The high cost of living is also hitting pensioners as more money is needed for a comfortable retirement.
Pensioners need more money in the bank if they want to be comfortable and afford more than just the basic necessities, pension experts revealed. A couple will need to budget for around £60,600 a year to live comfortably, the Pensions and Lifetime Savings Association said. This is £1,600 more than last year.
Both me and OH are retired, imo we live comfortably.
There is no way we spend over £60 grand a year on everyday living. Obviously some years are more expensive if we change car, do house improvements, etc....but on average, we spend way less than what that table shows.
I’m retired and I do okay. I have savings, can afford to keep a warm roof over my head, treat myself when I want and my food cupboards aren’t bare. Not exactly the high life but a damn sight better off than many.
I'm not sure where they get the figure of 60 plus grand a year.
Presuming the average pensioner has paid off their mortgage, which is the biggest outgoing expense, presuming children are living independently, they will only have themselves to look after. So even bunging kids and grandkids if appropriate, holidays, eating well and paying bills... it still seems excessive to me.
A million in the bank, if the pensioners rely on savings, wouldn't see the robust pensioner out, and it would soon get eaten up (along with the house) if they ever needed to go into a residential care home.
I'm not sure where they get the figure of 60 plus grand a year. Presuming the average pensioner has paid off their mortgage, which is the biggest outgoing expense, presuming children are living independently, they will only have themselves to look after. So even bunging kids and grandkids if appropriate, holidays, eating well and paying bills... it still seems excessive to me.
A million in the bank, if the pensioners rely on savings, wouldn't see the robust pensioner out, and it would soon get eaten up (along with the house) if they ever needed to go into a residential care home.
No, unfortunately we are not but I'm glad to see that 60 grand is not accurate! My OH is on a pension scheme but doesn't give a great deal as we need his wages. I think the government equals what he saves though. I don't know what the future will bring, I'm a Millennial so there is plenty of time to save. I think many people are struggling to save in this economic climate.
My Mum never saved for a pension as she just couldn't afford it ditto my father but the mortgage is paid off and I know my Mum manages. She was expecting to have my Dad's state pension also but he passed away not long after she retired (she worked right up to retirement age).
She is NEVER going into a care home, after working in one and seeing what goes on behind closed doors I just couldn't let it happen. I or my younger brother and our partners would move in and take care of her.
There are charts depicting how much you should be saving for retirement from more or less the beginning of your working life....quite daunting, especially as most people don't start saving or investing for their retirement till they are older.
I know we were in our late 40's before I started to take retirement finances seriously.
I don't think anyone is sure of claiming a state pension in years to come, pittance though it is, it helps.
