I stumbled on this thread again today. I was just clinging on financially when the thread was started over 4 years ago, and wondering how I would even get to pension age. Well, somehow I have just about made it - my pension will be with me before the end of this winter.
My outgoings last year were still about £10k but I suppose rising prices (especially for fuel) will push that nearer to £11k in the coming year. Still, the latest figures are that my income will be nearly £14k from pensions plus housing benefit. And I may earn a small income on top of that. After years of scrimping, it will be nice not to have to worry about money anymore!
I think it would be interesting to see what your answers to @oldfatfool's questions are now...
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Mine are index linked
Yes, that is everything including housing benefit and council tax benefit, which I would be entitled to. Speaking of 'entitled to'... entitledto.co.uk has a calculator that is great for working out pensions/incomes/benefits/tax combinations.Is that including the state pension? You’ll just have to be wary of any unexpected major expenses, and what will happen with fuel prices.
Yes, that is everything including housing benefit and council tax benefit, which I would be entitled to. Speaking of 'entitled to'... entitledto.co.uk has a calculator that is great for working out pensions/incomes/benefits/tax combinations.
I don't drive so that is why I can manage on such a small sum - I walk or cycle to most places that I go to. On top of that probably a few hundred pounds on rail fares. I don't eat meat, drink alcohol, or smoke, so those are more big savings.
It had looked like I might have about £3.5K spending money this year but inflation (especially those fuel increases) could gobble up 1/3 of that.
I think that's a more reasonable estimate. Thanks for that.Excluding any big ticket items (holidays, larger house projects etc) and with no debt (apart from the car which we have on PCP as it was 0% and the cash we would've spent would obviously earn us more in savings income) we only get through £17k pa.
That's a reasonable baseline imo and then the skies the limit thereafter.
Currently one (good) company pension coming in, 2 States (mine is this year) and some private ones to follow.
The pensions are nice to have but we decided to accumulate enough savings to easily see us out rather than be dependent on pensions. The savings also generate a lot of income in their own right too.