Pension stuff, how's it all looking ? HAve you prepared ?
- weeksy
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
fuck me you're doom and gloom
I think we all accept some months you'll spend more than others, some you'll be rich, some you'll be poor..But it feels to me like you think it's impossible for most people to be happy with where they'll end up.
I don't know if i've got it right or wrong, but i'll deal with that when i get there and be happy i've done what i can.
At the end of the day, money only buys so much happiness... the rest comes from you within.
I think we all accept some months you'll spend more than others, some you'll be rich, some you'll be poor..But it feels to me like you think it's impossible for most people to be happy with where they'll end up.
I don't know if i've got it right or wrong, but i'll deal with that when i get there and be happy i've done what i can.
At the end of the day, money only buys so much happiness... the rest comes from you within.
- Potter
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
Edited
Last edited by Potter on Mon Sep 20, 2021 7:39 am, edited 1 time in total.
- Potter
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
You edited and added the rest….I don’t know where you read about it being impossible to be happy, I was just agreeing with CS that the figure most people estimate is probably short of what would be ideal - something that most pension advisers say as well.weeksy wrote: ↑Mon Sep 20, 2021 7:00 am fuck me you're doom and gloom
I think we all accept some months you'll spend more than others, some you'll be rich, some you'll be poor..But it feels to me like you think it's impossible for most people to be happy with where they'll end up.
I don't know if i've got it right or wrong, but i'll deal with that when i get there and be happy i've done what i can.
At the end of the day, money only buys so much happiness... the rest comes from you within.
FWIW though my opinion is that if you’re happy now you’ll probably be happy in retirement and visa versa. If you're the sort of person that makes the best of what you have then you’ll be fine. We’re just shooting the shit.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
Oi!
I wanted to point out how well I fitted your description!
Horse wrote: ↑Mon Feb 01, 2021 7:29 pm Joining - almost on a whim - the company final salary scheme was one of the few times when I've planned ahead and been growned up.
However, after a few years final salary schemes bit the dust, so I also have a rag tag collection of 'stakeholder' pensions.
Will it be 'enough'? It'll have to be
Even bland can be a type of character
- Count Steer
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
Damn sight easier to be chirpy when you can pay your utility bills, car insurance and council tax without having to scrimp on your grocery bills.
Oh. The other thing people often forget, if they're a couple is that the fixed costs don't simply halve when one of you drops off the perch, so all those blokes thinking 'well, it'll last 10 years, after that I won't care much' might like to wonder how the other half is going to survive when they outlive you by 20 years.
It's not doom and gloom to think about this stuff. Doom and gloom is what happens when you don't. (Heh heh...we haven't touched on the care costs when you need your Sunday dinner liquidised ).
Doubt is not a pleasant condition.
But certainty is an absurd one.
Voltaire
But certainty is an absurd one.
Voltaire
- weeksy
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
LEts assume i die tomorrow.Count Steer wrote: ↑Mon Sep 20, 2021 7:43 am Oh. The other thing people often forget, if they're a couple is that the fixed costs don't simply halve when one of you drops off the perch, so all those blokes thinking 'well, it'll last 10 years, after that I won't care much' might like to wonder how the other half is going to survive when they outlive you by 20 years.
Mrs Weeksy gets my pension when i would have reached 55 ? She also gets £350,000 from my company and £300,000 from a life insurance policy... Then of course she'll have her own pension and her Gov one, one day, maybe...
I assume most people have life insurance ?
- Potter
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
I wanted to say unless you’re a pensioner sitting shivering in winter because you can’t afford your gas bill, but he’d accuse me of being miserable againCount Steer wrote: ↑Mon Sep 20, 2021 7:43 amDamn sight easier to be chirpy when you can pay your utility bills, car insurance and council tax without having to scrimp on your grocery bills.
The truth for human beings is that life is what you make it, but it’s easier to be happy when your belly and wallet is full and the sun is shining.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
Nope, I canceled the life insurance when the amount of cash already in the bank exceeded what the insurance would have paid out. You only need insurance (in this instance) to cover what your dependents will need but don’t already have.weeksy wrote: ↑Mon Sep 20, 2021 7:46 am
LEts assume i die tomorrow.
Mrs Weeksy gets my pension when i would have reached 55 ? She also gets £350,000 from my company and £300,000 from a life insurance policy... Then of course she'll have her own pension and her Gov one, one day, maybe...
I assume most people have life insurance ?
I get 2.5yrs salary from work if I croak, that’s more than enough with a house that’s paid for, the assets and what’s in the bank.
- Pirahna
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
If you die in a motorcycle or bicycle accident will they pay out?
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
He's talking about what happens if you die first after you retire, no insurance policy and your pension has been stuck in an annuity which stops. Something I need to worry about as my wife stopped work when the kids were born, so I'll need to transfer some of my pension pot to benefit her rather than me.weeksy wrote: ↑Mon Sep 20, 2021 7:46 amLEts assume i die tomorrow.Count Steer wrote: ↑Mon Sep 20, 2021 7:43 am Oh. The other thing people often forget, if they're a couple is that the fixed costs don't simply halve when one of you drops off the perch, so all those blokes thinking 'well, it'll last 10 years, after that I won't care much' might like to wonder how the other half is going to survive when they outlive you by 20 years.
Mrs Weeksy gets my pension when i would have reached 55 ? She also gets £350,000 from my company and £300,000 from a life insurance policy... Then of course she'll have her own pension and her Gov one, one day, maybe...
I assume most people have life insurance ?
- Potter
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
It also begs the question why does Mrs Weeksy need £650k plus two pensions, plus a state pension?
If you’re happy with how things are now then why provision for a massive amount more? My plans just ensure my missus gets to maintain our current standard of living, not that she gets rich if I die
If you’re happy with how things are now then why provision for a massive amount more? My plans just ensure my missus gets to maintain our current standard of living, not that she gets rich if I die
- weeksy
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
THat's just how it worked out. I took out the life insurance 20 years ago, which was a 30 year plan. This was back before we even had a mortgage.Potter wrote: ↑Mon Sep 20, 2021 8:01 am It also begs the question why does Mrs Weeksy need £650k plus two pensions, plus a state pension?
If you’re happy with how things are now then why provision for a massive amount more? My plans just ensure my missus gets to maintain our current standard of living, not that she gets rich if I die
The other chunk is from death in serivce from work...along with my pension, which obviously when i first did all this didn't really have much of a value.
We've also got equity in the house, which again, back when i took this out, didn't exist either as we were on a 100% mortgage and £50k in negative equity.
So it wasn't planned that she'd be in for a massive chunk, that's just how it's kinda worked out.
- Potter
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
Fair enough.
As I said I stopped ours once we had enough.
I like a wind up on here about money but as you correctly said money isn’t really that important and enough is enough, so I decided there’s no point paying an insurance premium to provide more money than was needed.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
A-a-and finally. Many company pension schemes* ie final salary, don't simply switch the pension payout to your partner when you die. You have to sign a mandate for them to continue to pay them at a 50% rate (and accept a reduction in your payout as they are effectively insuring based on whoever lives longest á la actuarial tables type of thing, that's statistically likely to be the woman by a significant margin). Personal pensions are a different matter.
* and annuities
* and annuities
Doubt is not a pleasant condition.
But certainty is an absurd one.
Voltaire
But certainty is an absurd one.
Voltaire
- weeksy
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
Must admit, i don't know and have not checked in detail what happens with mine if i die before we get to that stage, but i can't see there being a lot i can do about it, so whatever happens, happens.... i won't be here to question or worry lol.Count Steer wrote: ↑Mon Sep 20, 2021 8:24 am A-a-and finally. Many company pension schemes* ie final salary, don't simply switch the pension payout to your partner when you die. You have to sign a mandate for them to continue to pay them at a 50% rate (and accept a reduction in your payout as they are effectively insuring based on whoever lives longest á la actuarial tables type of thing, that's statistically likely to be the woman by a significant margin). Personal pensions are a different matter.
* and annuities
Tell you what one of us should do though.... A breakdown in cost of 'monthly outgoings' assuming no car payments, just a basic lifestyle. I wonder what that figure would be... I'm guessing £1200 a month. I wonder how far out that is.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
I've signed the forms so that Mrs D gets 100% of my pots if I die.
I don't think she's had the courtesy to do the same thing for me yet
I don't think she's had the courtesy to do the same thing for me yet
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
Probably only takes one phone call to your pension people to find out what happens when you peg out after retiring. If it's a personal scheme like Dazzle's it's probably irrelevant as it's basically a 'cash' asset. If it's a more traditional company pension/annuity arrangement then it's worth checking.weeksy wrote: ↑Mon Sep 20, 2021 8:28 amMust admit, i don't know and have not checked in detail what happens with mine if i die before we get to that stage, but i can't see there being a lot i can do about it, so whatever happens, happens.... i won't be here to question or worry lol.Count Steer wrote: ↑Mon Sep 20, 2021 8:24 am A-a-and finally. Many company pension schemes* ie final salary, don't simply switch the pension payout to your partner when you die. You have to sign a mandate for them to continue to pay them at a 50% rate (and accept a reduction in your payout as they are effectively insuring based on whoever lives longest á la actuarial tables type of thing, that's statistically likely to be the woman by a significant margin). Personal pensions are a different matter.
* and annuities
Tell you what one of us should do though.... A breakdown in cost of 'monthly outgoings' assuming no car payments, just a basic lifestyle. I wonder what that figure would be... I'm guessing £1200 a month. I wonder how far out that is.
Outgoings - just run the numbers. I think you'll find £1200 is pretty basic. On the plus side there are lots of potential savings on retirement. It won't be the same for everyone obvs but the amount that just used to disappear on commuting costs (pre-covid times!), lunches, decent suits, shirts, shoes, eating out (too knackered/late home to cook), expensive holidays and other things that seemed more important to reward myself with when the pressure was on etc etc was, in retrospect, quite a lot. On the down side you don't turn the heating off for 12 hours a day
Doubt is not a pleasant condition.
But certainty is an absurd one.
Voltaire
But certainty is an absurd one.
Voltaire
- weeksy
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
I get a big booklet every year, i'm sure it'll be in there. Just not actually looked.Count Steer wrote: ↑Mon Sep 20, 2021 9:17 am
Probably only takes one phone call to your pension people to find out what happens when you peg out after retiring.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
What's heating ?Count Steer wrote: ↑Mon Sep 20, 2021 9:17 am On the down side you don't turn the heating off for 12 hours a day
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
That's a thing that makes living abroad so attractive. My Mate lived near Murcia for a good few years. He has a pension from the Army and LFB that he managed to get early due to bad health. He said the cost of living in Spain was so much cheaper compared to here, that he never felt like he had to compromise on his spending. He's back here now and doesn't stop moaning about how expensive it is to live here!weeksy wrote: ↑Mon Sep 20, 2021 8:28 amMust admit, i don't know and have not checked in detail what happens with mine if i die before we get to that stage, but i can't see there being a lot i can do about it, so whatever happens, happens.... i won't be here to question or worry lol.Count Steer wrote: ↑Mon Sep 20, 2021 8:24 am A-a-and finally. Many company pension schemes* ie final salary, don't simply switch the pension payout to your partner when you die. You have to sign a mandate for them to continue to pay them at a 50% rate (and accept a reduction in your payout as they are effectively insuring based on whoever lives longest á la actuarial tables type of thing, that's statistically likely to be the woman by a significant margin). Personal pensions are a different matter.
* and annuities
Tell you what one of us should do though.... A breakdown in cost of 'monthly outgoings' assuming no car payments, just a basic lifestyle. I wonder what that figure would be... I'm guessing £1200 a month. I wonder how far out that is.