Can you live solely off state pension?

SouthCoastBoy

Kim1965 said:

I f you are a homeowner with no savings, how could one offs be affordable on just the sp?
A new heat pump costs 5k (after gov grant). So in this scenario its a no. 

My mum got help with new boilers etc. Well more than help, she got a free one.

dealyboy

@SouthCoastBoy said:

@Kim1965 said:

I f you are a homeowner with no savings, how could one offs be affordable on just the sp?
A new heat pump costs 5k (after gov grant). So in this scenario its a no. 

My mum got help with new boilers etc. Well more than help, she got a free one.

Indeed ... in those circumstances as has already been said there are other options and the benefits system will ensure a minimum disposable income of pension credit.

michaels

RG2015 said:

michaels said:

RG2015 said:

SouthCoastBoy said:

segovia said:

RG2015 said:

segovia said:

State pension just about covers my Utilities and Rates

My utilities and council tax come to £425 per month. If I was single it would be £375 per month. (I gave a full list of my monthly expenses on page 1 of this thread).

A single person’s state pension is £880 per month. I guess you must have a larger house than me, although mine is band E for council tax.

Utilities have just dropped, that leaves me with £123.00 a month to live on  

Don't forget you will get winter fuel allowance and most probably help with council tax. You can live off the state pension, my mum did it for 20 years, as have many others. 

I forgot the £500 winter fuel allowance in my figures. This effectively brings my monthly spend on utilities and council tax down by £41.66.

You would have the option to downsize if your budget was a constraint.  It is probably unlikely that you would live in a property with that level of bills if your earnings had not resulted in additional pension provision beyond the SP.

I don't quite follow this.

Are you suggesting that I should qualify for additional pension provision beyond the SP?

What I am trying to suggest is that if you live in a house with above average utility and council tax bills then you probably had above average earnings prior to retirement so would probably have been able to make pension provision on top of the state pension.

RG2015

michaels said:

RG2015 said:

michaels said:

RG2015 said:

SouthCoastBoy said:

segovia said:

RG2015 said:

segovia said:

State pension just about covers my Utilities and Rates

My utilities and council tax come to £425 per month. If I was single it would be £375 per month. (I gave a full list of my monthly expenses on page 1 of this thread).

A single person’s state pension is £880 per month. I guess you must have a larger house than me, although mine is band E for council tax.

Utilities have just dropped, that leaves me with £123.00 a month to live on  

Don't forget you will get winter fuel allowance and most probably help with council tax. You can live off the state pension, my mum did it for 20 years, as have many others. 

I forgot the £500 winter fuel allowance in my figures. This effectively brings my monthly spend on utilities and council tax down by £41.66.

You would have the option to downsize if your budget was a constraint.  It is probably unlikely that you would live in a property with that level of bills if your earnings had not resulted in additional pension provision beyond the SP.

I don't quite follow this.

Are you suggesting that I should qualify for additional pension provision beyond the SP?

What I am trying to suggest is that if you live in a house with above average utility and council tax bills then you probably had above average earnings prior to retirement so would probably have been able to make pension provision on top of the state pension.

Okay, thanks, that makes sense.

I guess it applies more to @segovia with utilities and council tax approaching £880 than me at £425 (excluding the £41.66 WFP).

segovia

The simple truth is, if you have no other income or savings then you would have to depend on additional benefits to survive unless you live off grid.  

michaels

RG2015 said:

michaels said:

RG2015 said:

michaels said:

RG2015 said:

SouthCoastBoy said:

segovia said:

RG2015 said:

segovia said:

State pension just about covers my Utilities and Rates

My utilities and council tax come to £425 per month. If I was single it would be £375 per month. (I gave a full list of my monthly expenses on page 1 of this thread).

A single person’s state pension is £880 per month. I guess you must have a larger house than me, although mine is band E for council tax.

Utilities have just dropped, that leaves me with £123.00 a month to live on  

Don't forget you will get winter fuel allowance and most probably help with council tax. You can live off the state pension, my mum did it for 20 years, as have many others. 

I forgot the £500 winter fuel allowance in my figures. This effectively brings my monthly spend on utilities and council tax down by £41.66.

You would have the option to downsize if your budget was a constraint.  It is probably unlikely that you would live in a property with that level of bills if your earnings had not resulted in additional pension provision beyond the SP.

I don't quite follow this.

Are you suggesting that I should qualify for additional pension provision beyond the SP?

What I am trying to suggest is that if you live in a house with above average utility and council tax bills then you probably had above average earnings prior to retirement so would probably have been able to make pension provision on top of the state pension.

Okay, thanks, that makes sense.

I guess it applies more to @segovia with utilities and council tax approaching £880 than me at £425 (excluding the £41.66 WFP).

You are quite correct and I did respond to the wrong post - sorry.

eskbanker

segovia said:

The simple truth is, if you have no other income or savings then you would have to depend on additional benefits to survive unless you live off grid.  

But, as discussed endlessly in this thread already, that's not a universal "simple truth"!  It's accurate for some but not others, so it's not particularly useful to generalise....

pseudodox

In the financial year 2022-2023 anyone on SP got the £400 EBSS, £500 WFA, £150 Council Tax (subject to banding) & £10 Christmas Bonus.  Total of £1060.  Over 80s got their additional £100 WFA.

My council tax plus gas/elec/water over the past 12 months averages £60 per week. SP plus above extras is £222.  Plenty to enjoy living on.  Those of us on this thread who have only SP as income did qualify our answers as being mortgage free homeowners & many with a small savings cushion for emergencies/repairs which we have the discipline not to spend on holidays & sweeties, because when it's gone it's gone.

Beats me how the SP could almost be entirely swallowed up by C Tax & utilities, unless someone lives in a mansion.

dealyboy

@pseudodox said:

In the financial year 2022-2023 anyone on SP got the £400 EBSS, £500 WFA, £150 Council Tax (subject to banding) & £10 Christmas Bonus.  Total of £1060.  Over 80s got their additional £100 WFA.

My council tax plus gas/elec/water over the past 12 months averages £60 per week. SP plus above extras is £222.  Plenty to enjoy living on.  Those of us on this thread who have only SP as income did qualify our answers as being mortgage free homeowners & many with a small savings cushion for emergencies/repairs which we have the discipline not to spend on holidays & sweeties, because when it's gone it's gone.

Beats me how the SP could almost be entirely swallowed up by C Tax & utilities, unless someone lives in a mansion.

Holidays? ... luxury! Sweeties? ... what are they?

MallyGirl

I do not live in a mansion but it is a reasonably big, officially 3 but actually 4, bed house in the South East. Council tax is £3760 a year. Gas & elec £2,600. Water £500. If on my own and on SP alone I would have to move - or have no pets, run no vehicle, PAYG mobile, no internet, no insurance, no contact lenses, no TV licence. Thankfully not an issue I have to worry about.