Can you manage on just a state pension ?

Maybe you could sign up to a work agency, so you can work on an 'as and when' basis? (Or not, if you don't need to)

I don't blame you for wanting time just to "be".

Thanks Mazzy9 , fortunately we are still currently in good health but would like to retire while that is the case .

If your health isn't too good imho you should both retire. If things get tight you could consider taking equity release on your home. I know some people will recoil at this suggestion but you have both had a full working life and deserve whatever time you have together, hopefully many years. Enjoy your time together, maybe do some voluntary work and don't fret about full time work.

Thanks again to everyone who has replied. Just to clarify DH and I are currently in good health but other than one close relative most have died in their late fifties or early 60s , which is what had prompted us to consider early retirement. Having said this we hope to live long and healthy lives and therefore need to be sure we are making the right decision for us . Once we hit state pension age we would also have a small private pension from DH previous job , so our income then would be today's equivalent of £1600 per month . We have doubled checked our pension forecast and already have enough years to qualify as have both worked since aged 16 . We currently live on under £1400 per month, which would be our income before state pension age . We have factored in price increases and will have a reserve pot of approx 20k for emergencies . We have also allowed for 2 extra years in case pension age changes so may have a bit more savings left if it does not. I have to confess I was hoping that you would all say " go for it " , but appreciate your honesty and opinions . I think a part time job may be the way forward , just to make life a little more comfortable For those of you who suggested equity release, we really wouldnt want to consider this , although it may be the right option for some

Check out your state pension forecasts and NI records too as the new State Pension does seem to depend on contributions in those later years. You can pay voluntary NICs, but this could be difficult if you’re on a tight budget. They are about £15 per week. 35 years contributions straddling the old and new state pensions schemes can mean you don’t get the full new SP currently £175 per week.

I suppose it depends on how good a person is at managing a limited income.
Lots can and do live comfortably on state pension and credits to top it up.

Don't advise doing that unless you are happy to spend all your days scrimping and saving. Much better to have part time job at least or you could end up with a miserable retirement. You need to be able to treat yourselves sometimes, not constantly wondering if you can afford an odd luxury or two. You have not worked all this time to be miserable.

Personally I think 6 years is a long time to start depleting saving before accessing the meagre state pension. Economies can be made in day living costs can be made but it is the one off costs like replacing the car, insurance premiums and replacing a broken washing machine which can
often break the bank. I'd go down to part time, and try living on part time earnings for a while first.

After living off Jobseekers (£73 per week)for 2 yrs just over 4 yrs ago.

Yes I will deff manage on the state pension. If I decide to retire in October.

There is never a right time to take early retirement but too many people l know kept working and never retired they passed before they could.
So l would go for it life is full of if's but's and maybe.
Check your finances incomings and outgoings and cut your cloth accordingly, you save money on petrol, convenience food, and a whole host of other things you find you dont need.
Life in retiŕement is great! It is what you make it.Time is a precious commodity which we take for granted till it is too late.Money is not everything!

One year before my actual retirement (at age 60), I moved to part-time working, which gave me the opportunity to live within the income I believed I would have at retirement. At that time I had a small mortgage which was interest only - the idea being that I would be able to clear my mortgage from the tax-free lump sum I would be able to take at my retirement.
In fact, this worked out pretty well, although there was very little "extra" for things such as holidays, or any other large expense.
Despite of "life" throwing various "curveballs" at me (including the death of my mother, a late marriage, and a few other things), I am now reasonably situated (I have three small pensions), and am working on building more savings in order to feel a little more financially secure.
As has been previously pointed out, only you can know how much you need in order to live comfortably, and what you could "do without" if need be. Do your sums, and if (and only if) you are happy that you can live with limited means for the required period, then go ahead. There are considerable savings in not having to go to work (travel, lunches, clothes etc) and you can save a lot of money by finding new things to enjoy that cost much less than things such as theatres, cinema, drinks out etc., that may have been what you enjoyed with work colleagues. There are plenty of tips on frugal living on the internet (or in libraries, when available). Good Luck, whatever choice you make. It is only sensible to consider such things before retirement!

growstuff
I'm not an expert either, but carer's allowance is different from attendance allowance

I understand that growstuff. The point I was trying to make, but maybe didn’t do it well, is that if
Mealybug was in receipt of carers allowance prior to pension age it indicates that her husband is in need of care.

She has stated that he has dementia and is bedridden but they are now both having to get by on just basic state pension. My concern was that they may be missing out on a benefit that could help to alleviate their difficult situation.

Personally speaking I would find it impossible.

If you literally have only your state pension with no other income and savings below a certain amount you would probably be able to claim some other allowances. NHS Low Income scheme would be one but it is a bit of a minefield and worth getting someone like Age UK to help.

Your income would be similar to that of a single pensioner who has a small private pension. There are a great many single pensioners who manage very well with no rent or mortgage. Bills are mostly the same whether there is one person or two in a household.

Grannynannywanny

growstuff I’m no expert but it does sound like Mealybug’s husband is entitled to attendance allowance, possibly at the higher rate if he requires care both day and night. It would make a significant difference to their income and possibly be a gateway to other help.

I'm not an expert either, but carer's allowance is different from attendance allowance.

We live on our state pensions. We're okay and have actually managed to save quite a bit over the past year, mainly due to not using the car much. We live simply, but then we always have. I am not particularly interested in material stuff except books, and I often buy them second hand. We travelled a bit when we were younger but usually go for short breaks in Britain. Our family in the USA want us to visit but insist that they will buy the tickets. God knows when overseas travel will be safe, anyway.

I do worry about how one of us will manage when the other one dies. That's one reason why we are thinking about downsizing. It doesn't make much sense to heat and maintain a five bedroom house for two of us. Hopefully that would reduce our outgoings a bit.

Our marriage is actually better now than it has ever been. My DH was a workaholic and he was hardly ever at home. He also used to be very snappy sometimes because he was overtired. Spending all our time together in retirement has made such a difference.

It's a good idea to know monthly outgoings. But something else always pops up -car goes wrong, expensive dental bill, boiler breaks down... We find that there is always something costing several hundred pounds. Working part-time may be the answer. I'd love to have a part-time job as I felt lost when I retired.

I’m one of the WASPI women, born a month or so too late to get my pension at 60. My husband and I planned extremely carefully for me to retire at 60 then found half way through it had been changed to 65. We therefore lived for 5 years on a very reduced income, picking up part time work where and when we could. It wasn’t pleasant and I look back at that time of penny pinching and worrying with dread. Now my pension has kicked in and we are living the life we had planned. Not extravagant by any means but not scary either. It’s all about balance isn’t it? Having sufficient to make you feel happy but not working your guts out in something you hate. The very best of luck to you.

I went to see a free advisor from Pension Wise, the government department. Although the advisor was slightly older than me they had never heard of HRPS and googled it there and then! Not very reassuring...

growstuff I’m no expert but it does sound like Mealybug’s husband is entitled to attendance allowance, possibly at the higher rate if he requires care both day and night. It would make a significant difference to their income and possibly be a gateway to other help.

Sandytoes - I would definitely not give up your jobs right now because your calculations may be wrong for all sorts of reasons, and you can't predict the future (higher prices for many groceries, fuel etc.) But, I would definitely put your plan of living more frugally into action now so that while you still have the safety net of your salaries, you can actually find out for sure what amount you really need to feed yourselves, maintain your house, and add in the car expenses. You should do that for a year as monthly outgoings change especially when you have a car, there'll be tax and insurance and MOT. During that period you should be able to save and then after a year you'll see the difference between your outgoings when you're living frugally and your normal outgoings. Only then will you really be able to gauge whether you can manage on the pensions you envisage receiving.

I pay rent and council tax. I have calculated that my state pension will cover all my other outgoings. It depends on what you expect.

Grannynannywanny

Mealybug your situation sounds very unfair. If you were receiving carer allowance before reaching pension age, and if anything your husband’s care needs have unfortunately increased, then you surely must still be entitled to help.

Have you spoken to a welfare benefits advisor? You can phone your local council to arrange this. Or if you are able do a benefits check online.

You should be able to claim attendance allowance on your husband’s behalf. If he qualifies for it I think you in turn would qualify for pension credit. Please ask for advice as your situation seems wrong.

The theory is that carer's allowance is compensation for not being able to do paid work. After pension age, you're not expected to work, so don't need compensation. You receive state pension instead.

I admit to being a pessimist, but just have to say that you should expect the unexpected and be sure you can deal with it. Last year my worst unexpected was needing a new boiler at the beginning of lockdown , followed not long afterwards by accidentally leaving the freezer door open overnight and losing all the contents, which was about £100 worth , then a few months later discovering that my perfectly good car tyres were "crackled" and dangerous ( apparently caused by car staying parked in same position in the sun during lockdown) and had to buy a full set of new ones.
I wish you well whatever you decide!