Terrified of retirement

borkid

patanne wrote: »

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.

Thanks I was reading it as a generic amount rather than OP specific.

mumps

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.

But surely it did improve your living standards if you stopped paying the mortgage?

zygurat789

patanne wrote: »

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.

The OP also had a "tiny" occupational pension of £30pw so £225.66 total pw, or £977.86 per month or £11734 pa on which there would be tax of £457 net £11277 or £940 per month. NOT THE £800 QUOTED.

pollypenny

£60 a week, in fact.

zygurat789

pollypenny wrote: »

£60 a week, in fact.

Then £255pw. £13260per year £12496 after tax £1041 per month or a 30% increase over £800.
That should solve her problems.

whodathunkit

patanne wrote: »

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.

Of course, the OP may not get the full SRP.

patanne

Yes very true, the OP may not get full SRP. But 7/8 years ago the website was a little misleading re how the accrual worked. It appeared to read that the 10.4% pa uplift was on the then pension & would not take into account actual annual rises in SRP.

dktreesea

originator wrote: »

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.

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[/QUOTE]

Well, we may not ever have to live in a workhouse, but in those days being homeless wasn't so easy. You could have been arrested for vagrancy. Nowadays there are thousands of people homeless on any one night in Britain, so I am not sure we are all better off than we might have been had a place where we got accommodation and food in exchange for work been available.

Comparing our wealth to people's wealth in other countries can be misleading. Yes, on British incomes we could do a lot better standard of living wise most places in the rest of the world. But most of us are not in a position to take advantage of this and maintain our current incomes. Britain is a low wage, high cost economy. There wouldn't be many places in the world where rent chews up half of a person's income.

zygurat789

whodathunkit wrote: »

Of course, the OP may not get the full SRP.

OK, this works back to a weekly pension of £66-£67
The OP could also have confused the four weekly pension for a monthly figure, the permutations are many but the OP did not tell us of these most important facts and has not returned.

Moral, always check your income before trying to pare the expenses.