Is living on the state pension really that bad?

[cateringday]

I mean, if you own your home then you’re getting around £250 a week just for bills and spends.
i have a tiny pension and DH has none. I am always worrying about this but then realised that we will have no rent or mortgage to pay.
im just wondering if it would be as awful as people make out? I hear stuff saying you need £300000 in pension pot to have a comfortable retirement, why would you need that much?

Long term plan- phase out Housing benefit. I.e leave just Universal credit and state pension but no add ons.

If you’ve made no plans provisions or savings then I’m sorry but that’s the old age you have to look forward to.

That isn’t only state pension. The little bit extra from your husband’s pension will make a difference. On a low income a small amount really matters.

What is even more sad is the number of people with a high IQ who haven't made the most of their potential during their working lives. Or those who studied to degree level, then didn't take their knowledge and skill forward. For whatever reason. Many of those people are women, If everyone in this country earnt to their full potential, we would be in a very different place economically.

This. My mum is on a state pension and will openly say she has never been as well off in her life. Her rent, council tax is fully paid help towards heating costs. She is even paying for the grandkids driving lessons as she can afford to do it for them.
Very different from when she was younger and a single parent raising me on a minimum wage job. Times were tough then and we could afford very little. She says she could have done with the money she has now back then.
I also know of other pensioners who say they've no idea why pensioners are always on TV crying poverty saying they have to choose between eating and heating as pensioners have never been as well off!.

Yes, screw the poor. Lovely attitude.
Human life is only worth what labour they can provide.

My dad lives on state pension he has one of the old types so gets around 1300 a month due to additional payments he made while working. He didn't spend it all every month, but lives simply but not in poverty, he ships at lidl but picks some nice things up at m&s every couple of weeks, wears levi jeans runs a car albeit a golf he's had from new 15 years ago, he likes to cycle (not the lycra kind) , walk and fish, he supports his local team where it costs him £150 a year for a season ticket. He did have a workplace pension but it was pretty rubbish so he cashed it out before everything changed and invested it. He does have about 100k in savings but doesn't touch it unless for a holiday abroad or home repairs. His mortgage is paid off. He doesn't struggle. Having said that I grew up poor especially after my parents separated dad worked 60 hour weeks in manual jobs and mum worked multiple part time jobs in childcare and cleaning or retail, until I was in my late teens and she went to night college and got promotions etc but I think the highest salary she ever had read about 35k. So neither has a taste for a champagne lifestyle and my dad in particular has always been very sensible with money. It really depends on what your expectations are.

The only way my mother managed on this was by three of us paying for carers, meals out, treats, occasionally food and some clothes. We also contributed to her rent in a charity run residential estate. (And yes she had attendance allowance).

How old are you @cateringday ?

I had no pension pot at 30 (well, about 5k) and had turned it around completely to have a very decent pension by 40. And for most of those years I was a single mum to young children and I also have a disability

So there may be plenty of time to turn things around?

I agree, plus you have more time to shop around for bargains…..

This.

I don't know any pensioners that are struggling either. There will be some but if they dont smoke or drink then I know plenty of pensioners who are ok. Give their winter fuel allowance to grandchildren since they don't need it too.

You'll have other bills.

We've just had to spend £60k on a new roof, completely unexpectantly. Fortunately, we had private pension money.

You also don't really want to live just on basics for the forever. What about all the bucket list things you want to do? What about contributing to a wedding, or indulging your grandchildren?

The state pension is, and always was, a safety net. It was never expected that people would not make their own arrangements for their retirement. You were also expected to drop dead soon after finishing work.

If you can't make anyplans provisions or savings then I’m sorry but that’s the old age you have to look forward to.

Fixed it for you.

No, not always. Not everybody is capable of leading or managing and some wouldn't want to either. I find it strange that people can't understand that people have different capabilities. For some people, getting any sort of NMW work is a huge achievement.

The same applies to many people who aren't retired. 39% of adults have less than a £1k in savings. I live very comfortably on my state pension, run a car, go on holiday etc. Yes I have a personal pension, which currently I'm not drawing from and other savings, but I know exactly how much I spend, and tbh I don't think I'm suddenly going to develop a taste for expensive cars and recreational pharmaceuticals. I'm sorry I have no sympathy for the Daily Fail readers, living in some old Victorian manse with a hole in the roof in a village without a shop or a regular bus service, who can't possibly move somewhere more suitable because the house is "their children's inheritance"

Speaking as a State Pensioner, who has a tiny occupational pension, I will say this - it all depends.

Housing is the highest gobbler of anyone's income and those of us who have been able to buy a home, keep it in a reasonable state before retiring and have fully paid it off have a huge advantage here. If all else fails, we can use our houses to generate extra income for ourselves (equity release, take in lodgers, move to a smaller cheaper house) - it's a 'safety net'. Now for those who rent their homes - whether privately or through the council - housing costs will be the same after retirement so overall living costs will be higher and there is no 'safety net'. Pensioners living on the full state pension have no obvious entitlement to state benefits - maybe housing benefits or some other local council assistance if rent is extremely high. Generally, expect to fund your rent from your own income.

Deciding where and how we are going to live is an important part of pre retirement planning. I do not recommend moving afterwards, because of the expense involved when one is on a fixed income. As others have said, it is possible to live on the pension, at the moment with the triple lock. Should the payment not keep up with inflation in the future, that could cause problems, especially for those without a financial 'cushion' to fall back on.

If you can, pay into a workplace pension to help yourself. If you cannot, I suggest putting what you can into an ISA, which you MUST not dip into, to provide at least a cushion for your retirement.

I think this is simply untrue.

My gran died in her 90s; my mum looked after her in her later years. District nurse came in daily towards the end of her life. Cost to my gran: nothing.

My uncle died in his 70s of cancer, in hospital. Coat of care: nothing

My dad died in his 70s of cancer. Cost of care: nothing

My mum in her late 80s, aneurysm, otherwise fully fit. Cost of care: nothing.

My aunt died if cancer in her 70s: cost of care nil.

My DH’s gran died rapidly of cancer, age late 90s: cost of care nil

My dad’s mum dropped dead of a heart attack, cost of care nil

My dad’s dad had Parkinson’s and was cared for at home by family until he died, cost of care nil

Literally no one in my family or dh has needed care home.

Have a look at the Retirement Living Standards, I am not good at links, but it is easy to find.
very helpful to see how to allocate money and the difference between a modest and comfort retirement in terms of of income

Not every pensioner gets 'everything paid for by the state'. I get my free bus pass, eye tests and prescriptions, for which I'm grateful. But I still have all my bills, household and clothing needs, repairs, insurance etc. I'm not struggling because I planned carefully and don't live extravagantly, but everybody's life is different. Just because you don't know any struggling pensioners doesn't mean there aren't any.

Good cleaners are always in demand so if you are fit and enjoy cleaning (or dog walking/admin/DIY etc) a few hours a week could bring in a nice little cash in hand income.

Seriously?

What would you think of someone of working age who made an OAP scrub the floor? I'd be absolutely mortified having a 75 year old clean up after me.

My wage (part time) is £12,500 per year, which is roughly the same as state pension will be when I retire. It's absolutely fine. I've long paid off my mortgage and it easily covers utilities, food, car costs, and a few short breaks each year. But I've been accustomed to living within my means, i.e. no car leases, always shopping around for utility, phone, TV contracts, shopping around the supermarkets for offers etc.

I have no worries about moving from a wage to state pension. I also have some savings which I'm currently not withdrawing from, so I do have a back up for any odd "one offs".

I think it's home mortgage/rent which is the killer as its the single biggest expense for most people.

I retired two years before my pension kicks in, so I am living on savings for the next two years. I budgeted very carefully and saved so I could give up work at 65, and so I know exactly almost to the penny what my bills are (as long as I don't run the heating massively). I am looking forward to being £200 odd a week richer when my pension kicks in!
But I own my own house, no mortgage. If I was still renting I would be extremely worried.

If you own your own home you need enough to cover house maintenance and unexpected repairs that aren't covered by insurance. So even if you didn't want holidays, eating out etc you'd need to have some savings as a buffer. State pension alone would give you no safety net.

You can do much more ......To have a warm home and food on the table, occasional lunch n coffeeout, a pet cat and a UK cottage holiday twice a year plus dinners out on birthdays and anniversaries...seems like a good life to me and that's my mother's on the state pension . And yes and also a weekly yoga class and a Chinese take away every Friday. Netflix subscription tooAll doable on State pension

This is true. On MN everyone thinks everyone could go to university and then get a very well paid job if they only work 'hard' enough. Many don't have the capability to get into university or well paid jobs and career ladder stuff.