Count Steer wrote: ↑Wed Jul 31, 2024 9:57 am
Easiest way to do it is look through a month or two of bank statements and see what you actually both spend and what you both wouldn't spend after retiring.
Be honest and realistic.
You might not be paying a mortgage - but you might have major repair bills running into thousands (from new boiler at £2k through to re-roofing at £20k, f'ristance).
Include example costs for Christmas and birthday presents, etc.
Also, as you get older you're likely to be less able to carry out previously easy maintenance tasks.
I realised last night that the figures are for expenditure only. So the numbers are after tax. That £59k figure is actually about (wet finger in air) £68k before tax. (Assuming all pensionable income is taxable ie not coming from ISAs etc). The £44k figure is ~£50k before tax.
Doubt is not a pleasant condition.
But certainty is an absurd one.
Voltaire
Yambo wrote: ↑Thu Aug 01, 2024 2:32 pm
Mine is £10237.
Born 4 months too early so clearly don't need as much.
Google was wrong, then.
As of April 2024, the full new state pension in the UK is £221.20 per week, or £11,502 per year.
There are some variables. I appear to get a bit more than that (about £250) and I think someone else on here does. Something to do with opting in/out/SERPS?
Wife gets more but she delayed taking hers by a year - it was a good deal at the time and she saved on tax 'cos she was still doing some self-employed work. I know our annual statements look completely different - hers has umpteen line items.
(If it's all some people are getting no wonder pension credits are needed!).
Doubt is not a pleasant condition.
But certainty is an absurd one.
Voltaire
Dodgy69 wrote: ↑Thu Aug 01, 2024 6:29 pm
Never delay taking your state pension, if we all do that Weeksy will be 70 before he can get his hands on his.
I suspect most people who are under 60 now will have to anyway.
UK Gov wrote:It is important that the State Pension remains the foundation of income in retirement for future generations and that it is sustainable and fair.
Over the next 50 years there will be a continued increase in the pension age population. The government will, in light of this, consider how to most effectively maintain an affordable system that is sustainable in the long-term.
I’m always surprised people don’t know exactly what they spend, I balance my account every week and know every penny and have done since I started earning. Without a mortgage the essentials are under £1k a month including food. I’d be happy on £2k a month and tbh it’s about there but I’ll wait till daughter finishes school and work part time in the mean time.
UK Gov wrote:It is important that the State Pension remains the foundation of income in retirement for future generations and that it is sustainable and fair.
Over the next 50 years there will be a continued increase in the pension age population. The government will, in light of this, consider how to most effectively maintain an affordable system that is sustainable in the l-term.
[/quote]
That's just government lying double talk. If you were born before April 1951 you don't get the basic minimum pension.
