Will £42k a year support my current lifestyle in retirement?

[Nefar]

I live in rural village in home counties, 61 yrs old and thinking about how much I will need to retire comfortably. Looking for personal experiences of other older mumsnetters. Media tools say 45K is suffice ( my pension is currently £42k) but i really want to keep current lifestyle and is this enough? Many people suggest you don't spend as much when retired. I just don't want to retire and then regret it due to financil contraints.

House paid for but band G so council tax so pricey. No debt but I love eating out and three holdays abroad per annum . Single, socially busy and happy to remain so.

Your pension is £42k, so £3.25k per month. Isn't that enough?

Is that before tax? I think I’m on £43k before tax but that includes investment income and it’s ok. But I do have a separate investment pot that I can dig into for holidays.

How does it compare to your current income?

Direct debits 800 per annum . Petrol 100 per month. House maintence and Christmas each 100 per month. 400 a month going out . Botox/ hair / cosmetics etc 200 a month . Gym /pool 80 per month. Holiday save £ 600 per month .

Thanks for response. How much do u tend to dip into for holidays per annum ?

Well, what do you earn at the moment and does it support your current lifestyle? Then compare to £42k.

@Nefar

Probably about £5k per year.

Look at what you currently spend and what you’d anticipate stopping spending on retirement (for me this was hardly anything but you may have travel costs). This is the only way you can answer your question! Average amounts quoted for a decent retirement don’t tell you much about your own circumstances.

Bloody hell! Is this for real?

Yep. Problem?

I was thinking the same, 🤦‍♀️

Sorry, are people not allowed to ask questions just because YOU can't personally relate ?

Does this include your state pension that you'll get in a few years and do you have any other savings?

It’s a lot of money. An awful lot. It’s really hard to believe you’re asking if you’ll manage.

Not state pension yet . Got to wait another few yrs for that. Have some savings in case i need a repairc roof etc . Emergency fund is aprox 20k atm. Hope nothing too drastic happens 🙏

I think this sounds fine OP, I would probably try and reduce your hours at work if you haven't already so you can get a feel for the reduced income.

I don't think 43k can be described as an awful lot of money, especially if your use to earning a lot more. It can be a scary thought retiring and knowing your basically on a set income.

What about food / utilities / mobile phone / broadband / sky or whatever you have if you do / insurances / random incidentals? What is your take home now? I think you’ll need to shave some off the holiday savings.

Foid is 50 a week and utiilies and broadband council tax just over 600 month

She didn't ask if she would manage. She asked about maintaining current lifestyle.

@Nefar is downsizing at retirement something you would consider? Perhaps free up some equity and reduce council tax.

I am partially retired and have about 45k pa and it is grand to live on. My pensions are index linked though and I don’t get state pension for another year. I also have extensive savings and investments that I don’t dip into unless really necessary. I found that once partially retired my grown up kids don’t ask for as much from me and that’s a big saving. Also I find that 1 long holiday per annum for 1 month is cheaper than having more short holidays and suits me better as well.

@Nefar bear in mind you'll no longer pay ni or pension contributions.