How much to live on

QrizB

Albermarle said:

Kim1965 said:

Any thoughts regarding the mini budget? The markets seemingly dont like it, im guessing its inflationary. Will the trickle down spending from the most wealthy deliver growth? 

 Truss and Kwarteng, ideologically believe in low tax, trickle down etc . Unfortunately for them, ...

I'd have written "unfortunately for us"!

PennyForThem_2

I am not happy = because, although I earn a good amount of pension, actually this will not benefit me in the slightest.  I suspect it will cost me.  It will definitely cost my children who do not earn 150k.

blue.peter

Kim1965 said:

Any thoughts regarding the mini budget? The markets seemingly dont like it, im guessing its inflationary. Will the trickle down spending from the most wealthy deliver growth? 

I think we'd better be careful what we say about this. It's very political. I have very strong opinions about it, but won't voice them here because there's bound to be someone with equally strong contradictory views. It's likely to provoke a very unpleasant argument.

Albermarle

jevbanx1 said:

@Albermarle
I retired aged 64 in July. I had a months leave to take, taking me to end of August. I will have for the next two years, my work pension of 12 k per annum and my savings will supplement that until I receive my State pension. I'm trying to get my head around your comments and will re read all later. Thank you. 
Jan 

It is not so complicated 
If you have no employment earnings in a tax year ( pension does not count) you can only contribute £2880 to a pension.
If you have employment earnings in a tax year ( even if you only work for part of it) you can contribute up to that level ( gross, including tax relief).
How much tax you actually pay, and how much tax relief you can get, are not related . They are calculated by different rules. 

jevbanx1

@Albermarle
Thanks for that

I didn't realise that pension did not count as earnings. Appreciate the information.
Jan 

GunJack

jevbanx1 said:

@Albermarle
Thanks for that

I didn't realise that pension did not count as earnings. Appreciate the information.
Jan 

...and you can do one each for you & hubby

jevbanx1

@GunJack, 
My partner died 6.5 years ago, so it's just me. All our plans went out the window at mach speed when they died.
Thanks
Jan 

GunJack

jevbanx1 said:

@GunJack, 
My partner died 6.5 years ago, so it's just me. All our plans went out the window at mach speed when they died.
Thanks
Jan 

Ahh...sorry, didn't realise...my commiserations..

daz378

I will be 57  near end of march ...so hope  retirement age is not raised before then....I'm a carer   although rewarding can be stressful...used to be a council carer...so tupe as lasted  so far.....live in a council flat just over 400 pound rent....lgps pension was paying approx 60/70 a month....in 2001 when started...today around 150....savings around 10 k   pay 30 a month credit union out of wages...40 a month stocks and shares isa and 40 a month simple saver, money box...Will ask for my figures when I'm 60... Will need to do a forensic assessment   of my finances...Will probably need to go to 62....almost scared to do the forensic assessment...as it will dispel my optimistic dream of early retirement....also a plug for pensions board forum...they are very helpful....

comeandgo

daz378 said:

I will be 57  near end of march ...so hope  retirement age is not raised before then....I'm a carer   although rewarding can be stressful...used to be a council carer...so tupe as lasted  so far.....live in a council flat just over 400 pound rent....lgps pension was paying approx 60/70 a month....in 2001 when started...today around 150....savings around 10 k   pay 30 a month credit union out of wages...40 a month stocks and shares isa and 40 a month simple saver, money box...Will ask for my figures when I'm 60... Will need to do a forensic assessment   of my finances...Will probably need to go to 62....almost scared to do the forensic assessment...as it will dispel my optimistic dream of early retirement....also a plug for pensions board forum...they are very helpful....

Even if early retirement is not possible you may be able to go part time or change work to something totally different with less pay.