Is this the place to have a moan

[Nikonmike]

Please believe me this is not a political moan, i don't believe things would be different under any government.

My wife and i are both retired and between us we get three pensions, two state and my company pension,early in the year we had an increase on all three, great more money. We have just reached the point that we are no better off than last year so i guess its downhill from now.

Increased prices have swallowed the pension increases, not just food but things you have no control over like council tax and other utilities ,now why do food prices no longer go up by a penny or two, two items off our food bill at Tescos (we do shop around so they will not get the increase) new potatoes 15p a bag increase, my Tesco brand choccy biscuits up 9p a pack.

Ok we are a long way off the bread line but i have no idea where a couple with just state pensions would stand as far as state top ups go.

 

 

 

 

[David995031]

I am in a similar position. We both have two small private pensions and, when added to the state pensions we're not badly off - as you've pointed out we won't be getting any richer but that's OK. People who have to depend on just the state pension qualify for pension credits. From what I understand this is not particularly generous and may leave you with a choice of 'heat or eat' in the winter. I think it is scandalous but there are a lot of things that are scandalous these days.

[chorleyjeff]

A great number of people in full time work are getting worse off for money after years of 1% pay rises.

Where has all the money gone ?

Offshore into opaque wealth funds ?    To the well off  and doing very nicely thank you, who want us all to stay as we are so they can  continue  to pass money and privilege down the generations ?

Anyhow the money does not seem to be spread around reasonably evenly or fairly.

I guess the next prime minister will do nothing to even out wealth distribution  the as he grovels to Trump and tries to emulate Trumpian politics.

And that's my rant over.

[Denis]

Re: pensions

I'm staring retirement in the face with just under eight weeks to go, and it frightens me.

I have a small (100K) private pension but for some reason cannot claim my state pension until Jan 2020, The wife still works and will do for another 6 years bless her, as her pensionable age has been extended.

The firm keeps pressing me to stay on for another year but I was sort of getting used to the idea that all would be well if I retired in September as planned. But the nearer I get the more I am wobbling about money and not being able to afford to do the things I want. let alone the things we need.

I need to take financial advice but as I have trouble adding 2 and 2 together i don't think I can absorb anything to do with figures or how to go about managing my small private pension.

I dont suppose we have anyone on here who knows about these things??

[FUJI]

Yes!

At 81 years and many years relying on modest pensions only...... Be happy inside....live within your means..... don’t hanker after things you cant afford....but just enjoy very day because  every one in a bonus.

Above all don’t let politics spoil it all...... life is too short..

FUJI

[Nikonmike]

13 hours ago, Denis said:

Re: pensions

I'm staring retirement in the face with just under eight weeks to go, and it frightens me.

I have a small (100K) private pension but for some reason cannot claim my state pension until Jan 2020, The wife still works and will do for another 6 years bless her, as her pensionable age has been extended.

The firm keeps pressing me to stay on for another year but I was sort of getting used to the idea that all would be well if I retired in September as planned. But the nearer I get the more I am wobbling about money and not being able to afford to do the things I want. let alone the things we need.

I need to take financial advice but as I have trouble adding 2 and 2 together i don't think I can absorb anything to do with figures or how to go about managing my small private pension.

I dont suppose we have anyone on here who knows about these things??

I can understand your fears, most folk take a drop in income when they retire, i dont know the work situation in your area but i retired from what i call my proper job 16 years ago @ 54  took my pension and ran.My wife was still working but as she had been a divorced mother of four her job was not  a career based job.

Like your wife she fell into the extended retirement age trap, by a few days only if her birthday had only been two weeks sooner.

Any way back to my story, after a few months retired i found with only having one car i could choose between my wife using it and me being stuck at home or me having it and having to plan my day around her work times.I came up with the idea she should pack her job in and we should sign on with an agency to both work together for a few days a week thus maintaining our income level but both getting more time off, it worked well.

Not that it answers your questions but it shows you can find alternatives to the normal way of doing things.

On a note about my first post on checking the price in tescos i found my biccys had gone up 15p not 9, before we retired ime ashamed to admit i would not have noticed.

[Denis]

The same here Mike, always shop at the higher end of supermarkets but that is first on the list to change. Aldi and Lidl will get priority for the shopping but we find while they are OK for families, the veg portions are too large for us two. I am hoping to lick up part time work of some sort but overall its the pension options I'm worried about 

[David995031]

I don't have the expertise to give advice but what I did was to take the maximum tax free lump sum out of my pension I could (obviously this reduces your monthly payments). My thinking was that I might drop dead within a month in which case my pension fund is gone. At least by taking a lump sum I would have a few quid to blow on something  silly (or sensible) that no-one could take away. Best thing is to get a quote for the maximum monthly income and another quote showing the effect of taking a lump sum.

[NannyFerret]

17 hours ago, FUJI said:

Yes!

At 81 years and many years relying on modest pensions only...... Be happy inside....live within your means..... don’t hanker after things you cant afford....but just enjoy very day because  every one in a bonus.

Above all don’t let politics spoil it all...... life is too short..

FUJI

I agree, Fuj.

I have pension credit and state pension and because I don't want expensive holidays, expensive food , eating out, shows etc. I manage quite well.

I have food, warmth and a roof over my head and am quite happy with my holidays in Barmouth ( which is where I am at the moment) and I am alive to be able to enjoy it.

Best of all, my kids and their kids are all ok. No way can any amount of money could make me happier.

I hate politics too and just let everything like tha roll over me, as the MPs will do what they want to get their own fame and fortune, regardless.

Edited July 11, 2019 by NannyFerret

[Ryewolf]

20 hours ago, Denis said:

I dont suppose we have anyone on here who knows about these things??

You could try the citzens advice

[Hatter]

On 10/07/2019 at 19:27, Denis said:

I dont suppose we have anyone on here who knows about these things??

I've worked in Pensions for over 40 years.  I'm a 'techie' not an adviser though.

[David995031]

Another thought occurs to me, Denis.  You can use any company for your annuity (pension payments), not just the company you have been  saving with. You can transfer your pension pot to whichever company gives you the best quote. You really need a financial adviser to shop around  for you.  Check this out to be sure but I don't think you have to pay for this sort of advice, the financial adviser will be paid commission by whatever company he places your business with. As I said earlier I have had some personal experience but I am NOT an expert so please check out what I am saying with a professional.

[Hatter]

12 hours ago, David995031 said:

Another thought occurs to me, Denis.  You can use any company for your annuity (pension payments), not just the company you have been  saving with. You can transfer your pension pot to whichever company gives you the best quote. You really need a financial adviser to shop around  for you.  Check this out to be sure but I don't think you have to pay for this sort of advice, the financial adviser will be paid commission by whatever company he places your business with. As I said earlier I have had some personal experience but I am NOT an expert so please check out what I am saying with a professional.

Yes.  Annuity pricing is very competitive so it always pays to "shop around" as you may be able to use your pension fund to buy a larger pension with another office.
Commission is paid to the adviser by the annuity provider but it's usually built into the annuity rates so you do pay it really.