Any use?
Key Post How much will you spend in retirement?
- Thread starter Sarenco
- Start date
Yes it was great, I plugged in every appliance to it for a 24 hr period at least depending on appliance and measured exactly how many kw they were all using. Things I couldn't use it for like the oven I just took meter readings before and after usage. Didn't make them use less obviously but I could at least see what could be improved.
Meath Lady
Registered User
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You can borrow a monitor from your local library. We had great fun monitoring varying appliances.
Most have a kit (can't remember what it's called) that monitors various items to see how many kW they use and also advises you what the general usage should be.
Included also is a thermostat to tell you if your fridge or freezer are at the correct temperature.
Meath Lady
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FWIW, Standard Life have updated their calculator for 2024 -
www.standardlife.ie
How much do I need to retire? | Pension Planning | Standard Life
When you're planning for retirement it's important to think about the income you'll need to live the lifestyle you want. Our calculator can help you start planning today.
www.standardlife.ie
SlackerHumanoid
New Member
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I plan to retire at the end of this decade, aged 60. I calculate that we (me and spouse) will need €34k per year to live comfortably covering everything bar entertainment and holidays (will use up to €20k per year for such).
Howth Head
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Have found it similar to those figures. (Not long retired - early 60s.) Spending about €21k per year personally on everything including entertainment (those Springsteen tickets aren't cheap!) Herself - who is still working full time - would probably spend a bit more annually. Unlike others it seems, I'm not afraid to dig into savings occasionally if there's a shortfall in the future. That's what it's for!
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Eithneangela
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Retired 20 years (early retirement at 53). Initially spent a lot of savings travelling the world and visiting relatives in Australia, New Zealand, USA, France, UK etc.
Then downsized home, moved from Dublin to Wexford, best decision ever.
Covid stopped us in our tracks, physically, mentally and loads of other ways. But, because we’ve totally reduced travel, have accumulated savings which kiddies are getting the benefit of.
We both have good occupational pensions, not brilliant, but enough for us to help others in a small way.
Have done our best to be environmentally aware, insulated house, solar panels etc.
Our spend annually on normal living (insurances, car, home maintenance, taxes, broadband/tv, travel, holidays, groceries, birthday/xmas presents etc…..) is about €35,000.
I get the OAP which is now about €14,000 per annum, so this is a big input to our income.
I think as we get older, we spend a lot less and question what we do spend money on. Fripperies no longer required, every purchase queried as to necessity, and that’s just me!
All main grocery shopping done in Lidl, whether at home, or in UK or France visiting family.
Kiddies benefitting from our quiet almost frugal living via regular transfers.
We’re still having a good life, in France at the moment, will be filling the boot up with Sauvignon Blanc at the Red Bus in Cherbourg on the way home. Sinful to pay €10 for a bottle of wine selling for €3 in France.
Long response. Hope everybody is still awake.
Then downsized home, moved from Dublin to Wexford, best decision ever.
Covid stopped us in our tracks, physically, mentally and loads of other ways. But, because we’ve totally reduced travel, have accumulated savings which kiddies are getting the benefit of.
We both have good occupational pensions, not brilliant, but enough for us to help others in a small way.
Have done our best to be environmentally aware, insulated house, solar panels etc.
Our spend annually on normal living (insurances, car, home maintenance, taxes, broadband/tv, travel, holidays, groceries, birthday/xmas presents etc…..) is about €35,000.
I get the OAP which is now about €14,000 per annum, so this is a big input to our income.
I think as we get older, we spend a lot less and question what we do spend money on. Fripperies no longer required, every purchase queried as to necessity, and that’s just me!
All main grocery shopping done in Lidl, whether at home, or in UK or France visiting family.
Kiddies benefitting from our quiet almost frugal living via regular transfers.
We’re still having a good life, in France at the moment, will be filling the boot up with Sauvignon Blanc at the Red Bus in Cherbourg on the way home. Sinful to pay €10 for a bottle of wine selling for €3 in France.
Long response. Hope everybody is still awake.
What are fripperies?
Eithneangela
Registered User
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- 936
Spur of the moment purchases for goods/services which might be considered luxuries, ie branded items costing extra for a label. Extravagant spending. We have enough stuff accumulated throughout our life not to require frequent replacement or updating.
I paid 6K last year, it will be a good deal less this year as I downsized and the 6K was for a large old house with bad insultation. We also have water bills !
Steven Barrett
Registered User
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- 5,331
What did you do that you could retire at 53 years of age? Did you have a defined benefit or defined contribution pension? Did you own your own business that you could sell?
Very few people are in a position to retire that young. It sounds like you made the most of it!
I know nothing about cars but my tin can is 19 years old. Kept in a garage, taken to garage for annual service before the annual check. It's on it's last legs I assume but still going strong, and perfect for the kids to learn to drive in. One scrapped the back of it on a pillar and broke the back lights reversing in, didn't say a word to me and when I found it they told me they didn't see the pillar (white and large) in the dark. Another child did I know not what but punctured a tyre so badly we had to get a new one, and because you have to make them match it required 1.
I prevent the mechanical fixes of old cars as they make sense to me.
Sold the big family car, Renault Grand Scenic, and we purchased a second car brand new last year, a small soft hybrid that on receipt of I asked the garage to turn off the hybrid stuff. He thought I was crazy. The Renault gave us nothing but problems from the get go and have put me off modern electronic stuff forever.
The great thing about the soft hybrid is that it has a normal gear box. So far had to go back to garage because one back door lock had to be fixed for some electric reason I couldn't understand (free) . I don't understand changing cars every 5 years. I do like the fact it has a radio and I can connect my phone and make business types calls from, I enjoy it as a work office space when driving. It also has GPS. The children are incapable of driving anywhere without some kind of sat nav.
I've no faith in modern cars and would have bought a standard petrol only car but I have to play the eco game for the government and rules in certain cities. Plus tax is cheaper as it's 'eco'. Total nonsense in my opinion. Petrol costs for both cars is currently €36 and both are used most days. Another odd thing about the new car is the 'range' it goes up and down and drives me batty as I can't rely on it. One minute it will say 80KM, then 120K and suddenly it's 30km.
I ended up paying €2279 for the Gas and €1303 for the Electricity in 2023
It should have cost me somewhere in the region of €1200 more, but I availed of better discount rates from Bord Gais due to moving to a smart plan with free electricity on Sunday and then also the Government energy grants of €550
This year should be a lot cheaper again not only due to the government grants but also bigger discounts from Bord Gais for availing of a Black Friday deal, falling energy prices and I'm hoping that moving from the free electricity on Sunday plan to an EV plan should help as well
I got some shock of a catch up bill of nearly 3 k when the energy crisis bills hit. The way it works here is you get a monthly bill of the same amount, it's calculated once a year based on prior year's consumption. Then you are sent a bill or a refund. Most years it's pretty accurate so I might get a refund of €300 or a bill of the same the the bills would be adjusted. In my new place it was suggested a bill of €175 so I upped that to €300 as I want no surprises. For various reasons and also because I like heat, the heating is on a lot. My late mother never turned her heating off, probably why she lived so long, my late grandparents would sit in the cold and put milk cartoons on the fire for heat and to save on fuel.
Your cost of living table was excellent. I'm afraid to say I'm way off any of the posters on here as regards costs. Gotta spend it before the box is lowered. And even then the kids are going to get a lot unless I do something spectacularly stupid. And I don't think spending 2K or 3K for one week in Egypt for guaranteed heat on 2 weeks in the worst of the winter is a lot.
Also amazed at how many posters and people in Ireland never moved during Covid as mentioned on this thread. We had loads of holidays any time we were allowed to leave. Literally would leave at the drop of a hat.
Just to help balance the figures a little. Not everyone does holidays. We're both in our 60s, still working full time. I'll most likely stop later this year, OH will probably stop next year. Joint income is around 130k a year. We don't go on holidays. Retirement income will probably be around 65k a year (joint). Not planning on doing holidays then either
Like Eithneangela above Covid stopped us in our tracks and still is having a knock on effect to today
We both were lucky never to have caught it and still today wear masks when out shopping or on public transport
Probably a bit of overkill there but the amount of people I see coughing and spluttering out there without even trying to contain it shocks me and if wearing the mask is the difference between me catching something or not, well then I'm willing to wear it
One thing Covid did for me was give me a renewed appreciation for my home and garden and my local community so much so that for the last few years I haven't felt the need or desire to travel at all really and even when I did travel to Spain for the winter of 21/22 I didn't enjoy it as much as I did pre Covid
Unlike Eithneangela I love living here in Blackrock, Co Dublin, everything I need or could want is near enough within a half an hours walk
Last night we strolled down to Monkstown to a little restaurant called "That's Amore" and guys if you live nearby and have never been, you need to check this place out, it's tiny, only seats about 20 odd people but the food and the ambiance is just on another level and best of all is it's very reasonably price, only downside is you might have to book it weeks if not months in advance
But now as we're half way through 24 the feet are starting to get itchy, we had hoped to get to Japan April/May of 2020 but for obvious reasons that got knocked on the head. we kind of looked at it for this year but the timing wasn't right so might be next year
We started to look at a extended road trip in America but it really for what we can see has got very expensive up at the €500 a day mark
So now we're thinking of catching the boat to Bilbao and driving down to Sicily (yes we like our road trips) in September/October
We're even thinking that we might just "wing it" and turn it into a real adventure of not knowing where we end up each day or how long it takes
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