Can you manage on just a state pension ?

Pensioners who work in PAYE are about to get right royally reamed through the new rises in NI and in paying it above retirement age. We already get the most shitty pensions in Europe while millionairs politicos live a champagne lifestyle.

Rather than taking a part time job is there some cash in hand side hustle you could build up? Gardening/cleaning/jobbing/handyperson/carbooting and so on. Then you will have the satisfaction of seeing what you earn go straight into your pocket.

I second what Franbern says. Cash in hand, really biglouis, you mean thieving from the public purse

Any decent skilled tradesman does not accept cash in hand any more. They need a paper trail. Don`t even insult them by asking

So sad that people on here are advising people to act criminally, and get cash in hand jobs,

Although this maybe very small amounts of money - at the other end of the scale are the mlti-nationas,so man of them who avoid paying tax.

No wonder public services are increasingly under-funded with this sort of attitud

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Pleased to hear that everything is going well sandytoes thanks for the update.

That's a lovely update.
You can't put a price on having time. It's priceless.

Hi , for those who asked for an update I am pleased to say , 5 months into retirement , we are managing very well on our reduced income and still managing to save a little for unexpected expenses such as the large dental bill my DH had this month . We have joined a very reasonably priced health club ( off peak) and using this a few times per week , which we feel will be great value in the winter when we spend less time outdoors. Still doing just a few hours work a month which is adding 100 to 150£ to the savings pot . Definitely still feeling we made the right choice.

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No worries @Calistemon , we did indeed live on our current level of income for at least 3 years prior to retiring as we saved the rest , so felt quite comfortable that we could continue this in the longer term .

Apologies Sandytoes!
I should have rtw! And looked at the date.

Glad it's working out.

Pinkcakes wishing you well

Urmstongran

Could you perhaps pretend you’re retired and live for a while on what you would have each week (or month) and see how it feels for you?

Good idea Urmstongran

My DH and I both have a very poor family health history
I'm wondering what you mean by this exactly?
Have you and your husband both had a lot of ill-health and a time-limiting prognosis?
If so, you could try what Urmstongran suggests before making a decision.

If not and you are in reasonable health now, it doesn't necessarily follow that you will be like other members of your families. Some people live until a ripe old age even though other members of their family died at a younger age.

Retiring on a very limited budget might not give you the scope to do think, pursue hobbies in retirement that you might like.
Can you reduce your hours or look for more enjoyable part-time jobs until retirement age?

We don't know what's in store and perhaps it's just as well sometimes.

@Pinkcakes . Good to hear you are now recovering. I think having good health makes it easier to budget . Careful shopping and batch cooking from scratch take time and energy , and we have spent time gardening and walking, all of which would be much harder in your position . But I agree , having a reduced budget means you focus on paying for this things that are important to you and can make savings in other areas .

My husband and I are learning to live with only my husband's wage, for now. He gets roughly £400 per week.

I had Covid, and Pneumonia, in July, was on a ventilator for 2 weeks, then spent a further 4 weeks in hospital, having had a stroke whilst on the ventilator. I'm almost fully recovered but need a doctor to declare me fit for driving and work.

We haven't got a mortgage (paid off), but have got all the usual outgoings, including 2 cars.

Our savings are now less than £2000. It's surprising how little a person (or a couple) can manage to live off.

@welbeck . We both have enough NI contributions for a full state pension already, but if we didnt we would have the option of paying for extra years . We will only pay NI now if we earn above the threshold, which is very unlikely . We have retired by choice but the same would apply if someone retired early following redundacy.

I’m so glad that it is working out for you and your husband Sandytoes . Time is precious, enjoy it together [Flowers]

but if say someone is made redundant at age 60, and decides to manage on just their savings/partner's pension until they get their pension at age 66, what about national insurance.
don't you have to still pay that until receiving state pension ?

So glad you are enjoying your time-and the reduced income is manageable.

Sandytoes Good to know things are working out well for you so far. I hope the rise in utility bills will not hit your budget too hard. Best wishes for the winter. Please keep us updated.

I have had a few PMs asking how the retirement budget is going. So far we have spent under our income for each month and have saved the extra into our " emergency " fund . I have done a few days agency work ( average £100 per month ), which has also been saved . Really enjoying having the free time and do not feel we are missing out on anything important due to our reduced income . We may feel differently in the Winter months but so far no regrets at all .

Its early days but our first full month went very well . We kept to our budget for monthly expenses and money into pots/ sinking funds and managed to put a couple of hundred in longer term savings too . I was also paid for couple of days temp work, which was also saved into the rainy day pot .

Thank you for your " happy retirement " wishes . We are not yet of state retirement age but will be living on the equivalent of x2 new state pensions . The income will come from savings and drawdown pension pots and therefore if there was , sadly , only one of us we would still have the same funds available.

Sorry, didn't realise you had taken the decision. Just ignore my post.

Hope you enjoy your retirement. I do a little work as and when, I enjoy it as it is when I feel like it, not like a fulltime commitment.

I think we could live quite well on our state pensions, we have got decent pensions from previous jobs but we save some and give money to children/grandchildren/charities.

I'm not sure how easy it would be for one of us to manage on one state pension. I suppose with one pension you might be eligible to help with rates and things? I don't know but I would consider that.

Good for you Sandytoes. I am sure you will have a great retirement. I agree with Peasblossom. The feeling of freedom is wonderful. My best wishes to you both.

Well , too late to change our minds now . We are in our last week of work and will be starting retirement and the new budget at the beginning of June . I am very( ok fairly ) confident we will be fine .