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Retirement

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Original poster

What would a retirement on £3,145 a month look like?

369 replies

serin · 02/09/2025 23:17

DH has retired. He is 10 years older than me and wants me to retire as well. His reckoning is that if I work another 10 years he will be 77! Just 3 years off 80 and it won't give him long to have the freedom to travel much as a couple etc.
If I retired tomrw our joint income would be £3145 per month. If I took my small private pension it would be £3800 in total.
Does that sound like a reasonable amount to live on or am I deluded?

We own the house outright and do have some savings. Our DC have flown the nest.
I grew up in absolute poverty and even whilst our children were small there were times we were really struggling. I think this has affected my attitude to money and I'm terrified of not having a steady income and returning to egg on toast every night.

Does £3800 seem ok as a long term situation? My friends are of a similar age, some retired and some not, money is never discussed so I have nothing to compare with.

OP posts:
ABearInCalais · 02/09/2025 23:40

I would not be comfortable settling for that at your age. OK for him but you’ve got a lot of years of inflation ahead (hopefully). Do your figures include state pension for him? Presumably you’re not state pension age yet.

Like others I am concerned about what happens if he dies. Do you get a survivorship occupational pension (or whatever it is called?). For how long?

ExcitingRicotta · 02/09/2025 23:41

serin · 02/09/2025 23:32

We'd be down about £800 a month.
I usually put around that amount into savings and that's the worry, not having the security to be able to do that.
Knowing that effectively our earning days are over.
We tend to live quite modestly though, I appreciate a Waitrose shop but only go there a couple of times a year! It's Aldi all the way usually.

Show quote history

Sounds like you know you can afford to do it then, it’s just whether you want to…

also if there are specific things you are saving for? To help kids etc

SunnyDolly · 02/09/2025 23:48

My Mum went PT for her last 8 working years to have a bit of a balance (longer weekends) but keep the pension contributions going much longer, she was maxing them out. Could you look in to doing something like this? More opportunities to go away too, even long weekend breaks.

WearyAuldWumman · 02/09/2025 23:49

You need to think about what your situation will be if your spouse predeceases you - what will your income be? [Have just seen that someone has beaten me to it.]

I retired from a good job at the age of 58 because of my late husband's health. I did notice the drop in income. DH was 20 yrs my senior and had wanted me to retire sooner. I resisted for a couple of years, but my situation became untenable.

I don't yet have my state pension - I have another year to go. I do have my reduced teaching pension plus a percentage of my husband's. My house is paid off, but I'm facing major repairs, so that will take a chunk of my savings.

I'm not poverty stricken, but I would have been better off if I'd worked until I was 60. My net pension plus the percentage that I inherited of DH's is about £2,200 a month. I wouldn't be worried were it not for the house repairs.

ETA The car is now 8 years old. I intend to keep it as long as I can. Don't think I'll ever afford another new car - maybe a second-hand car, if I'm still driving.

ninjahamster · 02/09/2025 23:52

It’s all relative. We have a monthly income of way less than that and pay a mortgage and all other bills. Only you know what your outgoings are.

Mumofteenandtween · 02/09/2025 23:52

Do you have a mortgage or any other debts? Do you have any savings?

ILoveWhales · 02/09/2025 23:53

Mumofteenandtween · 02/09/2025 23:52

Do you have a mortgage or any other debts? Do you have any savings?

Honestly, all of that is in the first post.

HardworkSendHelp · 02/09/2025 23:53

You are minted OP!
you are technically are technically a 37 year old with a 100k plus salary.
No childcare that could be 1k plus
No mortgage which could be 1k plus
No kids to feed.
I could live just fine on that with no mortgage and no kids to keep!

renovatedlady · 02/09/2025 23:54

The big decision is how much you want to travel. Sounds like you will be comfortable for living but if you want a lot of trips then it soon mounts up. I believe £60k per couple is quoted as the amount needed for a very comfortable retirement with frequent travel and meals out.

Do your figures factor in lump sums? If so you could realistically draw down on these in earlier years knowing you have the state pension to come. Most pension calculations assume a higher annual spend in earlier years.

For what it’s worth and assuming you want to I would retire now. You don’t know what’s around the corner and being able to travel with your partner could be time limited.

Bourneyesterday · 02/09/2025 23:56

That is considerably more than a lot of working people and working families have. If your mortgage is paid off and you have no dependants what would you need more for?

ILoveWhales · 02/09/2025 23:56

I'd work part-time time if you can. You'll have some income coming and more time for travelling. You realistically aren't going to spend every day of every year travelling.Are you.

aniloD · 02/09/2025 23:57

I'm retired, admittedly no mortgage, and live quite comfortably on £1000 per month. Yes I'd love a bit more and could definitely use it but I really couldn't spend as much as £3000 per month. 2k would make me more than comfortable

TheUsualChaos · 02/09/2025 23:59

Helena2000 · 02/09/2025 23:28

Are you joking.
I mean, this is more money per month than mine and DH's combined income and we both work, him fill time and me part time so I can look after our children the rest of the time.
And we have a mortgage to pay.
Wow. Just wow at having all that money every month with no mortgage outgoings and no kids to feed/clothe.
I actually can't believe what you're asking.

Edited
Show quote history

Quite.

There's no way I'd be working another 10 years if my pension income looked like this. I'm not fussed about being able to afford luxury. Freedom is the biggest luxury there is.

RitaFromThePitCanteen · 03/09/2025 00:02

That sounds like a huge amount to me, way more than I've ever had come in while working. Especially with no mortgage to pay! I would say that's much more than enough for retirement, but if for example you and your husband are the type to squander huge amounts of money then it wouldn't be. Only you know what you're both like in terms of spending.

Ghht · 03/09/2025 00:05

Are you joking? Me and many of my friends are raising multiple children on that amount (and have done on a lot less) while paying for a mortgage. We don’t have to live off egg on toast.

BeaLola · 03/09/2025 00:05

On paper seems generous but depends how much and what sort of travelling you mean to do - are you going to find this purely from the £3800 per month or from the savings you mention ?

BIossomtoes · 03/09/2025 00:10

We’ve found that we only need one car so that was an immediate drop in expenses for us. I no longer need work clothes and we don’t have commuting costs any more. We eat better for less because we have the time to cook from scratch every day. Although your income drops, you may find your outgoings do too. Health becomes more and more of an issue as you get older and I always think of my dad’s mantra “Do it while you can”. They’re very wise words, particularly with regard to travel.

ReignOfError · 03/09/2025 00:13

Our pensions are a little more than your higher figure, and we still save and travel. However, are they likely to increase every year at least in line with inflation? One of mine does not, and now I’ve been retired for a few years, I’m noticing that’s having a bigger impact than I’d bargained for.

Are your savings a decent cushion? Would they cover a new roof? A replacement car if necessary? Replacing appliances if they wear out? I’d honestly think of upgrading anything you could whilst you’re still working.

But, as others have said, retiring is a massive psychological change, not just a financial one, and you perhaps need to take some time to think through what a good retirement woukd look like for you.

ilovepixie · 03/09/2025 00:15

FinanceLPlates · 02/09/2025 23:31

Are people missing that the £3,145 is joint income? So £1,572.50 per person?

We do realise that. We can read. Two can live as cheaply as one.

BrokenWingsCantFly · 03/09/2025 00:15

TheUsualChaos · 02/09/2025 23:59

Quite.

There's no way I'd be working another 10 years if my pension income looked like this. I'm not fussed about being able to afford luxury. Freedom is the biggest luxury there is.

Show quote history

Same here. On that money I would not be working for an extra £800 a month just to put into savings. I don't know why there seams to be some stigma attached to early retirement, as if people think they are doing something wrong or they are so conditioned to working being their purpose that they don't think just living life can be fulfilling.
OP you will be fine on those wages with no mortgage or dependents. You say your job is physical, well just think of the toll this will have on your body if you continue to work the next decade, plus your DH health by the time you get there. Count your blessings that this is possible for you and enjoy this time with your husband while you both have your health. Many of us won't be that lucky at your age. See the world, have day trips, take up hobbies together, just enjoy living life

Delphiniumandlupins · 03/09/2025 00:23

It sounds plenty to me. We're living comfortably on less, although not doing lots of travelling. We could tighten our belts to add to savings, for a replacement car or house repairs. Working part-time for a few more years would allow you to add to your savings.

MickGeorge22 · 03/09/2025 00:24

We would retire tomorrow if we had that amount. Unfortunately we are unlikely to have that sort of money until we both get our state pensions.

ReignOfError · 03/09/2025 00:24

I’m not sure I agree that retirement is cheaper than working. I do a lot more - studying, socialising, travelling, day trips - than I did when I was working, and it all costs money.

And two cannot live as cheaply as one, sadly, unless one of them, for example, never eats, uses hot water, needs haircuts, has no hobbies or interests, and you lie to the council tax folk.

Tourmalines · 03/09/2025 00:28

Helena2000 · 02/09/2025 23:28

Are you joking.
I mean, this is more money per month than mine and DH's combined income and we both work, him fill time and me part time so I can look after our children the rest of the time.
And we have a mortgage to pay.
Wow. Just wow at having all that money every month with no mortgage outgoings and no kids to feed/clothe.
I actually can't believe what you're asking.

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Agree .

Cinnabonswirl · 03/09/2025 00:30

obviously it depends on your mortgage and other bills, but I suspect two people may be able to survive a week on almost £1000 yes.
I’m sure you can get a part time job if you feel like you’re struggling to make ends meet.

you must know many people with young children, nursery fees and two adults in work don’t even have that sort of money right?!..