This is not a whinge.....................................I am retired aged 60 with a pension of £10000 gross a year, my wife because of severe arthritis is also retired with a pension of £4800 gross per year, and we have £55000 in Isa's & a Yorkshire bond, which pays us a bit of interest annually, oh and I forgot my £250.00 from the DWP (fuel allowance) this is all the money we have coming in, we seem to struggle for some luxuries, but houseis now payed off, and the our 2 sons have their own places.

My question is.......................are we below the poverty line, because between us gross is less than £15000 per annum, I am 5 years away from state pension, my wife also 5 years away, is having the savings a burdon to us (we never use the capitol just the interest) and alas now we are unable to save anything, the £55000 was accumilated whilst we both worked. Any input would be gratefully received, as I said earlier this isn't a whinge, I just want to know where the line is drawn.

Peter,

Take a step back and look at your situation positively. You have nearly £300 p/wk coming in to support you and your wife with no mortgage and I presume no other debts. This I would imagine covers your general living expenses. You have £55,000 in savings which you can use for luxeries such as holidays, new car etc (why are you worried at your age about saving money?). In 5 years time your income will increase when you reach state pension age so you may not need then to touch your savings. If I was you I would enjoy your retirement and don't worry about spending your savings because the last thing you want is to see all your hard earned assets being used to pay for long term care costs if you end up in a nursing home.

Mr XXX

Thanks for taking the time to reply, and in the cold light of day and in print we look like we live in easy street, I suppose it's because we have had a very expensive fortnight, i.e. gas fire packed up £60 repair, 2 days later washing machine didn't wash, £120.00. our sons birthday, his wife boxing day ( they don't want presents.............they need the money) we have 2 grandchildren aged 6 & 4, our other sons girlfriend's birthday New Years Eve, my mother 83 in first week of January, also my wife the same week, seems like hand in pocket permanantly, still we are a happy family, and as I said in the thread it isn't a whinge, I just wanted to know where I stood in the financial world.

Peter,

Look at it this way even if you blew all your savings on the high life or gave it to your family over the next few years and were left with no savings you still would have a mortgage free property and pensions to live on. Also the less savings you have the more benfits you may qualify for, you've probably worked hard all your life to build up your nest egg so why not enjoy it!.