Terrified of retirement

Bradfield

Mojisola - I've got a little challenge for you. Come up with something POSITIVE for the OP, all your negativity so far is going to drive OP into an earlier grave than they've planned. [/QUOTE]

Could not agree more. Think of what used to happen in the 19th and early 20th century. A lot of old people had nothing to look forward to other than ending their lives in the work-house. This aint going to happen to any of us.

Another good idea is to put your financial details into one of the online world wealth calculators and see how you fare in relation to others in the world.

Even with my relatively modest income I am apparently in the top 8.5 % of wealthiest people in the world. There are billions of people worse off in the world than me (and all of you).

Let us stop feeling sorry for ourselves and start to count our blessings.

whodathunkit

AndyBSG wrote: »

Without seeing a statement of affairs it really is difficult to advise the OP.

While £800 per month doesn't seem a huge amount neither does it seem a terrible amount and there are plenty of pensioners out there surviving on much less.

My nan for example has zero savings and relies entirely on the state pension.


I suspect there is something wrong with the OP's calcaulations and that he's missing key things but without seeing the SOA I don't think any of us are really in a position to advise.

In that situation she should be claiming pension credit and council tax support, as well as help with her rent, if applicable.

borkid

patanne wrote: »

I too think that the state pension is underestimated. Even without any additional state pension at all (and assuming full basic state pension) then the pension alone should be about £195 per week from April. I really urge you to get a forecast. I think they call it a pension statement now. It could save you a lot of worry

Really where did you get those figures from? I get far less than that and have additional state pension plus graduated pension as well as the full basic pension. Have just had a letter saying it will increase by £2 per week in April.

Mojisola

State Pension is £110.15 per week at the moment.

People may also be entitled to Additional State Pension or Pension Credit.

If you are only able to claim the basic SP, PC can bring it up to £145.40.

zygurat789

Another thread where the OP's post is not quite right and then he/she just slopes off.

luvchocolate

the op stated they had deferred state pension for quite a few years which will make a big difference...hence the large amount quoted

Robisere

I have not read all the posts here in reply, but I would urge you to contact Age UK:

https://www.ageuk.org.uk/‎

They can visit you and talk you through your options. I think your problem is the same one I had when I became too disabled to work: I was, as your post says, 'terrified' of finishing work. However, I found a level and was able to have a satisfying life. I am 69 and live in a rural Lincolnshire village, with the same problems you describe. But think it through: -

* It costs money to get to work - fuel, clothing perhaps. Your car will not be using the same amount of fuel that it does whilst you are working.
* Broadband - I am with Plusnet, I pay at most £24 a month, 40GB limit, 24/7 calls and line rental. Although I always pay for rental in advance, which gives me a hefty discount, every year.
* Utilities - do you pay by DD? that gives a discount.
* Transport - how often would you need to drive to the shops/etc? Not as often as you drove to work. Think about how many miles you drove every week, then how many you will drive after retirement. In Lincolnshire we have a subsidised "Connect" bus service, a small mini bus is available if we phone in advance, pick up from home, take to local town, inform the driver when we want to return. Contact your council and ask if there is such a service in your area.

Last but not least: if you are fit and well, you will have the time to walk in your local area and you will not be breathing town fumes.

It's not a bad life, and a lot of it is either free or inexpensive. Good luck!

dktreesea

margaretclare wrote: »

This is a generalisation. It doesn't apply to everyone.

We did equity release some years ago now, but not to improve our living standards. We did it to pay off an existing mortgage. We saw no point in going on paying it monthly until we were 83, just in time to die and leave it all to someone else.

Nevertheless, it is a debt. We shouldn't have done it for any other cause, certainly not to provide money to live on.

Yes, a debt, but one that accrues to the estate, and not to the people who incurred the debt whilever they are alive. Furthermore it's a secure debt. And the amount banks and insurance companies allow you to draw down for this kind of reverse mortgage is quite modest, sometimes no more than 30% of the value of the property.

originator

Bradfield wrote: »

Mojisola - I've got a little challenge for you. Come up with something POSITIVE for the OP, all your negativity so far is going to drive OP into an earlier grave than they've planned.

Could not agree more. Think of what used to happen in the 19th and early 20th century. A lot of old people had nothing to look forward to other than ending their lives in the work-house. This aint going to happen to any of us.

Another good idea is to put your financial details into one of the online world wealth calculators and see how you fare in relation to others in the world.

Even with my relatively modest income I am apparently in the top 8.5 % of wealthiest people in the world. There are billions of people worse off in the world than me (and all of you).

Let us stop feeling sorry for ourselves and start to count our blessings.[/QUOTE]
agreed i went to skid row in los angeles a few years back[almost by accident,we went went on a bog standard hollywood hills tour but had a driver who wanted to show us the real bits of is city bless him}.i have never felt so grateful for what I have

patanne

The figures I worked out are... basic state pension from April is £113.10 per week. Deferred for 7 years is 73% (365 weeks at 0.2% per week). £113.10 x 1.73 is £195.66. Hope that explains it satisfactorily.