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Re: Pension stuff, how's it all looking ? HAve you prepared ?
Posted: Mon Mar 10, 2025 11:27 am
by Taipan
Yorick wrote: Mon Mar 10, 2025 11:06 am
Taipan wrote: Mon Mar 10, 2025 11:04 am
I am seeing a flaw in mrs Taipans idea of moving house. She has made no consideration for the contents of the loft-and-sheds-of plenty!
jim-kramer.gif
Theres a few quid up there for sure. On saturday I noted a full Black Widow exhaust system and rack and top box of my old MT09. BMW comfort seat and end can off my F800R. Couple of other end cans of unknown origin. Full Halfords pro socket set that I do not remember buying. The more you look, the more the mystical loft-of-plenty delivers!
Re: Pension stuff, how's it all looking ? HAve you prepared ?
Posted: Mon Mar 10, 2025 11:54 am
by Cousin Jack
gremlin wrote: Sun Mar 09, 2025 12:59 pm
Both my in laws and my mum and step dad moved to the Kent coast.
Mum and stepdad are still down there making each other miserable and I think they're only still there as my sis and her kids are Medway & Herne Bay so they can pop in. If I go down there it's over an hour each way so it's kind of a 'plan ahead' thing. Fine at the moment as they are both fit an healthy.
In laws moved to Broadstairs, mother in law was ill for some years before they had to move back up here as it was too much for the f-i-l. Only the housing market had overtaken his investments and so we had to buy into a bungalow up here otherwise it just couldn't happen. Worse thing they ever did was to move away.
Not sure what the moral of these two stories is, but I think it's to ensure you have a support network of friends and family in place when you make that final move.
Be wary of moving for family. We moved to Cornwall and
a) the family connection hasn't worked well. Sis in Law and wife thought it would be wonderful, in practice not. No drama, but no support either.
b) Cornwall is not the place we remember. Some bits are better, lots of stuff is worse.
c) Going out on a limb (ie by the coast) severely limits your motorcycling. From MK I could and did go N,S,E or W for miles. Here I can go E only. W and N are limited before I get wet, S is instant wet.
d) Make very sure the facilities in the new area are up to scratch. Where we moved they aren't. Hospital is dire, Drs ditto, shopping almost non-existent except for tourist tat.
Given a 2nd chance we probably wouldn't move.
Re: Pension stuff, how's it all looking ? HAve you prepared ?
Posted: Tue Apr 22, 2025 11:05 am
by Docca
So I had a chat with a pensions person
I have 3 NHS pensions. Well, two established and one optional (that I didn't know about).
The first is the 1994/5 pension from which I get 1/80th of my final salary x number of years it's been valid for. This was going to be replaced in 2015 by another pension, but that hasn't kicked in until 2022. so that would be 21 years x £1750= £36,750
This second pension offers 1/54th (I think) of my average annual salary and adds it to the annual pension total each year. What this means is that say I earn what I earn now then this would add £2.5k per year to my annual pension. If I retire in ten years at 60, then this would add £32.5k to my annual pension
so the sum of these two = £69k annual pension. Plus the £175k I'll get as a lump sum (If I chose to take it all out at retirement, which I will)
Never had it explained like that and feel as though I can relax a little bit more now and will definitely retire at 60
Re: Pension stuff, how's it all looking ? HAve you prepared ?
Posted: Tue Apr 22, 2025 11:50 am
by Sunny
Jammy git.
/wonders if it's too late to get a job in the public sector...
Re: Pension stuff, how's it all looking ? HAve you prepared ?
Posted: Tue Apr 22, 2025 12:06 pm
by Yorick
Every year I bang the maximum £20k into an ISA. Was thinking about a Stocks n Shares ISA but no rush, Then 2 weeks ago I saw the FTSE100 had dropped dramatically coz of Trump's taxes. I've never been a gambler with money. but I reckoned it would bounce back as the taxes settled down.
So banged the whole lot into Virgin S&S.
Just checked and it's gone up 6% in 2 weeks
Don't think I'll get into stock market gambling, but this win feels good
.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
Posted: Tue Apr 22, 2025 12:18 pm
by asmethurst99
Docca wrote: Tue Apr 22, 2025 11:05 am
So I had a chat with a pensions person
I have 3 NHS pensions. Well, two established and one optional (that I didn't know about).
The first is the 1994/5 pension from which I get 1/80th of my final salary x number of years it's been valid for. This was going to be replaced in 2015 by another pension, but that hasn't kicked in until 2022. so that would be 21 years x £1750= £36,750
This second pension offers 1/54th (I think) of my average annual salary and adds it to the annual pension total each year. What this means is that say I earn what I earn now then this would add £2.5k per year to my annual pension. If I retire in ten years at 60, then this would add £32.5k to my annual pension
so the sum of these two = £69k annual pension. Plus the £175k I'll get as a lump sum (If I chose to take it all out at retirement, which I will)
Never had it explained like that and feel as though I can relax a little bit more now and will definitely retire at 60
Can you not access via ERS ? - (gives you the same figures).
I'm leaving in 18 months (when the holy terror leaves University) and taking the complete lump sum although I won't have such a generous pension.
My wife has a smaller amount from her city job that she can claim now so I'm urging her to do that
Re: Pension stuff, how's it all looking ? HAve you prepared ?
Posted: Tue Apr 22, 2025 3:33 pm
by the_priest
Pension fund dropped 34K in two weeks. It is levelling out now and will bounce back again soon enough. Remember, it is for the long haul! I've got 13 1/2 years to pension time. By then we should be comfortable enough with our retirement funds if things stay sane. Hey ho.
Re: Pension stuff, how's it all looking ? HAve you prepared ?
Posted: Tue Apr 22, 2025 3:37 pm
by weeksy
the_priest wrote: Tue Apr 22, 2025 3:33 pm
Pension fund dropped 34K in two weeks. It is levelling out now and will bounce back again soon enough. Remember, it is for the long haul! I've got 13 1/2 years to pension time. By then we should be comfortable enough with our retirement funds if things stay sane. Hey ho.
Yeah i lost over £80k, but it's back up by £30k now.
Re: Pension stuff, how's it all looking ? HAve you prepared ?
Posted: Tue Apr 22, 2025 4:14 pm
by gremlin
I thought I was ok, but having seen a fish finger sandwich for £14 I'll have to work 'til I'm 85 I reckon.
Re: Pension stuff, how's it all looking ? HAve you prepared ?
Posted: Tue Apr 22, 2025 5:24 pm
by Noggin
Re: Pension stuff, how's it all looking ? HAve you prepared ?
Posted: Tue Apr 22, 2025 6:28 pm
by Nordboy
I'm now just a little over 3 months from retiring from my 'career' job. My pension is ok, i'm leaving slightly earlier than the max i could do.
But I'm definitely going to have to continue working full time for as many years as i can. Just can't afford not to. Am I concerned, a little, but there's not a lot I can do to make a huge difference at this point.
So, job hunting very soon, that should be fun!!
Re: Pension stuff, how's it all looking ? HAve you prepared ?
Posted: Tue Apr 22, 2025 7:28 pm
by Dodgy69
Docca wrote: Tue Apr 22, 2025 11:05 am
So I had a chat with a pensions person
I have 3 NHS pensions. Well, two established and one optional (that I didn't know about).
The first is the 1994/5 pension from which I get 1/80th of my final salary x number of years it's been valid for. This was going to be replaced in 2015 by another pension, but that hasn't kicked in until 2022. so that would be 21 years x £1750= £36,750
This second pension offers 1/54th (I think) of my average annual salary and adds it to the annual pension total each year. What this means is that say I earn what I earn now then this would add £2.5k per year to my annual pension. If I retire in ten years at 60, then this would add £32.5k to my annual pension
so the sum of these two = £69k annual pension. Plus the £175k I'll get as a lump sum (If I chose to take it all out at retirement, which I will)
Never had it explained like that and feel as though I can relax a little bit more now and will definitely retire at 60
Tax man gonna love you..
Re: Pension stuff, how's it all looking ? HAve you prepared ?
Posted: Wed Apr 23, 2025 11:20 am
by Supermofo
weeksy wrote: Tue Apr 22, 2025 3:37 pm
the_priest wrote: Tue Apr 22, 2025 3:33 pm
Pension fund dropped 34K in two weeks. It is levelling out now and will bounce back again soon enough. Remember, it is for the long haul! I've got 13 1/2 years to pension time. By then we should be comfortable enough with our retirement funds if things stay sane. Hey ho.
Yeah i lost over £80k, but it's back up by £30k now.
So still £50k down at the moment?
Must admit I've not looked at mine deliberately. I did that after Russia invaded Ukraine and it was a bit gutting, so this time I'm not looking. I reckon it'll be about 13-15 years before I retire so leave it be and hopefully it'll bounce back when an adult takes over.
Re: Pension stuff, how's it all looking ? HAve you prepared ?
Posted: Wed Apr 23, 2025 11:22 am
by Mr. Dazzle
Supermofo wrote: Wed Apr 23, 2025 11:20 am
reckon it'll be about 13-15 years before I retire so leave it be and hopefully it'll bounce back when an adult takes over.
Also worth remembering the positive flip side (and there is one!), if you're still paying in to a pension stock market crashes mean you get more bang for your buck. This is the buy low part of "buy low, sell high".
Re: Pension stuff, how's it all looking ? HAve you prepared ?
Posted: Wed Apr 23, 2025 11:26 am
by Supermofo
Mr. Dazzle wrote: Wed Apr 23, 2025 11:22 am
Supermofo wrote: Wed Apr 23, 2025 11:20 am
reckon it'll be about 13-15 years before I retire so leave it be and hopefully it'll bounce back when an adult takes over.
Also worth remembering the positive flip side (and there is one!), if you're still paying in to a pension stock market crashes mean you get more bang for your buck. This is the buy low part of "buy low, sell high".
Indeed. Hopefully I'll get a nice bounce at some point, as long as things don't go totally tonto.
Re: Pension stuff, how's it all looking ? HAve you prepared ?
Posted: Wed Apr 23, 2025 6:21 pm
by Dodgy69
Nothing to worry about if you've got plenty of years before drawing it. It has plenty of time to recover and your still contributing in anyway. Ideally, you don't want a big dip just before drawing it, but even then, you ain't drawing it all out and the remainder hopefully will do well.
It's these daft buggers taking their first drawdown payment in 8 days time I feel sorry for.
If we could rid the world of Superman and his Russian mate, amongst a few other's, we could all relax a bit, possibly maybe.
Re: Pension stuff, how's it all looking ? HAve you prepared ?
Posted: Tue Apr 29, 2025 12:55 pm
by Yorick
Just checked and despite retiring at 54, I've got 39 years in
And gonna get slightly more than the standard £230 a week.
When we moved here we had a pile of savings to live on foe next 10 years as well as some small incomes.
The savings have dropped by about 65% so now we can start enjoying ourselves a bit more, knowing that we won't be eating into the savings anymore.
Re: Pension stuff, how's it all looking ? HAve you prepared ?
Posted: Tue Apr 29, 2025 2:04 pm
by the_priest
Wife and I decided to bung in a good amount into the pension fund as the market is depressed and it means we get more for our money. So our little slush fund for 2025 has been committed to the future. No holidays this year then. But, it is about investing for the futures....
Re: Pension stuff, how's it all looking ? HAve you prepared ?
Posted: Tue Apr 29, 2025 2:25 pm
by Yorick
Just been doing some sums regarding state pension.
A fair wage in uk is probably £40k
On that you'll pay £2,743 in NI.
35 years minimum working years shows about £98k contributions.
With pension about £12k you'll get all your contributions back in about 8 years.
After that you're getting free money.
Not too bad really.
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Re: Pension stuff, how's it all looking ? HAve you prepared ?
Posted: Wed Apr 30, 2025 8:51 am
by Scotsrich
My pension pot has dropped as you would expect but we haven’t really touched it since I retired 5 years ago. Except for once a year for a holiday.
We’ve found we could live quite well on 2 state pensions. I’ve got a couple of small pensions that pay £3.5 k a year, that keeps the bike and car on the road and give me a couple of bikey weeks away. The wife has another one which gives her a few quid spending money. If heaven forbid I stop driving and riding we’d be even better off.
The secret is not to have regular outgoings. Our house is modern and paid off, as is the car and bike. No Sky, sim only phones. The biggest luxury is the gym membership. Cut your basics down and you’ve got space for a bit of fun.
