Is the State Pension enough to live on if you are single !!

BlackKnightMonty

pensionpawn said:

JoeCrystal said:

Small Car (Fully Legit) NA
Regular Diet(food Bills) £84 per month
Typical Bills Gas Water Elec (£20+£20+£55) = £95 per month
Council Tax = £90 per month
Internet/Phone = £63 per month
Tv Licence = £14 per month
Boiler Insurance = £30 per month
Service Charge = £63 per month
Content Insurance = £22 per month

Yes, it is certainly possible if you don't have expensive luxuries like holidays. *shrugs* Easier to budget when one does not have a high income in the first place.     And there are always rooms to cut further if necessary.

I don't think my council tax was that low in the 90's! 4 bed detached in Wiltshire £302pm (25% off for single occupancy) and water is £47 for 3 adults (~£20 for 1?). Fortunately my energy bill is now currently ~£0 and with no mortgage in that scenario living off just one state pension, at it's present value, would provide a comfortable standard of living with plenty left over at the end of the month.

Running a 4 bed detached on a single SP sounds ambitious.

Mustbeananswer??

As an aside...


I read today there are 1.5 million Pensioners struggling with Credit Card Debt....what sort of country are we??

EnPointe

Silvertabby said:

Mustbeananswer?? said:

Brie said:

Gas, water & electric at £95 a month?  Our gas and electric is more than twice that and the water is £40.  

Don't forget there's car insurance, MOT, maintenance, tax.  Prescriptions are free, up to a point, less things are included now.  No going out to the pub, the local kaffee klatch, art class.  Nothing for pets. Haircuts.  Clothing.

Assuming they are careful and have a savings pot (big assumptions) what happens when the fridge or oven dies, something in the plumbing springs a leak?  Car needs to be replaced? 

And hopefully they have no friends or relatives who expect birthday or Christmas cards or presents.    

So I say no.  

So what do we do to stop your Sally falling into debt and having a life of misery....hoping to die early so she can leave something for the kids.TBH I feel you are closer to the real costs with your synopsis.We pay our Pensioners far less than most civillised European Nations...you have to get to State Pensioin Age to realise.
 

To be fair, comparing the UK State pension with most Euro pensions is comparing apples with oranges.  Euro pensions are mostly hybrid schemes, part State and part (salary linked) occupational, with both employers and employees paying in way more than we do in just NI.  And contributions are compulsory, unlike UK occupational/private pensions. 

A fairer comparison would be a Euro pension with the UK State pension PLUS all the occupational/personal pensions that the UK pensioner paid into/could have paid into.

indeed  ref pension contributions  and  what in the UK is covered by private / occupation pensions 

also  people seem to forget that Pensioners in the UK retain eligibility for things like Housing Benefit (if in rented accom) when  coming out with their doom laden   claims  ref  State pension vs costs 

eskbanker

Mustbeananswer?? said:

As an aside...


I read today there are 1.5 million Pensioners struggling with Credit Card Debt....what sort of country are we??

The sort of country where living within your means has become an obsolete relic of the past?

Mustbeananswer??

When I was growing up there were next to no credit Fascillities ....Mum and Dad bought us stuff with cash they already had.Also the benefit system didnt exist on the same scale as it is does today....people went to work ...nobody was claiming for a bad back and stress(both of which are unmeasurable).I feel sorry for the Pensioners in that 1.5 million ..but it wouldnt have happened in those days.Maybe some are wishing they pass soon so they dont have the indignity of it all ...shame  

Seasalt3

Nothing wrong with equity release if you need to maintain a decent lifestyle.  Inheritance should not be seen as a right, is not something family should expect especially if it means the person with the property has to live in poverty for the rest of their lives.

katejo

pseudodox said:

I enjoy a comfortable, busy & interesting life with just the SP as income.  Single household, nice house with large garden, small old car.  I do have a savings pot for emergencies, but any drawing from that cannot be replaced so I spend carefully.  I don't need latest gadgets & have done the travelling I wanted before retiring.  Never had a well paid job so was used to budgeting & never been so well off as I feel now.  Every 4 weeks a chunk of money hits my bank & there always seems to be some of the previous chunk still unused.  I do an annual review of income & expenditure from that income & it seems I am always in surplus.  So I enjoy the Mr Micawber state of happiness.  Savings pot went down last year as I had a new roof, but I already am saving on the previous regular repair outlay & with the rise in interest rates some of the capital outlay is being recouped.  If the Micawber misery looms I will downsize the house.

I might agree on all points except holidays! I want to travel more once no longer restricted by work leave restrictions.

pseudodox

barnstar2077 said:

pseudodox said:

I enjoy a comfortable, busy & interesting life with just the SP as income.  Single household, nice house with large garden, small old car.  I do have a savings pot for emergencies, but any drawing from that cannot be replaced so I spend carefully.  I don't need latest gadgets & have done the travelling I wanted before retiring.  Never had a well paid job so was used to budgeting & never been so well off as I feel now.  Every 4 weeks a chunk of money hits my bank & there always seems to be some of the previous chunk still unused.  I do an annual review of income & expenditure from that income & it seems I am always in surplus.  So I enjoy the Mr Micawber state of happiness.  Savings pot went down last year as I had a new roof, but I already am saving on the previous regular repair outlay & with the rise in interest rates some of the capital outlay is being recouped.  If the Micawber misery looms I will downsize the house.

Can I ask how long you have been retired for please?

Do you feel the last few years of increased inflation has affected you at all?

Been retired 9 years.   Life is great.  I don't need expensive activities to fill my time as I enjoy walking, gardening, DIY,  and do 2 or 3 days a week volunteering with countryside & canal teams.  State Pension income has kept pace with my modest outgoings & I live within my means following the example of my parents. I don't have any family & even if I did I would spend their inheritance.  I did not expect my parents to stint on themselves to leave anything to me.  As said before if the pot starts to run dry I will downsize the house.  Otherwise sale of the house will fund care home.

I have never had a penny of credit card debt.  I was brought up with the discipline to not buy stuff I cannot afford. 

Silvertabby

Mustbeananswer?? said:

As an aside...


I read today there are 1.5 million Pensioners struggling with Credit Card Debt....what sort of country are we??

Are sure about the 'struggling' bit?  We are pensioners and put most of our shopping on our two cash back credit cards.  The returns aren't as good as they were, but it's still 'free' money.  Of course, we don't have credit card debt or pay stupid % rates of interest as we always pay the bills in full every month.  We are not alone.  

Julezy101

JoeCrystal said:

Small Car (Fully Legit) NA
Regular Diet(food Bills) £84 per month
Typical Bills Gas Water Elec (£20+£20+£55) = £95 per month
Council Tax = £90 per month
Internet/Phone = £63 per month
Tv Licence = £14 per month
Boiler Insurance = £30 per month
Service Charge = £63 per month
Content Insurance = £22 per month

Yes, it is certainly possible if you don't have expensive luxuries like holidays. *shrugs* Easier to budget when one does not have a high income in the first place.     And there are always rooms to cut further if necessary.

Food £84 per month, are you rummaging through bins or foraging?
Council Tax £90 per month, where are you living?