Thom Posted September 23, 2014 Share Posted September 23, 2014 To have a reasonable lifestyle in the UK? Not big cars and expensive holidays etc, just a reasonable standard of living. My wife and I are looking at the possiblity of early retirment, and trying to calculate how much income we need to be comfortable there. We have a house, with no mortgage on it, in Cornwall. We will both have supperannuations. Any clues? Thoughts? Advice? What do you need to get by? Thanks in advance Quote Link to comment Share on other sites More sharing options...
Pumpkin Posted September 23, 2014 Share Posted September 23, 2014 What would you need to live on now if you had no mortgage? Consider that in $, divide by 2 to get £ and you are there or thereabouts. We all live on different amounts and have different expectations, there is no point assessing against anyone's expectations but your own. Quote Link to comment Share on other sites More sharing options...
rammygirl Posted September 23, 2014 Share Posted September 23, 2014 Depending where in Australia then consider 2.2 to 2.5 times the amount in pounds. so if you need £50,000 in the UK you would need upwards of $ 110,000 in Aus to lead an equivalent lifestyle. This is of course a rough guide, property is expensive here now, but that as always depends on where you want to be. Just because use you don't need to commute to work in the city doesn't mean you don't want to live close to it. i certainly do not want to retire to the country for example. Quote Link to comment Share on other sites More sharing options...
flag of convenience Posted September 23, 2014 Share Posted September 23, 2014 Rather an expensive option I'd have thought moving to retire in Australia? Saying that one or two on this forum have done just that but I believe have family connections here. Impossible to set a figure on it. Depends if renting or rent free sans mortgage. If one enjoys eating out on a regular basis. The sort of car sought. All expensive here in Australia. Quote Link to comment Share on other sites More sharing options...
Guest guest30085 Posted September 23, 2014 Share Posted September 23, 2014 (edited) I read it as they are looking to retire in the UK :eek: Edited September 23, 2014 by guest30085 typo Quote Link to comment Share on other sites More sharing options...
flag of convenience Posted September 23, 2014 Share Posted September 23, 2014 I read it as they are looking to retire in the UK :eek: I stand corrected. Quote Link to comment Share on other sites More sharing options...
rammygirl Posted September 23, 2014 Share Posted September 23, 2014 Ahh then divide by the same! Quote Link to comment Share on other sites More sharing options...
Thom Posted September 23, 2014 Author Share Posted September 23, 2014 Sorry if I wasn't clear, we're considering retiring back to the UK. We go back on holiday every two years and always find it incredibly cheap there, so we were wondering what people call a “comfortable” income to live on, rather than just swanning about on holiday. Thanks for your thoughts. Quote Link to comment Share on other sites More sharing options...
wattsy1982 Posted September 23, 2014 Share Posted September 23, 2014 We used to live comfortably (including £850 a month on mortgage) on a joint net monthly income of £3500. We had 2 children, ran 2 cars, had sky tv, broadband, mobile phones etc and went out for drink/meal a couple of times a month. Cant live like that here, even though we are earning more! Quote Link to comment Share on other sites More sharing options...
Jacaranda Posted September 23, 2014 Share Posted September 23, 2014 We keep our lives simple.Not because we "have to"but because we want to.Life to us is more enjoyable and easier that way.We're working class people,but manage to live a great life in the UK. (I've spent 30 yrs living in Sth Oz in the past).We go out alot socially,and have 3 oversea's holidays a year,and a holiday at home.We don't want for anything!We don't have any debts,and recently both sold our cars!Wow the liberation of not owning a car is fantastic!Our choice to get rid of cars,we both work in the town we live in,so seemed pointless keeping them!I've been car free before and loved it,so nothing new to me! I think where ever you live,if you're sensible,you can live a good life.I've seen too many people clocking up the debts and then running away from them.Only to do it all over again!Crazy!We have an allotment too.Always grown my own food,and its very sociable too!My daughter lives in Cornwall and loves it.(She's an aussie btw).Our bills are minimal,and we don't live like scrooge either!lol Quote Link to comment Share on other sites More sharing options...
Guest Posted September 23, 2014 Share Posted September 23, 2014 I find Oz more affordable on a similar salary to London but if I had been from oop north I'd probably find Oz insanely expensive. Not sure on Cornwall? probably need more than most areas of the country but less than London at a guess Quote Link to comment Share on other sites More sharing options...
Thom Posted September 25, 2014 Author Share Posted September 25, 2014 Thanks for the replies, and thanks to whoever moved the thread. We used to live comfortably (including £850 a month on mortgage) on a joint net monthly income of £3500. That's about the ball park we figured. We wouldn't have a mortage, but would probably have to spend more on transport as our house is a relatively remote area. Anyone else care to give an idea of what they need a month to get by? Quote Link to comment Share on other sites More sharing options...
juliew1499 Posted September 25, 2014 Share Posted September 25, 2014 Hi we live in Cornwall and just going through the process of applying for Parent Visas to live in Melbourne. the only reasons we are going is because our only child lives in Oz and we miss her soooo much. Cornwall is beautifUl but it's no fun being without family. we have have looked at the cost of living in reverse and have come to the conclusion that it''s about 10 percent more expensive to live in Oz. Petrol is cheaper in Cornwall than other parts of the UK but then you have to pay toll fees every time you want to use the Tamar Bridge, Plymouth. petrol is still cheaper in Oz. We don't have a mortgage but run a very large house and have a very comfortable lifestyle on £2500 per month. we could manage on less. It's all down to the exchange rate really when it was below 1.6 we could not afford Oz. Now it's 1.85 it's more than affordable. we think the best thing to do is have split income in both currencies so that you avoid problems with the exchange rate. hence we will buy a property to let we we get to Oz so we have income in AUD That's about the ball park we figured. We wouldn't have a mortage, but would probably have to spend more on transport as our house is a relatively remote area. Anyone else care to give an idea of what they need a month to get by? Quote Link to comment Share on other sites More sharing options...
Thom Posted September 25, 2014 Author Share Posted September 25, 2014 Thanks Julie!! Quote Link to comment Share on other sites More sharing options...
beach pig Posted September 26, 2014 Share Posted September 26, 2014 How much do I need to live? About 5 pints of blood:wink: Quote Link to comment Share on other sites More sharing options...
Nearlythere1 Posted September 26, 2014 Share Posted September 26, 2014 My experience of living in the UK, or anywhere else really is, you'll live to your income.. If you've got no mortgage or debts, you're already onto a winner.. I think lots of people would love to get to that point by retirement age (currently at 114yrs of age in UK).. Cornwall is quite inexpensive to live, from what I've seen over the years (apologies to the Cornwallions if this isn't correct) but everything is relative to each persons individual needs and expectations, especially having lived in the South of England where Guinness is £4.50 a pint.. If you have a garden or small holding, plant your own veg, get a couple of chickens and a cow, for milk... Maybe a wind turbine (wouldn't bother with solar in the UK).. If it's the retirement you want, then you'll make it work.. Good luck with your plans.. :wink: Quote Link to comment Share on other sites More sharing options...
Guest Posted September 26, 2014 Share Posted September 26, 2014 My parents live comfortably on the state pension which is about £1000 a month. They have no mortgage, don't drink or smoke but until my dad's health deteriorated could afford to have a coffee/lunch out, a holiday or two each year and run a car. They can afford to be generous with gifts to me and my family and pretty much want for nothing.They are normal working class people so have never lived a life of excess. Quote Link to comment Share on other sites More sharing options...
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