Re: Savings

An enviable position to be in Bruce. Don't knock it.

Re: Savings

I didn't mean to sound like I am complaining; I am not but it does seem quite absurd at our age to be accumulating money.

It is not uncommon though, I know several pensioners in my seniors club who live entirely off the state pension (I only get a part pension) who save money too.

Re: Savings

Then your outgoings must be considerably less. There is rent, council tax, high utility charges to consider. Food, which is always going up in price.

If someone doesn't have the luxury of owning their own home, say mortgage free, then they could be in dire financial straits, with high rents.

Our basic State Pension is not much more than £100 a week, with a second Pension giving probably another £30 or so. (Please correct me, those already receiving.)

With private or council rentals starting about £500 a month, that's not leaving these people with anything spare. I'm talking of people who never saved in a company's pension scheme - which fortunately I did - or woman who didn't pay in a 'full stamp' so qualified for a much reduced pension.

And then there are the poor unfortunates who've had their pension schemes plundered and ended up with nothing! Something that has happened over here.

I know that when my State Pension starts next year, together with the occupational one I get now, I can live within my means and my savings can stay for a rainy day. But they will get massively reduced before then, just on the usual bills and day to day living.

Not criticising, just saying.

Re: Savings

When I took early retirement, I could get 6% - 7% on my savings and this brought in a few grand a year in interest ( By transferring it to OH's name we could avoid tax as she is a non tax payer). Now we're lucky if we can get 2%.

On a couple of occasions, when the bottom fell out of the stock market, I invested in guaranteed bonds linked to the FTSE. The first returned 58% in 5 years and the current one will hopefully produce 50% in 5 years(tax free). Of course, it's a risky option, but when the FTSE was so low (just over 4000), it looked like a good bet. It's now around 6700.

Re: Savings

You may well be right, I don't know.

Single pension = $827.10 per fortnight
Married pension = $1,246.80 per fortnight per couple

It is non contributory but means tested (Your house doesn't count as an asset) and extras such as rent assistance for private renters is available.

So a single pensioner gets just over £200 a week.

The pensioner concession card means that you get discounts on electricity, rates, water, telephone, gas etc. The NSW State government also give pensioners free car registration and driving licences as well as travel concessions such as a $2.50 a day pensioner excursion fare for bus, ferry and trains in the Sydney region.

In my opinion a pensioner can live reasonably well on this amount.

I don't get a full pension because I have superannuation (which is tax free) but I get all the concessions. As I said elsewhere all my bills, insurance etc come to about $200 a fortnight (excluding food)

Re: Savings

In think the most our pensioners currently get is about £110 a week not much saving can be done on that amount I would imagine.

Re: Savings

State Retirement Pension is now £137.95

Re: Savings

Oh I'll have to check what our ancient one is getting then, she said she is on £110 since her husband died last year, perhaps she isn't getting all she should. Will take her alone to CAB they are always very good with this sort of thing.

Re: Savings

I also thought the Basic State Pension was £110.15 a week UJ

Re: Savings

Julie, If she receives Pension Credit and has capital, then she could be getting just £110.00 since the DWP will be deducting appropriate amounts relative to her capital. She may also be getting a 'Widow's pension, based on her former Husband's pension contribution and therefore may not be getting a Retirement Pension in her own right.