Your Pension …

I think whether you are single or in a couple makes all the difference financially for pensioners, just as it does for working age people. Bills and house maintenance are much the same for one or two people, but two people have double the income, even if just on a State Pension.
I have savings from moving to a cheaper area and releasing equity like that. Savings are going down now with the huge increase in fuel and food, as well as house maintenance needed last year. I don't have holidays.

I do have to say that I had built up quite a nice little nest egg of about £8000, but then my two adult children were in a bit of a fix, so I leant them most of the money, (I do hasten to add that I wasn’t asked I offered )it will be repaid, obviously without interest and my needs are few so I can manage…

I've also noticed a much higher number of people (mostly women) over 60 maybe over 70s too working in supermarket jobs; making ends meet or maybe its a choice for the company/social life/independence?

The lowest bracket - is that meant to be without housing costs? I am sure I've seen this sort of thing on here before - if you have no housing costs, i.e., you own your own freehold property, then I think the £1k a month or thereabouts is doable. That's where I hope to be in a few years time - I'll get my state pension and a small private pension of about £2,500 a year. However, that means I won't qualify for pension credits. And of course there's still all your utilities and council tax. Also if you are in a leasehold you might have quite high service charges and ground rent.

I saw a thread on here before Christmas that really made me cross; a retired/about to retire poster saying that after all outgoings her and her husband ONLY had £3k in cash each month and wondering if she'd be ok, would they manage on that ... (they owned 2 properties if I remember rightly). A couple of people (not many) said well of course you can afford to live on that, and then the poster was like "oh poor me, I was only asking" - that sort of attitude. I think to call it disingenuous is being polite!

Hovering between the first two at the moment, DH is due his State pension in December which will definitely shift us into number 2. Then in 5 years time when I can claim my State pension we will be into hovering between 2 and 3.

The trick is to survive the interim!!

Georgesgran

Gsm my friend who will be 70 this years is a dab hand with a paintbrush and says it’s easier to repaint a wall than wash it - takes less than an hour, apparently. She often does this for both of her sons while childminding and decorates properly for them, One day she went out to wash her garage door down and said after that, it needed a coat of paint and was done in a trice.
I’m a GAMI - get a man in.

We used to be DIY now we're GAMI - or, in some instances GAWI.

Joseanne: Does it mean redecorating or replacing the kitchen?

We've lived in this quite old house over 60 years. We've painted walls, varnished the floors, and trades have replaced worktop, some plumbing and re-wiring, and window framing.

We've never replaced the entire kitchen at one go.

A couple of years ago I received a shock financially as I had to replace my f/f, washing machine, dishwasher, cooker and TV within months of each other. The boss at Euronics always had a smile on his face when he saw me.

The next will be a gas boiler and hopefully all of these gadgets will "see me out".

Another GAMI here 😂

Gsm my friend who will be 70 this years is a dab hand with a paintbrush and says it’s easier to repaint a wall than wash it - takes less than an hour, apparently. She often does this for both of her sons while childminding and decorates properly for them, One day she went out to wash her garage door down and said after that, it needed a coat of paint and was done in a trice.
I’m a GAMI - get a man in.

Widowed, I have a rainy day pot plus a depleted savings pot for things like house maintenance and a potential move again in 7 years, if dd moves then I will follow

I would say that I am between 1 and 2, a comfortable lifestyle albeit not a galavanting lifestyle. I can afford to be warm, eat good food and run my car but always have one eye on outgoings and what is coming in. My aim this year is to save hard until december, while still on octopus fixed rate for energy.

It is quite a shock when one realises that there is no extra money coming in and income is well and truly fixed

My state pension is my sole income so I’m almost £3k below the first bracket as a result of being a full time carer for 25 years prior to pension age and unable to work.

I think it means replacing the kitchen Joseanne. We're between the middle and the top, and I wont get my state pension for another 5 and a half years.

Does it mean redecorating or replacing the kitchen?
I'm guilty because my new one is being installed next week. But that's because it wasn't my choice when we moved in 3 years ago despite it being nearly new.
I've tried to be sensible and this time round it will be all pull out drawers with few cupboards to crawl into.
That's IT then once we do retire, although how do I know until I get there how I will feel about spending money, if you get my drift?

Precisely, Norah. And I believe there was mention of decorating one room each year - it sounds like the Forth Bridge! Mind you, I once worked with a woman who repainted her kitchen every year instead of cleaning it!😱

Who re-decorates their kitchen and bath every 10/15 years?

I think "lifestyle" choices are a bit different for everyone, some eat away from home, some go on holiday, some just don't spend.

You need to speak to the DWP Gossamer, not HMRC.

I don’t get the full state pension either because for years Equitable Life advised it was best for me to be contracted out; the government then made payments to them for my pension but of course they got into difficulty and a lot of people lost a lot of money. I’m one of them. When the balloon went up, EL immediately advised that I shouldn’t remain contracted out. Too late. So I lost quite a chunk of my sp too for the years contracted out. I’ve long since come to terms with it and am grateful to have earned enough to have savings and investments to live off. So many don’t.

My state pension is actually the least of my income, I do have 2 good private pensions and my Pip payment on top of that so my state pension would not go very far on it's own but with everything else added just over half way between column 2 and 3.

I don't even get the basic pension. I think my husband paid AVCs for me, but I can't ask him because he has had a stroke and can't speak and has other cognitivive issues - like no memory! I wish I knew if my pension was correct. I have asked HMRC for all the money back (that he supposedly paid in AVCs) Do they EVER answer the phone?

I so agree with Gsm, Maw and GSomerset. DH chose to take early retirement at 55, obviously with a much reduced pension. He had 10years pursuing his hobbies, until his terrible diagnosis on Christmas Eve 2015 and his final 5 years were very much up and down.
I’m not hard up, but really conscious that anything taken from savings just cannot be replaced. I don’t have a problem if it’s for something tangible, but it’s the bit here and there that I keep taking out for mundane stuff and the odd bigger bill.
Another problem I have is that DH’s friends seem to think he had some sort of life insurance, but he didn’t - a revelation to his friend who suggested I get a brand new Range Rover!!

Message withdrawn at poster's request.

Sounds lovely Charleygirl and the main thing is - you’re happy with your choice. You can’t buy peace of mind.
😊

A new boiler?
New hot water tank?
Thermostats on all the radiators?
Annual service?

How much?!

It's an interesting article and I read it this morning. As a couple we are doing fine and have a Rainy Day Fund each. We possibly are better off than we were when working as we have a few occupational pensions and investments between us, no mortgage payments, commuting costs etc. We are fairly careful with our spending but could do with updating our home decor etc. a bit, but then we choose to go away on trips, instead. I am surprised by the calculations shown on the chart which presumably only refer to disposable income after the essential bills have been paid.

Urms I live in a small 3 bedroom modern house with a small garden which has been block paved because I could no longer cope. I could not live in a flat, I like to hang my washing outside and sit outside in the sun or shade in summer.

For various reasons I no longer go on holiday- I am happy here.