£1k left per month in retirement after all bills paid

[Lm1981]

I know every persons requirement is different but generally speaking if you had home all paid off and in retirement you had all your monthly bills covered with £1k left over to do whatever with is that an ok position to be in?
(person in question isn’t to bothered about foreign holidays as done all that in their working years , mainly a few day trips out , meal here and there etc)

Does 'all bills' include food etc?

What does all bills cover. Is it council tax, gas, water, electric only?

If that's what you've got you have to make do. Do they have any savings or literally that's it? If not I would try to save say half of the £1K to cover unexpected expenses and Xmas and Birthdays, and do what they want with the rest. If they have a reasonable amount of savings I would be comfortable to spend it if they want to, but not just for the sake of spending it!

If all bills included food I would be ok with that.

I dont spend £250 a week now on ‘extras’ so I would think from that I could put a bit aside for holidays, and a bit of savings.

It would be tight, I’d like a bit more to be comfortable.

Having said that I don’t run a car and I am spending a lot over the next few years on house maintenance to minimise that expenduiture when I do retire. I also intend to go into retirement with a modest rainy day fund.

It says £1000 left after ALL the bills! Firstly make sure there is a cushion, for unexpected expenses,leaks, plumber, electrician,car. The rest would be in savings, depends on how likely they are to suddenly require money at short notice.

"it would be tight"!!! Having a grand over after everything is paid!

party party is what I think!

Blimey over £1k a month left is 'tight' 😂

Yes food and all monthly bills included. So the 1k is literally for free spend
100k in savings

I know right. That'd be a dream for me!

Then what's the problem? Honestly.

Retired here. I'd be VERY happy with £ 1k a month left after all expenses AND £ 100k in savings. Struggling to see the issue here, does whoever it is worry about not having money even when they have it?

It's certainly enough right now, however many retired people live another 20 or so years pist retirement. Inflation will soon eat into that £1000 unless they have pensions with inflation-proof guaranteed rises.

It is more than enough if it £1000 more than they need every month.

What about running a car or other major transportation costs? Does all bills include insurance?

Generally I think it’s fine unless you have expensive day to day living costs not included in monthly bills

I don't have that at the minute.., after bills and food there's £30

So £12k a year for one person for UK holidays, day trips and meals out? Of course it's fine.

DF is in his late 80s and has that much left over from his pensions every year and cannot spend it as he doesn't go on trips/meals out as often as he used to. He ends up giving chunks to family members as he has no use for that much money.

If you're younger and in good health I reckon you could probably spend £12k pa if you put your mind to it, but I doubt it would feel tight.

Thank you for replies , I guess they just worry especially as I hear so many things on news these days about cost of living etc. it’s hard to sometimes gauge what is needed for retirement etc

I don't understand people saying it's not a lot.

I don't have anything spare. Actually some bills aren't paid as I just don't hace enough.

£1000 money to do whatever you what with?

Mumsnet is full of snobs.

That is what many pensioners have a month and they have to pay all their bills out of it.

Hahaha! I get paid £1000 a month and have a mortgage and 4 kids. Come and live in my world! 🌎 Think they will be able to struggle through!

As long as you have a cushion for things like boiler going kaput, that is plenty.

That seems a very comfortable amount, to me. The chances are they won't need to spend anywhere near all of it, so can put some by to go towards their next car purchase or a new boiler or house repairs or other unexpected expenses etc.

Didn't you post this same thread about a month ago and get exactly the same answers?

It depends on what sort of lifestyle you want to maintain

If you go into retirement with little or no savings you also need to factor in house maintenance from that. A hoover or a washing machine blowing up could take a chunk of that.