In our series, we speak to people of all ages in the UK to find out how much or how little they have saved for retirement and the realities of putting money aside for your future.

This week, we speak to Simon Moss, 72, who is widowed and lives on his own in Sunderland. He took early retirement at 55 and admits he has always been bad with managing money. Despite working all his life and contributing into a pension for 45 years, Simon is finding life a struggle financially in retirement.

Tell me about your career

I was born in Yorkshire but moved to Sunderland due to my dad’s work and have lived here the majority of my life. I ended up following my dad’s career and worked at British Rail for 20 years, up to station manager.

However, I left after the railways were privatised. My next significant job was 10 years working for British Airways. I started off in their telephone sales and went on to become executive assistant to the chief executive, looking after customer relations for the top people in the organisation.

I got made redundant after 9/11, becoming one of the 14,000 people affected after British Airways had to cut its workforce because it was hit so hard.

I did a few jobs after that. My main one was working for Carnival UK’s Cunard line as personal assistant to the chairwoman. I took early retirement from there at 55, but I did not get my state pension until 67.

What is your personal life and situation now?

I got married at the age of 32 to my wife Diane and we had two sons together. Sadly, Diane passed away in 2006 at 49 as she had cancer. Tragically, one of my sons passed away at the age of 29. My other son is married and lives in Sunderland and has two children. 

I live on my own in a one-bedroom bungalow which I rent.

What is your financial situation?

I worked all my life and contributed into a pension for 45 years, but I only get a small amount with my private pension. I did not quite save enough in my pot and also took quite a significant tax-free lump sum when I retired which I frittered away and have nothing to show for it.

I was heavily into drinking so that is where most of the money went. Alcohol clouded my memory so much, I can’t even remember how much my lump sum was – all I know is that it was significant, maybe it was around £30,000.

I was never very good with money. My wife was the one who always used to deal with our finances. I always had a good income, but without realising it, I had always spent more than I was getting.

I ended up with almost £18,000 of debt. It was mostly credit card debt and payday loans, but I also had significant rent arrears and was threatened with eviction which brought things to a head.

I stopped drinking alcohol in 2016 after I became a born-again Christian. My financial situation improved as I got help from the charity Christians Against Poverty’s debt service. I managed to get debt free in 2016 through an insolvency.

I am no longer in debt, but life is a struggle and I am still having to rob Peter to pay Paul sometimes. 

In the last week to 10 days before I get my pension, I often have no money left and sometimes can’t afford coffee or milk. Since getting support from Christians Against Poverty, I am on a more even keel as I have enough food in my cupboards, but other than my church commitments, I don’t have a social life.

I used to love the theatre, but I can’t afford tickets. I never go out for meals these days and can’t even afford takeaways.

I am keeping a spending diary because my income should be sufficient compared to my expenses, yet I am still short at the end of the month, so I don’t know where I am going wrong. Christians Against Poverty are going to give me budgeting help.

How much do you receive in pension payments?

I get £1,035 a month for my state pension. I merged my private pensions into one and get £329 a month from that. The problem is, the small amount of private pension I receive pushes me over the threshold for pension credit.

I get housing benefit towards my rent so the amount I pay in rent is £340 a month. I then have £75 a month to pay for council tax, £73 a month for gas and electric and £32 a month for broadband.

I have limited mobility so I have to run a car. I have a small Renault which was actually gifted to me by my church as one of the members has his own used car business it was going to go to auction.

But I still have to pay the running costs which are around £25 a week in petrol, £40 a year for MOT, £17 a month road tax and £41.50 a month in car insurance. I have also had a significant amount to pay in repairs and maintenance of £660 this year.

But I need a car as without it, I would be housebound due to my mobility struggles. I have a lot of church commitments as I am in two churches and go to Bible studies three times a week. I am also in a gospel choir and volunteer for Christians Against Poverty.

What are your pension regrets?

I deeply regret frittering away my lump sum and wasting so much money on alcohol. Since I have stopped drinking and become debt-free, it has taken a huge weight off my shoulders.

I regret being bad with money all my life as that has affected my life as a pensioner. I have a very different retirement from the one I imagined – I never thought I’d be rich, but I expected to be comfortable.

I think people should be taught more about managing finances from a younger age. 

I do accept my part in my current situation as I have never managed money well so a lot of it is down to being my fault.

However, I also regret taking out a private pension. If I had known then what I know now, I would never have bothered paying into an occupational pension as if I hadn’t, I would get more help now, such as by getting pension credit.

Would you like to be featured in Pension Diaries? E-mail: Aasma.day@theipaper.com