£62K for a couple sounds insanely high. Does that maybe include them paying rent?
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Or paying for a cleaner, a maid and a pool boy.
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No it said that mortgage/rent was excluded as most UK pensioners own their homes outright.
Depending on where you go, if that includes accommodation, a hire car, visits to things, stuff to do eg an afternoon in hot springs, or a concert, breakfast lunch goûter and supper, that doesn’t seem too fanciful for two people.
Sadly a lot of the thinking in the UK is badly joined up. Put together:
- standard state pension not being that generous (though rather better than it was)
- politicians muttering about the cost and suggesting means testing in future vs touching the triple lock (which was a good idea now going to get v expensive)
- auto enrolment (a good idea) twinned with messing around with salary sacrifice (not a good idea)
… no wonder its a bit of a mess…
Ooh that sounds lovely, maybe because I have just done my 28 metres in the pond which has dropped to 17c after several days at 19c, and the house doesn’t seem much warmer either. 
Can’t believe I was enjoying 12c up there a few days ago. A brief reminder of the meaning of the word ‘spoilt’.
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The definition is;
Reference as above.
Most of SF are either “boomers” or early Gen X - for our generation that is probably true but it increasingly is not and people are still paying rent in retirement, especially if they do not have a “high” income in the first place.
So between that and the fact that NI is not paid, retirees do get more bang for their buck so to speak.
£60k for a couple is still significantly less than UK median salary though.
However the £45k and £62k figures quoted in the report for comfortable pensions …..are after tax! I find that almost incredible.
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Wait… What?
I’m supposed to be giving money/gifts to my family? Must have mislaid that memo.
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I also didn’t get the memo about £1500 on clothes a year. I spent at least that when I was working and had to wear decent suits, but not now.
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So do I, even though I have been away from England for 27 years and was only in my most recent incarnation a lowly lorry driver, I have never earned more than 26k pa.
A simple example of doing what pleased me rather than what was more profitable.
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The last time I paid over €30 for a pair of trousers, they were orange and black and offered Class 1 chainsaw protection.
I was upset the other day when I had to throw out one of my favourite gardening/DIY t-shirts as it was falling apart and I’d only gotten 30 years use out of it.
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My mom lived on a state pension, because of this she also had her rent paid etc, but in monetary terms, she was quite poor. But still, from her pension she saved money throughout the year to give each of her 4 grown up children £250 each at Christmas. Which none of us needed, but she wanted to give.
She had: lots of friends, a social life that involved seeing friends in her own and others homes, a great diet , grew her own vegetables, went on a coach holiday in the UK and loved her life.
We have expectations way above our needs now . I’m not advocating measuring needs in absolute terms but do think that expecting to eat out once a week, going to the theatre, holiday in Europe for 2 weeks etc are very much based on the expectations of a particular vocal section of society. It is not the norm for many older people and they wouldn’t want it even though they may be able to afford it.
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LOL Mine get bags of carrots or a promo bag of apples from Lidl if I am in there doing my shopping; My way of helping out their family food bill plus occasional clothes for the grandchildren if I see something nice
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Bloody hell!!
The ones I’m thinking of are in Freiburg, the Keidel thermalbad, they are in the woods just outside the city, unfortunately they have tarted the place up so entrance now costs about 20€ but it’s well worth it. Makes it hideously expensive for a family but they are SO nice especially in winter. The pools go from 28° to 38° and there’s a 40° indoor cooking pot, I suspect it’s inside so people don’t stay in too long and faint.
This annual report is of course a load of tosh given that the current average wage in the UK (after tax) is less than 35000 euros, how many people manage to have a far larger income in retirement than when they were working?
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Actual workers - probably none.
Depends which average and how you measure it I suppose (lies, dammned lies and statistics after all).
Median UK income for full time workers is said to be £39k, for all workers (including part time) just under £33k and median household disposable income is £36k
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I admire that greatly @David_Spardo
I have spent 30years the other way around.
Almost impossible to either calculate accurately or guesstimate. Have a very rough idea of what we spend after retirement. As long as there is enough income to pay the bills and some leftover including emergency funds that seems fair enough to me.
We don’t have a mortgage which would take a big amount of dosh each month. Don’t lease à car, completely waste of money. Have low ish costs for weekly food shopping, eat out once a week at least and go on holiday. Don’t spend an awful lot on clothes either, they are better quality to start with and are expected to last a while. We don’t do takeaways as I like to cook and consider my cooking is better.
Fortunately in reasonably good health too.
As long as your income exceeds the outgoings, Mr Micawber.
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