What kind of lifestyle you could have in retirement.

2

Comments

  • Audaxer
    Audaxer Posts: 3,506 Forumite
    First Anniversary Name Dropper First Post
    stronginthesun wrote: »
    ive budgeted £12000 a year when i go early 4 years short of retirement . single no mortgage no kids just bills . that figure includes holidays as well . once the state kicks in i should be well off .
    Well done, but I also don't know how you manage on that amount. Just wondering if you have a car?
  • Zero_Sum
    Zero_Sum Posts: 1,567 Forumite
    Gin_and_Milk wrote: »
    I'm genuinely intrigued as to how you could manage on this and have holidays too? I see a lot of threads posted by people who have huge pension pots and it makes me feel thoroughly inadequate!

    I reckon a single person with house paid off only needs about £7k to get by.
    So an additional £5k would easily pay for holidays & a few luxuries
  • stoozie1
    stoozie1 Posts: 656 Forumite
    Seriously?!

    Just my council tax is £2180.
    Save 12 k in 2018 challenge member #79
    Target 2018: 24k Jan 2018- £560 April £2670
  • stoozie1
    stoozie1 Posts: 656 Forumite
    I'm quite surprised that the 'minimum' level of eating out is one restaurant meal and 2x takeaways monthly.
    Save 12 k in 2018 challenge member #79
    Target 2018: 24k Jan 2018- £560 April £2670
  • Marcon
    Marcon Posts: 10,609 Forumite
    First Post First Anniversary Name Dropper Combo Breaker
    Zero_Sum wrote: »
    I reckon a single person with house paid off only needs about £7k to get by.
    So an additional £5k would easily pay for holidays & a few luxuries

    Not if you live in a flat with a hefty service charge. Current service charge + council tax for me is £8K a year, and that's before you add in 'luxuries' like electricity, gas, telephone, insurance, water and food.
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • JoeCrystal
    JoeCrystal Posts: 3,011 Forumite
    Name Dropper First Anniversary First Post
    edited 20 October 2019 at 8:00PM
    Zero_Sum wrote: »
    I reckon a single person with house paid off only needs about £7k to get by.
    So an additional £5k would easily pay for holidays & a few luxuries

    I agreed. Apart from the mortgage & pension payment, my monthly bills add up to £400 per month apart from holiday, shopping funs and so on.
  • westv
    westv Posts: 6,081 Forumite
    Name Dropper First Post First Anniversary
    stoozie1 wrote: »
    I'm quite surprised that the 'minimum' level of eating out is one restaurant meal and 2x takeaways monthly.

    Sounds pretty basic to me.
  • Zero_Sum
    Zero_Sum Posts: 1,567 Forumite
    Marcon wrote: »
    Not if you live in a flat with a hefty service charge. Current service charge + council tax for me is £8K a year, and that's before you add in 'luxuries' like electricity, gas, telephone, insurance, water and food.

    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.
  • fred246
    fred246 Posts: 3,620 Forumite
    First Anniversary Name Dropper First Post
    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.
  • shinytop
    shinytop Posts: 2,098 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Zero_Sum wrote: »
    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.
    Just over £3 a day for food is low. I thought I was economical with food but I spend way more than that.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.1K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 607.8K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards