Can we retire???

[Flippityflops]

I am really bad at money !
I am asking advice about wether it would be sensible to increase my work load or stay as we are.
I am none neurotypical , and whist I am really really good ar some things and have post grad qualifications , I do struggle with what some woukd call ‘ common sense’ !
So

both in 60 s
dh gets full stare pension next year.
he will be taxed as he had a work pension too
his work pension is just short of 2k pa and if he dies , I get half of that for life.
i have a smaller work pension of
£ 500 pm as after dc i worked p t
i will get just short of stare pension as i didnt pay enough contributions and i need to add 3 k to it to get nearly a full pension.
no mortgage
no debt
35k
savings
i see so much about pension pots amns amount s. Needed for retirement but i have no idea how out’s translates as i ts not a pot! But a monthly amount.
Husband is 66 state pension nwxt year .. i get it in 6 years.
Dh thinks we will need to keep working past retirement age ?
( ps we both took work pensions early - due to exhaustion at public facing jobs for many years and do jobs like cleaning now , just pt earning about £800 pm )
thanks

Yes the pensions are index linked.
I dont really like working anymore - but feel it’s unfair for me to retire if dh isn't - so I was questioning wether it would be feasible if we both could.

MikeRafone
sorry -! Its 2k per month
i get £ 500 pm
if he dies before me , I get half of his pension
.
I am a bit worried as I am v bad at financial mattters.

You definitely need to consider topping up your State pension, as you won’t inherit your husband’s so could be in a bad position if he were to die first.

If you were to retire now, could you afford to pay voluntary contributions to buy the 6 years you won’t be paying NI for?

Agree with previous comment. Are you still working and earning enough to complete another year of NI?

Leaving aside what might happen if your dh were to die before you reach state pension age, once he gets to state pension age next year your monthly income will be around £3500 before tax, probably around £3100 after tax, if you both stop working at that point, based on what you have said. If you don't have a mortgage or rent to pay, look at what you pay each month on bills and groceries and that will give you a good idea of its's affordable to live on that.

^£166 per month from dh private pension
£500 per month from your private pension
£996 per month state pension for dh
£1662 total without work^

so this is incorrect

You are getting

£2000 per month from dh private pension
£500 per month from your private pension
£996 per month from state pension
£3496 total without work
£122 interest on £35k saving if it were in an isa or bond earning 4.2% per annum

£3618 total income without working gross

should give your dh a net income of £2627 as although he will pay tax, his NI contribution will stop at retirement age

therefore with your £500 a month added in you'd have a combined income of £3127

in 6 years your income will increase by your state pension and if your dh dies your income will decrease by £1000 per month but you'd still have over £2500 per month income, gross - so before tax is deducted

work out what our direct debits and standing orders for bills total, so your council tax, water, gas, electric, car MOT, Insurance, Fuel, household insurance, grocery shopping, total and see if it comes to more than £1500 per month - if it is less for all your outgoings then id suggest you look at retirement

I think they’d have a very nice retirement!

It’s difficult to say without knowing your outgoings but for us that would be fine - all bills and other outgoings like food , Christmas , car expenses would be £2k a month

I'd keep working if I were you. You have a while until state pension age.

You’ve had some really ropey advice here, op- I suspect mainly from people who didn’t scroll down and see your husband’s actual pension.

First job is to work out what your expenses will be in retirement. Until you know that you can’t make a judgement. Do you know what you currently spend in an average year?

Unless you do your food shopping in Harrods I think you'll be OK.

Seriously though - as pretty much every poster has said you need to work out monthly out goings. Several people in our house live off a lot less than you and your DH have now, including 2 cats and a dog... but we do have more in savings than you for a 'just in case' scenario

Check your state pension forecast, what you will get compared with the full state pension of £230.25 per week. If you make up the shortfall in NI, how long will it take you to get in back in the increased state pension. If your health is OK, it will probably be worth making up your NI payments, by taking the money out of your savings. The state pension goes up by a % each year, so the gap between the 2 figures will increase over time

To be fair OP has got that wrong on at least two occasions.