Enjoying Retirement
Discussion
I’m roughly a year away .
Whilst I don’t think I’d struggle to fill my time I do wonder what people feel they need per month to live a ‘ comfortable’ life .
I’ll only have one child at uni to support and no debts.
Having ran this past various friends and peers the range is between 2-6k per month net .
My thinking is somewhere in the middle of this range & I appreciate it depends on plans in retirement such as travelling , meals out etc.
Interested in gathering retirees thoughts and actual experience of people on here that have retired .
Whilst I don’t think I’d struggle to fill my time I do wonder what people feel they need per month to live a ‘ comfortable’ life .
I’ll only have one child at uni to support and no debts.
Having ran this past various friends and peers the range is between 2-6k per month net .
My thinking is somewhere in the middle of this range & I appreciate it depends on plans in retirement such as travelling , meals out etc.
Interested in gathering retirees thoughts and actual experience of people on here that have retired .
PM3 said:
I'm a year in ( and a bit ) not initially planned but now I'm done with actual employment (late 50s )
No debt, home owned , one child finished Uni and operating independently since last year
Run 2 cars ( a daily and an unnecessary extravagance) have some costly near future plans but that will come out of savings/investments
Oh and very importantly , a relatively low maintenance wife !!!
Monthly :
I NEED 1,500 ( I have upped this number to reflect what I expect next year )
I typically use 2,300 max
I put aside another ~500 ( don't actually its just there ) for unexpected like replacements, unexpected, smaller maintenance to add to 6k a year
I assign another 1K a month to add up to 12K a year for holiday or something wife and I want to do
lets say comfortable enough with a steady 2,800 and happy to know that 4,000 is more than enough to have a modest comfortable time where any bigger extras are entirely at our discretion. In practice , spare money is adding to investments /cash savings every month
Fantastic post many Tks for sharing your experiences No debt, home owned , one child finished Uni and operating independently since last year
Run 2 cars ( a daily and an unnecessary extravagance) have some costly near future plans but that will come out of savings/investments
Oh and very importantly , a relatively low maintenance wife !!!
Monthly :
I NEED 1,500 ( I have upped this number to reflect what I expect next year )
I typically use 2,300 max
I put aside another ~500 ( don't actually its just there ) for unexpected like replacements, unexpected, smaller maintenance to add to 6k a year
I assign another 1K a month to add up to 12K a year for holiday or something wife and I want to do
lets say comfortable enough with a steady 2,800 and happy to know that 4,000 is more than enough to have a modest comfortable time where any bigger extras are entirely at our discretion. In practice , spare money is adding to investments /cash savings every month
dingg said:
Not a perfect companion as we're in Portugal where 'council tax' is negligible and booze and eating out are cheaper than the UK, but we draw 30k pa (tax free for another 7 years) and could make do on much less.
Cars are very very expensive here.
Funny enough I have a work colleague that lives in Portugal who say the same about cars. Cars are very very expensive here.
He’s around 15 minutes drive from the coast so I’m assuming the costs of a property & cost of living is cheaper and certainly a lot cheaper than the UK ?
dingg said:
Cost of living is quite similar, eating out and booze much cheaper though, so you do it more often.
House council tax much much cheaper probably by a reduction of 90% , property you get a lot more for your money, energy costs a bit more than UK, retire here and obtain nhr status and then there's very beneficial tax breaks which makes all the difference plus its 300 days of sunshine.
What's not to like? Probably the biggest pain is the variable bureaucracy depending on which day of the week it is and how the person your dealing with
Either a got out of bed this morning
Or b takes a dislike to your face.
Its all part of the experience though
Best thing we did 3 years ago was filling up the car and not turning back :-)
Good to know . House council tax much much cheaper probably by a reduction of 90% , property you get a lot more for your money, energy costs a bit more than UK, retire here and obtain nhr status and then there's very beneficial tax breaks which makes all the difference plus its 300 days of sunshine.
What's not to like? Probably the biggest pain is the variable bureaucracy depending on which day of the week it is and how the person your dealing with
Either a got out of bed this morning
Or b takes a dislike to your face.
Its all part of the experience though
Best thing we did 3 years ago was filling up the car and not turning back :-)
He sold up UK property back in 2004 & bought the house in Portugal .
Not sure how property has moved in that time UK Vs Portugal?
I’d consider it myself but the missus is rooted in the UK .
UK costs of living sometimes worries me although I’m very close to the end of school fees
alscar said:
Only 1 month in and still very much in holiday mode.
I think it all depends on what you need to maintain a similar lifestyle if that’s what is intended.
I am sad so kept a budget spreadsheet prior to decision which then updated post working ie deleted all work costs and added new personal ones such as paying for private health insurance etc.
To new budget total added 5%.
Answer was circa £ 72k pa and am taking that from my pension funds with any over / under either coming from other cash / investments or going into same.
Will reevaluate in say 12 months time.
Best of Iuck and if like me your last year will fly by.
Many Tks . Pls keep us updated . I think it all depends on what you need to maintain a similar lifestyle if that’s what is intended.
I am sad so kept a budget spreadsheet prior to decision which then updated post working ie deleted all work costs and added new personal ones such as paying for private health insurance etc.
To new budget total added 5%.
Answer was circa £ 72k pa and am taking that from my pension funds with any over / under either coming from other cash / investments or going into same.
Will reevaluate in say 12 months time.
Best of Iuck and if like me your last year will fly by.
Assuming your 72k includes holidays ?
Very much hoping this next year flys !
Edited by GT3Manthey on Wednesday 19th January 10:53
alscar said:
It did to an extent - although “ big “ holidays would come from other funds.
Only 1 child (23 )at home now ( and wouldn’t be coming on any holidays - he wouldn’t want to !
All running costs of all cars ( 4) also included but again expenditure for any new would come from other funds.
Tks . Only 1 child (23 )at home now ( and wouldn’t be coming on any holidays - he wouldn’t want to !
All running costs of all cars ( 4) also included but again expenditure for any new would come from other funds.
Car wise it’ll be 2 to maintain and Maybe a little summer drop too for local trips which may or may not be part of the equation.
Holidays- the wife & I aren’t really that bothered but for memories with the kids we’ll do one a year.
I’m thinking 5k a month would cover it for us with no debt and wanting a chilled life .
As you say it varies .
Do keep us updated
croyde said:
It's a relief to read this after the usual PH stuff of £6k a month.
I'm 59 and sick of working but will have to soldier on til 67, and maybe beyond.
My state pension may just kiss £800 a month whilst my private ones may add maybe £500 a month.
I need to use current investments to buy somewhere to live though as rents are so eye watering. Obviously living in London doesn't help but work is here.
Once retired I can move to the ass end of nowhere, as long as I don't need a hospital nearby.
Looking at what I've written and as I'm fairly healthy now, maybe I should just splurge on nice cars and good holidays and then just depend on the State when my time comes
Hi Croyde , this is the thing , there is no one size fits all . I'm 59 and sick of working but will have to soldier on til 67, and maybe beyond.
My state pension may just kiss £800 a month whilst my private ones may add maybe £500 a month.
I need to use current investments to buy somewhere to live though as rents are so eye watering. Obviously living in London doesn't help but work is here.
Once retired I can move to the ass end of nowhere, as long as I don't need a hospital nearby.
Looking at what I've written and as I'm fairly healthy now, maybe I should just splurge on nice cars and good holidays and then just depend on the State when my time comes
Wacky Racer said:
I'm like you, a year off, although I have only worked three days a week for the past five years.
I think there are too many variables, do you run one car, two cars, three cars, a motorhome, no cars?
Do you live in London or Mablethorpe?
My three lads are all in their thirties and are doing well.
Good luck, you have worked hard...enjoy it.
I’m unlikely to work part time although I do potentially have a self employed role with a family member in the future but that’s not part of my current calculations. I think there are too many variables, do you run one car, two cars, three cars, a motorhome, no cars?
Do you live in London or Mablethorpe?
My three lads are all in their thirties and are doing well.
Good luck, you have worked hard...enjoy it.
Car wise it’ll be one family car and a small starter car for our daughter at uni .
We will be around 80 miles from London but costs will be equivalent to what we have now for everyday goods and services.
Idea is golf for me , gym for the wife .
Eat out once a week & for me learn to cook !
Generally a bottle of wine split most evenings too .
Most of the time will be spent doing gently exercise, walking , golf & cycling .
Yes we’ll have sky tv and 3 mobiles to pay for .
Guess b’days & Xmas costs on top too.
What I do know is that i feel ive done my time in the current business so for my own health it’s time to set an end date
rigga said:
Retired end of last march 21, so almost a year into it. No mortgage, no kids at home, regular bills for me is £900 a month, my railway pension is £1100, and I draw £500 out of my investments from my lump sum, so £1600 every 4 weeks.
Two cars, and 3 bikes., and am just about to trade one of them in for a new one. Holidays are several times a year in cornwall, as we have two dogs , and wife still works as she's 8 year's. Younger than me, I'm 56.
Enjoying the luxury on not working nights, and up for 04.45 for day shifts.
Loving it.
Great to hear very pleased for you . Two cars, and 3 bikes., and am just about to trade one of them in for a new one. Holidays are several times a year in cornwall, as we have two dogs , and wife still works as she's 8 year's. Younger than me, I'm 56.
Enjoying the luxury on not working nights, and up for 04.45 for day shifts.
Loving it.
I think im overestimating what we’ll need ( well I hope So at least) and we’ll settle into the retirement set .
Like you the luxury of not having to get dragged out of bed is what I want the most
anonymous said:
[redacted]
This was me this morning at 5.20am . All manner of s
t going thru my mind and all I could think of was having a cuppa and going back to sleep ! I even looked today & not discounting days off I’ve got 407 days left !
I’ve always said ( back in the day ) That on the first day of retirement I’d get a hammer from the garage and smash the alarm clock to pieces .
Maybe I won’t do that now with my new iPhone.
Tks for all the replies, it’s massively helping in my decision making process
Armitage.Shanks said:
Reading the replies it's difficult to get an ideal 'figure' as everyone's needs are different.
I will have been retired 4 years next month and I'm still 10years off the OAP but rely on a FS pension, AVC pension and a part time job that let's me turn up when I want without any real ties or commitment for the next 2yrs. Wife was a stay at home mum so only the OAP to wait for.
At the moment with a daughter at Uni with 18 months to go I'm funding her accommodation, car etc but other than this we are debt free having paid off the mortgage 15 years ago. The only thing the part time job gives me is enough extra income so that I don't need to draw down on my savings and investments - something I'll have to do when I finish although at a pinch we could survive on just the pension. At this point you can effectively set your income for the year by how much you draw down and how many years your savings will last.
None of us know how long we have but in your 50s there's not a lot of point saving your money to spend in your 80s! I reckon I've got another 15-20yrs purposeful time left (hopefully with good health) to enjoy what we have.
If I rule out £1,800pa on Salon Appts (and I hope at those prices they come with a happy ending) I could probably muster £60k net pa as a future 'income' for the next 15-20yrs but just know I wouldn't have cause to spend that much.
This is where I’m at , not knowing how much is enough . I will have been retired 4 years next month and I'm still 10years off the OAP but rely on a FS pension, AVC pension and a part time job that let's me turn up when I want without any real ties or commitment for the next 2yrs. Wife was a stay at home mum so only the OAP to wait for.
At the moment with a daughter at Uni with 18 months to go I'm funding her accommodation, car etc but other than this we are debt free having paid off the mortgage 15 years ago. The only thing the part time job gives me is enough extra income so that I don't need to draw down on my savings and investments - something I'll have to do when I finish although at a pinch we could survive on just the pension. At this point you can effectively set your income for the year by how much you draw down and how many years your savings will last.
None of us know how long we have but in your 50s there's not a lot of point saving your money to spend in your 80s! I reckon I've got another 15-20yrs purposeful time left (hopefully with good health) to enjoy what we have.
If I rule out £1,800pa on Salon Appts (and I hope at those prices they come with a happy ending) I could probably muster £60k net pa as a future 'income' for the next 15-20yrs but just know I wouldn't have cause to spend that much.
Yes I can run through all my expenditure but it gets worrying when the range for some is between £1200 to in excess of 6k a month. Obviously life expectancy is the unknown and all the planning might be blown apart. One never quite knows.
I’ve said to the wife , if we can’t live nicely on 5k net per month we are doing something wrong .
Including supporting the youngest at uni I’ve calculated our outgoings at £3200 a month which includes leisure activities.
Once she finishes uni and starts work this will drop to £2500 per month.
Bottom line I think I’ll be taking a part time job just to cover incidentals and inflation !
Once again. Thanks for all the replies
DeuceDeuce said:
I’m another one of those people that keeps a spreadsheet for pretty much everything. In no particular order, our (two people) annual expenditure looks like this:
Council Tax £3,360
Electricity £1,920
Water £480
BB/Phone/TV £1,440
Dentist £600
Gate service £180
Chimney sweep £70
Eco Dan Service £400
Car 1 serv & MOT £540
Car 2 Serv & MOT £1,080
Mobile phones £360
Wine & Spirits £2,400
Food shopping £6,000
Pet Insurance £240
Pet supplies. £1,200
Petrol £3,600
Iron & dry cleaning £480
Pub/dinners out £7,200
Clothes £2,400
Logs £240
Car Insurance £1,200
Home Insurance £720
Memberships/subs £3,600
Road Tax £825
Misc gifts. £1,200
Salon appts. £1,800
Other. £4,000
Totals £47,535
Including ongoing holidays, occasional car changes and household maintenance/improvements probably doubles this.
Fair enough, everyone’s different. Council Tax £3,360
Electricity £1,920
Water £480
BB/Phone/TV £1,440
Dentist £600
Gate service £180
Chimney sweep £70
Eco Dan Service £400
Car 1 serv & MOT £540
Car 2 Serv & MOT £1,080
Mobile phones £360
Wine & Spirits £2,400
Food shopping £6,000
Pet Insurance £240
Pet supplies. £1,200
Petrol £3,600
Iron & dry cleaning £480
Pub/dinners out £7,200
Clothes £2,400
Logs £240
Car Insurance £1,200
Home Insurance £720
Memberships/subs £3,600
Road Tax £825
Misc gifts. £1,200
Salon appts. £1,800
Other. £4,000
Totals £47,535
Including ongoing holidays, occasional car changes and household maintenance/improvements probably doubles this.
8k a month including holidays/ car changes etc .
Shnozz said:
Years ago I met a couple from Scotland who were in the Canary Islands for a few months over winter. Admittedly it wasn't a five star hotel but they were retired and told me that what their two month cost them (all inclusive) was paid for by the saving in their winter heating bill, let alone the additional saving in food and drink for two months.
To a lesser extent, but myself and my partner spend as much winter as we can in my Spanish home and whilst there save a chunk of cash. Benefit from lower energy use in UK property and cost of living being far lower, plus we tend to go out far less oddly. Either way, tend to find we spend 50% of what we do when in the UK.
I know if a retired couple that have a flat in Frinton on sea ( north Essex coast) that they live in during our summer months & a flat in Tenerife where they spend the winter . To a lesser extent, but myself and my partner spend as much winter as we can in my Spanish home and whilst there save a chunk of cash. Benefit from lower energy use in UK property and cost of living being far lower, plus we tend to go out far less oddly. Either way, tend to find we spend 50% of what we do when in the UK.
I can see the value in doing this especially now where UK fuel bills are set to rise dramatically
Shnozz said:
They won't be doing that post-Brexit though sadly (unless they have an Irish/EU passport). One big fly in the ointment for the "winter swallows".
But yes, the offset in winter energy bills is huge. Our UK apartment consumes £400 PCM in winter. By contrast we have been at my Spanish place since 20th December and even in an abnormally cold January so far have spent €80 on electric for the air con to warm 2 offices for me and the Mrs and then another €70 on wood for the log burner.
Indeed Brexit totally changed his previous arrangement. But yes, the offset in winter energy bills is huge. Our UK apartment consumes £400 PCM in winter. By contrast we have been at my Spanish place since 20th December and even in an abnormally cold January so far have spent €80 on electric for the air con to warm 2 offices for me and the Mrs and then another €70 on wood for the log burner.
He did mention there was a discussing to reverse this rule eventually . Also Covid tests have added to their recent costs but that’s another subject entirely.
I’m sticking with my guns on required monthly draw and anticipate 5k is more than enough.
Car wise I suspect it’ll be one family wagon and a small run around
gotoPzero said:
I think somewhere you can save quite a chunk once retired is the small things you can do yourself as you now have time.
I binned the window cleaner last year - was costing about £200 a year. Bought a pole set up for about £120 and do them myself now about once a month.
I actually find it quite nice to go out and spend an hour messing about - which is scary to say LOL I think it shows you are getting old.
There are a few things you can DIY once you have the time.
Something else is travel. We hope to travel quite a bit but we will do so off season. We will probably also use airbnb quite a bit and hoping to do some long term rentals over winter which if you book the year before you can get some really good deals. Same with flights, if you book in the black Friday sales for the following year you can get some much cheaper prices.
Its not like we will have to work the dates around work or anything!!
Yes , little jobs you might once of paid for you can now tackle yourself. I binned the window cleaner last year - was costing about £200 a year. Bought a pole set up for about £120 and do them myself now about once a month.
I actually find it quite nice to go out and spend an hour messing about - which is scary to say LOL I think it shows you are getting old.
There are a few things you can DIY once you have the time.
Something else is travel. We hope to travel quite a bit but we will do so off season. We will probably also use airbnb quite a bit and hoping to do some long term rentals over winter which if you book the year before you can get some really good deals. Same with flights, if you book in the black Friday sales for the following year you can get some much cheaper prices.
Its not like we will have to work the dates around work or anything!!
I’m pretty useless at DIY but I’m sure painting the house I can attempt myself along with gardening etc .
Not that I enjoy gardening particularly
bulldong said:
It’s interesting that people are recommending tightening the belts when you retire. Things like “switch to a gifgaf phone and save £20 a month”. Why don’t you just live like that in the first place and retire earlier or with more money?
I guess when you retire you have more time to nail down the expenses more especially when you know you have a set income . Maybe we’re lazy for now but point taken
Jon39 said:
You should be able to save that £240 on logs.
Even poor old me has a wooded area in my parkland grounds. My butler/gardner goes to cut down some small trees, then puts them through the log splitter machine.
I spotted the post about two people eating £200 of food each month.
Just £25 grocery bill per person per week. I must be eating too much.
Should I be shopping at one of those Litdl shops?
Do they do home deliveries ?
They’ll be 2/3 of us and I’d say that’s realistic but might be able to cut that down somewhat
ARHarh said:
Me and the wife only spend £200 a month on food. I don't struggle to eat. This morning for breakfast I had a duck egg on lightly toasted home made bread, tonight we have Stroganoff, and for lunch it will be a home made roll, with cheese and homemade chilli jam. This sort of thing is not unusual. We make all our own meals from locally sourced meat and veg etc. The biggest saving is not buying pre-made food or cakes etc. It really is easy just need to plan a bit. Oh and i do shop in Lidl
More than happy to make sacrifices & be sensible when it comes to shopping etc .What do you think you spend all in on a monthly basis ?
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