Your Pension …

Pedants please don’t jump on me!! can’t change it now and in the scheme of things doesn’t bother me that much..

Well I’m in between the first and second one but nearer the first. I’m doing ok.

I'm below the first one at the moment. I exist on a small teacher's pension. It was manageable until last year and the cost of living rise. I need a new shower and that's wiped out my money for a few months.

I'm very close to second tier thanks to extra private works pension from my late OH he made sure I am well looked after life is comfortable thank goodness.

We are near the third, and have managed very well so far.

Why would anyone need a new kitchen or bathroom every 10/15 years?

I wondered that …

Having paid into a pension with Equitable Life for many years (I’m sure you all know what happened to them) I am grateful for savings and investments.

Close to the second tier, and manage fine on that, but have “rainy day” money to fall back on. So far we haven’t had any rainy days🤞🏻! If that’s not tempting fate I don’t know what is!

As a couple we just about hit the third tier thanks to a good works pension for Himself. We have no savings (much) no big cushion of money but could cut back on expenditures if we had to. As a WASPI woman, my SP is just over £700 p.m. but of course the enhanced rate is because I lost out on a SP for over 6 years at the lower rate. That ‘lost’ me £36k so my larger SP a month is playing catch up. I will be 80y old before that lost money is recouped - if I live that long. Smoke & mirrors come to mind.

Bathrooms I could see needing updates for example making one accessible. Our kitchen could probably do with a do over in a few years .

I’m just under the first tier. Thank god I live in a housing association house.

I'm not there yet, but I guess the answer is to get the new future proof bathroom and kitchen done now before the event?

I can’t remember who said it but, ‘It’s not what you earn, it’s what you don’t spend.’ is very true in today’s climate.

I’m about half way between the first and second tier but as everything is paid for and my small car is not expensive to run, I’m doing OK.🤞

If I depended solely on my state pension, I will be well below the first bracket. Fortunately, due to the great British legal system, I get monthly alimony payments from my ex-husband, and a small private pension, from the time I worked as his Secretary. The divorce settlement also enabled me to downsize and thus have some savings tucked away. I can’t foresee any large expenditures, except sorting out a leak in the shower, and the resulting damp patch on the ceiling.

My dental bridge failed and consequently I had to have five teeth out and a denture fitted on Tuesday. The point is I had to have this done now while I am still working because it’s cost me £1500 and there’s no way I would be able to afford it when I eventually retire and just have the state pension…(70 next month)

I drew my state and private pensions at 60 (lucky me) but continued to work doing private consultancy and now I run a small business. So I am about level 2. Lucky as my heating system recently sprung a leak and the plumber had to tear the bathroom apart to fix it so I just had the entire suite replaced. That will probably see me out.

midgey am same as you

From the same article this is the chart for COUPLES.
We are very nearly on the moderate amount.
We run a 17y old small Peugeot and choose to spend more money on birthday presents. Different choices.
No mention is made in the article about (a) paying rent or (b) funding high service fees in our 2 small apartments.
I suppose it’s just a very general guide by the Rowntree Trust.

Shiname - £1500 for extraction and partial denture? Good grief !

The uk are really bad about paying overseas pensions regardless of how long you have worked there. They freeze it from the moment you start getting it. I think I get around £5 a week from the tightwads. It is an ongoing bone of contention for expats. My husband worked there for 12 years and gets a pathetic amount frozen since 2003. We get nothing from the Australian government at all.

crazyH

Shiname - £1500 for extraction and partial denture? Good grief !

I had to have five teeth pulled that was over £71 for each of the teeth!! 🤷‍♀️but I must say the dentist was very very good and dental work is just not cheap anymore… The bridge took quite awhile to dislodge as well,I suppose I was in there for about 1 1/4 hours but at least it’s done now and my bottom teeth I still have and they are in quite good condition apparently…

Exactly nanna8 same for my pension from when I worked in France. A timely reminder to get onto i, tthough I doubt whether I will ever see much of it.

Wheniwasyourage

Why would anyone need a new kitchen or bathroom every 10/15 years?

My kitchen is positively ancient 😲

There are so many variables eg area, perhaps rent, amount of Council tax, water rates, dentist as mentioned (even NHS dentists cost a lot), transport of various kinds.

How long is a piece of string?

Greyduster

Close to the second tier, and manage fine on that, but have “rainy day” money to fall back on. So far we haven’t had any rainy days🤞🏻! If that’s not tempting fate I don’t know what is!

Rainy days:

For example waiting 4 or 5 years for knee or hip replacements forces many people into paying to go privately using rainy day money or money set aside for longed-for holidays .
If they don't, then their quality of life is impaired.