2018 and fully retired June 2023. Until July this year will have income pension/ annuity income of about £22000 before tax. From July have state pension to look forward too. So pre-tax income will be about £34000 gross and about £2500 per month plus after tax. I actually feel very comfortable with that amount.

Just to comment on those talking about clothes and grooming. I have no attention of becoming a dowdy old man. I budget at least a £1000 a year for clothes. I wouldn’t dream of keeping socks and underwear for years! There is a constant rolling replacement programme lol! I also tend to buy something new for special occasions. Money is also set aside for regular haircuts, chiropodist, opticians and dentist! Towels and bed linen also replaced. Far goodness sake boasting that you have kept linen and towels for years! Sad!

I am not extravagant but have not retired to be overly frugal. Unlike some, I am not obsessed with leaving inheritance either.

However, I agree that the figures seem over the top. Most people will never attain the moderate or comfortable levels, yet will have fulfilling and enjoyable retirements.

Andy_L

ex-pat_scot said:

Sea_Shell said:

michaels said:

Minimum lifestyle is £630pa on clothes - no wonder the environment is screwed.

Plus meals out and takeaways, can people really not conceive of a life without such discretionary expenditure?

The key 'finding' seems to be not that things are much more expensive than last year, but that so much more consumption is now deemed necessary for essential, comfortable etc

Two sides of the same coin?!? 😉

If you don't eat out, you don't need going out clothes.   Simples. 😁

Who actually needs (or wants) wardrobes full of new clobber, in retirement?

Any retired fashionistas on here that would like to share their wardrobe habits?

I read an article a couple of years ago (I think - "Covid time" is very elastic), which noted that a person at 50 has sufficient clothing to last them for the rest of their days. Having recently hit that milestone at the time, it caused me some reflection.

Clearly there will be immediate cries of "yes but"...
The principle is sound.
If you kept your clothes until they wore out, how long would they last?
When was the last time anyone mended clothing?

Life expectancy at 50 is ~31/34 years (male/female). 

Organgrinder

£240 a week on food?? So £30 = 1 take away. £80 = one maybe two meals out. We'll call it two. So £130 covers 4 evening meals, 7 lunches and 7 breakfast for two people. Wow.

All our groceries inc a few take aways cost less than £500 a month.

My wife and I don't earn £59,000 after tax now. Not even close! We get a new car every 4 years. We run two cars too. We take 3 holidays abroad every year all of which are in school holidays too. Plus weekends in the UK.

We put in total about £700/month into pensions from our take home pay in addition to our occupational pensions. We've had our kitchen, bathroom and ensuite, and soffits etc replaced in the last three years too.

We have broadband, Netflix, Amazon Prime and Disney +.

And on top of that we're still saving about £500 a month.

So I honestly don't believe these figures at all!

[Deleted User]

We also all have different spending priorities. For example I do not spend anything on alcohol or takeaways. My hobbies are low cost. Swimming, walks and daily stretching and resistance exercises at home are fine for me. So no expensive gym costs and certainly not that expensive one called Golf.

(Golf the pastime for overweight men who believe it will save them from a heart attack even though they spend a lot of time drinking and eating at the 19th hole lol, Sorry I am teasing.)

At the moment I give myself £300 a month for personal spends. This only has to cover hairdressers, meals out, lottery and miscellaneous items. Seems to be enough for me . Everything else has their own pots and budgets.