Re: It's pension time.
I have been calculating income against taxation and outgoings for years as it seemed the best way of getting precise information on what our joint income will be as we become less able to noticeably affect that future income.
For us there are of course losses of income as my State Pension will be approximately £140 per month less than my income now.
However, we gain in other ways as the taxation on my private pension will be less so we do actually "gain" a small amount against the losses.
Secondly, our expenses will drop as I will have no need to fund petrol expenses four days per week and the significant reduction in wear and tear and mileage on our car - another small gain; I have a Bus Pass that I can use which already saves me money.
The difficulty will be keeping occupied but I am sure that we will find ways to do that
without it affecting our spending patterns.
There will of course be things we would like to do that will be entirely dependent on our income and outgoings but we feel that the costs will be within our means during the "better" part of the year.
Like most people approaching full retirement, we are prepared as best we can be. stevmk2