How much pension for a comfortable life?

That is a little harsh Abbey. Some responsibility for the answers has to be born by the questioner and how they phrase the question. You asked "How much pension for a comfortable life?" which is an 'how long is a piece of string' question. With the piece of string the only reasonable answer is 'twice half its length'. In other words your question, in the way that it is phrased, is unanswerable. Unless you have a particularly challenge in understanding how questions need to be phased you must have recognised that.

People tried. Some suggested that, if what you were really asking was 'How much pension do I need for a comfortable life?', then you needed a financial advisor not a forum such as this. Some also suggested how they had kept track of current outgoings and explained how they worked out what they needed.

Others tried point out that your specific question was unanswerable but kindly shared their own experience in order to help to help which, of course, showed that people can manage in different ways on different amounts.

Others tried to give advice on the situation you described in your third paragraph - your relationship with your husband and his relationship with money. You may not like their answers but they took time - as you had presented the situation - to offer an opinion. They could not do more than that as all they know is what you offered in your OP.

Many were a little annoyed with the way you presented your situation because many could not see what the problem was. I was always taught that, if people did not understand what I was saying it was my fault for not communicating clearly. I don't think we know even now what answer you wanted.

Your question may have been 'genuine' but it was unanswerable and now you are complaining that people did their best to help but haven't given the answer you wanted but that was never going to happen was it and I rather think you were well aware of that.

particular not particularly

Okay Abbey, I will give you the straightforward answer you asked for...you need £15,000 per annum to have a really nice comfortable carry on provided there is no mortgage to pay. Enjoy!

Hi Abbey, hopefully you are still reading the responses oh this thread, and I hope to give you a constructive answer.

Firstly, you could have asked your question without laying all your finances open for discussion - bad move, and obviously it has influenced opinions.

Secondly, I really don't understand your lack of knowledge regarding married woman's insurance stamp contributions. Jalima is spot on with the rules that existed at the time of the change. I know it was certainly made clear to me by my employer, and there was plenty of information circulated at the time. As a side, a friend of mine stayed on married woman's stamp, and bragged that she invested the money she saved through low contributions in a savings policy, and now is campaigning for fairer pensions?The mind boggles!

Anyway to get back on topic, your husband is being very unfair and a tad greedy I think. It does sound like you have a full on job and its sometimes hard to let go if it's been an important part of your life. You used the following words:

I do not intend wasting her gift to me, spending it on keeping my early retirement going. I have worked for my NI contributions and I am being made to work even longer before I get my state pension, the least that should happen is that I should get it, in its entirety and not give more scumbags money by leaving my work and letting someone else do it probably less well than I do it.

The 2 things that jump out are you should be enjoying your legacy, your aunt would have wanted that, get your head out of the sand Abbey for goodness sake spend some of it, I promise you will not end up destitute! Don't see it as waste, just don't waste 3 valuable years for an extra K1 a year.

The other thing is the suggestion that your successor in your job will probably do it less well than you do!!! Google The indispensable man!! It says it all.

Best wishes and I hope you take on board that you are in such a fortunate position financially it's not worth struggling on for a few more crumbs! But just my opinion! And in answer to your question as what is enough - there is no stock answer, as those of us who have to just cut our cloth accordingly.

I don't think any amount will be enough for you.

If you're eligible for income tax then the government thinks you're getting too much.

I hope this was HELPFUL (says a disgruntled tax payer).

Thanks for the reply. Yes, I am still reading, and still trying to find a way of justifying giving up work to my husband.

I got my state pension forecast which tells me that if I work until I drop at 66 years (if I get there and don't snuff it first from stress) , I will get £155.35 ( a full new pension). There will be no deductions for any other pensions it seems as mine are converted to investments not pension pots.

It also tells me that if I give up work now, I would get the grand sum of £133.11 a week at current rates when I reach 66.

I am assuming this is correct. I have no quibble with it, although I find the figures of my contributions dont add up.

It claims I have 26 full years NI and I am missing 17 years.

However, that cannot be true as I wouldnt have enough NI to get a full pension (as stated) because I would be short of the 35 years required.

I am not quibbling the alleged 17 years either. For much of the time between 1975 and 1985, I was in university. After that my record would be bitty as I was unemployed/employed but on a small amount/ further studies/ didnt sign sometimes if between jobs (mainly because the labour exchange/ job centre/ Manpower services/DHSS as it was then told me that I was not allowed to do so..... that husbands married mans allowance was quoted here and I was informed his contributions would lead to a pension for us both , so were they also misinformed all those years ago?

I do seem to have some NI credits and some NI payments for most of these years but probably not enough to have a full record.

Clearly though, I made enough to have a full record by the time I retire at 66 ( which is 4.5 years away, even though I have missed 17 years of payments). 26 +5 = 31 at 66 years, not 35 years for the full pension. So, I guess I have 4 years of credits in all that somewhere and only 14 years where I was not working or working and not paying NI for whatever reason.

I assume though they are crediting something since they are claiming that if I work until I am 66 I will get a full 35 year NI contributing/credited pension. That also means I must have around 30 years including credits by now rather than the 26 working years they state.

Am I right in assuming though that the £133.11 (barring the government moving the goal posts again) will stand even if I gave up work tomorrow and didn't make the last 4 years of contributions?

Do you have children? That counts as credit. Also some years in full time education can count.

Abbey you really need to talk to someone qualified in this area to sort out all the pros and cons.
As I have said before the amount of money required for retirement depends a great deal on your expectations. Don't forget with all these financial dealings your happiness is also important.

Frankly I don't think you'll ever be happy as long as you allow your husband to dictate as he does - and that will still be the case however much wealth you accumulate! All this angst over about £20 a week!!
Decide what you want to do and do it without all the meaningless whining about whether or not you'll have 'enough'!!
You've made it clear that you have way more then many posters here so stop being so tactless and crass and just get on with it!

A little harsh mcem but I must say I agree with you now.

Thank you for your thoughts and advice.

I do not have any childrens credits as I lost my baby when he was quite young. That bis one of the reasons I did not go back to work for so long.

I once thought there were credits for full time education ( I even did student signing whilst an undergraduate) but I think they may have taken those away. The biggest problem has been the changing goal posts here.

I may well have more than many. I understand the frustration. But my frustration is that I made myself aware of the pension issues long ago and then had the whole b all game changed in 2011. Now I have no faith in an y professional ( or government) advice.

Sorry, but I find it hard to believe that you've remained in ignorance about your situation as regards pension rights etc. for all this time.

I'm much older than you and not only did the DWP inform me of changes etc. plus provide a pension forecast, but all women were told back in the 70s that we had the choice to pay the full NI stamp or rely on our husband's contributions.

As you say, you're far better off than a lot of GNetters and need professional advice (or a divorce).

And many on GN who through no fault of their own are now feeling let-down and disappointed that their pensions are not what they'd hoped for. I can think of brave resilient women on this site who are coping with a hell of a lot more difficult situations than you without all the pleas for sympathy and advice.
Harsh - yes perhaps, but I've been reading this bleating for what seem a a long time now and think of posters like annsixty like ethel like biker and many more who are coping admirably with their lives and dealing with real problems.
To quote a familiar phrase from one GNetter " FFS get a grip and get on wih it!"

Do you think Abbey really understands what she is on about. Her written word certainly doesn't make sense at times. An undergraduate? Hmmm?

The entire ball game changed for all of us with regard to the pension we expected and what we got !!

There's no point in dropping random bits and pieces of information - just go to CAB or a financial advisor. They can explain the workings of the DWP if you wish, and any other advice you seek.

Either you want to retire now, or you want to work on. You can afford to do whichever you wish.

Well said Wilma . Too much information given out from OP, bound to rattle people. Make a will, leave it to genuine charities , give up work, get out in your garden and thank god every day you don't have serious illness in your life.

When you go to see the CAB/Financial Advisor don't forget to take full details of your working/non-working/student records. You need a full explanation of your options by a qualified person. Then you'll have something concrete to put before and discuss with your DH. The other advantages of early retirement, such as time to enjoy life before decrepitude sets in, only you can judge the value of as only you can assess how much satisfaction you really get from working.

The new pension does seem incredibly complex Abbey. Apparently it will be simple eventually but that doesn't really help you. I would certainly want someone who understands these things to double check before assuming it is all correct so a visit to the CAB/Financial Advisor would be well worthwhile. If you have other pension savings pots I would go for a CAB visit followed up by FA. People receiving only the full basic pension would be eligible for some benefits so, in the governments view, you will need more than that but your personal pension saving may well be enough - you will only know by finding someone to explain the choices sadly.

As abbey said in a previous post I have a lot of savings and two substantial inheritances so I don't think she would be eligible for any benefits.

Ana I would be delighted to have abbey's problem.

abbey you've had 10 pages of advice going back as far as September and still you come back with further queries!

Why don't you just seek a professional financial adviser ... what more do you want from us?

I haven't the time to read all the thread, so going just by the opening post, I would say that you and your husband, with no mortgage or rent to pay, would manage perfectly well on his £18K and without any of your income at all. You would even have enough for a few luxuries.

As you seem to have substantial capital as well, there will be no problems about replacing household items that give up the ghost, or other sudden expernses. You will have that capital to fall back on when you need to pay for care, and also the value of your house.

If DH wants to know what you will need to cover your living costs, sit down with a sheet of paper ruled into several columns and write down, in the first column, a list of all the things you spend money on -

Mortgage/rent
Council tax
House and contents insurance
Personal insurance
Car repairs/maintenance/petrol
Car insurance
Electricity and gas
Holidays
Eating out
Groceries
Clothes and shoes
Christmas
and so on.

Then add the current cost of each in the second column.

In the third column write the absolute minimum for each that you could get by on if you really had to tighten your belt. Bear in mind that when neither of you commute to work, you will save a lot on travel costs (do you run two cars?) and you will not be wearing "work clothes"

Add up each column of figures.

Marvel at the difference! Then stop worrying about how you would manage.

Nothing like flogging a dead horse. { money and pensions}

Consider yourself extremely well off, in respect of others on this site.

Regarding your husband and his selfishness and being a needy man,

I bet lots here have such a partner.

If you still need more advice, go to a financial sdvisor. They can tell you in far more detail than anyone on here just what to do with your capital to get the best return, and just what your pension position is.

Be warned, though, if they organise any investments for you, they will take a percentage of the value each year as agents (perhaps 0.09% - so if it were invested for ten years, they would have 9% of it in total. Get a clear quote before you commit yourself to anything, and work out how much that percentage means in real money)