How much to live on

scottish_lassy

Thank you all so much for the positive feedback on starting this thread.  I hadn't realised there were so many other people in a similar boat - I have been a single parent most of my life working month to month (last week of the month usually eating out the freezer!) and had fallen into thinking I would be living a life of poverty for ever, especially seeing the figures others have.  Given, that I have survived quite well on a low(ish) income, I now accept that I can survive on even less in the future.  I have now spoken to a few others about this and it is fantastic to see that moment of realisation, that fortunes are not required - Covid may be changing thinking about lifestyle.

Unfortunately I was refused VER and am going to be one of the few left trying to do all the work.  I do think work is going to have to change, otherwise they will be paying out thousands in sickpay when we are all 'burnt out' with stress related illness.  Luckily I actually enjoy my work, for the moment but am alot most positive about the future what my requirements will be.  In the meantime, I am spending my earnings (now that I realise saving for the future is not the be all and end all) getting my home ready for my retirement - whenever that may be

MovingForwards

There are loads of us dotted around the forum not earning big money Scottish Lassy.

We all make the most of what we have, stretch money, carefully plan and budget. 

That's why this thread is a refreshing change from the main finance section and why it keeps going as more people find it, sharing their experiences.

thriftylynny

Shame i have only commented on this thread a couple of times but i do read  & find it most encouraging ,l too have dwelt  on the pension boards considerably ( well a lot !!) & there's some great advice on there from some very clever people but dwelling on there a bit too much did make me feel that i could have improved my retirement finances a lot  better than i have done had i known years ago ! Reading this forum i have now come to accept my financial/retirement situation is what it is & that i have improved it as best as i can ...i will miss Baron_Dale's kind words of encouragement on here .

RetSol

I too am taking a break from the Forum.  I have learned a lot over the last 18 months and I have done a lot of work on budgeting, financial planning and re-vamping my modest portfolio. The Pensions Forum feels rather toxic to me now - too much FOMO and too many first world problems.

I have a private practice as a BACP-registered counsellor and am going to concentrate now on developing my business.

Thank you all for being willing to share your experiences and I wish you the best of luck and health. 

Madrick

Over the past 6 months, this had been one of my favorite go to threads

I really miss the tales of how people on a similar wage to myself are planning, or managing their retirement, on a "Number" closer to my own.

I find that most of the time the main pensions board to be full of posts from people in a far better position than myself. 
I start to read a post from someone worried if they’ll have enough to retire at 60, thinking it may be of interest, but realise its someone in their early 30's with savings of £500k and a pension pot of £1 million...
More than I've even earned in 44 years of hard work, let alone managed to save into a pension.

Please don't let this thread die
It's an inspiration to so many of us

QrizB

I'm not retired yet but my parents are. Dad was self-employed and Mum had a low-level administrative job with HMRC. I don't know their exact financial position but they've been retired for ten years and are doing quite nicely on about £15k pa.

They own their own house, run an elderly car and an equally-elderly camper van. And a spaniel. Pre-Covid they'd go away in the 'van to Spain or Portugal for 2-3 months at a time, twice a year.

As long as my retirement is as pleasant as theirs seems to be, I'll be happy

[Deleted User]

Madrick. Having read your post I have decided to return to this thread. You are correct it is too useful to be allowed to wither. The new index system also means this thread is harder to see than previously which is a bit of a nuisance.
Welcome QrizB. Looking forward to hearing more from you.
I hope everyone is well. Hopefully hear more from you all soon.

[Deleted User]

QrizB, does that £15000 include their state pensions? Thanks.

[Deleted User]

At the moment I am considering what to do from next September. My temporary contract came to an end in July although heavy hints have been dropped they want me back in some capacity. I enjoyed my couple of days a week and the money was a useful top up. I will have a think and see what is offered.

Garden is looking good now that the new fencing has been put up, the gate installed and the dead hedge removed. I am now creating in the empty space a new perennial flowerbed, which I want to be particularly insect, bee and butterfly friendly.

Conservatory gutter repair is scheduled for the middle of August.
Plans for the kitchen upgrade have been changed somewhat as the installation cost offered by a well known DIY chain was too high! I am now using an independent builder/installer which should save several thousand!

Maybe with all these expenses I need to seriously consider another temporary contract! 

Take care everyone.

QrizB

[Deleted User] said:

QrizB, does that £15000 include their state pensions? Thanks.

Yes, that's their total income for the year, state and HMRC pensions. They have a small buffer in ISAs in case of the unexpected. Sorry, I don't know any more than that, they're both very capable and deal with their own finances. They live in a relatively low cost part of the world and their social lives are tea-and-biscuits rather than champagne-and-caviar.

(I only know as much as I do because I asked last year (when thinking of my own retirement) how much they spent.)