Changes in your retirement expenditure

Linton

I never did any budgeting when planning my retorement, I simply aimed to keep our available incomes the same as before retirement.

The problem with budgeting is that it is easy to miss out some of the things that make life worth living rather than being necessities.

Eco_Miser

https://forums.moneysavingexpert.com/discussion/comment/82160041#Comment_82160041

Poor areas have lots of Band A housing, and little above Band D, Rich areas have lots of housing in the higher bands, and little in the low bands, this means that for an equal income from Council Tax, the Band D rate (which is used in comparisons) has to be (much) higher in the poor area.

MallyGirl

I tracked expenditure fairly closely for a couple of years when I was still working (and bored). It was challenging to get info out of OH sometimes as he did top up shops and the like. It enabled me to draw up a budget for must have and nice to haves. I couldn't just look at accounts as money moves around all the time - pension and ISA contributions, reg savers building and maturing, stoozing.

mrklaw

https://forums.moneysavingexpert.com/discussion/comment/82160010#Comment_82160010

they got a waiver last year to put it up 10% I think. And this is coming from the government to get it up to more national average amounts.

this is RBWM. stlll paying 2.5k a year for a small 3 bed end terrace so doesn’t feel ‘cheap’ but they have had low rises in recent years..

Linton

https://forums.moneysavingexpert.com/discussion/comment/82160207#Comment_82160207

At band F for Huntingdon, council tax for 2026/7 is around £3600 The highest band is H for which the Westminster council tax is £2100. For the same area of Huntingdon £2100 represents somewhere between bands B and C.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82160010#Comment_82160010

From BBC news last month:

Wandsworth Council could raise council tax by £958 for a Band D property - an increase of 94% - under proposals described as "outrageous".

maxaxe

https://forums.moneysavingexpert.com/discussion/comment/82159518#Comment_82159518

This makes sense. It's why I'm predicting that my expenses will increase in retirement. Just all the advice I've seen suggests that you should assume spending will decrease in retirement.

maxaxe

https://forums.moneysavingexpert.com/discussion/comment/82159522#Comment_82159522

I wonder about this for myself too. Do you think this is a budget problem or a psychology problem? i.e. should you have retired earlier with a smaller budget because that's all you need to be happy? How do you feel about balancing worst case scenarios with normal scenarios when estimating your retirement costs? How did you decide on what is a comfortable margin/stress test?

GunJack

https://forums.moneysavingexpert.com/discussion/comment/82160486#Comment_82160486

I lived in Huntingdon for 9 years, was a nice place to live. At the time the council tax wasn't too bad. That reference to Wandsworth above is mad - how come a band Dbis only paying grand a year?!?!?! Beggars belief it's that cheap, get the rise on!!

GunJack

I fully expect to be spending more in retirement as net income will increase with the paying off of the mortgage...