How much to live on

2Scratters

@[Deleted User] my numbers are really small 2 work place pensions consisting of 770 & 197. No mortgage and are debt free now. I have a lump sum saving of 50k. We are looking to finish (Start) the house as it does need updating and is very liveable though for the mean time till that happens. 2 years to SPA. Bills account has 5k which for us will be approx 10 months. DH has private pension which has been paying out 500 pcm for 5 years with a pot balance of 37k. He has a further income of 590 pcm due to ill health benefit. We currently run 2 vehicles separately, this is planned to continue for another 12 months. (God willing) There is also an odd 10k in various savings accounts. 
Wow when this is written down its even easier to see and we a far from rich or ever will be. Yet this is very doable 
Certainly health over wealth, is my take on the rest of this journey.

2 Scratters xx

Albermarle

DH has private pension which has been paying out 500 pcm for 5 years with a pot balance of 37k.

Probably you are already aware, but taking £3kpa from a pot of £37K, means it will almost certainly run out at some point.

Also have both of you checked that you will getting a full state pension?

jackieblack

According to my State Pension Forecast on the Government Gateway I’m due a full pension (from Sept 2035), but I’ve realised that there’s no mention of having been Contracted Out, which I understand I would have been from Dec 2002 to April 2016 as a member of the LGPS 🤷🏻‍♀️

Am I mistaken/misunderstanding something?

Organgrinder

Albermarle said:

DH has private pension which has been paying out 500 pcm for 5 years with a pot balance of 37k.

Probably you are already aware, but taking £3kpa from a pot of £37K, means it will almost certainly run out at some point.

Also have both of you checked that you will getting a full state pension?

I'm sure you mean £6k

Albermarle

Organgrinder said:

Albermarle said:

DH has private pension which has been paying out 500 pcm for 5 years with a pot balance of 37k.

Probably you are already aware, but taking £3kpa from a pot of £37K, means it will almost certainly run out at some point.

Also have both of you checked that you will getting a full state pension?

I'm sure you mean £6k

Yes thanks for the correction. Although it means the pot will run out even quicker....

Albermarle

jackieblack said:

According to my State Pension Forecast on the Government Gateway I’m due a full pension (from Sept 2035), but I’ve realised that there’s no mention of having been Contracted Out, which I understand I would have been from Dec 2002 to April 2016 as a member of the LGPS 🤷🏻‍♀️

Am I mistaken/misunderstanding something?

If you do not get any specific feedback here, suggest you post the specific question on the Pensions board, where there are some LGPS experts. 

jackieblack

Albermarle said:

jackieblack said:

According to my State Pension Forecast on the Government Gateway I’m due a full pension (from Sept 2035), but I’ve realised that there’s no mention of having been Contracted Out, which I understand I would have been from Dec 2002 to April 2016 as a member of the LGPS 🤷🏻‍♀️

Am I mistaken/misunderstanding something?

If you do not get any specific feedback here, suggest you post the specific question on the Pensions board, where there are some LGPS experts. 

Thank you, I’ll do that - I’d actually forgotten that there is a Pensions board 😳 (I think I’d mentally blocked it out as it can be a bit of an intimidating board 😁)

Albermarle

jackieblack said:

Albermarle said:

jackieblack said:

According to my State Pension Forecast on the Government Gateway I’m due a full pension (from Sept 2035), but I’ve realised that there’s no mention of having been Contracted Out, which I understand I would have been from Dec 2002 to April 2016 as a member of the LGPS 🤷🏻‍♀️

Am I mistaken/misunderstanding something?

If you do not get any specific feedback here, suggest you post the specific question on the Pensions board, where there are some LGPS experts. 

Thank you, I’ll do that - I’d actually forgotten that there is a Pensions board 😳 (I think I’d mentally blocked it out as it can be a bit of an intimidating board 😁)

I see that you get some useful info from your questions on the Pensions Board, and hopefully it was not too intimidating 

jackieblack

Albermarle said:

jackieblack said:

Albermarle said:

jackieblack said:

According to my State Pension Forecast on the Government Gateway I’m due a full pension (from Sept 2035), but I’ve realised that there’s no mention of having been Contracted Out, which I understand I would have been from Dec 2002 to April 2016 as a member of the LGPS 🤷🏻‍♀️

Am I mistaken/misunderstanding something?

If you do not get any specific feedback here, suggest you post the specific question on the Pensions board, where there are some LGPS experts. 

Thank you, I’ll do that - I’d actually forgotten that there is a Pensions board 😳 (I think I’d mentally blocked it out as it can be a bit of an intimidating board 😁)

I see that you get some useful info from your questions on the Pensions Board, and hopefully it was not too intimidating 

I did, yes, thank you for pointing me that way - it was (surprisingly) quite painless! 😁 

2Scratters

@Albermarle Yes, we are aware of the pot running out that has been factored in. It will serve its purpose of getting to SPA and plus 3 years. If things change before that time that bridge will get crossed at the time of what to do next. We probably have not done our best with it even with guidance from a FA. No regrets though. This is a health over wealth decision. 

2 Scratters xx