This is not going to be enough to live on is it?

[meddlesomemarch]

Just done a pension estimate and it looks like in 8 years time, aged 67, the total sum of my pensions is only going to amount to £21k per annum. Whilst the house is paid off, this seems depressingly low. Am I being overly pessimistic here?

Financial advisor has said at the age I am now (59), it won't be worth paying into pension but if I have any spare monthly cash to put into AVCs instead.

I would save money in an ISA for holidays etc. you tend to be more active the first 10 years of retirement.
Can you downsize to give yourself a buffer or as we plan to do to find travel.

I'm not sure my entire pension pot will be 21k.

Patapouff

I guess I'd like to holiday 1-2 tines a year though not luxury holidays obvs. Tend to do cottages or airbnb self catering. I'd like to eat out twice a month. I have an allotment and am under no illusions how costly home grown produce can be.

I genuinely don't see what the problem is. Allowing for car and food you have over £800 a month for eating out and holidays.

Unless you go to the Fat Duck every week you can still afford eating out and holiday.

You're out of touch I'm afraid.
As a single parent of 3 not in work, I got £1200 a month universal credit with rent etc to pay. Plus child benefit. Less than what the rather wealthy OP is worrying about just for her and no sodding rent.
Divide her 21k by 12 and that is £1,750 with no rent to pay to support just her. I'd be living the high life. A rather blissful retirement pot she has there. Blows my mind anyone could find this low.

It sounds as though a job would help you out here.

I could delve into the circumstances as to why I couldn't, but that is none of your business.
Although I'm sure, it is one thing for a poor person to be poor, they probably deserve it, but another for a rich to not be quite as rich as they'd like.
The fact is, OP is wealthy. It is beyond ridiculous to be worrying about that. Many families, including working live on that or less with rent to pay.

Fuck me. You've solved it Einstein. Why did no unemployed person ever work out that they need a job.

Let's not worry about the multitude of reasons that might be at play as to why they don't.

Equity release?

Don't panic.
The first thing you trealise after retirement, is how much money its been costing you to go to work every day (commuting costs, work clothes, lunches, buying services you hadn't time for, wear and tear on car).

Your mortgage is paid off, and now you're technically "at home all day" and a pensioner , your home insurance should be cheaper. There are endless discounts for pensioners (from hairdressers to gym membership). You can benefit from offpeak travel, holiday deals , film and theatre matinees; empty periods at the swimming pool. You have time to organise your life more efficiently. Nice day? Pack a picnic, off you go. Rainy day? Library then cinema.

You will be time-rich. Your income might be lower; but it will go further.

OP £800 x 12 is £9600. Surely you can do a very nice overseas holiday off peak for £2k, a very nice UK holiday off peak for £1k. That leaves £6,600; £2,500 tucked away for maintenance/replacements, leaves £4,100 for treats - about £300 pcm.

Yet it’s your business to be upset that someone who does work gets more than you do in handouts?

Seems a bit hypocritical.

It’s not rational to criticize someone with a job for having more money than someone without.

I didn't post on the Internet asking if its enough. I wasn't the one who said whole families don't live off that. The reality is they do and less. It remains that Op is wealthy, given many families would be very happy with that much money and no rent to pay, it is rather tone deaf to be posting if it isn't enough. How sad for the wealthy to not be as wealthy as they would like.

I am not upset, but the mentality of the wealthy certainly is something. I have not critisised her for having a job, rather odd to suggest that. Obviously, you are too high on your horse to read past tense all the way down here.

Your arrogance and privilege are showing. You are out of touch and have no understanding of the realities of the real world, but it doesn't seem like you want too. Perhaps one day you will understand that not being as privileged as you, nor having the same opportunities does not make someone less. You may understand that other people have different circumstances to you. Understand may be a bit of a stretch, but maybe one day you'll be vaguely aware as a realistic thought.

Anyway, I have made my point that OP is being ridiculous. You have made yours that the poor deserve to be poor. I don't have any interest in further engaging with this level of arrogance.

I'm out of biscuits, but here's an apple. Unfortunately it is from Aldi, but should be alright for the horse.🍎

The op didn't post on the internet though, she posted on the section of the site for money questions, not AIBU.

Lots of people need money advice regardless of their circumstances and shouldn't be castigated for asking questions.

It’s absolutely not tone deaf to be posting a legitimate question about retirement income on a money matters board.

Wealth relates to assets not income and at no point in this thread has openly stated her level of assets.

whether she is or isn’t wealthy she is still entitled to post about it on this board.

The op didn't post on the internet though

Huh? MN is the Internet

Goodness she didn't post on the internet in general, she posted on the money matters section as is clear in the rest of my post but carry on with your AIBU bunfight...

Yes, but this is the money advice / information section. It’s the correct place to ask questions about or opinions on finances. OP didn’t go onto a thread about people worrying if they’ll be able to buy food this week and say she was also worried. If it’s “tone deaf” to talk about anything some other people don’t have, perhaps we should pounce on the poster who mentioned being a single parent of three and call them time deaf for posting about having children, because some people on wider MN have fertility issues or have had stillborn children and they should be bloody grateful they even get the opportunity to know how difficult looking after children on any income is.

I agree this is the correct place to have posted about money.

But it is the Internet.

You need to stop blaming others for your own situation. Where you are today is a result of the decisions that you made.

Refusing to take responsibility like this risks your children making the same mistakes, and condemning another generation to poverty.

I don't think it's tone deaf to post about pensions on the money board. I do think OP's question wasn't phrased in the best way, as obviously £21k is enough to live on, and she might have received more helpful responses if she'd given a bit more detail- that she's looking for an income of X and how to achieve it, say.

Generally I think there are going to be millions of people in OP's situation and worse- teachers' pensions are generous and those of us in ordinary DC schemes or Sipps are in a far more precarious position. So if this thread encourages people to check their own forecast now rather than leaving it until they are 59, good.

OP asked people to comment on her finances. People have commented. The only comment not relevant to OPs thread that I can see is the one that was benefit bashing. A thread 'this is not going to be enough...' followed by this amount of money with no mortgage or rent to pay could be taken as a stealth boast.
OP has more than what many families life off for her retirement to support herself, with a house entirely paid off. That is a very good position to be in. That is how I am reading some posts and I am in agreement. I don't know why some posters are getting up in arms about it.

21k is not wealthy. That’s ridiculous. For people earning 50k+ a drop to that amount of money in retirement is worrying.

@IstayedForTheFeminism might I humbly suggest (or suggest humbly) that you visit pedant's corner?

Lots of fun for people that like to correct people.

thanks. And sorry. I get a bit black and white about things. I strongly suspect some level of ND.