Enjoying Retirement
Discussion
nickfrog said:
Oh no, I didn't want to hear that 
although I still have another 8 years probably... Quite a few in my club do both tennis and squash and I feel squash is a little harsher on the body. One of my tennis buddies is 78. He has superb technique and huge top spin. He wins 2 or 3 games per set on average against me which is brilliant and I pray I can still do that at his age!
Amazing to hear at his age he’s still playing at that level . although I still have another 8 years probably... Quite a few in my club do both tennis and squash and I feel squash is a little harsher on the body. One of my tennis buddies is 78. He has superb technique and huge top spin. He wins 2 or 3 games per set on average against me which is brilliant and I pray I can still do that at his age!Squash is a brutal game on joints such as knees .
I know this as at 53 I’ve had two partials .
That said I’d say as a sport and a way of exercise I’d you’ve played for years it’s a great game for keeping fit
Drumroll said:
How long is a piece of string?
In all seriousness that is an impossible question to answer.
What do you want to do when you retire?
Travel more
Spend more time with extended family
Take up a new or extend time on existing hobby.
Is that hobby cheap or expensive
I could go on.
Tricky I know . In all seriousness that is an impossible question to answer.
What do you want to do when you retire?
Travel more
Spend more time with extended family
Take up a new or extend time on existing hobby.
Is that hobby cheap or expensive
I could go on.
No real interest in extensive travel . More UK sight seeing more than anything at off peak times.
One pool side foreign holiday with the kids per year.
Hobby’s will be golf & cycling or me gym for the wife.
Learn to cook , more time seeing kids , running 2 cars ( the 911 will likely go in time).
House paid for and no debts so just the monthly bills , going out to dinner & lunch once a week .
That’s about it really .
All in have mentally said 5k net per month would cover it all comfortably
JeffreyD said:
In my opinion if you don't have to factor in kids then you'll be in surplus each month easily. Which doesn't make sense as you may as well not draw it down.
Having said that if you have 5k a month why not spend it?
To my mind the key is to give yourself options.
I'm early 50s - I am not really retired but that's because i don't want to be. I do stuff that I want to do and as soon as I didn't have to work then all of a sudden work became less of a chore and more enjoyable.
At 5k month with house and kids paid for then I think with your stated interests you will be in clover.
Tks Having said that if you have 5k a month why not spend it?
To my mind the key is to give yourself options.
I'm early 50s - I am not really retired but that's because i don't want to be. I do stuff that I want to do and as soon as I didn't have to work then all of a sudden work became less of a chore and more enjoyable.
At 5k month with house and kids paid for then I think with your stated interests you will be in clover.
One thing I should have added was a provision of £750 a month for my daughter whilst at uni on a 6 year course
JeffreyD said:
I'd be seeing that as a £55k lump and then leaving it out of calculations.
We've got one at Uni now and one that's just graduated and the costs don't add up to that per year - but I we've had a few strange years so maybe their costs were reduced.
I have the accommodation side of things taken care of and will use the student loan facility so the £750 per month allows for her food whist away and car We've got one at Uni now and one that's just graduated and the costs don't add up to that per year - but I we've had a few strange years so maybe their costs were reduced.
CharlesdeGaulle said:
Not anyone's business other than yours of course, but can I ask why you're funding her (presumably) at or close to 100%?
Part of the uni experience is beginning to stand on your own two feet and learning about life. If papa pays all the bills some of that experience is lost; her having to get a part-time job or make sacrifices* to stick to a budget will stand her in good stead.
Clearly we all want to look after our precious offspring, but there's a balance to be struck. Might not your money be better towards a house deposit for her or something?
*Usually consisting of drinking only 4 nights a week instead of daily.
All valid points and I’ll be suggesting she gets a little bar job or similar . Will do her good I agree. Part of the uni experience is beginning to stand on your own two feet and learning about life. If papa pays all the bills some of that experience is lost; her having to get a part-time job or make sacrifices* to stick to a budget will stand her in good stead.
Clearly we all want to look after our precious offspring, but there's a balance to be struck. Might not your money be better towards a house deposit for her or something?
*Usually consisting of drinking only 4 nights a week instead of daily.
My son is about to join the ranks of full time employment so that’s him off the monthly payroll at least on a monthly basis.
eyebeebe said:
A few respectful thoughts, especially as I don't have kids and know that everyone does it differently...
£750 a month seems an insane amount of money for a student to spend on food and running a car on. As a tax paying junior doctor, she's probably going to have less in her budget for those things once she's paid for accommodation and other living expenses!
Aren't they only at uni 7 out of 12 months or so (we had 3 10 week terms), so the food at least isn't an all year expense
Aren't the kids a bit old for you and for them to be taking them on holiday? Regardless wouldn't be a lifelong committment or are you expecting in time to pay for them, their partners, kids, dogs and cats to holiday with you?
I have always tended to over budget but many tks for pointing this out and you’re right she’ll be at home more than I’d anticipated so that’s a bonus. £750 a month seems an insane amount of money for a student to spend on food and running a car on. As a tax paying junior doctor, she's probably going to have less in her budget for those things once she's paid for accommodation and other living expenses!
Aren't they only at uni 7 out of 12 months or so (we had 3 10 week terms), so the food at least isn't an all year expense
Aren't the kids a bit old for you and for them to be taking them on holiday? Regardless wouldn't be a lifelong committment or are you expecting in time to pay for them, their partners, kids, dogs and cats to holiday with you?
Holidays - yes we’ll likely to end up paying for her to holiday with mates so another one potentially off the list .
Hugely helpful post many tks
JeffreyD said:
With regard to students and jobs - depending on the University getting a job my not be an option.
My son was specifically excluded from getting a job during his time there.
My daughter could get a job and has time to do so - others on different courses I think would genuinely struggle to get a job as they spend a lot more time in lectures and labs etc.
If it's a 6 year course it sound like medicine or similar so I am not sure it will be preferable to get a job.
Yes medicine degree. My son was specifically excluded from getting a job during his time there.
My daughter could get a job and has time to do so - others on different courses I think would genuinely struggle to get a job as they spend a lot more time in lectures and labs etc.
If it's a 6 year course it sound like medicine or similar so I am not sure it will be preferable to get a job.
My monthly provision allowed for her not working so at least I know I’m covered but as the poster above points out the amount I’ve allowed for her given she’ll be at home for some lengthy periods now seems a little excessive.
Great to be able to get this input and amend numbers accordingly
JeffreyD said:
If you know what university she is going to you will be able to work out a budget based on today's costs.
My son went to a uni that had all their own accommodation and for the first two years it was only available during term time. This meant that I was pleasantly surprised by the annual cost, even though it was quite expensive on a weekly basis. that changed in the last year (when in effect he was there all year anyway due to covid). they even refunded time spent at home due to covid,
Daughter is at a uni that offers 40 and 51 week accommodation. She's just booked next year's and although it's only about a fiver a week more the annual cost is a lot more as the only option was 51 weeks.
I am not one for plans or budgets but as you obviously are then you can start planning for this and guiding her when the time comes to make the choice.
She only in 1st year of 6th form so 18 months away yet but obviously we have do start looking soon and make a decision.My son went to a uni that had all their own accommodation and for the first two years it was only available during term time. This meant that I was pleasantly surprised by the annual cost, even though it was quite expensive on a weekly basis. that changed in the last year (when in effect he was there all year anyway due to covid). they even refunded time spent at home due to covid,
Daughter is at a uni that offers 40 and 51 week accommodation. She's just booked next year's and although it's only about a fiver a week more the annual cost is a lot more as the only option was 51 weeks.
I am not one for plans or budgets but as you obviously are then you can start planning for this and guiding her when the time comes to make the choice.
She’s thinking London presently which might work well with regards accommodation cost wise as we’ll be around 1.5hr train journey when we sell up and move out though she is insistent ( presently) that she wants to live close to uni or on campus .
This is all subject to change of course though she might end up at Exeter who knows !
gotoPzero said:
Without sound off I think you really need to figure this out now from what I gather from your posts you intend to retire quite soon.
You really should know what your outgoings are.
The fact Mr Smith gets by on £12 a yr but Mr Smythe needs £80k a year should not matter one jot to you.
Do your own spreadsheet. Thats the only way to be sure.
Its literally a couple of hours to sit down and go through say 2-3 months bank statements.
Then include the big one offs and annual stuff and hey presto there is your base line.
If you want to add money for other stuff thats great but you now know your base line.
Tks Goto , You really should know what your outgoings are.
The fact Mr Smith gets by on £12 a yr but Mr Smythe needs £80k a year should not matter one jot to you.
Do your own spreadsheet. Thats the only way to be sure.
Its literally a couple of hours to sit down and go through say 2-3 months bank statements.
Then include the big one offs and annual stuff and hey presto there is your base line.
If you want to add money for other stuff thats great but you now know your base line.
I have done just this and I’m confident that I’ve over allowed on base line costs.
Every now and again it’s worth throwing the question out there to get some additional info back.
This happened today with regards the allowance being paid to my youngest.
JeffreyD said:
I really do think there is an element of having to go with your gut feel.
No amount of planning helped my old man when he died of a horrible short illness at 66. He'd spent a fortune on working stuff out on the reasonable assumption my sick mother would be dead and he'd live a good few years. She's still shambling on and is only 72 but can't really spend her dough.
From what I've read there are a few on here with the pension life time allowance or thereabouts and mortgage free etc.
I'd be cracking on safe in the knowledge that I've got all the standard bases covered.
Sorry to hear about your father but it’s a good point we sometimes forget & my dad died at 68 after just 3 years of retirement. No amount of planning helped my old man when he died of a horrible short illness at 66. He'd spent a fortune on working stuff out on the reasonable assumption my sick mother would be dead and he'd live a good few years. She's still shambling on and is only 72 but can't really spend her dough.
From what I've read there are a few on here with the pension life time allowance or thereabouts and mortgage free etc.
I'd be cracking on safe in the knowledge that I've got all the standard bases covered.
We work on the basis we are going to make it to 90 but given the life I’ve led it certainly won’t be me !
Also spending past 70 has been mentioned before and another good point
98elise said:
Agreed. I just gave my son a joint debit card for food. I think it averaged about £100 a month. For a car he had a £200 shed, which we still have!
£100 a month wow . Good lad. She has a shed we bought for my son originally so that just needs to be maintained .
Time to adjust my numbers down !
eyebeebe said:
I'd assumed with £750 a month you were planning to lease her a brand new Mini/A3 etc! Also if she's thinking London, does she really need a car? Wouldn't she appreciate a travel card or top ups to an Oyster (assuming that's how it still works - it's over a decade since I lived/worked in London).
If it’s London then the car will be at home for when she returns but she ( as you say) is more likely to be using public transport. Edited by eyebeebe on Wednesday 16th March 14:42
Shes not shown too much interest in driving so far.
Edited by GT3Manthey on Wednesday 16th March 15:26
JeffreyD said:
Having seen how you budget for Uni - I'd say you could retire now and increase the wine budget considerably!!!
Hope your right Jeffery . That said the wife already likes a bottle or two so might not be the best idea !
If this job lasts 12 months left ideally that gets me to 55 then it’s time
Edited by GT3Manthey on Wednesday 16th March 15:37
Carbon Sasquatch said:
On the 'Is 5k/month net enough to retire on ?' I've pondered something similar - and keep coming back to - that's a 95k PAYE income. So with no mortgage & no kids to pay for, if I can't manage then I need to give myself a good talking to 
https://www.thesalarycalculator.co.uk/salary.php
I’ve said very similar to myself and the wife . https://www.thesalarycalculator.co.uk/salary.php
Tks I’ll take a look at the calculator but I have all my monthly expenses now so it’s a case of fine tuning now which this thread is proving enormously helpful for so tks to all
loafer123 said:
Just to jump in, as I have direct knowledge on this, my daughter (second year medicine) gets £540 spending money per month, and she has a flexible job. Total cost to us is £25k pa including paying fees and accommodation.
Your daughter will likely be home less than you might think - firstly they have to live their own life, but also, doing medicine, they are still working hard when everyone else has gone home.
You seem very confident she will get a place…has she already done her UKCAT?
Hi tks for this.Your daughter will likely be home less than you might think - firstly they have to live their own life, but also, doing medicine, they are still working hard when everyone else has gone home.
You seem very confident she will get a place…has she already done her UKCAT?
She is still in 1st year 6th form so it’s still part of her aspirations & plans to study medicine.
He is taking biology, chemistry & maths ( with a Spanish diploma ) so subjects relevant to med studies.
It’s early days , she might change her mind ( thou I doubt it) but we are planning ahead as parents do.
So far all her tests/exams are going extremely well so we are sticking with the idea she will do meds somewhere.
I guess very soon we’ll be trawling the uni’s & weighing up options for her.
The wife is ‘ head of house’ so takes charge of all this whereas I’m the provider so I’m guided by what I’m told.
I have the accommodation fees built into my equations but will use the student loan facility and come back to that at a later date but I do agree she’s likely to be working harder so I’ll not be asking her to find work unless of course she feels she is able to cope with both.
Therefore I aligned with you in terms of months costs or her spending whilst at uni.
loafer123 said:
It is a very complex process - if you want to PM me, I am sure my daughter can help advise on her lessons learnt. She wasted two of her choices because how they selected students was changing.
Great that your daughter is doing Spanish…mine did 2x Sciences + Ceramics and that breadth was interesting to the universities.
As for money, someone asked why not use the student loan. I have no issue with that, other than the interest rate whilst studying is RPI+3%, so if we can help her avoid that, that seems sensible.
Hi Loafer tks for this all info at this stage is key so hugely helpful . Great that your daughter is doing Spanish…mine did 2x Sciences + Ceramics and that breadth was interesting to the universities.
As for money, someone asked why not use the student loan. I have no issue with that, other than the interest rate whilst studying is RPI+3%, so if we can help her avoid that, that seems sensible.
Student loan I agree but figure I can revisit .
Will send you a PM
Phil. said:
This may be of interest given the investment losses incurred by many (the majority) recently:
https://www.youtube.com/watch?v=oyzR7tMmj9o&fe...
Tks have seen similar & had same discussions with my WM. https://www.youtube.com/watch?v=oyzR7tMmj9o&fe...
In the last 3 years we’ve seen the mkt get hammered twice now so it’s been a bit of a s
t storm. Have always believed you need 4 years of cash to fall back on and run alongside pension.
Hoping now we see a hard rally once Vlad is put back in his box !
Gassing Station | Finance | Top of Page | What's New | My Stuff