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Anyone live on £900 a month?

(164 Posts)
sf101 Wed 17-Mar-21 09:06:28

My situation is exactly the same as yours. I have been retired for 20 months now living on my private pension only of £900 per month. I was worried I might have to use more of my savings but am finding it very easy to live on.
With 21 months to go till state pension I am now going to spend some savings on household projects instead of waiting.
If you can manage your money it is very doable. Good luck.

MaggieTulliver Wed 17-Mar-21 09:03:03

To the last 3 posters - that’s very encouraging and thanks for sharing.

MaggieTulliver Wed 17-Mar-21 09:01:30

Thank you all. I’ve added everything up and £900 is the figure I’ve arrived at. I don’t take holidays and spend very little. If I supplemented my private pension with savings, I’d have 8k savings left when I get my state pension and can start saving again. I know it’s tight but my mental health (the reason I’d retire early), is absolutely awful.

downtoearth Wed 17-Mar-21 08:59:37

Yes I have my state pension and a small occupational pension my income is well under £750 per month, my outgoings are absolute essentials only, and every penny counts, if I cant afford it I dont have it

Elusivebutterfly Wed 17-Mar-21 08:59:11

£900 per month is more than single pensioners get on pension credit and there are a lot of people who manage on that.
For two years you could manage without holidays and any non emergency house upgrades. I would have retired earlier if I could have managed without the state pension.

Grandmabatty Wed 17-Mar-21 08:56:09

I live on a similar amount and it's doable, just, for me. I have some money set aside for an emergency or unexpected bill. I don't have a lavish lifestyle though.

Maggiemaybe Wed 17-Mar-21 08:52:43

Only you can say if £900 a month would cover all your particular outgoings and leave you with enough to live without worry, MaggieTulliver. But you’ve done your sums and are still considering it, so must think you can. I don’t live alone, but will say that retiring early was the best decision I ever made. And as long as you cover your outgoings, with enough put by for repairs and emergencies, you’d probably find like I did that you need a lot less to live on when you stop work.

H1954 Wed 17-Mar-21 08:48:01

As FC has already stated, calculate all your outgoing expenses for utilities, council tax, food etc and don't forget that appliances do wear out and might need replacing. Do you run a car? What about holidays/Day Trips? Digging into savings is ok now and then but for overall living costs can't be wise surely?

You say that your retiring due to ill health, would you be eligible for some kind of benefits?

Whatever you choose to do, I wish you well, good luck.

FannyCornforth Wed 17-Mar-21 08:47:51

Hello again, thank you!
What have you got left after bills and food, do you have an emergency stash.
I think that it's doable especially if it's just for a couple of years, especially if you really want to give up work.
It's all about maintaining a good quality of life isn't it

MaggieTulliver Wed 17-Mar-21 08:42:55

Not eligible for PIP I don’t think and yes have done my sums.

MaggieTulliver Wed 17-Mar-21 08:41:45

Sorry yes it is Fanny - the £900
limit is only until I get my pension. Ididn’t explain that very well!

FannyCornforth Wed 17-Mar-21 08:39:10

Sorry, is the £900 limit just until you get your pension?

FannyCornforth Wed 17-Mar-21 08:37:36

Have you added up all of your bills and seen what is left yet? Make sure that you've got the very best deals for gas & electricity etc.
Are you eligible for PIP?

MaggieTulliver Wed 17-Mar-21 08:32:12

I’m considering retiring early due to ill health. Will get my state pension in two and a half years and already have a small pension which I’d supplement with savings until I hit 66. I own my home and live alone.