Could you live on your pension?

[anonymous-user]

[redacted]

[anonymous-user]

Is this for living expenses only or all expenses including things like council tax, phone, utilities.

I assume the latter!

I’m doing Stoptober next month so assume I’ll manage to reduce my outgoings considerably as a dry run

[anonymous-user]

RJG46 said:

I don't have a pension, we do have other investments. 3 BTLs and money in an ISA.

Well that’s very interesting but not sure how relevant to the thread

[anonymous-user]

oyster said:

LeadFarmer said:

I have the option of retiring in 4yrs time at age 50, with a lump sum and an initial take home pension of £1000/month, increasing to £1,200/month after five years.

I intend to take this option, even though £1000/month isn't a lot, but my wife will still have her wage, and our mortgage will be paid off, and state pension will kick in later. I aim to take some stress free part time work to top up the pension, so with the mortgage paid off I might actually be better off than I am now.

I think the key is to list all your yearly outgoing bills that are known to you, and then allow for unexpected costs such as house repairs, vet bills, car repairs etc.

I'm only a year younger than you but can't stomach the thought that my weekdays would be devoid of proper mental challenge for 40-odd years or even more.
Retirement at 67-70 for me.

Why do your days have to be like that?
I retired last year at 56, since then I've bought a kit car, taken up all grain home brewing and I'm in two different bands.

All of those have proper mental challenges involved, they're just offering challenges from running an IT department and don't involve having to work with ahole customers on a day to day basis 😉

[anonymous-user]

BoRED S2upid said:

Sorry what’s the question? We live off our estimated combined pensions or we live off your £1400 a month?

I’m assuming it’s living off your own - sort of a practice session before the season starts.

[anonymous-user]

Welshbeef said:

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).

Or put it all on Black in Monte Carlo or live in a tent ... or .....

[anonymous-user]

Welshbeef said:

garyhun said:

Or put it all on Black in Monte Carlo or live in a tent ... or .....

Thing is they don’t have anything to put on Black currently

But that deposit for a BTL is no problem!

[anonymous-user]

Welshbeef said:

garyhun said:

But that deposit for a BTL is no problem!

You could buy the cheapest house in the country £40-60k (house not flat) up north. I’d personally not choose to live in what must be a poor area but your investing to get a pad

I give up!