Retirement Planning York
What age do you hope to be when you retire? Do you have exciting plans for how you are going to spend your retirement or are you unsure of how you will fill your time?
When you retire, you may find yourself with around 2,000 hours to fill each year. Perhaps you would like to take up a new hobby? Have you considered what you can realistically afford to do?
Your Retirement in York
If you are starting to think about your retirement in York it is important to take stock. Consider how you will fill a typical week as a retiree living in and around York. Add up the cost of your plans and then look at future sources of income – can you afford the lifestyle you would like to achieve?
The average retiree is said to need £215 per week to cover basic costs such as food, clothes, travel and heating according to research by Key Retirement based on 2014 Family Spending data from the Office for National Statistics.
The following is a breakdown of likely costs you can expect to have in retirement:
| Cost per day | Cost per week | Cost per year | |
| Food and non alcoholic drink | £4.30 | £30.15 | £1,568 |
| Housing, fuel and power (includes rent and maintenance but not mortgages) | £4.60 | £32.30 | £1,680 |
| Clothing and footwear | £1.07 | £7.50 | £390 |
| Alcohol and tobacco | £0.80 | £5.60 | £291 |
| Household goods and services (includes furniture, appliances etc) | £2.36 | £16.58 | £862 |
| Health | £0.58 | £4.08 | £212 |
| Transport (includes rail fares, own cars) | £3.40 | £23.85 | £1,240 |
| Communication (phones, stamps, broadband etc) | £0.96 | £6.77 | £352 |
| Recreation and culture (includes TV subscriptions and equipment, hobbies) | £4.37 | £30.67 | £1,595 |
| Restaurants and hotels | £2.22 | £15.58 | £810 |
| Miscellaneous goods and services (includes personal care, insurance, bank charges) | £2.46 | £17.25 | £897 |
| Other expenditure items – (includes mortgages, council tax, interest on credit cards, payments to children) | £3.57 | £25.06 | £1,303 |
| Total | £30.68 | £215.39 | £11,200 |
If you think about your life in and around York, do you think you would realistically spend this much in a typical year?
During a typical week, you would need something to fill every day to ensure you made the most of your retirement. How might an average week look?
A typical week of a Retiree in York
Take our example of Mrs A, who is 67 years old. She lives in York with her husband who is 70. They have family living in York who they see regularly. She looks after her grandchildren one day a week during term time and during the holidays when she is not on holiday herself!
Monday: Swimming session at the local pool followed by lunch with friends – £15
Tuesday: Look after the grandchildren – visit to York Railway Museum (free or voluntary contribution) followed by a drink and a snack in the café £8
Wednesday: Round of golf followed by lunch at the course – £25
Thursday: Visit to the optician for some new glasses £100 (this could be the replacement of an item of clothing or furniture another week).
Friday: Volunteering at the local school or for a local charity
Saturday: Gardening and maintaining the house £15
Sunday: Sunday lunch out with the family – £30
Cost of retirement in York
Based on the sample itinerary above, the typical cost of an average week could cost £193 on top of an average weekly cost of £215 per week.
The estimated income required to live based on a similar range of activities as above would be £21,216 per year. this doesn’t take into account any travel or holidays that you may like to take or any larger expenditure items.
Retirement in York – your plans
Does the sample week above reflect how you might spend your retirement in York or perhaps you have other plans? Every situation is different, so it is important to speak to a professional adviser who can guide you to the most suitable options for your situation and family arrangements.
Contact us
If you would like more help in planning your retirement and pension planning in York, please contact us on 01904 655202 or email nick.lawson@hghwealth.co.uk to arrange your free consultation, or visit our website www.hghwealth.co.uk. We look forward to speaking with you.
