Another new retiree thread

[pistolpete]

My OH retired in March so we will both be home as I retired a few years ago. I’ve really enjoyed reading the recent thread on new retirement and wanted to ask specifically about cost and spending in retirement. Horses aside is life less complicated and a little cheaper? Or all the travel and new socialising costing a bomb? We will be on £10k less a year but do have savings. So hoping we’ll manage fine.

 

[Pearlsacarolsinger]

My OH retired in March so we will both be home as I retired a few years ago. I’ve really enjoyed reading the recent thread on new retirement and wanted to ask specifically about cost and spending in retirement. Horses aside is life less complicated and a little cheaper? Or all the travel and new socialising costing a bomb? We will be on £10k less a year but do have savings. So hoping we’ll manage fine.

I retired during Covid, so it's maybe a little different but I certainly saved on petrol/travel costs. I do most of My grocery shopping online, so don't find myself popping into a shop on the way home from work and buying things that I never knew I needed. I definitely don't take the car out every day. I don't buy lunch out every day. I have time to cook at home, so that works out cheaper. I do go.out locally for lunch with friends and in the Summer travel about 30 miles round trip to volunteer with RDA at least once each week but not only is the travel cost less but so is the wear and tear on the car.

 

[ycbm]

More expensive.

Heating all day if you are in.




Less expensive.

No work travel and parking costs.
No leaving present contributions.
No work clothes or shoes.
Age related theatre, cinema, restaurant and sports event ticket reductions.
Time to do stuff yourself instead of hiring people.
Heating starting later if you sleep in longer.
Cheaper holidays by taking short notice deals (very big savings available here).
Time to shop around for cheaper food and essentials, time to find and buy groceries in more than one shop.


Might think of more later, but enjoy your retirement!

 

[misst]

Aside from petrol/fares to get to work travelling anywhere out of rush hour means cheaper fares/less petrol use as quicker journeys. Less journeys means less wear and tear on the car.
Midweek offers on lunches etc often make things more affordable or earlybird suppers - it's easier to eat earlier if you've not rushed home from work.
Cooking more means less waste and more thought about food purchases.
Senior discounts on rail travel are very good.
As ycbm says last minute offers on travel/holidays are often great for saving.
We spend about the same but spend it a bit differently.
OH has a bit more time for DIY so we are spending less on getting people in to do stuff like that.
I never had a cleaner but if you have one then likely you won't need one if not working.
I don't pay a dog walker on work days anymore.
We will likely have to watch our spending a little but I "think" we have been fortunate and planned ok.
We have savings for emergencies.
I also have time to shop around a bit more.

 

[abbijay]

The impact of being on 10k a year less will depend on what you were earning previously. If it were £40k losing 25% of your income but if you were on £100k it's only 10% so the impact will be far less. Not expecting you to reveal that information, obviously, just saying that it will determine if this is an achievable reduction.
I'd imagine if your horse is currently on any kind of livery services you may have more time to DIY.

 

[ROMANY 1959]

I needed to retire 4 years before my pension, now got 18 months till officially a pensioner Had to stop work to look after Mum, so live off occupation pension , that’s not much and carers allowance . But I manage and found a liking to Aldi and Lidl’s special offers. Have more time to do dogs now, and make their own foods up myself instead of ready done.
last horse is with good friend and won’t come back as they adore him to bits.
One down side is due to caring commitments I don’t get much time away from the home unless I pay for respite care.. so I am a home bird now

 

[pistolpete]

It’s probably nearer 20%of previous earnings. But we’ll be fine. As I said having savings to fall back on for short fall times. Just a whole new ball game.