Debt in retirement

"My heart goes out to folk like Gillybob and her DH, who have worked like billyo, done the right thing by their workers, and are now being penalised by their situation." This to be very true.

Just dipping my toe in the water here. We both retired in 2003, and I was worried about how things would pan out. I was lucky enough to have my pension paid from when I was 60. DH made what he thought, and was at the time, good provision for us with his pension plans, the along came the chancellor at the time and his pension pot was cut by half, as no doubt were many others. They just seemed to 'rob' them. So much for trying to forward plan. We do manage OK, and don't go short of heating or food, but don't splash out. Holidays take some thinking about. I get a very small work pension, that I had to fight hard for the company to contribute to, but so glad I did. We do have savings, mostly mine, but for us both. I would like to downsize a little, but property is so expensive here that it wouldn't be worth it. Also going into an apartment, there are yearly costs involved and they would increase every year to an unknown amount. So at the moment we are saying put. My heart goes out to folk like Gillybob and her DH, who have worked like billyo, done the right thing by their workers, and are now being penalised by their situation. Sorry if I have gone off the point.

At times I feel that my stock of cleaning and washing materials could outdo Sainsbury but I rarely pay full price and buy when items I use are a lot cheaper. I am a natural hoarder which does not help.

The sale of my house will have to pay for my care home fees (if needed) and after that runs out- who knows but by then I would think I will be beyond caring.

Apart from trying to save, which is very difficult, I have been putting to one side items I have bought "for my incapacitated days" or "for later" if you prefer! For example, there was a really good sale of clothes which are good quality which I have worn for years, sale price plus another 33% off! So I bought several extra tops and pyjamas and put them in my "savings drawer". If I have to go into a care home my money will be used to pay for it and my needs for clothes will have to be met somehow. So it makes sense to buy now at this price than later at a much higher price when I do not have as much money. I do it with non perishable and long date household and food items, but to a lesser extent. So my "savings" are items not merely money.

I think much of ones retirement savings is down to frugal nature and hard work, but there is an overlay of pure luck. Luck to be in just right place at the right time and see the future of that place, luck to have good health and a good marriage.

Exactly Maggiemaybe

As I said on page 1, and was sort of pulled up on:
So much in life depends heavily on the hand we're dealt, however much hard work we put in and however much we try to plan ahead. Where and to whom we were born, family breakdown, bereavement, our health and that of our family, the sheer ruddy luck of being in the right place at the right time.

You can work your socks off morning, noon and night, but if life throws you a major curveball, you may still end up without that comfortable retirement you'd planned for. On the other hand, if you were lucky enough to be born into a wealthy and supportive family, you'll still be okay.

Reading this thread convinces me that life is a game of financial chance. We are comfortably off although I budget carefully having taken over our finances since DH had a stroke seven years ago and I guard our modest savings like a mother bear in the entrance to her den!!

My brothers are both very well off. DH often says he feels like we're the poor relations but I never see it that way because we have everything we need and a simple life has always suited me.

Gilly's right that it's not just about hard work. Nobody knows whether their years of hard graft will end in redundancy or divorce or fall victim to the effects of a recession.

I remember the old saying, 'Don't marry money but where money is.' every time I meet up with a friend who was an only child and married into a wealthy family with only one son. Apart from bringing up their children she has never had to work.

It seems some people are destined to be cushioned from the worry of precarious finances and some are not.

gilly in our case it has a direct impact on DH'S pension or did.

I'm sure you and your DH work hard and I feel so sad for you.

" However, our gas fuel has now increased to 600 euros (six HUNDRED) per month "
Dharmacat - we use propane too and pay in €s. Last year our supplier (Antargaz) made a big increase.
We contacted them and said we were changing to another supplier - eventually they came back with a much lower offer because we were "clients anciens" which at first I thought meant old people. But actually means long-standing customers.
Looking a comparative charts , they have 2 tariffs, one much lower than the other.
So try to bargain with your supplier. It wasn't easy though.

Dharmacat thanks for that- it sounds really good. I am not sure what people do in this country if they are not computer literate and cannot order shopping on line. I found that invaluable after I had a knee replaced.

Sorry I did not reply to both MOnica and Charleygirl yesterday afternoon - went out ! Yes MOnica, we are on propane gas ; last year was 300 euros a month but because we had an extra delivery late in December which threw us into the red, the firm decided we had to up our monthly payments in case we use the same amount this year. Hopefully we will economise and receive a rebate but still need to find this extra 300 a month until the end of the year.
When we are unable to drive there is (at present - who knows what the future holds anywhere ) a system of "femme de menage" whereby you can employ a person who does small jobs around the home, cleaning , washing etc. and who will drive you to the supermarket or do the shopping for you. In addition there are several good private , daily meals on wheels deliveries of fresh , not frozen meals.
We have family in Australia but realising the pension /health freezing did not consider that a viable option as our savings were not great.

I don’t get what working hard has got to do with pensions ? If it was really about how hard you work DH and I would be bloomin’ retired millionaires .

Exactly, phoenix.

We are lucky enough (and dh worked hard) to have good pensions. But we have also been lucky enough not to fall ill and to stay together.

I feel really sad for people who, through no fault of their own, are facing a different retirement from the one they anticipated.

How would any of you on here like the idea of your state pensions frozen at 2006 rates? Thats what happened to me and DH after moving to Australia to be with our 3 children and grandchildren when we retired, even though we both had worked and paid NI all our working lives. It has been estimated that we save the British Government 14,000 pounds a year between us - benefits and NHS - actually it would probably be more as my husband now has cancer, and we pay all his medicals expenses privately. When we first came here we were getting around 8% interest on our savings, now we get 2%. We have definitely had to tighten our belts, but to be honest, its worth it - we could never come back to the UK - the way they treat OAPs is disgusting!!

Should have added council tax .

We are just about to have the second 6% rise in 2 years. Thank you labour council. Of course the majority in this town pay little or nothing so anyone who is in the position to pay gets hammered.

Well done to all those who are debt free and have good pension arrangements in place.

Consider yourselves fortunate.

And before anyone says things like "it's all in the planning" not so easy to plan when you come out of a divorce with not very much!

Agree completely paddyann

I haven't heard that Labour will increase council tax by that amount...it has been increased for the top bands in Scotland and a lot of people dont like ut BUT we had a ten year freeze and they cant have it frozen forever .Council tax on empty proerties has also doubled and it makes paople either get their property rented or sold FAST .As they should when housing is in short supplyThe people who can afford to pay SHOULD pay..and I am one who has a high rise on my CT .I have no problem with paying my way AND a bit extra if its for the community/country .We cant have services if no one pays for them.If you live alone surely you gat a single person discount?

Interesting Lilyflower.
Could you please let us have a reference or link to the source of your information as it's something I'd like to follow up?

This was in today’s Guardian

www.theguardian.com/money/2018/feb/03/78-18000-income-london-pension-holidays-car-theatre-trips

Lostmyglassesxx please join your local Waspi group if you have one, or just google Waspi. Momentum is gathering and we're not giving up just yet!

State pension fiasco ...indeed .would love to know what we can do ,,we are not making enough fuss ..women all over the world are shouting out right now about equality and respect ... I think we need a big protest or something to get the government rethinking..

Howcome...I agree ..over qualified for Tesco ...and also in my profession more qualified and knowledgeable than the boss who,would probably be twenty years younger than me !
I am aghast at ageism in the work place and in the world generally. Hence women feel the need to Botox and self improve to then be criticised for doing so .( I deviate ..sorry )
The worst thing is feeling useless .onthe scrap heap..I don’t want to disappear into my greenhouse.I want to work I miss the interaction ,my brain needs the stimulation .its sharp still and I would love to still be paid to use it!
.it’s a fact now that we will all keep our braincells longer if we use them.by default I have more experience and knowledge after years of working in my little finger than a lot of the younger ones .....gggrrr !