£10,900 annual income needed to retire

bikergran

Yes I could live quite well on this figure. Living off Job seekers for 2 yrs brings you down to earth, getting a job and having a wage (low wage) but better than JS.

I'm due to receive my state pension (6 yrs late)and Bus pass!! WOOOOHOOOOO at the end of the month I will feel rich lol.
I may pack sandwiches/drink and ride round on bus all day getting on and off lol.

Enjoy it! I've never felt so rich since I started to receive my state pension. I still have to work a bit because I have rent to pay, but I do have more time on my hands. Don't laugh, but I do enjoy planning bus journeys and finding cheapish rail journeys with my Senior Railcard. It's a bit of a problem finding cheap accommodation in the UK at the moment, but it can be found. It's almost like experiencing the adventures of Inter-railing all over again.

That is my state pension and the only Pension I get

I use buses whenever they're practical (which isn't that often because we don't have many of them). There's a man who uses the same bus every morning to go and buy his daily newspaper. I often chat to him and asked him why he doesn't use the local shop. He said he enjoys the bus journeys because they get him out of the house for an hour and there's always somebody who will chat to him.

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.

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.

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.

Wasn`t their a Tory MP complaining it was impossible to live on £81.000 plus expenses and needed a pay rise.

So the answer is no - it is not possible

chris8888

Wasn`t their a Tory MP complaining it was impossible to live on £81.000 plus expenses and needed a pay rise.

So the answer is no - it is not possible

Yes, it is. Since when were Conservative MPs known for telling the truth?

PS. I'm not claiming it's desirable, but it is possible and, moreover, it's possible to live reasonably well.

Maybe the Conservative MP should take some lessons from somebody surviving on Universal Credit.

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.

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

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..

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

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

Franbern,what does leccie mean,please? Milk?

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.

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.

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!

'*emilie 'leccie' is short for electricity.

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

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.

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.

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.

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

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 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.