Stockpiling for retirement?

[TheDutchHouse]

Is that a thing?

I may have to retire in the coming two years , working out my finances it would appear I’ll go from living to surviving due to a drop in income.

which made me wonder if I should stockpile little extras to make the transition easier, such as toiletries, cleaning supplies etc

also get new glasses whilst I can afford, maybe update any technology.

Had anyone else done this ?

Surely ensuring you have a healthy savings account makes more sense than a cupboard full of bog roll and wet wipes?

How old will you be? Country of residence? Savings? NI record?

Context is pretty important here.

DH and I are a few years away but we have given it some consideration. Our thinking has been more around big ticket stuff that will keep our everyday living costs as low as possible - an electric car, solar panels, updated energy efficient appliances.

Getting all the routine healthcare up to date is a good shout.

You could do a wardrobe update, make sure you have good quality basics and boots/coat/bag that will last you many years?

What about your bedding and other linen?

Strange thought.🤔

A certain amount of what you may stockpile will be minimum cost items and you will have to be careful items don't spoil/dry out over time.
How much space are you looking to give over to stockpiling?
Technology gets outdated very quickly and some items my be obsolete by the time you want to use them.
Things like glasses may be of no use as your (free) prescription is likely to change.

Money is the key to a more comfortable retirement and if you can't afford it, maybe you will need to work longer?
What is your housing, pension & savings situation?

Savings would be wonderful but I started again late in life after DV with absolutely nothing.

I’m past retirement age now , UK. No savings except for a months rent tucked away just in case . Unfortunately as I had to start from scratch a few years ago with just the clothes I stood up in , at a minimum pay job I haven’t been able to save a lot.

Not so much a strange thought, although I sometimes have those too .. although I thought I’d have to work u til I drop Ill health means it will happen sooner rather then later

Good idea re routine health checks , dentist etc

I retired far earlier than usual for health reasons.
I spent the couple of years before my retirement living off my planned post retirement income to see if I could cope on that income.
Now that I am retired I do stockpile, so if my preferred brands are on special offer I stockpile or I buy wool sweaters in a heatwave when they are in the sale.
I guess in your situation I would live on your future income now even though you are not retired yet and build up some additional savings.

I’ve had to leave work due to ill health but had always planned to go at 55 so was about a yet short . In this year I’ve used some savings and bought a new car (6 month old EV) and had charger fitted , got the mortgage paid off a year earlier than planned and bought a new laptop as work will want theirs back. I haven’t done anything like toiletries as they’re just day to day expenses. What helped is for a year or two I’ve paid half my salary into an AVC to check I can manage comfortably on what my pension will be - currently waiting til I turn 55 to start claiming and managing quite comfortably on PIP / ESA in the meantime.

I had never thought of doing that , it’s only become apparent that retirement plans are closer than I thought because of test results from GP this week.
Thanks for suggesting this , excellent advice

My inlaws replaced all their white goods and car assuming that would see them out (their words). Didn't work as MIL lived another 25 years and outlived another 3 washing machines.

I would save the cash rather than stock piling.

Many years ago, when my Grandad was nearing retirement my Grandma started another "bottom drawer". She bought things like towels, tea towels, bed linen etc and put them all away.

We did this throughout my pregnancies for household essentials. Without really noticing much of a cost we managed to stockpile enough toiletries, nappies, cleaning supplies and dried goods like pasta and sauces and tins of tomatoes and squash to last my whole year off work. So it might be worth doing. Or just save the money? Depends on what lifestyle you’re living right now, if you live alone etc I imagine.

And they probably still had most of them at the end of their life!

When I started to think about when I would retire I started to try living on what my retirement earnings would be. I had time to stay longer if I had found I would be short.

I went to a work sponsored retirement seminar. Obviously the amount of money you have is a priority but they also stressed planning for what you do with the extra time. I was hoping for grandchildren and that wish came true. They keep my diary full.

Omg, my mum and dad did that in the 80’s.
Underwear, tea towels, towels, sheets
When they died, 20 and 30 years later, There was still stuff packed away, pkts unopened.

At the moment I am buying extra of non-perishable things, as inflation is an issue and supply chain issues can occur from time to time.

If you have a general preparedness outlook - food in the cupboards, stock of things you regularly use, then continuing to slowly add to stocks whilst still working would not be a bad thing in my view.

I will be making sure I get new glasses whilst still at work as I get some help with the cost. Nothing else really as I will need a lot less clothes. Will change my car at retirement as I will probably use it more as it's redundant all weekdays right now. I always keep a bit of a stock in but I don't really see the benefit in stocking up now over saving money for the future.

@LambriniBobInIsleworthISeesYa I did this too. We had boxes stashed in the bedroom.

If you can afford to buy an extra pack of loo roll, you can afford to save the money that loo roll would have cost. Then you have savings for whatever you need to buy - which is more useful than having an extra pack of loo roll when what you need is a new phone charger or a bag of pasta.

I chose instead to make sure I had a solid car that will last until my state pension pays out in a couple of years.

Had the back door replaced because it wasn't secure. I tried to make sure I would have no very big surprise bills.

What everyone else said. If you have no savings at all I would be putting any excess income into an instant access savings account- you can find the best rates here https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

If you can put away £10/week, that will give you about £1250 after 2 years, which would make a great emergency fund in retirement.

In terms of stockpiling, the only sort I would consider would be things you can get for free now. Sign up with sites like Freecycle and Olio. Ours often has people offering things like bin bags and cleaning products.

For glasses, you may be eligible for free ones if you're on a low income in retirement.

OP, I’m guessing you’re already fully up to speed on benefits available but maybe I should mention them anyway. Please ignore if not relevant.

Pension Credit is available and very useful if you have few savings or investments, as it’s a passport benefit to many other things available (as you’re over state pension age) such as help with housing and Council Tax bills, and winter heating assistance.

Generalised pension benefits include travel concessions like an older person's bus pass, and free NHS prescriptions including glasses. Also Attendance Allowance is there if you need assistance, and is not means-tested.

Yes, in fact try living on what your 'retirement income' will be now and save the rest. You'll start to learn what you can economise on.