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Retirement

mini-x2 said:
I reckon that when you're mortgage free, car payment free etc, you can live on next to nowt. Unless you've got a wife with expensive tastes like mine :confused:
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I own my house/car but my basic bills, council tax, water, electric, gas, TV/BB, insurance etc come to £800/mth and that doesn't include food/clothes/entertainment/holidays etc.
 
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SurreyMackem said:
I own my house/car but my basic bills, council tax, water, electric, gas, TV/BB, insurance etc come to £1000/mth and that doesn't include food/clothes/entertainment/holidays etc.
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Must be a canny council tax bill but I'm assuming by your username that you live in Surrey which isn't cheap
 
Ralf81 said:
Must be a canny council tax bill but I'm assuming by your username that you live in Surrey which isn't cheap
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Or expensive sky package & top of the range phone.
My household bills are around £500 which include a few streaming services & basic Sky package.
 
Blooming heck. Think I need to check our household bills.Mine is between £800-900 but that includes everything with annual bills like at insurance/service, caravan storage service, gyms, TV licence all factored in.
 
mini-x2 said:
I reckon that when you're mortgage free, car payment free etc, you can live on next to nowt. Unless you've got a wife with expensive tastes like mine :confused:
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Co Tax £322
Utilities £250
Water £37
Tv Licence £15
Sky £92 - although that's going to be binned
Insurances around £50

The big one is groceries

You only have to call in for a "few bits" and in its £50.00 I don't think its possible to eat well for less than £400pm per couple.

So all in its not next to Nowt!!

From what I can see for a couple its around £40k per annum if you want a comfortable life. Couple of holidays / meals out / Day trips a couple of times a month.
Could be done on a budget at £30k pa.

It depends on you and your own personal circumstances and how you currently live.

You don't want to suddenly have to become a tight arse in retirement. When I see my adult children I like to take them out for example.
One thing I am trying to cut back on before retirement is acquiring stuff.
 
i8playoffs said:
Co Tax £322
Utilities £250
Water £37
Tv Licence £15
Sky £92 - although that's going to be binned
Insurances around £50

The big one is groceries

You only have to call in for a "few bits" and in its £50.00 I don't think its possible to eat well for less than £400pm per couple.

So all in its not next to Nowt!!

From what I can see for a couple its around £40k per annum if you want a comfortable life. Couple of holidays / meals out / Day trips a couple of times a month.
Could be done on a budget at £30k pa.

It depends on you and your own personal circumstances and how you currently live.

You don't want to suddenly have to become a tight arse in retirement. When I see my adult children I like to take them out for example.
One thing I am trying to cut back on before retirement is acquiring stuff.
Click to expand...
My bills are similar to yours - it’s the council tax that is the killer as no way to reduce it apart from down sizing (only have a 3 bed semi anyway, so no scope for that), or moving to a cheaper part of the country. Food also costs at least £400 per month, but we do buy decent stuff.
Anyway, we retired last year and spent £40k over the first 12 month period. I would say £10k was spent on holidays (Norway was not cheap!), so if needed we could tighten our belts, but as you say, there was no point us retiring early if we were just going to sit at home all day counting the pennies.
 
Barista said:
My bills are similar to yours - it’s the council tax that is the killer as no way to reduce it apart from down sizing (only have a 3 bed semi anyway, so no scope for that), or moving to a cheaper part of the country. Food also costs at least £400 per month, but we do buy decent stuff.
Anyway, we retired last year and spent £40k over the first 12 month period. I would say £10k was spent on holidays (Norway was not cheap!), so if needed we could tighten our belts, but as you say, there was no point us retiring early if we were just going to sit at home all day counting the pennies.
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I was thinking of 40 grand per year from 60 to 68 then live off pensions after that
 
Barista said:
My bills are similar to yours - it’s the council tax that is the killer as no way to reduce it apart from down sizing (only have a 3 bed semi anyway, so no scope for that), or moving to a cheaper part of the country.
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Moving to a cheaper part of the country would probably make no difference to your council tax bill. A £400,000 house in say Croydon would have a lower council tax bill than a £400,000 house a cheaper area like Sunderland.
 
Barista said:
My bills are similar to yours - it’s the council tax that is the killer as no way to reduce it apart from down sizing (only have a 3 bed semi anyway, so no scope for that), or moving to a cheaper part of the country. Food also costs at least £400 per month, but we do buy decent stuff.
Anyway, we retired last year and spent £40k over the first 12 month period. I would say £10k was spent on holidays (Norway was not cheap!), so if needed we could tighten our belts, but as you say, there was no point us retiring early if we were just going to sit at home all day counting the pennies.
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£10k was what I have budgeted for hols.
I might use Tax Free cash on a campervan - use for 5 years - and then sell - that will reduce the need for £10k - probably only £5k in spends for a few years.
I agree you want to have at least a golden decade - health permitting!
 
i8playoffs said:
Co Tax £322
Utilities £250
Water £37
Tv Licence £15
Sky £92 - although that's going to be binned
Insurances around £50

The big one is groceries

You only have to call in for a "few bits" and in its £50.00 I don't think its possible to eat well for less than £400pm per couple.

So all in its not next to Nowt!!

From what I can see for a couple its around £40k per annum if you want a comfortable life. Couple of holidays / meals out / Day trips a couple of times a month.
Could be done on a budget at £30k pa.

It depends on you and your own personal circumstances and how you currently live.

You don't want to suddenly have to become a tight arse in retirement. When I see my adult children I like to take them out for example.
One thing I am trying to cut back on before retirement is acquiring stuff.
Click to expand...
Bin the tv licence there's an easy 15 quid saved
 
One for the retirees - did you take any advice on how to drawdown and how much etc .
The missus (no) is hoping to retire in March , was just gonna use the 4% rule but unsure if should get advice about how best drawdown how it works etc and amounts could probably take
I will then start looking at when I can probably go, there’s no chance I’m working until 60.
The one thing we’re all running out of is time and you only get so many years while still active and healthy
 
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