Terrified of retirement
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jangor_2
Posts: 280 Forumite
At 67 I am still working full time (self employed) but circumstances dictate that I will need to retire in about six months. Unfortunately my income has never been sufficient to allow me to make reasonable pension plans. I have deferred my state pension for 7 years and will have a tiny private pension of approx £60 per week. I have drawn up an expenses sheet but my outgoings and income simply do not meet. I have pared all outgoings down to the minimum but am still unable to work out how I can keep my head above water. Unfortunately my house is very tiny and downsizing is not an option. I am not entitled to any benefits on retirement. I am trying to find a part time post but this is proving very difficult. What do others do on a limited income? I am becoming increasingly concerned since I have never been in debt.
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have you worked out which discounts / benefits you will be entitled to once retired on a low income?
You might be better to ask again on the Benefits board, and pay a visit to the Old-style money-saving board too.The questions that get the best answers are the questions that give most detail....0 -
Do you live alone, are you relying on just one income.
It sounds as if you are going to have the thick end of £1k a month to be honest. My OH and I live easily on less than that.
Do you rent or have mortgage or neither, you may be entitled to pension credit.
May I suggest you do an SOA on here and we will help you a lot more with more details.
Perhaps its just a couple of tweeks at your lifestyle to be honest.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
Thankyou for the replies. I actually also do voluntary work helping people with benefits and I am aware that my income will be over the threshold. My income will be a little over £800 per month (after tax). I am on my own, I do not waste money but even in retirement there are certain unavoidable monthly outgoings, i.e. house insurance, heating, water, sewage, food, council tax, homecare cover, maintenance, clothes, (although I buy these from the charity shops), eye tests and glasses, life insurance. I also have two rescue dogs but there is no way I am parting with them. At the moment a car is a necessity for my work. I guess I will have to manage without but I live in a rural village where transport is limited and there are no local shops. In my area we have a bus pass but not a train pass. Visiting my family, who live 360 miles away, will be very difficult. I will go back to my expense sheet to see if I can make any further cuts. I actually did not realise how difficult retirement would be. I will go to the other board to seek advice as well. I am sure I will find something part time eventually. I suppose the hardest part of retirement is accepting that life will change drastically.0
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It seems you have no rent/mortgage to pay... I will have £1000 per month when I retire shortly...my rent is £450 I think I will scrape by, you should be ok with £800, it will be a challenge!!0
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I am on my own, I do not waste money but even in retirement there are certain unavoidable monthly outgoings, i.e. house insurance, heating, water, sewage, food, council tax, homecare cover, maintenance, clothes, (although I buy these from the charity shops), eye tests and glasses, life insurance.
You know that eye tests are free for pensioners ? Asda's glasses are a bargain, if you would benefit from lighter lenses, as unlike other opticians, they don't charge extra for them.
Why have life insurance , if you don't have a spouse or dependants who will need it ?0 -
As above, cancel the life insurance and homecare policies for starters.No free lunch, and no free laptop0
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Money advice service.
Universal credit.
Free prescriptions, glasses, travel.
Home delivery on food.
Car rental for long trips using a home pickup service.
For every problem there is a solution.
Rest assured you need not worry.Life is like a box of chocolates - drop it and the soft centres splash everywhere0 -
I really cant see where you have a problem, with over £800 a month and no rent/mortgage, like I say my other half and I live on this each month and we have all the outgoings you have. We also have a car, no life insurance because we have enough savings to cover 2 funerals.
You are overspending on something.... Like I say, do a statement of affairs on here, a proper one if someone would oblige with a link. Even things like 'water meter or RV water payment. For a household on one, you could be halving your bill or more if you had a meter.
Have you had a pension forecast, including any Serps.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
Thankyou for all your replies. I am in the process of checking everything again but I still cannot get the figures to meet. The life insurance is only a very small amount which will pay for my funeral. I thought it best to retain the homecare agreement as I have no one to call on if anything goes wrong. My boiler recently stopped working and the repair bill would have been in the region of £300 without the agreement. I cannot see any way I can keep my car financially. However you all sound so positive that it seems the problem definitely lies with me. Thankyou all again.0
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