Could you live on your pension?
Discussion
NickCQ said:
SAS Tom said:
I would have thought that for many they will inherit their parents house and live there or sell it and get their own place. Not everyone obviously but the people that own houses won’t be around forever.
I would imagine means-tested care home fees and Corbyn's inheritance taxes will give a lot of people relying on that approach a big shock.PostHeads123 said:
So true, my nan has spent just over £240k on being in a care home circa £6k a month, not inheritance left for my mum, in fact I am now already having to give my mum cash and chip in for my nans care home fees.
Wouldn't it be cheaper for her to live on a cruise ship?https://stuffhappens.us/alone-on-a-cruise-ship-147...
Cotty said:
Wouldn't it be cheaper for her to live on a cruise ship?
https://stuffhappens.us/alone-on-a-cruise-ship-147...
It would, although I’m not sure people ‘book-in’ to a care home for the ambience or value. https://stuffhappens.us/alone-on-a-cruise-ship-147...
That said, our care home system is utterly appalling value for money.
The utter s
tholes on offer are eye-wateringly expensive. Best spank it all before that day comes!
CaptainSlow said:
Jimmy Recard said:
dav123a said:
Can't claim a state pension if you've never paid NI.
Child benefit and/or dole make your NI contributions, don't they?eta Child Benefit or unable to work through illness you can get NI credits that mean you can claim a state pension.
Edited by CaptainSlow on Thursday 4th October 19:47
Testaburger said:
It would, although I’m not sure people ‘book-in’ to a care home for the ambience or value.
That said, our care home system is utterly appalling value for money.
The utter stholes on offer are eye-wateringly expensive.
Best spank it all before that day comes!
My grandmother had 24 hour dedicated one to one care at home. It was cheaper than a nursing home.That said, our care home system is utterly appalling value for money.
The utter s
tholes on offer are eye-wateringly expensive. Best spank it all before that day comes!
Am I alone in really not having the faintest idea what my standard of living will be in retirement?
I'm stuffing as much as I can into my pension, so I'm assuming I'm not going to be in poverty, but the difference in outgoings between two adults working full time with three school-aged kids and a mortgage as opposed to two retired adults with the kids moved out is complicated enough as it is.
My parents are unlikely to still be around when I retire, and that's anything from nothing to an extra £200k or so, and if the differential in housing prices between the South East and somewhere like Shropshire doesn't completely vanish over the next decade or so, we'll be able to take probably a further £200k out of our house by moving to somewhere nicer which just happens to be nowhere near work.
I'm pretty sure that we'll have more disposable income when I retire than I do now. If anything, I wonder whether I could afford to dial down the contributions a bit now, but the whole thing is so complex that I just don't want to take the risk!
The only thing I'm certain of - and really looking forward to - is the fact that I'll be paying much less tax!
I'm stuffing as much as I can into my pension, so I'm assuming I'm not going to be in poverty, but the difference in outgoings between two adults working full time with three school-aged kids and a mortgage as opposed to two retired adults with the kids moved out is complicated enough as it is.
My parents are unlikely to still be around when I retire, and that's anything from nothing to an extra £200k or so, and if the differential in housing prices between the South East and somewhere like Shropshire doesn't completely vanish over the next decade or so, we'll be able to take probably a further £200k out of our house by moving to somewhere nicer which just happens to be nowhere near work.
I'm pretty sure that we'll have more disposable income when I retire than I do now. If anything, I wonder whether I could afford to dial down the contributions a bit now, but the whole thing is so complex that I just don't want to take the risk!
The only thing I'm certain of - and really looking forward to - is the fact that I'll be paying much less tax!
PostHeads123 said:
So true, my nan has spent just over £240k on being in a care home circa £6k a month, no inheritance left for my mum, in fact I am now already having to give my mum cash to help her out (state pension only) and chip in for my nans care home fees.
I’m sure there are care homes that cost that much, and more, but half that is more typical.Edited by Sheepshanks on Saturday 6th October 13:54
Sheepshanks said:
eliot said:
The big looming black hole that is going to increase over the next 30 years is all the people who are renting their house . Round my way a three bed house rents for £900 a month - how is someone going to live of a pension and pay rent - let alone eat.
Housing benefit.If you can't afford to spend that much in rent and need Housing Benefit, then surely you'd be quite rightly invited to take a look at the one bedroom flats and maisonettes in the area which are more suited to your financial circumstances?
2 sMoKiN bArReLs said:
Kermit power said:
The only thing I'm certain of - and really looking forward to - is the fact that I'll be paying much less tax!
Speaking as one who is retired........I'd happily pay 80% tax to be 17 again!
Of course, once I'm in retirement and my body starts to not do what I want it to do, when I want it to, I suspect I may well change my mind!
Kermit power said:
And a readjustment to what's realistic. A three bed house might well get rented out for £900, and if you can afford to pay that much in rent, no problem.
If you can't afford to spend that much in rent and need Housing Benefit, then surely you'd be quite rightly invited to take a look at the one bedroom flats and maisonettes in the area which are more suited to your financial circumstances?
That's exactly what the bedroom tax does for council tenants. I think for private rented it's worked out based on what you need, so same result.If you can't afford to spend that much in rent and need Housing Benefit, then surely you'd be quite rightly invited to take a look at the one bedroom flats and maisonettes in the area which are more suited to your financial circumstances?
anonymous said:
[redacted]
You can always buy in a cheaper area IF you want to buy. For instance why do they not buy a buy to let somewhere else now and rent that out so it’s funding itself whilst they continue to rent themselves as they cannot afford to buy where they need to live.
Time passes a max of 25 years that other house is mortgage free so they could move into that or sell it and buy somewhere they want to live.
They also do not have to live in the U.K. when in retirement. Choose say somewhere in Asia and the state pension alone is a fortune(relatively).
Sheepshanks said:
Does the amount payable in 2054 get adjusted for inflation, or is that the actual amount payable?
If it's actual, then OK, it is 98% of your current salary, but a lot could happen between now and then!
Yes it goes up with inflation (not sure which measure)If it's actual, then OK, it is 98% of your current salary, but a lot could happen between now and then!
I have no doubt it will be massacred by the time I get there, but one can hope!
It costs me 7% of my salary, so probably still good value even if it was halved
Sheepshanks said:
Defcon5 said:
This is what they sent me, based on my current 36k salary
Does the amount payable in 2054 get adjusted for inflation, or is that the actual amount payable? If it's actual, then OK, it is 98% of your current salary, but a lot could happen between now and then!
Gassing Station | Finance | Top of Page | What's New | My Stuff