Pension stuff, how's it all looking ? HAve you prepared ?

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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Horse »

Count Steer wrote: Wed Jul 31, 2024 9:57 am Easiest way to do it is look through a month or two of bank statements and see what you actually both spend and what you both wouldn't spend after retiring.
Be honest and realistic.

You might not be paying a mortgage - but you might have major repair bills running into thousands (from new boiler at £2k through to re-roofing at £20k, f'ristance).

Include example costs for Christmas and birthday presents, etc.

Also, as you get older you're likely to be less able to carry out previously easy maintenance tasks.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Count Steer »

I realised last night that the figures are for expenditure only. So the numbers are after tax. That £59k figure is actually about (wet finger in air) £68k before tax. (Assuming all pensionable income is taxable ie not coming from ISAs etc). The £44k figure is ~£50k before tax.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Horse »

For reference, when you qualify (and if entitled to the full amount), state pension is £11K
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by JackyJoll »

Horse wrote: Thu Aug 01, 2024 10:08 am For reference, when you qualify (and if entitled to the full amount), state pension is £11K
Mine is about £11,500.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Yambo »

Mine is £10237.

Born 4 months too early so clearly don't need as much.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Horse »

Yambo wrote: Thu Aug 01, 2024 2:32 pm Mine is £10237.

Born 4 months too early so clearly don't need as much.
Google was wrong, then.

As of April 2024, the full new state pension in the UK is £221.20 per week, or £11,502 per year.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Count Steer »

Horse wrote: Thu Aug 01, 2024 5:12 pm
Yambo wrote: Thu Aug 01, 2024 2:32 pm Mine is £10237.

Born 4 months too early so clearly don't need as much.
Google was wrong, then.

As of April 2024, the full new state pension in the UK is £221.20 per week, or £11,502 per year.
There are some variables. I appear to get a bit more than that (about £250) and I think someone else on here does. Something to do with opting in/out/SERPS?

Wife gets more but she delayed taking hers by a year - it was a good deal at the time and she saved on tax 'cos she was still doing some self-employed work. I know our annual statements look completely different - hers has umpteen line items.

(If it's all some people are getting no wonder pension credits are needed!).
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Dodgy69 »

Never delay taking your state pension, if we all do that Weeksy will be 70 before he can get his hands on his. 🤷🏻‍♂️
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Taipan »

Dodgy69 wrote: Thu Aug 01, 2024 6:29 pm Never delay taking your state pension, if we all do that Weeksy will be 70 before he can get his hands on his. 🤷🏻‍♂️
I suspect most people who are under 60 now will have to anyway. :thumbdown:
UK Gov wrote:It is important that the State Pension remains the foundation of income in retirement for future generations and that it is sustainable and fair.

Over the next 50 years there will be a continued increase in the pension age population. The government will, in light of this, consider how to most effectively maintain an affordable system that is sustainable in the long-term.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Count Steer »

You can retire before your State Pension kicks in y'know. :thumbup:
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Couchy »

I’m always surprised people don’t know exactly what they spend, I balance my account every week and know every penny and have done since I started earning. Without a mortgage the essentials are under £1k a month including food. I’d be happy on £2k a month and tbh it’s about there but I’ll wait till daughter finishes school and work part time in the mean time.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Nobby »

:bblonde:
Count Steer wrote: Thu Aug 01, 2024 7:28 pm You can retire before your State Pension kicks in y'know. :thumbup:
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Nobby »

Talking of the State Pension, shouldn't I be receiving a letter from DWP ?
Five months to go until P Day.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by JackyJoll »

Nobby wrote: Thu Aug 01, 2024 8:43 pm Talking of the State Pension, shouldn't I be receiving a letter from DWP ?
Five months to go until P Day.
You can remind them, although at five months distant, there may be no problem.

https://www.gov.uk/get-state-pension
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Count Steer »

Nobby wrote: Thu Aug 01, 2024 8:43 pm Talking of the State Pension, shouldn't I be receiving a letter from DWP ?
Five months to go until P Day.
If you haven't heard from them with 3 months to go you can gee them up on-line.

https://get-state-pension.service.gov.u ... ation-code
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Yambo »

🤷🏻‍♂️

UK Gov wrote:It is important that the State Pension remains the foundation of income in retirement for future generations and that it is sustainable and fair.

Over the next 50 years there will be a continued increase in the pension age population. The government will, in light of this, consider how to most effectively maintain an affordable system that is sustainable in the l-term.
[/quote]


That's just government lying double talk. If you were born before April 1951 you don't get the basic minimum pension.

Fair?
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Yambo »

This was brought to my attention this morning:

https://www.legislation.gov.uk/uksi/201 ... tents/made

The Pensions Increase (Pension Scheme for Keir Starmer QC) Regulations 2013

Starmer got a pension when he stood down as Director of Public Prosecutions. He doesn't have to pay tax on it.

Nice work if you can get it.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Taipan »

Yambo wrote: Sat Aug 03, 2024 10:06 am This was brought to my attention this morning:

https://www.legislation.gov.uk/uksi/201 ... tents/made

The Pensions Increase (Pension Scheme for Keir Starmer QC) Regulations 2013

Starmer got a pension when he stood down as Director of Public Prosecutions. He doesn't have to pay tax on it.

Nice work if you can get it.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by Mr. Dazzle »

Properly smart move to get it done 11 years before becoming PM too :thumbup:
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Re: Pension stuff, how's it all looking ? HAve you prepared ?

Post by 2xtwins »

So .... the Budget... bastard move on the IHT situation, eh?

What do you guys at the sharp end think of Ms Reeves' changes?

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