Originally posted by vetran
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I've said on here before, my costs are about £20k a year currently and that includes £5k budget for 'going out', a budget for clothes, insurance policies, car costs etc.
Obviously if someone wants to live a more extravagant life then costs will soon rack up (golf club, top end car etc) but normal living is easily within reach of £20k once mortgage gone.
Personally, I'm mortgage free and have enough to draw down £30k a year and my money will run out by the time I get to 100 years old (highly unlikely by the way!). This is in part because my pension kicks in at 67 and covers most of the £30k
I'll continue to work for a few more years (part time, not going back to 12 months/5 days a week) to ensure my cash lasts a bit longer/I have a bit extra to splash around, but once I get to 55 my life will be more pleasure and a hell of a lot less work.
When I get too old to travel/bum about, I'll sell my house and based on current house prices this will free up another £300k to spaff away.
All this of course assumes I don't meet someone in the coming years and my life direction changes. I have no idea about that.
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