Is the state pension really that bad?

Mutton_Geoff

TheShape wrote: »

Are there any girls/women in your household.

My girlfriend thinks she cold die from the cold at my house. At her house, it's so hot I feel like I could die from heat exhaustion. My sister has the heating turned up so high that you can't move without breaking into a sweat.

Recent Daily Mash article - Women forced to attend thermostat awareness course.

enthusiasticsaver

Our gas and electric is more than double that but I suppose yes it would cover the basics. No money for holidays though and we still run 2 cars even though retired. Also maintenance on the house unless that is supposed to come from emergency fund.

janb5

TheShape wrote: »

Are day to day living costs much different in London? If you own your own property so that housing costs are not an issue I don't see why living in London would be much more expensive than anywhere else unless you're spending your time going out in the West End. Public transport is also relatively good in London and free with the Freedom pass from State Pension age.

Actually thanks to Boris, there is an Oyster 60 pass for all those living in the London boroughs for an initial fee of £10!

marlot

Rather than calculate bottom-up like the OP, I have a spreadsheet which I've downloaded from the bank. It shows all my spending for the last three years.

I'm expecting to retire this year, and my spending will likely rise in early retirement, before dropping. Finally, it may rise considerably at the end if one of us needs care.

GibbsRule_No3

janb5 wrote: »

Actually thanks to Boris, there is an Oyster 60 pass for all those living in the London boroughs for an initial fee of £10!

I think it has gone up for the paperwork, possibly £20 now but so worth it. I have had mine for three and a half years and it must have saved me more than £2000 a year, no time limit on the bus use and who wants to use the train before 9.30 except in an emergency trip somewhere? OAPs I know who have the full pass like using their pass on busses outside tfl area but I really only have use within, so am happy, keep waiting for the new mayor to cancel the option though.

eagertolearn

My (maximum) state pension would just about cover Council Tax, Energy and insurance bills. Count yourself lucky as you obviously do not live in the south

Naf

BLB53 wrote: »

I guess to some extent it depends on where you live...I think some in London & SE will struggle but for those up North it's a bit easier to get by and certainly covers the basics.

So we turn Cumbria into one big old folks home? :rotfl:

capital0ne wrote: »

Is that £690 a month the figure from your estimate, if so it's paid every four weeks so you actually get a bit more per month, which is £747

I always like to budget four-weekly amounts as monthly, then you get a "free" one every year.

EdGasketTheSecond wrote: »

Ha, yes. What is it about women that make them want to turn the heating on full blast and open windows?

There's studies that show that women's comfort temperature is higher than men's. Don't you remember that air conditioning is now sexist? :rotfl:

justme111

EdGasketTheSecond wrote: »

Ha, yes. What is it about women that make them want to turn the heating on full blast and open windows?

wanting fresh air and not being frozen while having it?

greatkingrat

Don't forget that if you own your own property, there is always the option of some form of equity release scheme to generate extra income.

WillowCat

State pension is at the core of my retirement planning. Two of them would actually give us a greater income than we have currently. I have a decent wodge of private pension which will give fun money/travel money/new roof fund, and will also give the extra cash when one of us is no longer around.

I think I read somewhere that to buy an equivalent indexed linked annuity to give the same income as a state pension would cost between £200 - £250k. So a couple has near enough half a million in retirement assets with state pension alone.