£10,900 annual income needed to retire

We barely survive, as a couple, on £11500.
We have a very old car, pay rent, and live in a rural village. I can’t sleep at night for worrying about fuel and food costs

My pension is £8600. Thank goodness my husband has a good private pension.

Bluecat Ask for help filling in the AA form. Age UK or evene the Benefit Agency can help you. I used to be a benefits Advisor with Age Concern (as was) and most people got turned down because they did not know the buzz words and phrases that led to success.

If you are turned down, go to appeal and ask for a hearing NOT a paper review. The success rate of the Appeal system is a constant thorn in the government's side, they are always trying (unsuccessfully) to get rid of it. Again before you appeal seek help and advice from Age UK or CAB.

Here is a link to the Age UK Factsheet, which may help you. www.ageuk.org.uk/globalassets/age-uk/documents/factsheets/fs34_attendance_allowance_fcs.pdf

If you get AA you are also entitled to an increase in your pension, off hand I forget the name and mechanism for this, but follow it through.

You can each be in receipt of AA if you are both disabled. You do not have to buy in care, how you spend the money is up to you.

I know I could not live on that, I am paying school fees for two GC and they are three times that amount.
My grocery bill for the year would probably be more than £10,000.

Bluecat

We just have our state pensions. DH's is a bit higher because he deferred it for 3 years, until he had to retire to look after me. We manage OK but it will be hard, when one of us dies, to pay the bills with a single pension.

DD told us to apply for Attendance Allowance, so we are waiting to hear about that but I am not holding my breath. I know that a lot of claims get turned down.

If it’s turned down Bluecat get help from citizens advice or Age Uk to fill in the forms. I’ve been told that they know exactly which boxes to tick in your favour.

Working part time and very small civil service pension, topped up with universal credit am on lesss than 10,000 a year. retire next year and will be on more than i am now, but still less than the 10,900 that they say is needed. i run a small car out of necessity, dont drink or smoke, haven't had a holiday in over 5 years, just about scrape by, have yet to see what impact fuel bill rises will do to my finances

We just have our state pensions. DH's is a bit higher because he deferred it for 3 years, until he had to retire to look after me. We manage OK but it will be hard, when one of us dies, to pay the bills with a single pension.

DD told us to apply for Attendance Allowance, so we are waiting to hear about that but I am not holding my breath. I know that a lot of claims get turned down.

If only

My rent and rates is £19,000 a year ?

We rent and I have no idea how we will
survive come retirement apart from falling on the mercy of the council.

The simple answer is no.
I have nothing but admiration for people who can and do.

I get by on simply the state pension and nothing else. It's ok if I am sensible and don't get too extravagant. I run a car and have the occasional holiday (before covid).

What a strange list!!! Whoever compiled this? Nothing allowed for gas, leccie, insurances, phone line, etc.
Why is it only those living as a couple has allowance for hair colouring? Obviously, singletons do not need this.
The food amount is very high for singles -assume this also includes toiletries, cleaning materials, etc.
Surely, the wine and cans of beer should be part of the weekly 'food' bill.
No allowance made for on-going repair/replacement costs on any household items or clothes/shoes.
Do wonder at the algorythms........!!!

Our council tax is £2600 pa first a two bedroom cottage. Add in house insurance and utilities not much left!

If you follow the link and page down to the text below the headline table it tells you who did the research, and how the researchers collected the information for these tables, which they have been drawing up for some years.

It seems they held 13 discussion groups with people from across the UK, including both retirees and over-55s approaching retirement.

Obviously they do have to concentrate their breakdown into as few headings as possible and the higher the income (and the wider the choice for people with that income) the less representative it will be, but as a guide to how much income is needed to live a reasonable life after retirement it is better than nothing.

annodomini

Is that £10,900 before or after tax? It doesn't sound more than slightly adequate to me.

As growstuff said, that amount is less than the Personal Allowance, annodomini.

I think it starts at £12,571

If you're paying rent on a small flat, that's nearly £9k alone in the south, much more in London. Council tax is another £1k.

annodomini

Is that £10,900 before or after tax? It doesn't sound more than slightly adequate to me.

Somebody with an income of £10,900 wouldn't pay income tax.

I manage on less than £10,900 after housing costs. It's intended to be a minimum.

Shandy many, myself included don’t pay dental insurance, some can’t afford broadband and unfortunately house insurance either.
They’re focused on food and heating, those of us with mortgages paid and disposable income are fortunate, hence the distress with a £20 reduction in UC.

I don’t know if this will apply to anyone here or if it’s still the case.
Some years ago I was helping a friend who had got herself in a bit of a pickle financially. I discovered that her service charges could be paid.

I cannot understand the article - what about paying for utilities, house insurance, dental insurance, broadband etc?

The full details of how that sum was made up was published in the Daily Mail. www.dailymail.co.uk/news/article-10082041/Couples-need-extra-cash-sustain-post-working-lifestyle-Covid-pandemic.html

My annual state pension income is £9,600. I’m fortunate that my mortgage is paid off. I get by but only just. If I’m careful I break even each month.

Is that £10,900 before or after tax? It doesn't sound more than slightly adequate to me.

Must also depend on your council tax. Ours is about the highest in the country, yet a mile or so down the road is a borough with about the lowest.