What monthly income do couples need for a comfortable retirement?

[sha777]

Hi.
I'm just trying to work out what we need money-wise in retirement.
Can anyone give us a real-life experience of what they live on.
Our requirements are quite simple we have no debt or mortgage.
Couple of holidays abroad per year and like to eat out once a week .
Were hoping £2500 a month will give us that.

Yes you are.

You were the one who were judgy and said "multiple holidays were excessive"

I replied saying "multiple holidays were great."

And because I like multiple holidays a year I am shaming people, I worship money, I don't have anything in my life except money, and money is more important to me than relationships.

Do you really think that's a fair and rationale conclusion based on me saying multiple holidays per year are great?

This .
They say you spend most money in your 60’s when you have your health and mobility .
in your 70’s you stay in this country more and spend less then your 80’s you stay home more and potter so need even less money . How true that is I don’t know but I’m certainly getting my long haul trips in whilst I’m enjoying good health .

No. But surely you can see we’re all different?

Agreed . I could spend a lot more but don’t want to pay this awful government more than I have to so purposely keep as little as possible hitting 40%.

I didn't suggest we weren't, that doesn't explain you jumping to such a spiteful conclusion because I said multiple holidays per year is great.

I’m also in the multiple holidays group! They don’t all have to be expensive: a week’s self catering in the uk outside school holidays is great, but exploring the world is what we want to spend our money on.

It’s not an either or. I have great friends and relationships and like to spend money on travel.

Absolutely!

We're heading off piste here.

We are all different, we all have different spend patterns in our working lives which as others have said carry forward into our retirement. There is absolutely no point querying other people's life and retirement choices.

I think of retirement spending as an inverse bell curve, I want to spend more while I can in the early years, there may well then be an increase in spending nearer the end in terms of household/ garden assistance/ care etc. And a middle section where travel options etc. may be curtailed.

Be aware of changes to IHT especially if cohabiting, there will be less benefit in leaving pension funds in situ and potentially more advantage in drawing more and gifting, spending or putting it in an ISA especially pre SP kicking in.

So what? When you retire you don't just stop doing everything and potter in your garden. 😂 If you've never used the bus for many many years you don't just start using one because it is free. Cars give you day to day enjoyment so it's not all about having to lived a pauper's life. We go on two long holidays a year , a UK one and then a pre Christmas maybe 4 nights. We want to do that, enjoy it and yes will continue to do so as long as we are able. We have made the decision to stop flying economy as it's too much for old bones. Already I had to buy holiday insurance as my bank stopped giving it as a freebie because of my age. I'm not at 75 yet but I know there can be issues with car hire companies.

They see your retirement as in three stages - you active period which is approx to 75, then you enter a more seasoned active stage where you may spend less on certain things and then approx 85 if you live that long when you may be looking at care home fees.

It may seem excessive to you but it's not to others. 🤷‍♀️

Can't you see what you are saying though? You are implying that I am a fool to spend this. Imagine if I were to say " Christ you hair must look like crap" . Why are you being so insulting ?

Can’t believe people are judging how people choose to spend their retirement. Reeks of jealousy to me!

I have more than enough money in retirement to spend it having fun. You sound quite bitter

yes that’s exactly why I said: “add any costs you might expect to go up” and specifically referenced “classes and leisure travel” 🙄

you presumably know how much you currently spend on holidays and how often you go away so multiply your current spend by anticipated frequency.

I was responding to believeincher about the amount quoted being ridiculous. If I wanted to I could go on several holidays a year-I don’t!

No NI.

Ok.

I didn’t mean to be.

As an aside, and sorry to the people I’ve. inadvertently offended, I’m autistic and can be very blunt then regret it, do you think the change in retirement age has made us all focus more on this?

I’m retired. I’m 62. My husband retired the year before me. He’s 63.We both retired in our 60th birthdays.

So, back in the day, I would be getting my SP and would have been getting it since I retired (60) and he would be getting it next year. But now we both won’t get it until we’re 67.

However, we’re ok with £3k a month for now as we have savings to mitigate it, no mortgage etc and when we get it we’ll have about 5k a month.

I honestly can’t imagine living on the SP alone.

I agree. Not everyone wants to sit in their bungalow miserably gossiping about the neighbours’ unnecessary new car and show-off handbag.

People definitely start using the bus because it’s free. I drive past the bus stop and see them waiting. When I get a free pass I’ll join them rather than spending money on petrol and car parks 😂

It’s a big saving, one of the better perks of being old!

I just googled to see when you get it as dh is in his (0s and was surprised about getting a free prescription last year. Bus passes aren’t till,you’re 67 though. But if you live in London it’s free on the tube and buses once you’re 60 (if you live in London). Which is amazing for Londoners.

The 60+ London Oyster is brilliant. It can be used on buses, trains, the tube and trams. My dh really gets the most out of his and hops all over the place. The pass covers travel quite far out too. I think it has saved us around £150 a month as he doesn’t use the car so much. Looking forward to getting mine (if it still exists then).

@CaptainBeefheartspali think they broached
making is bus only didn’t they recently? In reality many people 60+ are still working so it’s a bit of an outlier. I’m 7 years off it so am sure it won’t be available when I get there