As a retired person could you live on £10,000 a year.?

[allamberedover]

To cover bills but not housing costs.

To only cover bills? Not housing or life/fun?
Yes I could. That would easily cover my bills now.

No way

leaving £50 a week, probably more, for one person

What about house & contents insurance?

Year in, year out, it wouldn't be enough - you need to build up some savings for replacement items e.g. microwave, kettle, boiler, etc. Then there is the dentist and optician, and so on!

2 pensions were fine, but now I am widowed, a state pension plus a very small occupational pension takes me just above pension credit level, so no extra help, and it is pretty tight. I do run a car, bought outright, but it may have to go, as I am paying insurance for it from my savings, which will not last for ever. I don't want holidays as I find I am happier at home, which is lucky, as I can't afford them anyway😄

There are some you tubers that give accounts of living on just a pension, if no housing costs it is doable if frugal, but it's replacing the fridge freezer oven major car repairs my mum lives on state pension but uses savings only for car repairs house maintenance and replacement and holidays but all bills food car fuel phone coffee with friends clothes bits for garden like compost bedding plants birthday presents etc come from pension she has very decent savings and doesn't need to add to them. She eats decent food and high quality meat eggs etc and keeps house warm but eating out tends to be lunch or coffee not dinner. Mostly cooks from scratch hobbies are gardening knitting card making. Social life is often garden centres and church etc she is content

It's not possible.

Nothing is taxed under £12570

It’s seen as below the minimum income requirement

Wouldn’t cover my basic bills but if I downsized, cut my cloth, froze in the winter, maybe

Yes of course.

No I could not which is why I started a private pension in my 20's and also have a full NHS pension. I'm going to retire in 4 years time as a single person so I can't afford to live on that kind of money. Retirement comes round much sooner than you think.

Of course it's possible, it's just not pleasant.

I'm pretty sure I could, I'm good at being frugal.

Yes, I live on £12k per year. If I didn’t have my car ( currently work use only) and had no pets, I could live on £10k per year and still save a little money each month. However I don’t have a mortgage/rent, tv, streaming services, broadband, gym membership or any holidays away from home and only one or two days out per year. I can easily walk into town for anything and wouldn’t require taxis. Not do I eat expensive food items or redecorate/change furniture annually.
It’s not a lifestyle which appeals to many, but I’m quite happy with it.

utilities are never going to be 100 per month!

If your gas boiler suddenly needed replacing how would you pay for it, out of your £10,000 per year?

Nope. Absolutely no chance.

We would need about 1500 a month as a retired couple to be comfortable, have a couple of uk holidays and run one car. We plan on being ok on two state pensions and some savings

@allamberedover I wouldn’t be able to, no.

@allamberedover the link below to the Retired Living Standards website may help you figure out what could be an affordable amount to live on. The illustrations (snapshot below) assume as in your circumstances no rent/mortgage costs.

https://www.retirementlivingstandards.org.uk/

Just but would very frugal. My costs to turn the house seem to about 600 a month so there wouldn't be any frills.

Yes, pretty easily I think. I would have to live somewhere small to keep getting costs down and wouldn't run a car, but as others have said when you break down the costs it's definitely doable.

No. Just had my car MOT and it needs new tires and brake pads costing £1000. If I only had £10k a year that would be terrible - would just take the boiler to break down or one of the pets to take ill and I’m wiped.

considering our bus service has changed to hourly, and sometimes they are inexplicably cancelled, it would be very depressing.
would have to move to a town - although once retired my own dm moved to a town from a village, which was sensible

This makes me even more sure I could do it. But it depends what you're used to. I've never really lived the "moderate" life here of an overseas holiday every year and multiple meals out/takeaways every month. Others might consider those essential to a happy life.

My council tax and bills would take up such a huge chunk that it would be impossible even if I was frugal. It would be a lot easier for a couple living on £20,000.