Pretty sure it’s for an individual.Is this per person or per couple?
I would be very interested to hear what retired posters think of the calculator. Does it broadly line up with their own experience?
To be honest no calculator provides one size fits all. I am 60 and my better half 62. We have no borrowings for well over two decades.Obviously this will vary enormously but I recently came across this calculator from Standard Life that I thought was quite interesting -
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
4 weeks in the sun each winter is €3,928. Seems way over the top, unless you're going to a 5* in Acapulco.
I had a week recently in southern Spain, and total cost was ~ €800. That includes flights, which wouldn't be applicable for the other three weeks, as well as general living expenses, of which a big part would already be accounted for in the €15,158 annual figure.
I agree, and would be very skeptical about these generalised calculators. About as useful as the other posters who assert, without qualification, that the target pension pot "should" be €2M!Come on! Get real, the costs there apply to the likes of Beyoncé, Cliff Richard and a few other celebrities. Callybags (above) is nearer the true mark. A good 2 bedroom apartment (front line) in Spain and centrally located costs €800 per month (off season) including internet, electricity, water, refuse. And you can get cheaper, but not centrally located etc.
These are probably subsumed into the base figure assuming that they take the same approach was the ISI with their Reasonable Living Expenses figures. In fact, they may actually be using those directly?One material line item that struck me as missing from the calculator is health insurance.
I suspect health insurance premiums constitute a significant item of expenditure for a lot of retirees.
Also, there’s no allowance for gifts or charitable contributions.
No, they specify where that figure comes from at the end of the calculator.. In fact, they may actually be using those directly?
Year | 2012 | 2017 | 2022 |
Food Shopping | 4076 | 3361 | 4103 |
ESB | 980 | 834 | 680 |
Gas | 1234 | 887 | 992 |
Waste | -- | 172 | 178 |
Broadband | 616 | 432 | 370 |
Mobile | -- | 469 | 239 |
TV & Licence | 689 | 761 | 351 |
Health Insurance & Medical exp | 1270 | 2819 | 3930 |
Car Insurance & Maintenance | 700 | 2500 | 1851 |
Petrol | 700 | 662 | 547 |
House Insurance & Maintenance | 1126 | 1421 | 746 |
Entertainment & Takeaways | 468 | 1865 | 1293 |
Holidays | --- | 15701 | 4500 |
All Things Bike | 1751 | 2545 | 6070 |
Miscellaneous Spending | 750 | 1425 | 1217 |
Totals | €14360 | €35854 | €27067 |
Interesting, thanks. I see your energy bills are low compared to ours, house maintenance ditto. And you seem to have a trouble-free cat - no large vet bills. I think we spend more despite downsizing to one car and having lower cost holidays, so I should do a similar breakdown. We have expensive enough hobbies/pastimes too, isn't that what retirement is for?By now you all are fairly familiar with my story of early retirement and what I've gotten up to over the last decade
And when the question is asked of me and retirement the first thing I generally ask is "how much does it cost you to live"
and I normally break that down into two sections essential and non essential spending
I view essential as as the basics like food shopping, utilities, all insurances including car, eating out and take aways
Everything else is basically non essential but sometimes the lines between the two do become blurred especially when it comes to bike related things
Below is a fairly accurate view of most of our living costs over the last 11 years for two adults living in a bog standard three bed dormer bungalow with two cars and a cat and an unhealthy obsession of all things bike related
Year 2012 2017 2020 Food Shopping 4076 3361 4103 ESB 980 834 680 Gas 1234 887 992 Waste -- 172 178 Broadband 616 432 370 Mobile -- 469 239 TV 529 761 191 Health Insurance & Medical exp 1270 2819 3930 Car Insurance & Maintenance 700 2500 1851 Petrol 700 662 547 House Insurance & Maintenance 1286 1421 906 Entertainment & Takeaways 468 1865 1293 Holidays --- 15701 4500 All Things Bike 1751 2545 6070 Miscellaneous Spending 750 1425 1217 Totals €14360 €35854 €27067
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