What is a decent income?

BobQ

Aytre wrote: »

Hello,

I am in receipt of a police pension which I have been receiving for the last 5 and a half years.

I took it out at 48 and a half and I am now 54.

My take home income from this and a part time job in £2,000 and my bills, at the present time, are about £815.

My savings are 150,000 and my house is worth 470,000.

I am okay at the moment but am concerned that inflation may cause problems for us although people I have spoken to seem to think we are okay. What does anyone else think?

Thanks!

Not really enough information to give meaningful opinion but if you drew a pension at the age of 48 5 years ago presumably it was on ill health terms?

Either way if your pension is index linked to inflation what exactly are you concerned about. Many people would love to have an index linked pension guaranteed by the state.

Apodemus

Kentish_Dave wrote: »

Decent income? In London about £100k per year. In Redcar about £30k per year.

No....you’d need to pay me much more than that to make me want to live in Redcar...or London!

crv1963

Kentish_Dave wrote: »

Decent income? In London about £100k per year. In Redcar about £30k per year.

Having lived in the SE home counties and returned to the NE you're about spot on! There are good and bad points about both options. Being on a national payscale my money goes a lot further in the NE, and quality of life for me (us) is much better.

MallyGirl

BobQ wrote: »

Not really enough information to give meaningful opinion but if you drew a pension at the age of 48 5 years ago presumably it was on ill health terms?

I think you just need 30 years of service so if OP joined at 18 then that works

bluenose1

MallyGirl wrote: »

I think you just need 30 years of service so if OP joined at 18 then that works

Correct. My oh retired at 49 from police as had done his 30 years. Not on ill health grounds. He was fortunate as rules have since changed.