Changes in your retirement expenditure

mrklaw

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

you could also move the ‘weekend’ as long as the number of days stays stable the spend should? but moving out of sat/sun might be easier to park, less crowded etc?

BikingBud

https://forums.moneysavingexpert.com/discussion/comment/82160992#Comment_82160992

Surely it is not a simple change, that fits all the same.

We all have different expenditure throughout our lives, cars, holidays, housing, children and uni costs etc and how we purchase things is also massively different, some buy a car and do 100k others pay £450 per month.

Your budget the same as your income (pot) are personal and for effective planning, assessing both of those to understand how you need to shape your spending and saving through life so you can achieve what you want when you want in retirement is the crux.

If you do not understand and plan then it is left to luck and where you spend early for fun might impose restrictions once the pot has diminished and state pension is sole source.

We will see in retirement the very same attitude as shown in their working life. Those that spend without ensuring long term sustainability will have problems, and when debts are written off the rest of the consumers pick up the slack.

As mentioned many times this community seems to be well aware but try asking on the DFW and see how different the outlook might be.

Stubod

https://forums.moneysavingexpert.com/discussion/comment/82160995#Comment_82160995

A bit of both, and I have probably been been a little bit too pessimistic in my planning. I have 3 scenarios built into my budget sheet with various options for interest and inflation, all assume inflation will be greater than interest to a greater or lesser extent.

BikingBud

https://forums.moneysavingexpert.com/discussion/comment/82161044#Comment_82161044

And to think people were rioting about poll tax🤐

Duggo

we retired at 50 and 58, with a 7 year gap to fill until OH gets his final salary pension late next year. We had 2 very small pensions which we’ve taken a monthly income from using UFPLS. Then we topped up with money from ISA’S. Our ISA’S are worth more now than when we retired, despite the withdrawals, which we hadn’t accounted for, so yes, I think we were conservative in our planning.

barnstar2077

https://forums.moneysavingexpert.com/discussion/comment/82161062#Comment_82161062

My partner is not retiring at the same time as me, so I will keep the weekends as time with her. I can do whatever she wants to do on the weekend, because I know I will have plenty of time during the week to get stuff done.

MallyGirl

https://forums.moneysavingexpert.com/discussion/comment/82161364#Comment_82161364

this what I am doing

Time4T_Accounts

I wanted to go and see places that my OH didn’t want to. I wasn’t going to use our valuable annual leave ‘together time’ while we were working, to do that. Now I’m retired, I’m doing that travelling. Consequently I planned for, and am spending, more in retirement than I was while working.

Intoodeep

I have tracked every penny in and out for over 20 years on my own spreadsheet.

So when it came to retiring 2 years ago at 60, I did have a good idea what would be required.

Over the 2 years since retirement I have had 20 weeks away doing various stuff, and at the moment looks like I will have a surplus in April (end of tax year) of about 15% of my estimated expenditure.

PandaTed

Like others, I had tracked and planned expenditure for years before retiring June 2024 at 63.5 yrs. The decision moment came because supporting parents was getting increasingly awkward whilst working and I realised that two state pensions should cover our expenses. We had sufficient savings and healthy pension savings which I knew I could draw from.

I expected our existing expenses would decrease a little but increase a bit for new activities expenses. That's proved to be the case.