On 30 Jul 2018 at 10:45pm Sylvia wrote:
I'm due to retire next year when I turn 70.
I don't feel physically able to continue working after that.
I never earnt enough to be able to afford to pay in to a private pension. I'm worried to death about how I'm going to be able to afford to live on the state pension. I have no savings. I've always worked hard as a GP receptionist, but never managed to make any savings. How am I going to be able to afford my food bills, my heating bills, my water rates, my TV licence, my council tax, my electricity, my phone bill, all on a state pension?
I feel sick with worry.
On 30 Jul 2018 at 10:53pm Older person wrote:
You are not alone in facing a challenging old age - many of us forced to scrape by in low paying jobs/zero hours contracts with pension ages getting increasingly later. Do you have a room in your house you could rent out, perhaps to an older person? Remember solace in company - U3A, ramblers and other activities. Good luck!
On 31 Jul 2018 at 1:11am landportian wrote:
I’m in a similar position. Firstly find out what benefits you may be entitled to , pension credit , help with rent if you’re in that position. Go through all your outgoings and see what you can cut down on . Check that you’ve the cheapest suppliers of gas , elec etc . Some utility firms have rates for people on low incomes . Shop carefully and use cheaper supermarkets. Good luck
On 31 Jul 2018 at 6:23am Rent ? wrote:
not mentioned in the list. Sell up and follow Deja Vu
On 31 Jul 2018 at 7:13am Hey wrote:
Don't worry, be happy
On 31 Jul 2018 at 7:51am Duh wrote:
Why have you not saved? Why did you not pay into a private pension? Why have you not been responsible and planned for the future?
On 31 Jul 2018 at 8:04am Sean wrote:
Duh - helpful?
Sylvia. There's a lot of help out there. Age UK will have loads of advice, tips and reassurance. You'll be ok I think.
On 31 Jul 2018 at 8:44am Oldman wrote:
Most people think they need a lot more money than they do. Adopt a positive approach to your new lifestyle. Lots of things cost nothing like going for a walk or cycle, meeting people, reading interesting books from the library, posting on here. You should get a bus pass so can travel around. Please repost in a year how things have gone. Enjoy your freedom from work.
On 31 Jul 2018 at 9:44am Fairmeadow wrote:
U3A is a great place to meet people, many with limited means such as yourself, and something to interest everyone. I worried how we would get by on a much lower income after retirement (and more time to spend it), and have been very pleasantly surprised. Enjoy!
On 31 Jul 2018 at 10:29am Earl of Lewess wrote:
@Duh - I think the 'duh' is more applicable to you. Sylvia has already established the fact that she never had enough money to pay into a private pension. Thankfully, the more useful comments have confirmed that there are a number of ways of living well on a low income, if you know where to look. Pension credits, Council Tax relief etc are all worth looking into and I've saved a fortune by shopping at Aldi, where I can buy ingredients for meals and after I've cooked it, freeze half of it for later. The TV licence is free for the over 70s, isn't it?
On 31 Jul 2018 at 11:01am Brexiteer wrote:
And furthermore vote Brexit!
On 31 Jul 2018 at 11:29am king of sussex wrote:
I don't know why anyone would pay into a pension fund, they're only there for the board to spend on the business they can't manage, so they can eke out their absurd bonuses and salaries until the last minute.
And what happens when they do that? All the other pension schemes have to bail it out.
You'd think a businessman would get some kind of punishment for that, wouldn't you? I mean something more than a telling off and losing the right to do it again for a couple of years.
And what happens when Boris Johnson says "Righty-ho chumps, economy's in a bit of a spot, we're going to use private pension funds to re-invigorate the banking sector" ? Because he can you know.
On 31 Jul 2018 at 11:35am Detector Van wrote:
The TV licence is free when you reach 75.
On 31 Jul 2018 at 11:46am guy wrote:
make the most of it
On 31 Jul 2018 at 12:02pm endoftheouse wrote:
You gorgers have never been any good with money. Just remember money is your best friend and look after it.
On 31 Jul 2018 at 1:47pm Sympathetic wrote:
Please try not to worry. I have a stepmother in the same position who manages fine. She gets housing benefit, which will presumably turn into universal credit at some point, and her old age pension, but nothing else, and it's ok for her. Age UK are indeed great at providing financial advice and have a really good helpline. They'll be able to give you details in one of the charity shops. Good luck.
On 31 Jul 2018 at 4:13pm Local wrote:
There's a difference between not having enough money to save into a pension, and electing to prioritise other spending before assessing whether there's enough left over after fags, booze, holidays, car, etc.
I'm not judging the OP on this, but many diligent savers managed to do so because they forewent little luxuries. I certainly did.
On 31 Jul 2018 at 5:02pm Clifford wrote:
You remind me of that old Joke, Local: If you give up drink, fags and sex you won't live any longer, life will just seem longer. What you don't seem to realise is that some people have so little money that they can hardly afford necessities, let alone luxuries.
On 31 Jul 2018 at 5:07pm Slarty wrote:
You are aware that if you have not started your state pension it will be increased for late receipt.
Going by your user name, I'm guessing the OP is female and born in 1949. That is a 10-year deferral period and State pension is increased by 1% for every 5 weeks you don't take it, or just over 100% increase. So you'll be on for double the normal pension, plus State Second Pension (still applicable for someone who reached State Pension age before 6 April 2016).
Ask for an estimate before you worry, but I guess you'll be on around 16k, which might not be much but more than some workers!
On 31 Jul 2018 at 5:40pm I forwent wrote:
everything including newspapers.So I've never seen forwent used before I went on the internet and looked it up.
On 31 Jul 2018 at 5:51pm I foreturned after wrote:
I forewent to foresee how far it was to Forfars. But it was foreclosed. For goodness sake. I hadn't foreseen that.
On 31 Jul 2018 at 9:29pm Marrow wrote:
So what we're saying here is that Sylvia has not saved a penny in her life nor paid in to a private pension and yet she is going to get double the normal state pension allowance? Normal state pension is £160, so she's going to get double that at £320 a week?
What are you worrying about Sylvia?!
Where's the incentive for others to save or pay in to a pension then?
(BTW I'm not really a marrow, I'm just growing them in my garden at the moment.)
On 31 Jul 2018 at 9:35pm Missing the point wrote:
Marrow
On 1 Aug 2018 at 8:34am Cor Jette wrote:
What is the point ?
On 1 Aug 2018 at 11:18am M. Haricot wrote:
We laugh @ you petits Anglais