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  • FIRST POST
    • Alice Holt
    • By Alice Holt 19th Oct 19, 6:40 PM
    • 3,399Posts
    • 3,960Thanks
    Alice Holt
    What kind of lifestyle you could have in retirement.
    • #1
    • 19th Oct 19, 6:40 PM
    What kind of lifestyle you could have in retirement. 19th Oct 19 at 6:40 PM
    I came across this site:
    https://www.retirementlivingstandards.org.uk/

    "Retirement Living Standards - The standards show you what life in retirement looks like at three different levels, and what a range of common goods and services would cost for each level."
    They are " the starting point to help you engage with your future lifestyle needs."

    Apparently to have a comfortable lifestyle (for a single person), requires a (net after tax) income of 33k in retirement.
    This doesn't include housing costs (mortgage or rent), amongst other things. It's assumed the mortgage is paid.

    To achieve this comfortable retirement apparently requires (in addition to the State Pension), a DC pension fund of 587,116. This is shown on a separate table (click on See How much income you could need for each standard - on the detail page).

    I can't see any notes / reference to the effects of inflation on that final fund.

    I think I would be rather dispirited on starting a DC pension with, say, a salary of 30k (a figure above the average earnings number), if I was told I needed to accrue a sum equal to almost 20 times my annual salary to achieve a "comfortable" retirement.

    Be interested to hear the comments of others.
    Alice Holt Forest situated some 4 miles south of Farnham forms the most northerly gateway to the South Downs National Park.
Page 2
    • shinytop
    • By shinytop 21st Oct 19, 7:58 AM
    • 575 Posts
    • 655 Thanks
    shinytop
    Then dont live in a flat with expensive service charges.

    My bills are just under 300 a month. If I were single that would drop to a bit under 250. Food for just me would be about 100 a month. So thats about 4k for the absolute basics.
    Originally posted by Zero Sum
    Just over 3 a day for food is low. I thought I was economical with food but I spend way more than that.
    • shinytop
    • By shinytop 21st Oct 19, 8:00 AM
    • 575 Posts
    • 655 Thanks
    shinytop
    I am interested that the 'minimum living standard' only includes contents insurance. I am no fan of paying for insurance I don't need but I see buildings insurance as pretty essential. I pay less than 100 a year for buildings & contents.
    Originally posted by fred246
    Would you mind sharing your supplier? I'm renewing mine at the moment and am struggling to get below 200 combined.
    • fred246
    • By fred246 21st Oct 19, 8:13 AM
    • 1,862 Posts
    • 1,169 Thanks
    fred246
    Would you mind sharing your supplier? I'm renewing mine at the moment and am struggling to get below 200 combined.
    Originally posted by shinytop
    It's with quotemehappy which is run by Aviva. The buildings cover is unlimited and contents at 75000. I expect a claim would be a nightmare extracting money from them but I expect that with all insurers. I think we probably live in a low risk area.
    • stoozie1
    • By stoozie1 21st Oct 19, 8:15 AM
    • 643 Posts
    • 587 Thanks
    stoozie1
    Has anyone managed to fathom the amount of charitable giving is included in each of the 3 levels? I can see which category they've put it in, but not the amounts allowed.
    Save 12 k in 2018 challenge member #79
    Target 2018: 24k Jan 2018- 560 April 2670
    • westv
    • By westv 21st Oct 19, 8:19 AM
    • 4,912 Posts
    • 2,483 Thanks
    westv
    Has anyone managed to fathom the amount of charitable giving is included in each of the 3 levels? I can see which category they've put it in, but not the amounts allowed.
    Originally posted by stoozie1
    Is it not shown in their spreadsheets?
    • stoozie1
    • By stoozie1 21st Oct 19, 8:23 AM
    • 643 Posts
    • 587 Thanks
    stoozie1
    Just found those! Cheers.
    Save 12 k in 2018 challenge member #79
    Target 2018: 24k Jan 2018- 560 April 2670
    • Zero Sum
    • By Zero Sum 21st Oct 19, 8:26 AM
    • 1,372 Posts
    • 1,078 Thanks
    Zero Sum
    Would you mind sharing your supplier? I'm renewing mine at the moment and am struggling to get below 200 combined.
    Originally posted by shinytop
    Mines under 100 also with Admiral but my previous house was excess of 200. So just depends where you live & associated risks.
    • Zero Sum
    • By Zero Sum 21st Oct 19, 8:41 AM
    • 1,372 Posts
    • 1,078 Thanks
    Zero Sum
    Just over 3 a day for food is low. I thought I was economical with food but I spend way more than that.
    Originally posted by shinytop
    It probably helps that we're both quite fussy eaters so quite happy having fairly plain food. For the 2 of us spend is about 180 a month which includes stuff like icecream & crisps for her which I wouldnt bother about. I reckon if I put serious tbought into it, I could do it for close to 60 for just me. This of course doesnt include takeaways or meals out which we rarely do anyway.
    Takeaways for me just arent very nice, and a bit of a russian roulette given that 50% of the time needing to phone them back up to deliver another one as theyve put some kind of sauce on when specifically told them not to.
    • shinytop
    • By shinytop 21st Oct 19, 11:41 AM
    • 575 Posts
    • 655 Thanks
    shinytop
    It probably helps that we're both quite fussy eaters so quite happy having fairly plain food. For the 2 of us spend is about 180 a month which includes stuff like icecream & crisps for her which I wouldnt bother about. I reckon if I put serious tbought into it, I could do it for close to 60 for just me. This of course doesnt include takeaways or meals out which we rarely do anyway.
    Takeaways for me just arent very nice, and a bit of a russian roulette given that 50% of the time needing to phone them back up to deliver another one as theyve put some kind of sauce on when specifically told them not to.
    Originally posted by Zero Sum
    We've pretty much given up takeaways. I like to know what I'm eating these days and the amount of salt, and unknown gloop you get in takeaways really puts me off. I always feel like I have a hangover the morning after, even though I don't drink
    • shinytop
    • By shinytop 21st Oct 19, 12:17 PM
    • 575 Posts
    • 655 Thanks
    shinytop
    It's with quotemehappy which is run by Aviva. The buildings cover is unlimited and contents at 75000. I expect a claim would be a nightmare extracting money from them but I expect that with all insurers. I think we probably live in a low risk area.
    Originally posted by fred246
    Thanks, just tried them and it was 160, got it in the end via comparethemarket for 133. Better than the renewal, which was 240. I think the combination of quite a big house and a claim 4 years ago pushes it up for me.
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