How much pension for a comfortable life?

Abbey. This thread seems to be going round in circles. Do you have any children or close relatives who might benefit , supposing you have made one,from your will.

I only ask this to say that, if you have been the recipient
of a substantial sum in inheritance given to you by your late aunt, the first person to come knocking on your death will be HMRC, and they are very quick to demand their pound of flesh.

I think you should look at the bigger picture instead of worrying, many have said here they think you are reasonably well off. I supose it depends where your priorities lie.

It had everything to do with paying a reduced stamp, which many married women did (or no stamp at all)

I fell under that last group then back in 1994. I paid no stamp at all during much of the 1970's and 80's.

Legs55
you sound as if you are a very sensible person.
yes, I had to retire early too, with one child still at University therefore fees and rent to pay and no bit fat inheritance to fall back on

sorry, cannot take this seriously.

Do you have any children or close relatives who might benefit , supposing you have made one,from your will

No. I have no one. I have not made a will either,mainly because I do not know what to do with it right now. I have thought about it, but cannot decide . So it stays where it is until the green eyed monsters forget it exists.

In some ways I am happy for HMRC to have it. Mainly because too many people around me want to tell me what to do with it - all for them, not for me as it happens.

sorry, cannot take this seriously.

Same here.

Agree with you Anna. No one surely can be so miserly.

Did you really need to announce that you could buy a couple of houses with your inheritance, plus the fact that you have two current accounts with over £20,000 in each!

No wonder people are wondering what advice you actually want...

I did not really announce it. It was a throwaway line in response to someone asking what I would do when I needed to downsize or needed someone for my garden. Neither of which I need to do nor in fact do I intend leaving my home.

This isnt about what to do with my savings ( and never was). Its was simply about how much is enough pension. I read across the internet and many agreed with my husband that it seemed to be a very substantial sum per year. I couldnt accept that because most workers live on far less. But I could not ascertain what you need to live on in retirement. I thought the best peopleto ask would be those who have retired.

Anyway, I have mentioned before, in connection with wills etc. that I have this money and how I came by it, so it should not surprise anyone.

It is not in the equation. The facts of my OP I thought would be enough to deal with an answer.

A colleague of mine was left a decent legacy from her parents and she would not us it when she retired because she felt her parents had worked their socks off to get it. Within two years of retirement she sadly died of cancer, and I don't think her children had the same compunction about spending it!

Your original question was how much PENSION was enough for your both to live on. It is the wrong question - you should be asking how much MONEY is enough to live on.

I have been on gransnet for many years and i do not think I have ever seen such a mad thread!!

£30K is much more than my DH and I will have to live on when he retires.

I do hope you have made a will if you see others as vultures ready to enjoy your inheritances. This is your right and husbands. Please do so if you have not already done so

A poster mentioned the family inheriting the house, but unless provision has been made to safeguard it, it may, in the end be needed to cover care fees. Equally, spend some of your inheritance/savings rather than that also all go on care.

An income of £30000 per annum is beyond the reach of most retired people , your Husband is paranoid

We spent some years in Africa, so do not receive full government pensions. So we both set up private pensions to cover the shortfall. Sadly, we lost a great deal because the pensions were with a pension company (I will not mention which one) that almost collapsed. When I retired, seven years after my husband, I was terrified we would not manage. Our income is currently just over £20,000 annually (no mortgage any more) and we not only manage well enough, with the odd holiday, monthly gym membership, and belonging to our local bowls club, we also manage to save each month. We have a car, but rarely use it as we also love cycling. You will find a whole new world out there and should be enjoying it together while you can.

I was suspicious of this thread right from the beginning .

Presumably tax is payable on the multi-thousand pounds savings? And that bill will grow every year, as your fortune accrues. Hope you've taken that into account as well!

Can you imagine the mindset of someone who would rather leave money to HMRC rather than the 1000s of small charities who are doing so much good and receive no help.

Abbey, with every post you submit you dig the hole deeper.... you'll be in Australia soon. For heaven's sakes, get yourself a passport, quit your boring job and take off for a few months somewhere.... anywhere. Leave the old man working on his financial spread sheet and have some fun. You can't take it with you when you shuffle off, and none of us know how soon the Grim Reaper will come for us. You may think you can control everything, but you've no control over the inevitable.. .. none of us have.

I sort of get where you're coming from, abbey in that I would like to live only on my pensions and leave my savings in case they are needed for my care. However, they are minimal compared to yours, any inheritance I received was tiny and I do have children to leave any money to. You have sufficient income to lead a very, very comfortable life now, without the need to use your state pension. Maybe you should donate the pension to charity, then you could live off your inheritance without feeling guilty.

We read about people who leave behind big sums of money but during their lives no-one guessed they were rich. I find your 'fortune' story fascinating Abbey because it illustrates how such a situation can come about.

For myself, I try to balance capital growth and income to achieve my worry-free retirement. I think £28k for 2 people is fine, £30k is better and you could save from that, but as a single person aim for at least £20k. Retirement can get quite boring so you need some luxuries, breaks, interests. Some capital as a cushion gives a good feeling of security but as others have said 'seize the day', you can't take it with you.

Retire!

You've had enough of working.
You have enough money to live comfortably.
You've had enough 'discussion' here.
Enough of the gloating!!
I (and I suspect others) have had enough of this ridiculous thread.

Abbey, with every post you submit you dig the hole deeper.... you'll be in Australia soon.
willsmadnan if abbey does do that she will find that her pension does not rise and remains at the same level as the day she dug through.
Healthcare has to be paid for too.

Chin up abbey and count your blessings:
www.youtube.com/watch?v=s00cex6vi-o