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Retirement

Planning your retirement? Join our Retirement forum for advice and help from other Mumsnetters.

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:
TheClaaaw · 03/09/2025 03:57

Ineffable23 · 02/09/2025 23:28

Ultimately this will depend what your costs are but it sounds like loads to me.

If we do an imaginary budget:

Food £400 (Running total 400)
Gas and electricity £200 (RT 600)
Water £50 (RT 650)
Council tax £250 (RT 900)
Internet and TV licence £50 (RT 950)
Mobile phones £50 (RT 1,000)
Other subscriptions and insurance £100 (RT 1,100)
Car tax, car insurance and MOT costs £200 (RT 1,300)
Petrol £100 (RT 1,400)

Even if you add a cleaner for £200 a month plus gym membership and some holidays and meals out and putting a bit aside in savings for a replacement car eventually and birthdays and Christmas, it still feels like it must be going to be quite a comfortable retirement. I've been pretty generous with my estimates above - most of my bills are half those rates.

Hahaaa! How did you travel here from the 1990s?

middler · 03/09/2025 04:05

It seems a decent- ish amount if you are careful and do not splash out too much but does no one think if you go into a care home you will need a good 1200 a week each so more like 9k a month right? We are trying to make sure we have at least 3-4 years of that at the end so our kids are not worrying about looking after us and in 30 years those care homes will not be 1.2 k a week will they? They will be more like 2 k a week...I have see elderly relatives who live into their 90s get through their entire house money in homes and the council homes, or the ones the council are willing to pay for yes, they are quite different indeed and not where you want a loved one going of you can afford better I am afraid to say....we saw the difference directly.

Readyforslippers · 03/09/2025 04:18

It sounds like loads, especially given you've no mortgage. Many full time jobs, like most teaching and nursing roles will pay not far off half that!

stayathomer · 03/09/2025 04:19

My dads biggest worry when retiring was the fact that being older is so expensive in terms of health- I don’t know what it’s like in the uk but here (Ireland), if you have to pay up front for a scan or a trip to a consultant it costs hundreds (euro), plus your house is older so things are always breaking! Like others to me it seems like a dream but it’s for the rest of your life so just be sure!!

whiteroseredrose · 03/09/2025 04:34

Is the income guaranteed, as in defined benefit pensions or are you drawing from a pot - defined contribution?

If defined benefit you should be fine, if defined contribution, not so much.

I’m put off retiring too early because we don’t know how long we will live - it would be handy to know!

Unfortunately DH and I both have defined contribution pensions. We could live comfortably, at current rates, for about 20-25 years. That’s assuming no stock market crash or sudden cost of living hike.

DH’s parents lived until nearly 90 and some relatives have lived until nearly 100. That would mean nearly 40 years of retirement with a dwindling pot.

Zanatdy · 03/09/2025 04:49

It’s plenty in my opinion when no mortgage / rent. Do you have savings to fall back on? I’ll have similar when I retire if I wait until 67 but i’ll also have a large lump sum. Life is short, my friend died this year unexpectedly at 57.

She took a lump sump from a pension at 55 to buy a camper-van. I asked her what she will do though when she gets to retirement and she said ‘I might not be here then’. And she will have been gone 10yrs by the time she would draw state pension.

OhNoNotSusan · 03/09/2025 05:13

will you also get a lump sum?

Futurept · 03/09/2025 05:22

We'll be retiring very soon on about half that amount. But then we are quite young so it won't be an issue to dip and out of work if we need to bolster our income at any point. I can't wait!

GarlicPint · 03/09/2025 05:36

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

Yep, me too! Though I'd have no problem whatsoever spending £3,000 either 😂

OP, your 'worst case' £1,800 a month for yourself alone is more than sufficient. On top of that, too, you'd presumably have a life assurance payment or even an annuity.

You're basically asking if its okay to stop work now and chill out for the rest of your life. The answer is YES ... if you want to.

If you don't actually want to - say there are no shelved projects or unexplored interests you'd like to pursue, no inclination to take up voluntary or community work, not enough things you want to do together as a couple - then think about going part time or taking a sabbatical.

The money isn't a problem.

LillyPJ · 03/09/2025 05:50

Sounds plenty to me for a couple. I'm single, have a good life and live on £1600 pm. You'll be sharing bills and won't have to pay single supplement on holidays!

Namechange822 · 03/09/2025 05:50

What do you do for a living?

I think that I would be tempted to retire now, travel for a year or so, and see how you get on.

With the proviso that you might pick up a bit of freelance/consultancy type work later on if you’re in that sort of role. Or bank work if you’re in the sort of role where there is a busy period or something?

Bjorkdidit · 03/09/2025 06:07

Really depends on your lifestyle expectations, how much you have in savings and if there are any large purchases such as car replacement on the horizon.

It would be a reasonably comfortable retirement, but it's not going to pay for constant holidays, especially if you also expect a spendy day to day lifestyle, although you do say you live quite modestly. Also, what are your household bills like, there's a huge difference in cost between living in a small well insulated property that's near amenities so you can walk or get the bus vs living in a large property with high council tax and utilities that's always a long car journey away especially if you have two cars.

Then there's the practicalities. How is your DH taking retirement and what does your/his day look like at the moment? Is he doing things at home while you're at work? How self sufficient is he and how does he entertain himself? What do you normally do together?

You seem to wonder what you would do day to day if you didn't work. I'd be wondering if he's either bored or resentful that he's expected to do domestic stuff while you're at work and he wants you to stop working so you can be at home to do most or all housework, cooking, laundry etc and also keep him entertained, arrange days out etc.

whimsicallyprickly · 03/09/2025 06:18

How much money do you NEED each month?

If I had £3800 a month I honestly wouldn't know what to do with it all.

If you need more than £3800 a month, then keep working

I'm a bit confused as to why youre asking MN, as if we know your outgoings

You also need to consider if £1800 a month is enough for yoi should DH die before your SRP kicks in. Again, MN can't advise as we don't know your outgoings

NewsdeskJC · 03/09/2025 06:22

I think you need look more closely at what happens if he suddenly dies. Not wanting to be morbid but practical.
How much do you have in ready savings? How would you fund those years?

Wolfpa · 03/09/2025 06:28

Instead of retiring why not cut back your hours. Start by dropping a day and see how it goes and then you can drop more days in the future.

borntobequiet · 03/09/2025 06:29

Blimey. Sounds good to me (retired). Lots of people in full time work are way worse off.

Joystir59 · 03/09/2025 06:29

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.

Were both retired and own the house outright and live on a similar income. We are comfortable but happy with Simple pleasures. Holidays have to be budgeted for, but every day is a holiday tbh! I'd go for it, retire while you've got the energy to enjoy the time together

BabyCatFace · 03/09/2025 06:29

I dunno - my dad is on state pension and pension credits of around £900 a month and he manages. That seems like plenty to me 🙄

Bjorkdidit · 03/09/2025 06:36

My DM is also on state pension plus a small private pension, she probably has an income of around £1500 pm and lives quite happily, has plenty of money to cover her needs and wants, but these are fairly modest in Mumsnet terms and we're a naturally frugal family so make our money go a lot further than many people.

She doesn't run a car or travel except for a couple of UK mini breaks a year. But she does have enough money to put the heating on when she wants, buys things for the house, has pets, not scrimp on shopping, has days out, treat grandchildren etc and still lives in the family home, which is a 4 bed semi, which she owns outright.

CatCollector · 03/09/2025 06:37

Answeringaquestiontonight · 02/09/2025 23:24

Not to be morbid, but what is your income like if your husband dies? Just that between him being ten years older and women having slightly longer life expectancies, you might have some years on your own and need to know you will have enough.

This!
Do be careful you don't mess up your own pension
Does his pay out to you if he dies?
Eg Both DH and I get half of the deceased spouses pension

ItsnotnearlyChristmas · 03/09/2025 06:42

I’d be out if there so fast…

Also you could always work if it didn’t feel enough.

TeenToTwenties · 03/09/2025 06:43

It doesn't have to be now or 10 years. It could be 5 years, or part time.

Possibly best to let him ease into retirement, take up some hobbies, do more of the household load etc. Let him get established, then think of your own plans.

Helena2000 · 03/09/2025 06:47

And you describe it as a 'small' pention!😂

Cushionseams · 03/09/2025 06:49

If you spend more than £3145 it's not enough, of you spend less it's fine. If you spend half that, it is excellent.

muddyford · 03/09/2025 06:49

A relation manages on the state pension and even runs a small car. For unexpected expenses, such as a new fridge freezer, she dips into savings, but that's what they are for. But we are generally a frugal family. DH is twenty years older than me. When he dies I get half his pension. If he died now, we have enough savings to easily tide me over the four years until my state pension kicks in. I see what my relation does and I know I'm going to be OK. But everyone's circumstances and desires are different.