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

[Docca]

the 21% employers contribution

The how much now ?!

Civil service pension. Shit wages, good pension

Yeah, my lot double my contribution.

I’m hoping to retire at 60. Would love to move to Cornwall.

[Horse]

On another note I also need to find £100-200k to put the kids through university,

It should hopefully be kncoking on the door of £100k by the time she's 21.

If she turns out to be a goodun' she'll get a nice surprise.

Don't use it to pay uni fees (if the same system is still in place). I don't know which government set up this system, but a vast amount of it won't ever be paid directly by the students. They store up the debt, then only pay any back if their earnings go over a threshold. After 30 years it's written off, presumably the taxpayer will have to cover it (so all taxpayers, not just students).

[ZRX61]

My pension prospects are based on how much cash I have in the bank, which today is around $700 (if I ignore how much I need to pay off my credit card.)

[Potter]

I don't know where those numbers are worked from, but if I can put £170k into a pot now and then take a guaranteed £25k a year upon retirement, then show me where to sign up and I'll do it now and relax.

Our company FA did some fag packet maths and told me that if I want £2k a month income in retirement then I'll need a minimum of £600k in a pot. The growth on that will give me approx £25k a year as a drawdown and the £600k will sit there gradually depreciating without the growth being left in the pot, but what do I care.

I'm a simple man and I'm not sure I trust a large sum of money to sit somewhere in a pension fund and not just disappear in a puff of smoke because of a crash and poor management (like the Norton pension fund) so I favour just saving up a whacking sum of money if you can and draw it down when you need it.
I have a couple of private pensions from old employers, but like everyone else has said they're not worth much.

[Nobby]

I've had this conversation with mates some 30 years ago. A few had the mindset to live life now and never mind the future. Yes they had newer bikes and some nice holidays. I had bikes and holidays , but I also started a Pension and a pot for a rainy day.
I can't talk to them about money now. They know the score. I've got piece of mind and a pot, whereas they've got nothing to Piss in.
I'm always on at the young uns at work to put something by. Something is better than nothing.

[Mr. Dazzle]

Don't use it to pay uni fees (if the same system is still in place). I don't know which government set up this system, but a vast amount of it won't ever be paid directly by the students. They store up the debt, then only pay any back if their earnings go over a threshold. After 30 years it's written off, presumably the taxpayer will have to cover it (so all taxpayers, not just students).

Yes...i know. How do you think I know?

Mrs D is still paying hers nearly 20 years later.

[Yambo]

I've had a little chuckle reading this thread. Some of you hate pensioners (the Toxic Elderly) so much that you give the impression that you're never going to be one and here you are telling us how toxic you intend to be!

However, this Toxic Elderly person hopes all your pension wishes come true. Just remember, when you do eventually retire, you might want a hobby or two to see you through the day (not too expensive ones though), or of course a little job stacking shelves in Tesco's.

[weeksy]

The how much now ?!

Civil service pension. Shit wages, good pension

Yeah, my lot double my contribution.

I’m hoping to retire at 60. Would love to move to Cornwall.

Our place does the same

[Mr. Dazzle]

so I favour just saving up a whacking sum of money if you can and draw it down when you need it.
I have a couple of private pensions from old employers, but like everyone else has said they're not worth much.

That's essentially what a SIPP is, and what every company pension I've had is bar one....the remaining one is a gold plated final salary scheme.

No-one can raid a SIPP cause its an account for just you, there's no fund.

Employer schemes may not be worth what they were in the final salary scheme days, but they're not affordable now. I dunno why people are saying employer pensions are not worth much, my experience is very different. Employers at least match your savings if not more and you get tax relief on what you pay in. Massively better deal than just saving your own cash.

[weeksy]

I dunno why people are saying employer pensions are not worth much, my experience is very different. Employers at least match your savings if not more and you get tax relief on what you pay in. Massively better deal than just saving your own cash.

Absolutely. Mine is certainly more than 'not much' it's also the only reason i'll be able to ever retire lol.

[Docca]

Civil service pension. Shit wages, good pension

Yeah, my lot double my contribution.

I’m hoping to retire at 60. Would love to move to Cornwall.

Our place does the same

It will hopefully work out well. At the moment, I’m contributing about a bag a month so that’s mid 30k a year. I’ve had a pension since I was 21 with the NHS ( although not making those contributions all that time!).

I have to sign something this year and I’ll avoid paying something on account of I’m a clinician. I’m not sure how much or what that something is, I just saw ‘avoid’ so it’s getting signed

[Potter]

However, this Toxic Elderly person hopes all your pension wishes come true. Just remember, when you do eventually retire, you might want a hobby or two to see you through the day (not too expensive ones though), or of course a little job stacking shelves in Tesco's.

I'd be happy enough stacking shelves in Tescos a couple of days a week.
If I didn't have to then that would be great, but there are a lot worse situations to end up in.

Ultimately, if you have a half decent house paid for and you've got enough income to feed yourself and stay warm then you're doing better than many. If, on top of that, you've got some ace memories of having it large when you were young enough to enjoy life then you're probably doing better than most.

[Potter]

Employer schemes may not be worth what they were in the final salary scheme days, but they're not affordable now. I dunno why people are saying employer pensions are not worth much, my experience is very different. Employers at least match your savings if not more and you get tax relief on what you pay in. Massively better deal than just saving your own cash.

Great if you can get it, I'm just saying mine aren't worth much, by the time I am eligible for them they'll have been sitting there for thirty years and I'm not sure it was the best place for my money to sit.

It will hopefully work out well. At the moment, I’m contributing about a bag a month so that’s mid 30k a year. I’ve had a pension since I was 21 with the NHS ( although not making those contributions all that time!).

I have to sign something this year and I’ll avoid paying something on account of I’m a clinician. I’m not sure how much or what that something is, I just saw ‘avoid’ so it’s getting signed

When people were TUPED over from the NHS to the private sector in the early PPP days the private sector employer pension contribution was about 40% of their salary to maintain the same end pension payments, just the pension contribution bill alone was monstrous, obviously all recharged to the tax payer. Something often missed when people complain about PPP expenses.

[weeksy]

However, this Toxic Elderly person hopes all your pension wishes come true. Just remember, when you do eventually retire, you might want a hobby or two to see you through the day (not too expensive ones though), or of course a little job stacking shelves in Tesco's.

I'd be happy enough stacking shelves in Tescos a couple of days a week.
If I didn't have to then that would be great, but there are a lot worse situations to end up in.

Ultimately, if you have a half decent house paid for and you've got enough income to feed yourself and stay warm then you're doing better than many. If, on top of that, you've got some ace memories of having it large when you were young enough to enjoy life then you're probably doing better than most.

I'm really not sure what that aspect will bring but it was mentioned by Mrs Weeksy last night too. "what exactly are you going to do when you retire" and it's really a very good Qn. Summer, i know i'll have an e-bike and motorbike, they'll take up a chunk of the time, cruising round and enjoying it. But there's obviously a chunk of time where i've got bugger all to do other than sit on the sofa.

There's thoughts of doing a Yorick type scenario, but Mrs Weeksy ain't fancying it and i can't see it being right for one of us to want to hit distant shores and one not, although i may be able to persuade her into a small place in Burgundy. But again, it's a question of "what do you do to pass the time". I'm seeing it as a small bicycle/motorbike business of some description, be that buying and selling or polishing and cleaning then buying and selling, i am not quite sure yet. But i don't see it being Tescos. Restoring 1990s bikes and 2000s bikes in 10 years time, i do see how there could be a market in that, so maybe that'll be the road to go down.
If we were to make something like Burgundy happen then it'd be things like guided bicycle tours on ebike of the vineyards, maybe doing 'FLASH' type biker haven tours/accomodation. That'd keep me busy i think, well, hopefully. I could do a weekend tour and a trip to Magny Cours, some of the roads round there are absolutely epic and property prices would mean i could stick another £200k into the pension fund instead. The more i think about it, the more viable it seems.

https://www.rightmove.co.uk/properties/ ... Code=GBP#/

Something like this in Orgiva would do me nicely.

Or this in Burgundy

https://www.rightmove.co.uk/properties/ ... Code=GBP#/

[Yorick]

We both love France and speak decent French and hoped to retire there.
But the winters are just too cold. Even the most southern part.

Even southern Spain gets bloody chilly.
This was the only place to have playtime weather all year round.

[Potter]

I'm really not sure what that aspect will bring but it was mentioned by Mrs Weeksy last night too. "what exactly are you going to do when you retire" and it's really a very good Qn. Summer, i know i'll have an e-bike and motorbike, they'll take up a chunk of the time, cruising round and enjoying it. But there's obviously a chunk of time where i've got bugger all to do other than sit on the sofa.

There's thoughts of doing a Yorick type scenario, but Mrs Weeksy ain't fancying it and i can't see it being right for one of us to want to hit distant shores and one not, although i may be able to persuade her into a small place in Burgundy. But again, it's a question of "what do you do to pass the time". I'm seeing it as a small bicycle/motorbike business of some description, be that buying and selling or polishing and cleaning then buying and selling, i am not quite sure yet. But i don't see it being Tescos. Restoring 1990s bikes and 2000s bikes in 10 years time, i do see how there could be a market in that, so maybe that'll be the road to go down.
If we were to make something like Burgundy happen then it'd be things like guided bicycle tours on ebike of the vineyards, maybe doing 'FLASH' type biker haven tours/accomodation. That'd keep me busy i think, well, hopefully. I could do a weekend tour and a trip to Magny Cours, some of the roads round there are absolutely epic and property prices would mean i could stick another £200k into the pension fund instead. The more i think about it, the more viable it seems.

I suppose you don't know until you get there, to retirement I mean.

I've always had a plan of mainly living for today and so far I'm still happy with it.
I've never fancied living three-quarters of a life for sixty years on the strength of being able to go on a couple of extra holidays a year when I'm over sixty.

It would obviously be reckless to rock up at sixty without a pot to piss in, but I've known a fair few old people in my time and I never heard one of them genuinely regret not making more sacrifice when they were younger just so they had more money today, most (if not all) have wished they'd have lived a bit more when they could.

[weeksy]

We both love France and speak decent French and hoped to retire there.
But the winters are just too cold. Even the most southern part.

Even southern Spain gets bloody chilly.
This was the only place to have playtime weather all year round.

I hear you, but the problem is that Mrs Weeksy wants 'seasons'. I'll sit here without the benefit of foresight and say, i don't. But it could be one of those things you never really know until it happens, maybe i'd miss the greenery and the seasons if i lived on one of your islands, maybe the blackness of the terrain would drag me down, but you know something, i don't think it would actually. I think i'd be fine with it and happy doing the same sort of thing there of running bicycle trips and tours around some/all of them, maybe even a bit of island hopping trips with e-bikes and lunch on another island, then back for the evening...

It's something to ponder but as i say, persuading the wife may be tricky. If Portimao doesn't happen, the odds are we'll be spending a week in October over on Lanz/another, we've spent 3-4 summer holidays there, it may be my chance to say "wouldn't it be lovely to live here full times" and sow the seed to her for the future, taking the capital from the house, along with the take-out from the pension would mean i could set up the 'business' side of things effortlessly in terms of cash, then just needing to fill it with customers, but with people on here and people on other forums, i think i could make that work.

[weeksy]

I'm really not sure what that aspect will bring but it was mentioned by Mrs Weeksy last night too. "what exactly are you going to do when you retire" and it's really a very good Qn. Summer, i know i'll have an e-bike and motorbike, they'll take up a chunk of the time, cruising round and enjoying it. But there's obviously a chunk of time where i've got bugger all to do other than sit on the sofa.

There's thoughts of doing a Yorick type scenario, but Mrs Weeksy ain't fancying it and i can't see it being right for one of us to want to hit distant shores and one not, although i may be able to persuade her into a small place in Burgundy. But again, it's a question of "what do you do to pass the time". I'm seeing it as a small bicycle/motorbike business of some description, be that buying and selling or polishing and cleaning then buying and selling, i am not quite sure yet. But i don't see it being Tescos. Restoring 1990s bikes and 2000s bikes in 10 years time, i do see how there could be a market in that, so maybe that'll be the road to go down.
If we were to make something like Burgundy happen then it'd be things like guided bicycle tours on ebike of the vineyards, maybe doing 'FLASH' type biker haven tours/accomodation. That'd keep me busy i think, well, hopefully. I could do a weekend tour and a trip to Magny Cours, some of the roads round there are absolutely epic and property prices would mean i could stick another £200k into the pension fund instead. The more i think about it, the more viable it seems.

I suppose you don't know until you get there, to retirement I mean.

I've always had a plan of mainly living for today and so far I'm still happy with it.
I've never fancied living three-quarters of a life for sixty years on the strength of being able to go on a couple of extra holidays a year when I'm over sixty.

It would obviously be reckless to rock up at sixty without a pot to piss in, but I've known a fair few old people in my time and I never heard one of them genuinely regret not making more sacrifice when they were younger just so they had more money today, most (if not all) have wished they'd have lived a bit more when they could.

Absolutely.... i don't believe i've held back at this stage, i've done my best and lived my pleasures as much as realistic within what i have available financially (and not ! )

[Yorick]

"Seasons" means getting 6 months cold, dark and wet. And short days.
You soon get used to not having that.

If you do get over here, I'll show you round, properly. Stuff you'd never see normally.

[Mr. Dazzle]

Great if you can get it, I'm just saying mine aren't worth much, by the time I am eligible for them they'll have been sitting there for thirty years and I'm not sure it was the best place for my money to sit.

You have to have a workplace pension scheme for all employees now in the UK, although I'll grant thats a fairly recent law change.

I agree that pension schemes are generally a bit lacklustre in what they do with your money. Most err on the side of caution, as you'd pretty much expect them to by default.

Fortunately these days most of them make it very easy to change your investment options. Of I wanted to I could put all my pension into high risk start up equities and maybe get 500% return...or maybe lose the lot I could even do it from an app on my phone.