Changes in your retirement expenditure

Brie

I would describe my planning as chaotic. I had a spreadsheet set up about a decade in advance to keep track of my potential pensions but didn't consider expenses as such. Despite my background in debt advice I've never been the sort that had a budget rather I just make sure all the bills are paid.

Strange things happened - redundancy, inheritance. And the odd one is my OH decided he wanted his own money so his pensions are being paid into an account that he manages all by himself. (don't worry - I have access). Net result is that I deal with the household finances and he pays for holidays (blinking expensive ones & lots too!!) and his clothing, cigars and fancy whisky.

michaels

WE are spending a fair bit more in retirement as we have time to do all those bits and pieces in the house that we never had time to, more holidays (even if they are cheaper due to no time restrictions) and more activities.

We did think there might be a 'kids moving out' dividend but that has yet to materialise. Luckily we lived very frugally before retirement so although our spend is up by about 30%, it is still lower than the 50% increase in disposable income we had organised.

tigerspill

Our expenditure rocketed when we retired. This was expected due to planned travelling while we can.

As it turns out, because our investments have done so well, we can spend even more. I have now locked in our new much higher income by derisking 15 years to ILGs plus short term cash to guarantee our ongoing income.

maxaxe

Thanks for the comments. It seems that my desire to spend more than I currently do is not totally unreasonable (I haven't seen guides that suggest this). I always assumed that I would have more hours in a day to fill with expensiver hobbies and holidays.

It seems like this forum is filled with very prudent finance planners. I hope to learn from you!

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82158068#Comment_82158068

There is an IFA who regularly posts on these forums. Apparently one of the most common advice recommendations he dispenses to his older clients is - you have enough, go and spend it !