How much to live on

[Deleted User]

gambkeruk . Welcome to the thread. Are you able outline your plan for us on here? Very interested in how you were able to go at 50. We are are ordinary mortals here!
Many thanks.

gambleruk

[Deleted User] said:

gambkeruk . Welcome to the thread. Are you able outline your plan for us on here? Very interested in how you were able to go at 50. We are are ordinary mortals here!
Many thanks.

It is all on my pension paupers thread which you did comment on and told me about this thread but I will try to condense down a little here,

I have a pension pot worth £145k at the moment, was £130k a year ago but like most people the markets are doing well, obviously cannot touch until 55 and have £27k in savings to get me there if needed. The more I do my research so more I realise the later I can leave it to dip into my pension the better. The wife is 5 years younger and not much in pensions, does not earn a lot but our "number" is 1k a month (mortgage paid off) and we have managed that easier than expected over the past 12 months, any extra she earns is hers to do what she wants with. Once we both get to our SP we will be more than comfortable. 

If anyone wants more detail read https://forums.moneysavingexpert.com/discussion/6257477/a-paupers-pension-tale-not-many-nuts-to-dig-up/p1 

I know a lot will happen in the next 16 years before SP but all I can do is be prepared as much as possible and see what happens, I really enjoy the challenge of making ends meet and like I said have no regrets what so ever so far.

[Deleted User]

Gambleuk. Many thanks for response. Very useful for others on this thread who rarely venture to the ‘other place’. Thanks again.

[Deleted User]

Gambleruk. Your plan looks great. I wish you every success with it. 

PennyForThem_2

Reading this thread is uplifting.  However as a widow, think about death of the partner with the biggest pension provision - how much will the surviving partner have to live on?

missile

As I am much nearer the end than the beginning, I intend to enjoy the time I have left. There are no pockets in a shroud :-(

longhill

PennyForThem_2 said:

Reading this thread is uplifting.  However as a widow, think about death of the partner with the biggest pension provision - how much will the surviving partner have to live on?

I had this when husband died last year he was getting his state pension and three work pensions he also recieved a couple of benefit because of his ill health asbestos related. When he died everything stopped. It took up to 12 weeks for work pensions to be sorted i had given up work to look after him so no income for me i am so pleased that we had money put a side dont need to be worried about money on top of the pain of lossing your loved ones

[Deleted User]

longhill. Very sorry for your loss. Were you husbands pensions DC or DB pensions? Hopefully, you now receive some income from them. Best wishes.

longhill

[Deleted User] said:

longhill. Very sorry for your loss. Were you husbands pensions DC or DB pensions? Hopefully, you now receive some income from them. Best wishes.

Hi I don't know what type of pension John had its all sorted now and I get paid from them it's just it takes so long to sort and if you don't have savings it must be so hard 

PennyForThem_2

So if your partner is on Defined Benefit pension it is likely provision for the surviving partner as long as the deceased has informedthe pension Trust.

If you are providing for yourself through a SIPP then you really, really need to check that this too is 'bequeathed' to the surviving partner.  

If your partner bought an annuity what are the terms?  It may cease ondate of death.

Don't assume.  Check.
https://www.moneyhelper.org.uk/en/family-and-care/death-and-bereavement/what-to-do-about-someones-pension-when-theyve-died