£10,900 annual income needed to retire

Nobody has to live on only their state pension. Pension credit tops it up to about what I get from state pension plus a very small work pension.

watermeadow anyone already in receipt of full state pension does not qualify for pension credit even if the pension is their sole income. Pension credit tops up the amount to equal full state pension when there is a shortfall.

bikergran

growstuff I shall look forward to it lol. Yes I too will still carry on working as Iove my little job, I will loose my working tax credit, in fact they reduced it to £5 a week about 3 months ago. But hey ho will have my state Pension, (although approx £20 week shortfall) but will have my little wage.. ?

The state pension makes a huge difference to me. I know that my income covers my bills without having to stress and it's up to me how much I spend on anything else. I went to Berkshire last week (and even saw Theresa May out shopping!) I'm going to Harrogate next week and York and Newcastle a couple of weeks later. It was fun and quite challenging planning the trips on public transport and finding hotels with special deals.

Shandy57

I am still astounded at this report, it's tosh.

Why's it tosh? It's intended as a guide for people approaching retirement, so that they know what to expect in retirement. There have been posts on GN asking how much people need in retirement. This gives some guidance. At the bottom end, people can expect to afford a basic lifestyle and a number of posters have said they live on that amount. At the top end, it lists what people could afford. Maybe people will read it and plan better for retirement, knowing what they will be able to afford with various levels of income.

I am still astounded at this report, it's tosh.

growstuff I shall look forward to it lol. Yes I too will still carry on working as Iove my little job, I will loose my working tax credit, in fact they reduced it to £5 a week about 3 months ago. But hey ho will have my state Pension, (although approx £20 week shortfall) but will have my little wage.. ?

Off topic Growstuff but you've just reminded me about my carb intake. I must try harder. ...
And I must cut waste.

www.retirementlivingstandards.org.uk/

Daftbag1

I don't know where the Mail has plucked this sum from, but I suspect that this is the amount after housing and council tax for a single person. Anyone who is trying to manage on this should probably be in receipt of some help. There is a website called 'entitledto', if you enter your details, income and capital (not your home if it's your main residence), it will tell you exactly how much you need to live on according to the government, and how much you can claim.

When you start to see how many pensioners are entitled to but don't claim pension credit it's tragic.

It's from a report produced by The Pensions and Lifetime Savings Association.

Nobody has to live on only their state pension. Pension credit tops it up to about what I get from state pension plus a very small work pension. It’s enough to manage on without any extravagances.
I’d rather pay for pets than run a car or go away on holidays.

I don't know where the Mail has plucked this sum from, but I suspect that this is the amount after housing and council tax for a single person. Anyone who is trying to manage on this should probably be in receipt of some help. There is a website called 'entitledto', if you enter your details, income and capital (not your home if it's your main residence), it will tell you exactly how much you need to live on according to the government, and how much you can claim.

When you start to see how many pensioners are entitled to but don't claim pension credit it's tragic.

Yes, I have heard people refer to 'leccie' and gas, both in interviews and when talking to people. It could be localised.

MaggsMcG 25% reduction in Council tax, only one person buying clothes and only one persons private expenditure , possibly less on fuel, heat fewer rooms, only one person having baths/showers, using the washing machine less. Expenditure certainly doesn't halve, but you save on more than just food.

I throw virtually nothing away and turn sad veggies into soup, frittata or omelettes.

nadateturbe

growstuff it would be miserable compared to how it is now.
I never have to think about bills or worry about buyng things (within reason of course)
I would hate to go back to how it was on my own.

I could not eat on £20 per week. I don't know how you do.

I don't know how I do either, but I do, although I've noticed the price of some of my staples has increased recently. I've had to cut the quantities or eat cheaper meals. I hardly ever eat potatoes, rice, pasta, bread or cereals because I'm diabetic. If I did eat more carbs, I could probably eat even more cheaply because they're cheap fillers.

We manage on the state pension and a small private pension.
Having the mortgage paid off makes a huge difference.
I think figures are often bandied around ( as to what you need)
But the truth is that we all have to manage on whatever we have got.

Other than food, how can it be so much cheaper for one than two. You still have everything else to pay for. I don't see how most other things can be reduced just because there is only one person in the household.

Is it Monica ? Have never heard anyone call it that before, so have now learned a new word.?

'*emilie 'leccie' is short for electricity.

I paid into a pension with Equitable Life for years, like many professionals, and of course a great deal of that just went up in smoke. What a fiasco. I envy that teaching pension!

growstuff

Elusivebutterfly

That article is really odd as it does not mention basic bills. Council tax, gas/electricity, water rates, insurance, TV licence, phone add up to nearly half the £10,900 figure quoted. I don't spend all that on takeaways and restaurants. Where can you find a haircut for £14?
There's another article in the Times this week saying pensioners need £50,000 a year which is mad as most working people earn much less than that.

It's intended to give three levels of lifestyle.

Before I met my partner, I hadn't spent anything on takeaways and restaurants for years and even now I think they're a waste of money. How often are people supposed to have haircuts? I agree you couldn't find one for £14, but how many haircuts do people have in a month? I don't spend £14 a week on my hair.

I have long fairly straight hair so straightforward to cut and my husband does it! He makes a decent job too. Unfortunately I would make a dreadful mess of his, hence he’s off to the barber tomorrow which he says is £12.

Our council tax is £217 per month so £2170 per year based on a 10 month year. Band D Village, few amenities.

Our daughter and son in law have a council tax of £263 per month, £2630 per year. Band E ( Just an old house at a good price that they are doing up) Tiny hamlet, no amenities whatsoever.

Both West Dorset

Would be interested to know which areas are more expensive??

As a couple we manage on my husband's £17,000 teaching pension and we both have hobbies.

Franbern,what does leccie mean,please? Milk?

I heard Jeremy Vine, he said just over £5 per day? Just checked and it’s £5.66p.

We manage to live comfortably onMUCH less than 16k a year even with housing costs of over £500 a month and running a car We don't have lavish holidays or expensive tastes though which is just as well

growstuff

Shinamae

That is my state pension and the only Pension I get

Have you looked at how much Pension Credit you could receive and whether you're eligible for council tax relief? You could also be eligible for free glasses and dental care.

I don’t really want to give up work so wouldn’t be interested in pension credit. Also my son and his girlfriend live with me so would not be entitled to A reduction in council tax.. I am lucky in the fact that my house is Mortgage free.. and I paid £91 yesterday for a filling, no chance of getting an NHS dentist around here I’m afraid..

GROWSTUFF - I know I live on a state pension I was just being `tongue in cheek`