The company I work for ends our Final Salary scheme next month and I have built a pot worth £4,600 per year at 60, plus with a £31k lump sum. At 65 we can also draw our Basic State Pension of around £4,900 per year, allowing me to retire on a total of around £10k a year (just over the tax free allowance of £9400 for over 65's). My questions is much more basic & general. How much should we be aiming to retire on?
I think that is an impossible question to answer...everyone will have a certain standard of living they wish to retain and or strive to attain. Personally I try to put as much as possible away in my private pension plan each month and have been told by my pension guy that I should be looking at a pot worth about £200K if I want a reasonable non working existence.....fat chance there but I'll keep trying.
pensions .got them but what a load of crap.. speak to any pensions advisor and ask them a direct question of what you will get and they will give you a very vague answer. they are just like endowment mortgages .. no one can tell you how much bonus you will get until it is too late to do owt about it. i dont trust any of the banks or financial institutions , as they are there just to line their own pockets.
i will get as it stands of now State pension of £7278 P/A works pension of £7362 P/A lump sum of £49000 and a second state pension of £1.60 per week for every year im working post April 2012,how can i be so accurate?........it came this morning! lol i put in £30 work puts in £40 my advice earlier the better get in a scheme plus we gotta work till 67 i think when we retire but that doesnt bother me so much keep active eh {may feel different when i get to 65} lol Muffking you will be eligable to claim pension credits to give you a pension of £142.70 The aim of Pension Credit is to give everyone aged 60 and over an income of at least: •£142.70 a week (single person); or •£217.90 a week (two people living together).
Lillywhites - True, it is a million dollar question, but reaslistically what is required to live on? A £200k pension fund sounds a lot, I was advised that £100k would give a resonable pension. r1monkey - The problem is that unless you have any backup plan like selling your house when you reture then the state pension will see you living on beans on toast just to pay your gas bills. remal - If you've been paying since 19 then your interest wihin your pension fund should be, well, interesting and should see you with a nice lump sum when you retire. Just make sure that you get decent annual pension payments as well for the amount you've paid in. Dave - I think it's that time of year. More so for me as I'm being pushed into a private pension as the company are opting out of the Final Salary scheme on March 31st. Just done a calculation on Scottish Widows: Pension Planner which is designed for my new scheme, but doesn't make a big enough difference to what I would receive by waiting 'til 67. Give it a go and post your results. The average annual fund charge is 1% BTW.
yeah there putting up the retirement age mate to 66 then to 67 might change the rules again when we get that old BASTARDS! note: you only get the £1.60 per week per year if your working (which i think personally is a great idea will stop all these set of workshy bastards getting the same what somebody whose grafted all there life)
I'm self employed, and took two pensions out when I was about 28. they were both set to pay me £66,000 lump sum on retirement and £20,000 each per annum 'til I die. After paying in for at least 15 years and the markets crashing they informed me that they would now be paying £800.00 per annum!!!!!! Wouldn't touch a pension with a barge pole! Buy yourself a buy to let and let someone else save up for you. The general trend of house prices is always up!
We must have had the same company Steve… because i got shafted too. Mine is worth £8 per week judging by my forecast. My pension is in my shop so rental hopefully, and that's about it.
