Join for free
Reply
Page 1 of 5 1 2 3 > Last »
Aytee
New Member!
Aytee is offline
United Kingdom
Joined: Aug 2019
Posts: 7
Aytee is male 
 
17-08-2019, 03:17 PM
1

What is a decent amount of income

I am bringing in just over £2000 take home from a work pension and a part time job and my bills come to £815 at present.

I am 54 and worried that it may not be enough in the future. What does anyone else think? I have £150000 in savings and my house is worth 470000.
Reply With Quote
Floydy
Chatterbox
Floydy is offline
Nowhere
Joined: Oct 2015
Posts: 14,177
Floydy is male  Floydy has posted at least 25 times and has been a member for 3 months or more 
 
17-08-2019, 03:19 PM
2

Re: What is a decent amount of income

Good afternoon Aytee. Welcome to the forum!

It all depends on your circumstances and lifestyle.
Reply With Quote
Aytee
New Member!
Aytee is offline
United Kingdom
Joined: Aug 2019
Posts: 7
Aytee is male 
 
17-08-2019, 03:23 PM
3

Re: What is a decent amount of income

We watch our money okay but it is just inflation etc
Reply With Quote
Omah's Avatar
Omah
Chatterbox
Omah is offline
Ballasalla, UK
Joined: Feb 2014
Posts: 7,950
Omah is male  Omah has posted at least 25 times and has been a member for 3 months or more 
 
17-08-2019, 03:23 PM
4

Re: What is a decent amount of income

Originally Posted by Aytee ->
I am bringing in just over £2000 take home from a work pension and a part time job and my bills come to £815 at present.

I am 54 and worried that it may not be enough in the future. What does anyone else think? I have £150000 in savings and my house is worth 470000.
How did you get a work pension at 54?

How your workplace pension is paid

https://www.nidirect.gov.uk/articles...e-pension-paid

Most pension schemes set an age when you can take your pension, usually between 60 and 65. In some circumstances you can take your pension early. The earliest is usually 55.
Reply With Quote
Zuleika
Senior Member
Zuleika is offline
North West UK
Joined: Jan 2018
Posts: 1,867
Zuleika is female  Zuleika has posted at least 25 times and has been a member for 3 months or more 
 
17-08-2019, 03:23 PM
5

Re: What is a decent amount of income

Hi Aytee enough for just what ,kind of the same response as Flloydy’s really ? .
Reply With Quote
Floydy
Chatterbox
Floydy is offline
Nowhere
Joined: Oct 2015
Posts: 14,177
Floydy is male  Floydy has posted at least 25 times and has been a member for 3 months or more 
 
17-08-2019, 03:24 PM
6

Re: What is a decent amount of income

55 is the earliest you can draw a workplace pension.
Reply With Quote
Aytee
New Member!
Aytee is offline
United Kingdom
Joined: Aug 2019
Posts: 7
Aytee is male 
 
17-08-2019, 03:25 PM
7

Re: What is a decent amount of income

I was in the police under the old system
Reply With Quote
Floydy
Chatterbox
Floydy is offline
Nowhere
Joined: Oct 2015
Posts: 14,177
Floydy is male  Floydy has posted at least 25 times and has been a member for 3 months or more 
 
17-08-2019, 03:31 PM
8

Re: What is a decent amount of income

Originally Posted by Aytee ->
I was in the police under the old system
Oh fair enough

Mate, I'm in a similar situation to you. I'm 55 in October and I've worked out what I need to withdraw from my pension pot. Things I need to pay off plus a new account I'm opening which will have a few thousand in it to cover household emergencies and holidays.
Work out what you need to cover your bills and food etc and go from there.
Make a list.
Be mindful though that only 25% is tax free.
Reply With Quote
Muddy's Avatar
Muddy
Chatterbox
Muddy is offline
UK
Joined: Sep 2015
Posts: 28,949
Muddy is female  Muddy has posted at least 25 times and has been a member for 3 months or more 
 
17-08-2019, 03:35 PM
9

Re: What is a decent amount of income

Originally Posted by Aytee ->
I am bringing in just over £2000 take home from a work pension and a part time job and my bills come to £815 at present.

I am 54 and worried that it may not be enough in the future. What does anyone else think? I have £150000 in savings and my house is worth 470000.
At the moment that is a good income .
Reply With Quote
Aytee
New Member!
Aytee is offline
United Kingdom
Joined: Aug 2019
Posts: 7
Aytee is male 
 
17-08-2019, 03:40 PM
10

Re: What is a decent amount of income

Yes it is just the future between now and 67. My daughter has gone through it with me and she thinks I am okay. I just feel with inflation etc I may struggle a bit
Reply With Quote
Reply
Page 1 of 5 1 2 3 > Last »

Thread Tools


© Copyright 2009, Over50sForum   Contact Us | Over 50s Forum! | Archive | Privacy Statement | Terms of Use | Top

Powered by vBulletin Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.