£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)

FYI
That's roughly what I will have. I think I will be fine on that but its not luxury cruise territory

With £1000 a month left over I think they can be bothered by foreign holidays!! More than enough of that is something they wanted to do.

If I had £1000 left over after bills I’d feel very lucky!

From reading the replies it's clear that it's different for everyone but for me I wouldn't feel comfortable with that amount of spending money. It's around £230 a week which would be fine some weeks but I'd find it very tight other weeks. But then I'd want more than the odd meal out or day trip when I retire.

£1000 per month - to decide if this is enough, there were some questions which aren't clear to me from OP's note:

Does the person have to maintain a property (and what state is it in / how much work would it need)
Does the person have to maintain a car, again what type of costs are these
Are there any specific health costs which won't be covered fully (or at all) by NHS. For example dental problems, hearing aids, physio needs, podiatrist / orthotics / foot problems, any other health item ?
Any costs linked to specific hobbies / interests ?
Any costs relating to pets, vet insurance etc ?

Depends on their lifestyle, and what the £1000 has to cover. Is it just household bills covered, or does it include food, insurance, petrol, savings for appliances etc? I mean we probably have that left after “bills”, but then we have to fund food for a family of 4, petrol, and all sorts of other things. It’s not purely disposable income and it’s not a luxurious lifestyle particularly. But a single person would have lower expenses. I don’t think it’s multiple holidays territory, but I think it’s comfortable if you’re sensible.

Whats the deal with the 100k in savings? Can it be dipped into for expenses like a new car or boiler? Is it paying any income or growing?

I didn't realise many working people would have £1K spare!

I get 1k per month that has to pay for everything for me and my son. You are in a good position and you can put the extra money to work in other ways to build for your future. Im not gonna post vitriolic things because for you this is something to worry about, for others like me, we feel you are very very lucky

Sounds very comfortable to me!

The savings should be generating £5k a year at current rates.

And the savings provide a buffer for two future second hand cars, say, a new boiler and a new roof. Best not frittered away.

This year there is a one off £500 fuel /COLC payment on top of regular state pension.

well £100k in savings makes it a very different picture

with that behind you then £12k a year is more than enough

🤣

Wow. If I had that left. I'd retire tomorrow. That's more than enough. When I had my mortgage if I had £200 left it was a good month

Just a note of caution. How old are they and is their income fully index linked?

if they are early 60s and live to 90s you will need to knock 50% off their income in real terms if there is no indexing (flat annuity)

A lot of company pensions cap increases to 3% or so, which means at the moment the pension is decreasing.

they have £100k contingency, which will currently provide an extra 6-7k a year, if needed.

if it is a CS, NHS or other “gold plated” type pension, they should be quite comfortable though.

How are you calculating £1k a month?
£100k would only provide a £1k p/m for 8 years. If you plan to retire at 65, you may very well need to plan for 20 years for retirement.

It’s a good amount. But it all depends on many factors, ie how old are they? Do they drive, will they need a newer car at some point? Do they have a house to maintain? Things like new kitchen or heating system changed to heat pump in 10 years time. Replacing furniture or electricals like washing machine.
Do they need to pay someone like a gardener or cleaner in future when they can’t manage themselves.

Sounds good! Enough for little treats, enough to save up for a holiday, enough to buy yourself and family a few things now and again.

Look at the Retirement Living Standards - this gives a good indication based on three lifestyle standards

Presumably you get additional benefits, though.

Presumably that £100K is invested though and will bring in either an income or can be added to savings.

This is the most mumsnetty of posts i have ever read 😂

I took it to mean £1k spare from income (pensions) plus £100k in savings that can be used to pay for things like cars, home improvements and possibly things like holidays. Also the £100k is saved/invested to provide some growth - should generate around £5k pa in cash, but obviously need to consider tax and use ISA allowance etc.

It's a fairly generous amount but if you have relatively luxurious lifestyle expectations it would be easy for things to feel tight as it's not enough to spend without thinking on high end cars and world cruises every year etc.

A thousand pounds every month completely spare, nowhere to go?

Yeah.

They're fine.

£250ish a WEEK to spend on eating out and day trips. A lot of working people with a family would dream of that a month!

Come on, OP…

Christ on a bike, thats loads.

I'm a pensioner and would think I was rich with that amount. I have a fraction of that which allows for an occasional day out or lunch with friend and xmas presents for family. I don't go on holiday or run a car. Savings pay for large household repairs or replacements of white goods when needed.

Wow, that’s plenty of excess cash to have a good standard of living. Absolutely fine IMO.