Comfortable Pension for a Single Person

westv

GunJack wrote: »

I was an early 20's working male when the changes were announced 1994/5, I knew about it, and also that my SP age would be rising...how come you & wife didn't?

WASPI should be translated to "Head-in-Sand Syndrome", or HiSS

I mentioned HiSS on another thread.
That's one of the problems with pensions. For some people they are seen as so far in the future that anything about them is irrelevant for today.

Barnby

Well that's told me then. Must have had my head stuck in the sand or in a coma at the time.

bugslett

Barnby wrote: »

Well that's told me then. Must have had my head stuck in the sand or in a coma at the time.

I don't think any of us mean anything rude:). We do haunt these boards and the whole WASPI/back to 60 thing crops up regularly.

I'm a woman and I really wasn't as financially clued up as I am now, aka dim, but I can remember it and remember that I thought at the time I'll deal with that later, it was so far away that why bother.

JillyC8

Barnby wrote: »

Well that's told me then. Must have had my head stuck in the sand or in a coma at the time.

I think the issue was so far ahead for many people that it still came as a shock, and particularly hard for those born in the fifties... as stated on Moneywise:

"Having experienced a lifetime of inequality, women entering retirement are finding they are even getting a raw deal when it comes to pensions. Changes to the state pension have left millions of women born in the 1950s poorer, with many now having to wait up to a further six years before they can claim."

OldBeanz

JillyC8 wrote: »

I think the issue was so far ahead for many people that it still came as a shock, and particularly hard for those born in the fifties... as stated on Moneywise:

"Having experienced a lifetime of inequality, women entering retirement are finding they are even getting a raw deal when it comes to pensions. Changes to the state pension have left millions of women born in the 1950s poorer, with many now having to wait up to a further six years before they can claim."

At the time there was nothing offered in the way of pensions to allow women to fill those years. There should have been.
Men were also affected by the 10 year change to pensions. Nothing to do with Graspi.
Women are gaining equality by retiring at the same age as men (although still claiming longer).
Graspi has not countenanced anything but full pensions for all when many of them are sitting on DB pensions.
Graspi are not interested in equality as they are prepared to allow a 6 year cliff edge for those women born in 1960 and 7 years for those born in 1962.

System

Please keep to topic in this thread. It has been a great read. The raising of the SP age for women is dealt with elsewhere.

bugslett

excelpaul wrote: »

Please keep to topic in this thread. It has been a great read. The raising of the SP age for women is dealt with elsewhere.

I wasn't going to myself but now.........:(

CookieMonster

To JillyC8, original poster:
I've been doing calculations recently with a view to taking a year or two off work. Unlikely to do so, but I was looking at worst case scenario (job loss/can't find another locally).
Based on bank statements/utility bills/Council Tax etc., and running a motorcycle.


Single, non-smoking, non-drinking male:
I 'need' £9.5K per annum for my food, all bills and insurances (not counting mortgage). With mortgage it's about £14.5K p.a., but that's being overpaid now (and mortgage will be different for each person).


I do have some numbers allowing for fairly high inflation over a 5 year period, but I can manage on £10K a year today.
"Comfortable" would be anything over that.

JillyC8

CookieMonster wrote: »

Single, non-smoking, non-drinking male:
I 'need' £9.5K per annum for my food, all bills and insurances (not counting mortgage). With mortgage it's about £14.5K p.a., but that's being overpaid now (and mortgage will be different for each person).


I do have some numbers allowing for fairly high inflation over a 5 year period, but I can manage on £10K a year today.
"Comfortable" would be anything over that.

This sounds completely doable... I think a lot of people do imagine themselves jetsetting into their eighties, but realistically there aren’t that many people in that age group that do live this type of lifestyle surely? A friend who is married and owns a large house and land has told me she and her husband manage comfortably on £15-£16000 a year at retirement with mortgage paid off. They are living on this amount now, and are very good at managing their money. They also go off to Europe every year for a couple of weeks so aren’t denying themselves holidays.
I do feel there are unrealistic views in news articles on what people need in retirement, which causes a lot of worry.

LHW99

I do feel there are unrealistic views in news articles on what people need in retirement, which causes a lot of worry.

Many online calculators seem to be unhelpful in that way as well. As has been said before, everyone has their own number, and while SP will change over the years, I suspect it would be politically impossible to actually abolish it, and hence it will be at least a partial answer for many who have already lived their lives on a low to middling salary.