State Pension

[sal garfi]

Hello All,

 

I 've always been impressed by this forum, though I don't visit it often. My wife and I are still awaiting my retirement when we'd like to live aboard, but I've got a very simple question:

 

Is there anyone on this forum who, as either single or as a couple, lives on the cut solely by their state pension - is it possible? I ask, because, although, we plan to sell our house to pay for the boat and get some savings; No.1, it's not a very modern house nor in the best condition, and No.2 it takes an eternity for houses to shift where we live, while No.3, to sell the house quickly we'd have to reduce the price by so much that our surplus after buying a boat might not be very great. So, by looking from the bottom line up - does anyone live solely on the meagre state pension while living onboard?

 

Any comments are welcomed.

 

ta ra,

Sal

[cotswoldsman]

Hi sal

a bit like asking how long is a piece of string? I guess a lot depends on the condition of the boat. Living such as eating is always going to be the same. If you take a mooring you are entitled to the same benefits such as housing as you would be on land. It is the bit in between that is the big variable!! Coal. diesel, etc.

I think you would need some savings for the unexpected. I think it needs careful thought and plenty of research!!

[bottle]

Hi Sal

 

I cannot directly answer your question but can you live in your house with just the state pension, if so then you should be able to live on a boat.

 

It may mean a change of lifestyle but I expect that is what you want.

 

Cost of running a boat is about the same as the cost of running a house just the money goes to different things

 

We live aboard and manage on one state pension and one private.

[NB Alnwick]

I agree with John but I know that whether on the land or on the water, I would struggle to manage on my State Pension alone. I would suggest that some other source of income and savings for those unforeseen problems would make life a lot easier.

[Grace and Favour]

Welllll, You're question's a little like a piece of string really....

 

It all depends upon how you want to live, and what you wish to spend your pennies on, and what lifestyle you are seeking

 

Let's make a couple of assumptions (all costs per year)

 

you will wish to licence your boat (£700+)

Insurance (Circa £250)

Heating (coal circa £400)

Diesel (How far do you wish to travel?)

 

Now - if you wish to continuously cruise (not stay in one place for more than 14 days) then you will require far more fuel than if you choose to pay for a mooring in one place.

 

Mooring fees (see above comment) - anywhere between £2k and £4k (+) per year (depending on location)

 

And we haven't got to Food and drink yet - (but you know already what you spend on those)

 

And then there's maintenance of your boat . . . .

She'll need to be taken out and have her bottom blacked every two/three years

And there'll always be ongoing repairs etc.

 

If living on a boat is your dream/intention, don't be disheartened - continue your research, but I suggest it won't be easy on a basic state pension

[NB Alnwick]

I once met a couple continuously cruising who claimed that they lived on a single State Pension - nevertheless, they did admit that this entailed giving up meat and alcohol, never eating out and always going to bed as soon as it got dark - no generator/TV etc.

 

At the time I thought that such a life might become quite miserable and that was before the increases in fuel costs etc.

[alan_fincher]

Well if Ian Duncan Smith reckons he could live on £53 a week, surely surviving on full state pension must be a relative doddle.......

 

(Coat please!)

[bodger]

Hi.

 

If all goes to plan, we should exchange on our house this week, and be living aboard by the end of summer. I keep seeing the comments on how comparable it is to live on a boat to a house, but I don't really understand the logic. Most of us will sell the house, settle the mortgage and any loans, buy the boat outright and have only the things mentioned above to pay for. Or is everyone assuming that none of us has a mortgage or other fixed outgoings?

 

My apologies if i am wide of the mark, (it won't be the first time) but as we are paying approx.4.5k PA just for utilities and Council tax, I am certainly hoping we will be better off. ( If not, I have a lot of explaining to do to the boss!!)

[jonk]

You might be interested in this:

http://products.livingonanarrowboat.co.uk/

 

I have not personally read it but it is not expensive.

 

John

[Grace and Favour]

Hi.

 

If all goes to plan, we should exchange on our house this week, and be living aboard by the end of summer. I keep seeing the comments on how comparable it is to live on a boat to a house, but I don't really understand the logic. Most of us will sell the house, settle the mortgage and any loans, buy the boat outright and have only the things mentioned above to pay for. Or is everyone assuming that none of us has a mortgage or other fixed outgoings?

 

My apologies if i am wide of the mark, (it won't be the first time) but as we are paying approx.4.5k PA just for utilities and Council tax, I am certainly hoping we will be better off. ( If not, I have a lot of explaining to do to the boss!!)

You're right - - often the 'off-the-cuff' comparisons compare apples n pears.

IF one owns the home outright, and you own your boat outright (no mortgage/rent) then a similar lifestyle on water to life on land is comparable in overall costs

[Alan de Enfield]

You may well save on your utilities, but, depending on how /where you moor your boat will determine the cost of electricity.

 

If you are in a marina then the electricity charge will be similar to your house (but you should use less 'units').If you are on a mooring without electricity then the cost of generating your own electricity will be considerably more (maybe 3x or 5x) than that of getting it provided.

 

Your electrical usage will be detemined by what level of comfort you expect - Fridge, Freezer, Washing machine, dishwasher, microwave etc

 

You may not have a mortgage but you will have to pay 'rent' to keep your boat on a mooring- (as stated above) this could be any figure (depending on where you want to keep it) but the quoted £4000 per annum is probably not unreasonable for a residential mooring.

The other thing to bear in mind is that on a proper residential mooring there may well be council tax to pay - this may be included in the mooring charge and the mooring operator pays it,or,it may be paid seperately

 

It would be worth while getting a 'handle' on the total likely costs before you commit to the sale of your house.

[sal garfi]

Our present outgoings in keeping our house and car going are around £12000. That excludes food, clothes and anything else - any luxuries. Without a car these costs would be approximately halved. We already live with very tight belts so austerity migght not be as much of an issue with us as with others, perhaps.

[NB Alnwick]

Well if Ian Duncan Smith reckons he could live on £53 a week, surely surviving on full state pension must be a relative doddle.......

 

(Coat please!)

 

I imagine IDS is a lot cleverer than I am but my State Pension works out at three times that amount and I need to carry on working in order to enjoy what I want out of life.

[cheshire~rose]

Why not rent out your house? At least for the time being until such time as the property market picks up?

 

If you have any outstanding mortgage on it then swap to a buy to rent mortgage which will be more cost effective in payments or if you d not have a mortgage then you will simply be generating an additional income to supplement your pension.

[alan_fincher]

I imagine IDS is a lot cleverer than I am.......

I think your argument has fallen apart after only about ten words!

[sal garfi]

Why not rent out your house? At least for the time being until such time as the property market picks up?

 

If you have any outstanding mortgage on it then swap to a buy to rent mortgage which will be more cost effective in payments or if you d not have a mortgage then you will simply be generating an additional income to supplement your pension.

This is always an option, but then there would be no money for buying the boat. Also, the house is not in the best condition so that is a problem for renting and selling.

[plainsman]

This may not apply to your situation but it will impact on a significant number of women, that is those born between April 1952 and July 1953. Under the new pension arrangements women will be £17 a week worse off when they retire. This means that if they live to the expected age for a woman they will lose out by about £20000! This is despite women paying the same level of contribution as man born in the same period yet the men will not suffer the reduction and get the full state pension.

 

This issue has also been highlighted in the Daily Mail

 

www.dailymail.co.uk/news/article-2291912/Almost-half-million-women-lose-hundreds-pounds-year-Governments-state-pension-revolution.

 

Although it doesn't affect me 'cos I'm a bloke I do consider these new arragements for women to be most unfair and I have written to my MP - not reponse so far!!

 

I would urge people affected by this and people not affected but feel a sense of injustice to do the same. Or if you are not inclined to take pen to paper and you are a woman in the age group affected be prepared and plan now for a smaller pension than perhaps was anticipated. As we all get older every pound counts and is needed.

 

 

[KevMc]

This may not apply to your situation but it will impact on a significant number of women, that is those born between April 1952 and July 1953. Under the new pension arrangements women will be £17 a week worse off when they retire. This means that if they live to the expected age for a woman they will lose out by about £20000! This is despite women paying the same level of contribution as man born in the same period yet the men will not suffer the reduction and get the full state pension.

 

This issue has also been highlighted in the Daily Mail

 

www.dailymail.co.uk/news/article-2291912/Almost-half-million-women-lose-hundreds-pounds-year-Governments-state-pension-revolution.

 

Although it doesn't affect me 'cos I'm a bloke I do consider these new arragements for women to be most unfair and I have written to my MP - not reponse so far!!

 

I would urge people affected by this and people not affected but feel a sense of injustice to do the same. Or if you are not inclined to take pen to paper and you are a woman in the age group affected be prepared and plan now for a smaller pension than perhaps was anticipated. As we all get older every pound counts and is needed.

 

I read it as £6 a week but they will have been getting their pension from an earlier age anyway making them better off overall in some ways of looking at it .... but as with most changes you can always find someone that is on the borderline and will be worse off after the change even if the vast majority of people are better off, which is what the press will do - scour around for someone that suffers from a change so that they can paint the government as uncaring

[cotswoldsman]

This government does a pretty good job of being uncaring without any help from anyone.

[Tuscan]

This government does a pretty good job of being uncaring without any help from anyone.

Better get used to it, it's going to get worse whoever is in power I reckon.

[Phil Ambrose]

Just a thought, check out pension credit also savings credit.

 

Phil

[Crabtree]

It may not be your thing, but I once met a couple who retired and travelled the canal system, to subsidise their travels they both took up hobbies that could make themselves extra money whilst travelling, between them they sold home made rope fenders and framed polaroid photos of people on their boating holidays.

I always believe where there is a will there is a way.

[sal garfi]

Thanks everyone for your responses. But what's really interesting is that no one who lives solely on a state pension has responded. Perhaps it means that it's not possible after all. But I will not be deterred from doing more research on the matter.

 

Upwards and onwards!!

 

ta ra,

Sal

[c c]

You might be interested in this:

http://products.livingonanarrowboat.co.uk/

 

I have not personally read it but it is not expensive.

 

John

I clicked on the above link and just to support the idea of this pdf book I paid to download the pdf version offered. SO far I have not found out how to actually download it. Having paid with paypal the website sent me back to a members only section or the opportunity to buy it again!

I have sent the site owner a message and await a response.

[kevinl]

The question is can you live on the cut on £170 a week, that's the basic state couple's pension. My answer to that would be yes, I think I could. Let's say you put aside £30 a week (£1,500 a year) for licence, insurance and a 4 yearly blacking then you're left with £140 a week, I think it's do-able, granted you won't be eating out too often but if you cut your cloth according to your means then I'm sure we could do it.