To ask what your retirement plans are if you have no pension?

[BetchaGoneWrong]

Inspired by the savings thread ....

I am disabled and on a very low income.
Having to fight for every scrap of support which is routinely taken away at short notice.

I have no savings and my pension will be worth around £5000 when I retire.

I don’t own my own home.

I don’t actually worry about it anymore , the chances are I’ll be even more disabled by retirement .

I am hoping that voluntary euthanasia will be legal at that point.

How is everyone else in similar situations planning to manage?

I hope we will have learnt as a society to treat the elderly and disabled better by the time you get there op. It’s really shameful on all of us that people are left feeling that could be their only option.

£5000 per year, or in total?

In total

I don't have a pension but the mortgage should be well paid off by then and dh has a decent pension. I plan to live off him, I've quit worrying about it. I don't earn enough to be able to put money in one.

I guess if you're managing now on a very low income then you'll manage on the state pension. Only difference is you'll be older then. It sucks though. I won't exactly be rolling in it when I retire either.

I don’t think there will be a state pension by the time I retire .

I think there won’t be any state pension at all. If there is, you won’t need to worry. MIL is on it with a council home, and no other income. She lives very well. She eats out a lot and have spare money for new clothes and shoes and things for the home regularly.

I’m worried about my own and I’m mid 40s. I just don’t think there will be any state pension or NHS left.

OP do you pay rent privately? If so (and I don't know how these things work) could you get on a list for a council flat?. Rents are generally so expensive and if you're paying rent from a pension it will make a big difference.
I can imagine the state pension will be eroded but I don't think they'd try to get rid of it completely, there would be an uprising.

I was told my work pension would buy an annuity of (drum roll please!) £465 per year!

I have mortgage-free house, which I paid for 100%, am a high earner currently, but no pension other than my widow's pension and a small amount from when I was an employee.
I did think about suicide when I was 40, I am now just off 60. Not much fun.
BUT, I don't live in the UK.

I think there will always be a state minimum pension for the worst off. My dm lives in a council bungalow with the minimum income guarantee and she says she is as well off as she has ever been.

There will be a state pension for those who need it - I really wish people would stop doom-mongering about that.

hopefully soon due to OHs divorce we will be able to buy a modest house outright, so will be mortgage and rent free, will be going from a joint income of £57000 to a joint pension of around £15000 due to university pensions being shit, so will cut down on luxury foods, not go on holidays except camping in the tent we already own, and basically live frugally which i have done several times in my life already, so going places now and living while we are still working,

No pension except state pension for me which is a grand total of £500 per month. Hubby gets pension too but I don’t know how I would manage if anything happened to him

Death is my preferred option (professional pensions worth £115 and £162 p.a. at present, no property and no savings): plus a) it's inevitable and I won't be able to afford to retire prior to it

There will be state pensions , it’s a bit hysterical to think otherwise.

Most people do not live in social housing and a state pension will not pay your rent.

No but housing benefit / universal credit will.

I'm in a very similar position to you OP. Every day I wait for the dreaded "brown envelope" telling me my income is going to change again. I wouldn't mind, but I work bloody hard doing what I can within the confines of my disability. But any private pension I get will be tiny. Hey ho, I'll just cross that bridge when I get to it!

Sorry yes if you are eligible (have less than £16000 in savings.)

Dh and I will have some pension but not a lot. We will finish paying our mortgage in our mid sixties, at which point we will need to sell and downsize to a cheaper area if we want to have any hope of retiring. We will need to live very frugally.

Our retirement will be very different to our parents's (final salary pensions and four foreign holidays a year.)