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Legal, pensions and money

How much do I need to live on

(84 Posts)
nanaK54 Tue 31-Oct-17 16:23:15

I don't have any advice re your finances - but wanted to offer my sincere condolences flowers

Totallylost Tue 31-Oct-17 16:18:38

Thanks so much for all your replies, I think really you're all saying the same things that I'm thinking which in a way is comforting. jane10 no I'm not entitled to any of my DHs private pension , we always knew that would happen because of the circumstances under which it was set up. I just didn't expect things to happen so suddenly his death came totally out of the blue. My daughter is being terrific but lives 500 miles away , has a full time job and family and I don't want to keep troubling her .

loopyloo Tue 31-Oct-17 16:09:31

You need to sit down with your bank statements and work out your outgoings and income. Not fun I know. You need to work out how much you need to live on. Basically you need to pay council tax, gas electricity water rates, insurance,Your car if you have one. Food clothes entertainment. If you don't have to pay a mortgage or rent you are fortunate. Perhaps don't do it all in one go, but bit by bit.
You might find it empowering. It's very early days. Perhaps you could get some bereavement counselling.
Do you have family to support you?

Day6 Tue 31-Oct-17 16:06:37

Much sympathy Totallylost. I am sure when your grief is not so raw your financial situation will be easier to deal with.

You have your state pension and earnings right now. It's important to understand what your outgoings are and to put aside some money for rainy days and for the treats you enjoy that enhance life.

Do you want to give up work? Don't make too many decisions until life is a bit easier, but do consider how much you enjoy the routine, companionship and earnings that your job provides before you resign your post. My best wishes to you.

Jane10 Tue 31-Oct-17 15:50:18

Very sorry to hear of this sad time. Are you not even entitled to half of your DH's pension? If I go before DH he'll get half my pension. It's certainly worth checking and also if you qualify for any benefits. Council tax should reduce for one thing. Good luck with it all. flowers

Teetime Tue 31-Oct-17 15:39:26

I'm so sorry totallylost and I'm sure you are. I think if you can take a quiet moment to put all your outgoings down on paper and then put in some contingencies you may be able to get an idea of what your budgeting needs to look like. Its far to early to think about moving house or letting out a room but in time you may be able to think about your options long term. I think its good advice to ask a trusted friend or family to help you do the thinking work. I hope that all the 'noise' in your head settles soon and that you are able to think more clearly. With best wishes xx

Luckygirl Tue 31-Oct-17 14:57:37

I do agree about talking to CAB. It is so hard that in the midst of your grief you are trying to sort out your finances. Do you have family who can be with you and help in sorting it al out?

I am sorry for your loss. flowers

Pittcity Tue 31-Oct-17 14:52:56

So sorry to hear about your DH and send virtual hugs.
I think that everyone's personal finances and what is a comfortable amount to live on depends on your own needs and expectations. I would get some advice from Age UK in or Citizen's Advice. You may be entitled to benefits or be able to save on expenditure.

Totallylost Tue 31-Oct-17 14:42:30

My husband passed away a few weeks ago and I'm devasted , my issue is that his pension died with him. I'm 66 and still working with a small amount of saving but only the state pension to live on. How much would you consider to be an appropriate amount to have in the bank to be able to retire. Our home now belongs to me and it's not huge so there's not enormous bills. Sorry if I'm rambling I'm just just lost and trying to sort my mind out as well as everything else