Can you manage on just a state pension ?

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

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 ?

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

@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.

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.

@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 .

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.

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

Glad it's working out.

Pinkcakes wishing you well

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 .

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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.

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

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

Message withdrawn at poster's request.

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

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

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 was told you can make £1000 pa on ebay legally without having to declare it to taxman.

@biglouis . I wont be doing what you call " side hussles " and I call "working illegally" . We have been able to retire early by hard work and paying our way throughout our working lives . Hopefully I have too much integrity to do otherwise , even if you do not .

I see nothing wrong with cash in hand jobs. The personal allowance for 2022 is £12570. If you get say £750 from private pension and another £250 per month from cash in hand jobs, you are still below the taxable threshold, so you are not working illegally. Am I right?

SporeRB

I see nothing wrong with cash in hand jobs. The personal allowance for 2022 is £12570. If you get say £750 from private pension and another £250 per month from cash in hand jobs, you are still below the taxable threshold, so you are not working illegally. Am I right?

You are right PP ......some people just like walking the moral hughground even when its not necessary ?

In my experience people who vehemently take the moral high ground over doing occasional cash in hand jobs for a couple of hundred a month probably have something far more nefarious in their lives to conceal. People who really are honest do not feel the need to comment publicly or boast about it. It is enough for them to know they are honest.

vegansrock

I was told you can make £1000 pa on ebay legally without having to declare it to taxman.

If you're selling your own belongings surely that is not taxable?

If someone is "older" its very difficult to prove that they were not that person's own belongings that they bought/collected when they were younger or that they did not inherit them from a mother or grandparent. I was left the contents of my grandmothers house back in the 1970s and have items I inherited from her and my mother still in boxes in my attic. Back in those days few people bothered to photograph or itemise their possessions for insurance purposes. It never occurred to them that said objects might be valuable collectors items one day. While it would be difficult for someone to prove that they had "inherited" every single object ir would also be difficult to prove that they did not!

Of course you can work and get paid in cash . You just need to declare your earnings
@biglouis , not sure why someone not wanting to work illegally is either taking the moral high ground or a sign that they have something bigger to conceal but maybe that's just your experience from the people you know .