Yearly state pension cash ‘runs out’ for average retired person from the 31st August

Yearly state pension cash ‘runs out’ for average retired person from the 31st August

jeanniejeanniejeannie.co.uk BLOG  Friday 17th September 2021

 THOUGHT FOR THE DAY

Yearly state pension cash ‘runs out’ for average retired person from the 31st August.

31st of August marked the point that the typical retiree has spent all the state pension they’ll get in a year, showing the difficulty of relying only on the benefit. (Working on basis of 1st January – 31st December 67% of the year and the pension is spent. 33% of the year to go.)

Single pensioners entitled to the full state pension get £9,340 per year, but spend £13,842 on average, according to retirement firm Just Group.

That means they have a shortfall of £4,502, and without additional sources of income the average pensioner will have effectively run out of money by September 3.

The situation is even worse for retired couples.

Two full state pensions are £18,680 a year, and official figures show that the average annual spending for a two-person retired household is £28,064.

This leaves a gap of £9,384 that needs to be plugged by additional sources of income such as private pension provision or other savings and investments.

If not the retired couple will have run out of money by August 31.

Just Group group communications director Stephen Lowe said: “The data reveals the shortcomings of the state pension for those who rely on it as their main source of income.

“It’s a reminder that putting off saving or opting out of a workplace pension scheme can leave people struggling for income in later life. Those thinking of accessing pensions cash before they retire will also want to consider what that might mean for their income in a few years’ or decades’ time.”

The UK has a relatively low state pension compared to other countries with similar systems.

That’s because it isn’t meant to keep retired people comfortable – just to stop them sliding into poverty.

Despite this, around one in three pensioners relies solely on their state pension, with no other cash to keep them going.

The state pension is usually paid every four weeks, in arrears.

The current full state pension is no more than £179.60 a week, though the actual amount you get depends on your National Insurance record.

Older pensioners claim the basic state pension, currently no more than £137.60 a week.

This is open to men born before 6 April 1951 and women born before 6 April 1953.

Last week The Mirror reported that Brits could still see their state pension rise to £185 a week despite fears the triple lock promise will be scrapped.

The Tory manifesto pledge means the state pension increases each year based on which is the highest out of wages, inflation or 2.5%.

At the moment, pensioners look set for a record rise following a huge 8.8% jump in average earnings, caused by a knock-on effect of people coming off furlough and businesses reopening.

Experts say state pensioners could be in line for a boost of around £822 per person, if the triple lock is kept in place and wage growth remains strong.

However, there are fears Chancellor Rishi Sunak could suspend or end the manifesto promise as estimates suggest it could cost the Exchequer more than £8billion.

But The Times reports the government could scrap it for one year and implement a rise of 3% instead.

Those claiming the full state pension of £179.60 a week would see their payment rise by £5.40 a week, taking their total amount to £185.

By Sam Barker – Daily Mirror

TOP TEN OF THE DAY

10 Most Interesting Vegan Facts

PROOF, not that you need it that on jeanniejeanniejeannie.co.uk we give anyone a voice whether it is our view or not! Carry on vegans.

Living a vegan life is healthy, and it also benefits the environment. However, are you familiar with the interesting facts of this trending lifestyle? Some might astonish you! These facts may persuade you and stay vegan all the way.

  1. Up to 80% of food poisoning cases are linked to infected meat.
  2. A population of 1.3 billion would benefit from the grain that is fed to the livestock for the production of meat.
  3. By refraining from meat consumption, you are auxiliary in relieving the problems of pollution with which
  4. Wheat is eco-friendly, and perhaps you have heard already that producing meat needs a vast amount of water. To produce a pound of meat, you’ll be needing 2500 gallons of water. However, only 25 gallons of water are necessary to produce a pound of wheat.
  5. Information about vegans being healthier is not based on myth. As stated by the ADA or American Dietetic Association, a vegetarian diet or a vegan shows a less chance of prostate or colon cancer, lower blood pressure, cholesterol, and lowered rate of IHD or Ischemic Heart Disease.
  6. There are 500,000 animals slain every hour in the US.
  7. You are contributing to saving the forests just by being a vegetarian. There is deforestation so they could use it for crops to produce a meat-based diet. If one person stays vegan, they will save an entire acreage every year.
  8. In contrast to the common belief, plenty of supermarket products are vegan. It includes processed foods such as dark chocolates and Oreos, which do not include real dairy. One best tip when shopping, cholesterol-free products are usually vegan because bad cholesterol comes only through animal products.
  9. People consume a lot of antibiotics for healing (In the United States only, approximately 3 million pounds yearly) but animals are supplied more. Animals are being fed about 17.8 million pounds in a year, but this number can be lesser than what was being provided to them.
  10. Vegan foods usually are low in calories because they lack unhealthy fats.

 REMEMBER: The most wasted of all days is one without laughter.

– Nicolas Chamfort

 INSPIRATIONAL QUOTE FOR THE DAY

 “The journey of a thousand miles begins with a single step.” – Lao Tzu.

I know I have quoted this many times before, but it so inspires me and I so, believe in it!

HAPPINESS IS…

Happiness is…the contentedness experienced 1st January to 31st August, then doom and gloom!

GRANDAD’S ONE LINER JOKE OF THE DAY

“Two monkeys were getting into the bath. One said: ‘Oo, oo, oo, aah aah aah.’ The other replied: ‘Well, put some cold in it then.’” – Harry Hill

LOVE IS…

Love is…don’t you think?

TURN…TURN…TURN!

A time to have the luxury of money…A time to have run out of money.

A time to be a vegan…A time not to be a vegan.

YOUR HISTORY

17th September

1985 The death, aged 60, of Laura Ashley, Welsh designer and fabric retailer.

2000 Paula Yates, television personality and former wife of Bob Geldof, was found dead in bed from a suspected drug overdose. She was 40 years old.

2007 Worried savers continued to flock to some Northern Rock bank branches to withdraw their savings when the bank applied to the Bank of England for emergency funds. Chancellor Alistair Darling appealed for calm, nevertheless £2bn was withdrawn from Northern Rock accounts in just 3 days.

2012 Italy’s Chi magazine pushed ahead with its plan to publish a series of topless photos of the Duchess of Cambridge, complete with a curt dismissal of the protests raised by the royal family.

2013 A wedding service at Holy Cross Church in Sherston, Wiltshire, was delayed for an hour when an owl that was bearing the wedding rings fell asleep in the church roof.

 

©2021 Phil M Robinson