Can you live solely off state pension?

scoobydoo8

As per title, do you think you would be able to live just off a full state pension, currently £203pw /£10,6k per year, reasonably comfortably if you already owe your own home?

I think I could but then again I don't really do a lot! 

Flugelhorn

No I couldn't live off the state pension

Brie

So £800+ a month income.  Council tax £200. Gas & electric £200+.  Water £35.  Phone, broadband £50. So down to about £300 for food and the rest.

Car?  Books?  Stuff for the garden?  Hair cuts?  Pub?  Holidays?  No - don't think it would work for us.  We don't do much but we don't want to be absolutely doing nothing.

eskbanker

scoobydoo8 said:

As per title, do you think you would be able to live just off a full state pension, currently £203pw /£10,6k per year, reasonably comfortably if you already owe your own home?

I think I could but then again I don't really do a lot! 

"reasonably comfortably" is highly subjective and obviously depends on lifestyle choices and expectations, as well as property size/age/location, health, family, and a variety of other factors, so what seems comfortable to one person won't to another....

sevenhills

scoobydoo8 said:

As per title, do you think you would be able to live just off a full state pension, currently £203pw /£10,6k per year, reasonably comfortably if you already owe your own home?

I think I could but then again I don't really do a lot! 

The percentage of pensioners in receipt of income-related benefits in 2022 was 21%, so I guess they have no option but to manage. Some do believe that those receiving benefits are getting more than those just getting the full state pension.

RG2015

Brie said:

So £800+ a month income.  Council tax £200. Gas & electric £200+.  Water £35.  Phone, broadband £50. So down to about £300 for food and the rest.

Car?  Books?  Stuff for the garden?  Hair cuts?  Pub?  Holidays?  No - don't think it would work for us.  We don't do much but we don't want to be absolutely doing nothing.

Just looked at this and realised that the £203 per week is for one person and there are two of us. As your figures are similar to ours I suspect that your figures are also for two people (and you do say "us").

If the SP figure was doubled then it does change the possibilities. £203 x 2 x 52 / 12 = £1,757 per month.

This doesn't help the OP though as it does appear that they are talking about one person.

The real question for the OP to address is whether they can live on £880 per month. I would have to say that this would be very tight and certainly not reasonably comfortable.

SVaz

Not a chance.
A couple might just about manage on 2 full pensions but single pensioners have very similar bills to a couple. 

Poor single pensioners, unless they can release a lot of equity,  are better off in LA housing.
Individually, we would have basic living expenses of £1000 a month, as a couple it’s only £1200. 

£880 a month would just be ‘existing’.  

artyboy

Wouldn't even have covered my half of the bill for dinner last Saturday...

(For the avoidance of doubt, that's a "no" from me 🤣)

dealyboy

I exist on SP (plus extra SP) alone as a single person approximately 11k per year. I do not receive any of the 17 benefits and subsidies I would receive if I were on Pension Credit (means tested income too high) which is £10,454.60 a year (£871.22 a month), apart from the Winter Fuel Payment (this year £500).

State Pension is taxable, Pension Credit is not.

After Council Tax and Park Home ground rent I have about 7.5k left to pay for everything. I would benefit from Warm Home Discount, social energy tariffs, dental charges assistance, opticians fees assistance (I have special lenses) even if I owned a house worth hundreds of thousands, if not I could look forward to local authority care if needed (my park home is worth about 50k).

Having said that I am very frugal (tight) and can afford to look after a cat and I have all I need.

People might be interested in this thread ... https://forums.moneysavingexpert.com/discussion/6228191/how-much-to-live-on, in Spending and Discounts --> MoneySaving --> Over 50s MoneySaving. Some might be surprised at how little some of us survive on.

RG2015

I have tried to strip out non essentials and have come up with the following monthly spend. The second column is an adjustment from two people to one.

I am sure that I will have omitted some unavoidable costs but clearly for a single there is very little left for even basic leisure activities. As I said earlier this is in no way reasonably comfortable.

Supermarket	400	250
Council tax	200	150
Heating oil	125	125
Electricity	70	70
Dentist/Optician	40	20
Home insurance	34	34
Water	30	30
Mobile phones	28	14
Broadband	27	27
Car service	21	21
Car insurance	19	19
Car tax	14	14
Petrol	25	25
TV Licence	13	13
Boiler service	8	8
Total	1054	820

MikeJXE

scoobydoo8 said:

As per title, do you think you would be able to live just off a full state pension, currently £203pw /£10,6k per year, reasonably comfortably if you already owe your own home?

I think I could but then again I don't really do a lot! 

I don't do a lot either and this is my actual monthly/yearly spend and includes rent 1 bed flat 
 
Obviously depends on type of property but if I owned my flat, yes I could live on £10,500 

Rent		£625.00	£7500.00
Council tax		£108.00	£1080.00
Energy		£70.00	£840.00
Water		£12.00	£144.00
House insurance		£6.00	£72.00
Broadband		£26.00	£312.00
Mobile		£5.00	£60.00
Car breakdown		£5.00	£60.00
Car insurance		£68.00	£816.00
Tax		£0.00	£0.00
Service		£25.00	£300.00
Tyres		£17.00	£204.00
Fuel		£50.00	£600.00
Tesco		£100.00	£1200.00
Meals out		£20.00	£240.00
Kids birthdays etc		£20.00	£240.00
Treats etc		£12.00	£144.00
Beer coffee		£20.00	£240.00
Expences		Totals	£14052.00