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Cost of living crisis

Posted by JERRY on March 19, 2025, 4:14 pm

As we prepare for all the shock increases this April I wonder how long I can enjoy my hobbies. Just had my new council tax in and need to find £304 a month. My energy bill is going up about a third of last years. I'm just about on the limit to surviving on my income verses outgoings. Seems even in retirement I still need to work to keep my bikes on the road and race track. All getting very scary.

The oldest rocker in town!

Re: Cost of living crisis

Posted by Andy C on March 19, 2025, 7:41 pm, in reply to "Cost of living crisis"

Tell me about it Jerry, same here, just about every bill has or is going up.

Probably wiped out my pay rise this year plus some, yes, it is getting scary.

Who needs a signature anyway......

Re: Cost of living crisis

Posted by 6TDen on March 19, 2025, 7:47 pm, in reply to "Cost of living crisis"

£301.69 before my discount, and that is in the outback of Biggleswade, Bedfordshire.
Den

Re: Cost of living crisis

Posted by dommie90 on March 19, 2025, 8:50 pm, in reply to "Cost of living crisis"

Well someone has to pay to keep your overseas visitors in the life of luxury that they left behind

Re: Cost of living crisis

Posted by geoff the bonnie on March 19, 2025, 10:10 pm, in reply to "Re: Cost of living crisis"

There were a lot of rises for the coming 12 Months. I made a good saving when i stopped paying a TV licence as did about 900,000 homes this year. Every little helps

Re: Cost of living crisis

Posted by Leon Novello on March 19, 2025, 11:24 pm, in reply to "Re: Cost of living crisis"

No TV licence here, back in the 50s there was a wireless licence, but it was soon removed.

Leon Novello

Re: Cost of living crisis

Posted by 6TDen on March 20, 2025, 9:56 am, in reply to "Re: Cost of living crisis"

Also had to have a separate licence for a car radio.
Den

Re: Cost of living crisis

Posted by calidavid on March 20, 2025, 5:00 am, in reply to "Cost of living crisis"

That’s why I’m loath to retire, Jerry. Thankfully my bosses, I work for an extended family, don’t want me to go. I’ll be 80 in a couple of years so maybe that’s enough.
Also, I help my son’s young family living in Vancouver when I can.
(Just been there and disgusted by people padding around in bare feet on the plane where you needed gum boots to go in the wc.)
However, Ducati ride today. Yeeha!

Re: Cost of living crisis

Posted by 6TDen on March 20, 2025, 10:02 am, in reply to "Re: Cost of living crisis"

Sometimes David we reach an age when we need to start thinking of ourselves before others. Look around the posters on here who are enjoying their "my time" and realise how many others sadly went before they reached 80 or soon after it. Too many.
Den

Re: Cost of living crisis

Posted by geoff the bonnie on March 20, 2025, 10:33 am, in reply to "Re: Cost of living crisis"

I was happy to retire at 56 and use my hours for myself instead of selling them. Lifes very good despite quite a few illnesses people get when older.
Friday we go off to Kent for a party and a look around anything interesting. 6 days of exploring.
My pensions cover all the rises quite well and leave a surplus to waste on holidays and cars but i also help my boys have holidays like we do as they do not have any surplus money until we pop our clogs.
Quite honestly, i was clapped out when i retire due mostly to bones wearing out from heavy lifting and kneeling. One day up a pair of steps, i got stuck with a locked knee. At that point, it was time to finish.

Re: Cost of living crisis

Posted by 6TDen on March 20, 2025, 11:23 am, in reply to "Re: Cost of living crisis"

Exactly Geoff, I retired at 52 returned to work at 54 and finally went at 63. Never regretted it and now 83 and wake up in the morning and am enjoying the blue skies as Summer gets nearer and watch the abundance of Daffodils breaking out in the garden. I can do what I want, when I want and just be thankful for another day. Ain't life grand. Only one thing missing, my dear late wife which I sadly can't change, but the memories carry me on and always will.
Den

Re: Cost of living crisis

Posted by Stuart on March 20, 2025, 11:49 am, in reply to "Cost of living crisis"

Hi Jerry,

>I'm just about on the limit to surviving on my income verses outgoings. Seems even in retirement I still need to work to keep my bikes on the road and race track.

Risking labouring a point that's been made several times already, have you considered, if you sell up and move away from London/south-east England, you should have spare cash from the sale of your London house; enough spare and you can buy a rental property in addition to the one you live in, that'll bring in an additional regular monthly income?

Regards,

Re: Cost of living crisis

Posted by Tonupdave on March 20, 2025, 1:47 pm, in reply to "Re: Cost of living crisis"

Houses in the south east aren't cheap and Kent my mate has just moved there and he's got loads dosh but finds it expensive..
I live off a n assest state pension as dose Maz which is borderline but they did put it up
The house is bought having Maz is great seeing her job was in banking we don't over spend have savings but not in any banks we don't spend on eating out or even pubs as we both don't drink
Our gas and electricity bills are reasonable no don't have a smart meter.. since cXmass had big outlays new washing machine and Fridge and Oven all packed up at once then she decides to by a new car

Tonupdave..T.U.D.

Re: Cost of living crisis

Posted by JERRY on March 20, 2025, 11:38 pm, in reply to "Re: Cost of living crisis"

It has crossed my mind Stu, but my point is why should I have to with the long hours I put in when working and also paid into a private pension to get me through my later years. This government are just bleeding dry hard working people like me that calculated I would have enough to keep a reasonable standard of living.

The oldest rocker in town!

Re: Cost of living crisis

Posted by Andy C on March 20, 2025, 2:00 pm, in reply to "Cost of living crisis"

Hopefully will I reach state retirement age in April next year, plans at the moment are to see what my pension pots wil give me, but may well consider staying on part time.

We will have to see but I really do not want to carry on full time once I reach state retirement age.

Who needs a signature anyway......

Re: Cost of living crisis

Posted by geoff the bonnie on March 20, 2025, 2:29 pm, in reply to "Re: Cost of living crisis"

Andy, you will pay a lot of extra tax. I worked a few Months a year for 3 years after taking my pension and got heavily taxed. If they also add the pension payment and wage together and its over 50k, you will go into the higher tax bracket.
I ended up paying more tax than some other employees actually earned. Since taking the state and private pensions, i have done odd jobs for friends but never for any business.
My private pension pot was over 500,000 so it wont run out and been drawing on it for 15 years so far. It pays more than the state pension but i still pay about 130 a Month tax.
Private pension, it is worth taking a higher amount in tax free lump sum and spending it all within about 5 years and you might pay no tax. I took the low amount not realising the tax i would now pay until i die. If i had taken the high amount and spent a lot of money, i would not be paying tax right now.
This was a good reason to buy a lot of National savings which have no tax on winnings. I usually win about 3k a year but maybe one day, a big win will come my way.
Brother had some good systems just hiding his money. Other Brother bought expensive cars and a small plane and caravan home at the airfield. They paid no tax at all. Best investment might be a large carrier bag under the bed and live it up

Re: Cost of living crisis

Posted by nek on March 20, 2025, 3:31 pm, in reply to "Re: Cost of living crisis"

Living in the savage wilds of Wessex I get by on my state pension because having things like a private water supply, private sewage and a big garden.
House is bought and paid for, and a bit of ebaying and boot sales provides some pocket money.
I don't go on 'holidays' life is a holiday anyway and I am very isolated. Oh and I ditched the TV license tax years ago. Don't do pubs.

Maybe I am just a cheapskate old git.

But so so glad I got out in 1988 even if the house I sold for 52kthen is valued at over 600k.
Off out now for a walk with the dog over deserted downs.

Re: Cost of living crisis

Posted by Lannis on March 20, 2025, 3:48 pm, in reply to "Re: Cost of living crisis"

I have a funny feeling (with no proof behind it but a lifetime of observation and experience) that a national retirement savings scheme which involves gambling and a lottery is not a good plan.

You know that the house ALWAYS wins in the end, not the player.

Just sayin', based on the comments here about life in retirement.....

Lannis

I don't take health advice from people who think the world is overpopulated.

Re: Cost of living crisis

Posted by geoff the bonnie on March 20, 2025, 10:20 pm, in reply to "Re: Cost of living crisis"

National savings have no risk Lannis, you get all of your money back on request. Its a good place to put spare money you have no immediate use for and tax free winnings. Last Month was 600 pounds but that was relatively high for 1 month. In a building society, i might get 2.5 percent tax free and that is less than inflation so its losing. The chance of a big prize is the good part of National savings although so far. my biggest single prize has been 500. Its a fun lottery but no losing the stake money

Re: Cost of living crisis

Posted by Lannis on March 20, 2025, 10:42 pm, in reply to "Re: Cost of living crisis"

I'll wager that the overall return on the government casino scheme is 2.5% also, or somewhere near. How can it not be?

There's no free lunch.

Lannis

I don't take health advice from people who think the world is overpopulated.

Re: Cost of living crisis

Posted by geoff the bonnie on March 20, 2025, 11:51 pm, in reply to "Re: Cost of living crisis"

The winnings are normally about the same as a good savings scheme but can be higher some years. I have done fairly well over the last 15 years with them but my Father was much luckier getting a prize large enough to buy a brand new car back in 1971. Nice brown Triumph 2000 with 6 cylinder engine. I often wondered how he bought it but then found details of the win 35 years after his death

Re: Cost of living crisis

Posted by Brickboy on March 21, 2025, 10:49 am, in reply to "Re: Cost of living crisis"

The rate for me this year has been a low 2.75% which equates to about 3.45% in any equivalent taxable savings account. In one year I received about 7% but that was exceptional.

I'd be very interested to know the rate of return for various investments in the States. I know S&P was great for a bit, I'm not sure any US investments look reliable at present though.

There are rumours that our government will try to force people to invest in stocks and shares rather than cash return investments in the near future. How much of this is driven by the greed of stock market investment companies is fairly obvious. Whether the government will buckle to their wishes debatable.

It seems to me that we have always been kept fairly in the dark in the UK about risk/return in the wide range of investments that are possible.

Re: Cost of living crisis

Posted by Jimbo on March 21, 2025, 10:56 am, in reply to "Re: Cost of living crisis"

"Kept in the dark" or couldn't be arsed to find out?
Many (probably too many) make a living out of doing just that.

Re: Cost of living crisis

Posted by Lannis on March 21, 2025, 12:45 pm, in reply to "Re: Cost of living crisis"

People keep themselves in the dark concerning how to invest their money.

"Greed of stock market investment companies" is small compared to the "get rich quick" greed of most investors who have been playing numbers with tulip bulbs, South Sea schemes, lotteries, and horse tracks.

Stock markets are a long, slow, reliable way to earn a steady 9% on your money. Been true for 180 years. Softly softly catchee monkey.

You guys are going to start WW3 if you persist in this 200 year old addiction of screwing around with central Asian border disputes. Talk about affecting investments.....!

I don't take health advice from people who think the world is overpopulated.

Re: Cost of living crisis

Posted by Brickboy on March 21, 2025, 2:28 pm, in reply to "Re: Cost of living crisis"

FTSE here has been 3.58% average over the last 25yrs. That makes premium bonds look very attractive with no risk and the hope of the big one (that never comes but it's a nice idea). Property was the place to put your cash for many of those years, I'm not sure it is now.

Re: Cost of living crisis

Posted by Lannis on March 21, 2025, 2:44 pm, in reply to "Re: Cost of living crisis"

DJIA has gone up 300% in the last 24 years.

Over my lifetime, any 10 year period has been about a 9% annual increase.

It's based on long term stability and productivity of solid companies. You can't fake a pyramid scheme over that time period ...

Lannis

I don't take health advice from people who think the world is overpopulated.

Re: Cost of living crisis

Posted by Lannis on March 21, 2025, 1:24 pm, in reply to "Cost of living crisis"

Our big budget buster is insurance.

Utility bills have been pretty steady (we're gradually ending the wind and solar grift), gasoline is down to $2.49/gallon (48p/litre?), even eggs are coming on down.

Our local taxes haven't gone up in 15 years, and our local governing board says they're going to hold the line, so that's good.

House and car insurance has doubled though; now $4,000 per year. And the shop rate at both the Subaru dealer and Triumph dealer is almost $200/hour. Warranty work only for me now!

Lannis

I don't take health advice from people who think the world is overpopulated.

Re: Cost of living crisis

Posted by A65Bill on March 23, 2025, 1:38 pm, in reply to "Cost of living crisis"

Same here
All my savings went after my illnesses. Pensions only as I am unreliable working.
Full council elections here 1st May & one group are promising that if they get in they will cut taxes and build the postponed new hospital & make the sun shine etc. etc.
The problem is they are the same cowboys who bust the County Council (now split in 2 - North and West Northants), got re-elected by dosey voters who believe the lies & have buggered everything already.
Nobody seems to realise that what they are promising is nothing to do with the council, but is all to do with Gov funding.
Oh and they promise to cut Council Tax, but as the election is 1st May that's a lie too - they can't do anything before next year.

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