How much to live on

longhill

Thanks BooJewels I will look on the gov website as well but sometimes it feels like your going round in circles on there 

[Deleted User]

I have decided to increase the standing order to my 2nd back up current account from my main account to £200 a month. This will cover annual spend on clothes, Christmas and the dentist. I also keep a £1000 buffer in the account. It is held at a different bank in case of issues with the main account and vice versa.
This reduces discretionary monthly spend to £226 a month but this only has to include things like haircut, meals out and miscellaneous things as everything else is budgeted for so should be fine.

BooJewels

longhill said:

Thanks BooJewels I will look on the gov website as well but sometimes it feels like your going round in circles on there 

I've now found the letter - had a bit of a panic because it wasn't where it should have been.   The letter is from the Specialist Team, Futures Group pension department in Wolverhampton.  It explains how pensions are calculated from your own NI contributions, but here is what it says about the Protected Payment:

"You may be able to inherit half of your late husband's Protected Payment because they died after 6 April 2016 and would have reached State Pension age after 6 April 2016.  Protected Payment is part of the new State Pension.  A person will have a Protected Payment if their starting amount for the new State Pension on 6 April 2016 was more than £155.65 (the full rate of the new State Pension for tax year 2016/17).

As your marriage began before 6 April 2016 you may be able to get the Inherited Amount shown in this estimate.  However, if you remarry or form a new civil partnership before you reach your State Pension age, you will not be able to inherit any state pension from Mr XXXX."

It goes on to explain the amount (£10.31, not £10.34 I stated earlier) and that it isn't a formal decision and that when I claim my SP, they will consider my claim depending on the law that applies at the time.

longhill

BooJewels thanks for the info will look into it may not be able claim anything as John reached SP age in 2012 many thanks again 

jevbanx1

Thanks all for the reply. I'm on the government gateway. I'm currently just over a pound a week on the top rate, do likely not overly worth it for me...I have 50 years NI in.
Jan 

[Deleted User]

jevbanx1 said:

Thanks all for the reply. I'm on the government gateway. I'm currently just over a pound a week on the top rate, do likely not overly worth it for me...I have 50 years NI in.
Jan 

Do you mean over or under the maximum amount possible?

jevbanx1

Just over a pound under the maximum..it would currently pay me 202 plus pennies per week as opposed to 203 and however many pence per week. 
Jan 

[Deleted User]

jevbanx1 said:

Just over a pound under the maximum..it would currently pay me 202 plus pennies per week as opposed to 203 and however many pence per week. 
Jan 

In that case probably no point in paying voluntary NI.

jevbanx1

No. When I checked it, no point I don't think. Thank you anyway.
Jan 

[Deleted User]

July 1st marks the beginning of the 12 months I will have only my occupational pension and very small annuity as income until my state pension kicks in in July 2024.(Until then gross Minimum £21700 to at least £22000) Actual amount for the next 12 months will depend on increase next April, which will match the inflation rate this coming September.

My final payslip for my part-time work in June will be paid on June 30th.

I have put together a 12 month budget covering all planned normal expenditure and which will also allow me to add £2400 to long-term savings.

In addition I have created 5 'pots' on a spreadsheet  that are contained together in one savings account. (they are not actually visible within the savings account)

Four of the pots already contain the funds for the following;
Reserve Pot or Emergency Fund £3500
Travel Pot £5000
Presents Pot (In addition to Christmas and Birthday Funds) £500
Voluntary NI Pot to cover July to next April as I am now fully retired from employment. £600

The 5th Pot is the Annual Bills, Annual Subscriptions and Annual Spends Pot  which has a zero balance at the moment ,but will have £300 added to it each month for the next 12 months. (starting July 2023) So will receive £3600 in total over the course of the year. No payments are due from this pot for several months.

Any funds above £1200 in my main current account on the last day of each month will be transferred to my Cash ISA.

My other savings and investments (which I will not need to use) are in the following
Premium Bonds
Cash ISA. Any surplus funds from main current account will be added monthly to this account on the last day of the month.
S&S ISA £2400 will be added to this account over the next 12 months. (£200 monthly)
Online Fixed Term Bond.

A second current account which is 'fed' monthly from my main current account has budgets for Christmas, Clothes and Dentist.

A joint current account with A.N.Other also receives funds monthly from my main current account to cover all household bills, donations and fuel.

I have been fully retired for 18 days. All going fine so far. I have had a short 4 day break, spent hours gardening and generally taking my time with things. I an sleeping and eating well too. I am keeping to my exercise programme and also beginning to revise previous language learning. Other plans are formulating!

Hopefully my financial ramblings may be useful and even informative for others.

Best wishes.