Grandmagrewit
I retired on a state pension at 62 (and 3 months) during the period when female pension age was on a sliding scale depending on your year of birth. I worked the majority of my life in office jobs where anyone lower than a manager or anyone working part-time (ie women like me with childcare responsibilities) was not given the opportunity to join an occupational pension scheme. Thankfully that was outlawed by the Sex Descrimination Act but it was too late for me to build up any worthwhile pension pot and I'm quite envious of friends who had public sector jobs in teaching and the health professions who now have very comfortable pensions. However, I have a younger partner who is still working and still 3 years from getting his state pension. Our dilemma has been - should he carry on until 66 or retire now so that we can spend some time together? I've already been retired for 8 years and don't want to wait another 3, particularly as my health is not brilliant. But if he stops work now, we must live on my state pension and make up any shortfall with savings. I think we should go for it; we have no mortgage and are far from extravagant but I'm not sure we'll actually have enough to enjoy retirement if prices keep rocketing. We knew our age difference might eventually cause problems - perhaps other Grans have faced a similar dilemma with a younger partner.
Not in quite the same boat - but, we had to make a decision to live on less.
Prices will, I'm sure keep rocking upward for some time, so it's not a decision to be taken lightly.
However, with a bit of planning (and no mortgage) we were amazed at how much less we needed to spend simply by not going to work. Less spent on fuel for the car (and we downsized the car) - and of course for some, there won't be the public transport cost. Oh, and we certainly bought less clothes. Most of all, because we were both at home we were able to plan meals efficiently / economically, we had the time to shop around for gas and electricity deals, too
It might be an idea to sit down together and work out what you think you can reasonably live on, taking into consideration future inflation (goodness knows what % figure to work with tho') and have at least a base-line to work with.
There's always the option, if your OH does retire - if things are tight for a while, or if you want to plan for a holiday - for either of you to perhaps do a part-time job on a temporary basis during retirement. Especially as industry is crying out for workers at the moment.
Also you can, like my late mother when she eventually retired - seriously grow your own veg. She grew potatoes, carrots, onions, Jerusalem artichokes, and various other vegetables. She had a small outhouse (brick shed) in which she stored all the roots in sand, onions on a string hanging on the wall, and things like green beans etc, she salted down in brine and kept in jars for future use. I don't remember her ever shopping for vegetables at all! Of course, this all assumes you have a garden. She also invested in a large freezer and bought meat and poultry in bulk. Our local butcher has regular 'offers' for bulk buyers, saving £££s.
I'm 81 now - and anyone below 70 now seems like a baby to me! I hope you get lots of time to spend together - it just needs a little thought and careful planning. But the clock is ticking forward... good luck, whatever you decide!