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A Paupers Pension Tale (Not many nuts to dig up)

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  • bluenose1
    bluenose1 Posts: 2,767 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Thanks Gambleruk for starting this thread. Love reading about actual experiences as there is only so much of the financial planning one can do.
    You sound like you have a really good lifestyle now retired,  just shows how giving up work can make you so much happier.
    I suppose we all have worries about whether we definitely have enough money for unexpected expenses but there comes a point when you just have to take that leap, says me who has decided to do a bit longer!!!
    DIY Pensions by John Edwards is a really good book. One of the main things we have done as I am 55 this year is to use savings to maximise my SIPP contributions.
    Not sure how old your wife is but definitely worth considering maximising her SIPPs especially if she can pull it out tax free in future years. 


    Money SPENDING Expert

  • I would say we have a modest/moderate retirement pot. DH has 250 000 in a SIPP, I have a 1400 pa NHS pension. Both now fully retired, I’m 59 DH almost 63.

    While we can live on my pension, it’s just bills and food really, not much left over.
    We have to be mindful if one uk us is left on our own we do not have the other SP, if I’m first to go DH gets half of my pension, so clearly we have to stay cautious.

    Happy to report though we are happy with our lot, looking forward to a Florida holiday with our family as soon as we can, don’t smoke, drink much or have expensive hobbies, and can rein spending in when we need to. I think that’s the secret if I’m honest.
  • Edit, 14000 pa NHS pension.
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