revtothelimit - motorbike forum

Very very interesting thread over on STW to me, as i’m getting to 50 this year, plus clearly in 5 years i’ll be hitting the magic 55 where i can remove a chunk from my fund potentially.

I’m honestly not thinking of “i must have XYZ left” , my boy will get a ridiculous chunk of money when i’m out of here from the sale of the house (ok, ridiculous isn’t right, but lets just say it’s a reasonable chunk) so he’ll be fine and dandy.

So all i really need my money for is bills and day to day living, i don’t care if there’s £4.00 left on the day i croak it, i’d actually like that more than there being £500k in there that then ends up with my lad along with the house LOL. I’m kinda hoping by the time i go, he’s got his own house and job etc… Otherwise i’ve gone WAY early.

I’ve been fairly lucky with pension contributions from employer over the years, so i think i’ll do OK. But i do need to research into my options a LOT more in the coming years as when you guys talk about things like annuities, draw-down, SIPP, i have absolutely no idea what you’re on about and lets face it, i really ought to in the coming years.

I’ll likely in the next few years speak to an IFA about it all, currently it’s all in the works pension and ticking away nicely, so no rush.. but i’d like to be more informed.



https://www.which.co.uk/money/pensions- ... pj57u5134k

Using that calculator above it makes the assumption i'll spend all of the figures i put in and be skint by the time i hit 85... You know what, that's not all bad actually. If i'm 85 i'll also be getting the government pension (assuming it exists) and i'll have a bucket of equity in the house. That's all assuming a retirement age of 60

I’m fucked, I know I’m fucked. I’ll worry about it when I’m old....I’m 50 this year so I’m in the “tough shit” zone really.

Im banking on my other investments doing “ok” so I have savings, gov pension and private pension.

If not - I’ll just have to bumble along like many others. I’ll have a house bought and paid for, a kitted out workshop, and who knows - the coffee might continue to bring an income.

Every time I look at this I swing wildly from "im gonna die in a unlit hovel" to "baller! Making it rain".

Its all moot, the robots will have taken over by then.

Edit. Serious answer though...being the nerd that I am I started paying in and actively managing my pension as soon as I started "real" work. A few years ago I also got into the habit of putting 2% or half of any pay rise into my pension, whichever is greater. All my boring behaviour should see me somewhere between comfortable and flash when I retire depending on the markets, even without a state pension (which I'm assuming I won't get until well past 70).

We've also got a sizeable sum in other investments too, plus Mrs Ds pension.

Basically...plan early, act early, don't put it off!

Mr. Dazzle wrote: Mon Feb 01, 2021 6:40 pm Every time I look at this I swing wildly from "im gonna die in a unlit hovel" to "baller! Making it rain".

Its all moot, the robots will have taken over by then.

I guess it comes down to "when will you go" and "how much will you leave" to a great extent

I always planned for a 3 star pension at 55, rather than 5 star pension at 65.

weeksy wrote: Mon Feb 01, 2021 6:30 pm But i do need to research into my options a LOT more in the coming years

Sorry....missed this the first time.

Do it now.

By far and away the most valuable thing in any financial decision like this is TIME. Its miles more valuable than anything else.

Do it now.

I've got a couple of old final salary pensions plus another few defined contribution schemes. I'm currently also dropping circa £40k a year in to a pension straight from my business, so hopefully I should be ok.

Also knocking on the door of 50 - initial plan was to retire at 55 but due to my wife being younger than me likely will be 60 so we are both young enough still to enjoy things but old enough to have enough in the bank. My wife also happens to be director of an IFA business

Mr. Dazzle wrote: Mon Feb 01, 2021 6:55 pm

weeksy wrote: Mon Feb 01, 2021 6:30 pm But i do need to research into my options a LOT more in the coming years

Sorry....missed this the first time.

Do it now.

By far and away the most valuable thing in any financial decision like this is TIME. Its miles more valuable than anything else.

Do it now.

No point. It can't change, the figures are what they are, it's just a question of how I remove it and when

You are best spending everything you have and looking after family,because potentially children and grandchildren will get nothing if you end up in care. The local authority will take everything,unless you live in Scotland.

Plowing a fair chunk into the railway pension scheme AVC section to top my pension up, I'm 51. It was a solid gold pension but is now just gold plated but still very good. Currently every pay rise is just being dumped in the AVC contributions so I don't miss it. Hopefully a chancellor in the future won't raid my lump sum pot but I'm not convinced.

I pay 13.5% a month into my pension. I get a pretty good wedge and monthly payment on retirement. If I get deaded before now and then, the wife and kids are well looked after.

You have plenty of choice these days and FA is compulsory in most cases. A few years back our company db scheme ( final salary) finished and was frozen and a dc pot started. We were all given a " transfer value" to buy our dB pension off us, and quite a few accepted. This new pot value can be had at 55, whereas the dB scheme would take a hit at 55 and was best leaved for later.

Db scheme's are guaranteed but the dc scheme pot is at the risk of the markets and you hope your investment works well. I'm 55 in November so advice will be had.

My currently state pension age is 67. If my national insurance is fully paid, I will get full state pension. I've worked all my life and still not fully paid up.

It's not straight forward.

weeksy wrote: Mon Feb 01, 2021 7:11 pm

Mr. Dazzle wrote: Mon Feb 01, 2021 6:55 pm

weeksy wrote: Mon Feb 01, 2021 6:30 pm But i do need to research into my options a LOT more in the coming years

Sorry....missed this the first time.

Do it now.

By far and away the most valuable thing in any financial decision like this is TIME. Its miles more valuable than anything else.

Do it now.

No point. It can't change, the figures are what they are, it's just a question of how I remove it and when

I was looking at my forecast earlier this week and was pretty underwhelmed by the figures of my company pension and this was my feeling too, it is what it is.

On the bright side, I'm already getting my military pension, that'll jump up when I turn 55 and on the assumption that I'm mortgage free and don't want too many expensive hobbies we should be ok

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

I've got a final salary pension and I'm only 36....it must be/have been one of the last left going.

Upon retirement I'll get 2.5/45ths of a pension based on my junior tea boy salary

I'm extremely lucky.

I took "early retirement" (read redundancy) form BT at age 50 with a deal I could not afford to miss. Then 12 or so years accumulating 2 more pensions (1 trivial) and a wodge of cash. Then when I hit 65 the nice gubbermint gave me a 4th pension. The BT pension was based on final salary, is index linked, and I have been drawing it for 25 years now, god knows how much it would take to buy on the open market but it would be a big number with a lot of 0s on it.

I'm not rich, but I am comfortable, and pretty well insulated from most shit. I try hard to remember that, and contribute to others who are not so lucky.

Dodgy knees wrote: Mon Feb 01, 2021 7:21 pm If my national insurance is fully paid, I will get full state pension. I've worked all my life and still not fully paid up.

I've just checked on my online tax account (didn't realise you could).

I've got 18 years of full contributions, which is pretty impressive considering I only started working 'properly' 15 years ago.

Cousin Jack wrote: Mon Feb 01, 2021 7:33 pm I took "early retirement" (read redundancy) form BT at age 50 with a deal I could not afford to miss.

Hah! Filly was not amused when I suggested early retirement at 50 following redundancy:)

I've long had my retirement plan sorted, I bought a shotgun years ago.

I've always paid the maximum my employer would match, I think there's 13 percent going in now.

It's spread over several pensions as I've worked with several companies.

And overall I think they're worth pretty much nothing.

I think it's a downside of my generation; unless you earn canny good money or are in the public sector, you'll have to find another way to fund your retirement.

I'm not convinced in this post comparison site and easy information age that an IFA can really help anyone either, other than themselves. Maybe that's a terrible thing to say.