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Retirement


Will e said:
Aye,

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Luxembourg WTF.
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Problem with these comparisons is that other countries have nationalised workplace schemes which get counted as state pension, when its not really for comparison purposes. Frances absolute basic state pension is lower than ours, but always shown higher because of other stuff added. The other thing is the one with better pensions also pay more in tax, but then people here then moan about that anarl. Can't win.
 
42 said:
Problem with these comparisons is that other countries have nationalised workplace schemes which get counted as state pension, when its not really for comparison purposes. Frances absolute basic state pension is lower than ours, but always shown higher because of other stuff added. The other thing is the one with better pensions also pay more in tax, but then people here then moan about that anarl. Can't win.
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I agree there are lots of things to take into consideration before you get an absolute accurate comparison, tbf they have tried to give an average monthly cost of living in each country, not sure how accurate it is mind.
Tax is one of those things for governments, damded if they do, damned if they don't.

Worra bout Luxembourg though, WTF.
 
Will e said:
I agree there are lots of things to take into consideration before you get an absolute accurate comparison, tbf they have tried to give an average monthly cost of living in each country, not sure how accurate it is mind.
Tax is one of those things for governments, damded if they do, damned if they don't.

Worra bout Luxembourg though, WTF.
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Their basic pension isnt that much more than ours. The rest is what we pay into private schemes.

  • Pension Structure:
    [COLOR=var(--m3c9)]The pension consists of two main parts:
      • Earnings-Related Component: A proportional amount based on your lifetime earnings.
      • Flat-Rate Component: This amount is linked to the number of years you have made contributions.
    • Full Pension:
      [COLOR=var(--m3c9)]To receive the maximum possible pension, you need to have 40 years (480 months) of insurance contributions. [/COLOR]
    • Pension Amount:
      [COLOR=var(--m3c9)]For a full 40-year contribution record, there is a minimum monthly pension of €1,353.29, while the maximum monthly pension is capped at €6,265.25. [/COLOR]
[/COLOR]
 
Matt Hopkins said:
If anybody has £120k in cash and is only getting the SP then I would suggest they haven't planned their retirement very well
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I deal with lots of old people , some really wealthy, some skint and the untrust in banks spreads across all “ classes “
I’ve seen post office statements with over 100k lying about in houses and I’ve seen 10s of thousands in cash in bags stuffed between the settee and coffee table . Trying to stop a pensioner from taking 2k or similar to hosp “ just in case “ is regular thing too.
Some people are dealing with money really just in a way not what you should do but are not used to having it, no trust or that’s just how they deal with stuff.
 
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Charlestonian said:
I’m 40 next year so I’m starting to think about what I’m leaving Mrs C when I inevitably die first. Super cheery but practical!
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40haha. Life insurance firstly. Very cheap these days...
Iamme said:
Transfer your pension in to whatever you want. If your over 55 it's your money. I retired at 50.

My works pension 120 grand will be paying my wages to myself for 10 years. Until I'm 65. Without having to touch my savings.

I pay myself 7 grand a year. And still don't use all of that. Until I'm 55 out my savings.

Last 5 months I spent 1800 quid on living.

People say you need 2500 a month to live???

What do you spend that on exactly???
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£360 per month. Some going that.
I have zero debts and the lowest i will get is around £700 per month (not retired yet)
Car fuel, insurance, tax takes a chunk mind.
 
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I saw the news about all of this worry that SP would overtake the tax allowance and pensioners would pay tax and a thought struck me.
It's daft that the government pay pensions, then an amount back, so why not have a new tax code for pensionable age people.

The current standard tax code is 1257L which means that you can earn £12570 a year before paying tax, so why not allocate a new code, say 1257R.
Then if the pension is raised to say £13000 a year, they just leave the standard one at 1257L and raise the pensionable one to 1300R for people over 67.

At the end of the day it's pointless the government giving you money then taking it back, so why no just say that state pensions are tax free. It all ends up in the same place at the end of they day anyway.
 
42 said:
Problem with these comparisons is that other countries have nationalised workplace schemes which get counted as state pension, when its not really for comparison purposes. Frances absolute basic state pension is lower than ours, but always shown higher because of other stuff added. The other thing is the one with better pensions also pay more in tax, but then people here then moan about that anarl. Can't win.
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Most countries pensions kick in years earlier than ours anarl.
 
cornish mackem said:
I deal with lots of old people , some really wealthy, some skint and the untrust in banks spreads across all “ classes “
I’ve seen post office statements with over 100k lying about in houses and I’ve seen 10s of thousands in cash in bags stuffed between the settee and coffee table . Trying to stop a pensioner from taking 2k or similar to hosp “ just in case “ is regular thing too.
Some people are dealing with money really just in a way not what you should do but are not used to having it, no trust or that’s just how they deal with stuff.
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My gran and grandad had very little trust of anything or anyone, including financial establishments, which is odd as he was an insurance person for one of the big companies at the time. I think it was life insurance.

We found his war medals were through the gap in the floorboards under the kitchen sink where the waste pipe went through the floor and pushed along a bit. Apparently he did mention that once which is why my mam looked. I did some redecorating work for them and found a bag of cash behind a wardrobe when I move it. I think there might have been something else under a floorboard too when they cleared the house.

Nothing had been done to the house for decades, so the person who bought it did a full refurb. It would not surprise me if one or two of the builders had a very lucky day.
 
a1970man said:
I saw the news about all of this worry that SP would overtake the tax allowance and pensioners would pay tax and a thought struck me.
It's daft that the government pay pensions, then an amount back, so why not have a new tax code for pensionable age people.

The current standard tax code is 1257L which means that you can earn £12570 a year before paying tax, so why not allocate a new code, say 1257R.
Then if the pension is raised to say £13000 a year, they just leave the standard one at 1257L and raise the pensionable one to 1300R for people over 67.

At the end of the day it's pointless the government giving you money then taking it back, so why no just say that state pensions are tax free. It all ends up in the same place at the end of they day anyway.
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The entire tax system needs an overhaul.
 
a1970man said:
I saw the news about all of this worry that SP would overtake the tax allowance and pensioners would pay tax and a thought struck me.
It's daft that the government pay pensions, then an amount back, so why not have a new tax code for pensionable age people.

The current standard tax code is 1257L which means that you can earn £12570 a year before paying tax, so why not allocate a new code, say 1257R.
Then if the pension is raised to say £13000 a year, they just leave the standard one at 1257L and raise the pensionable one to 1300R for people over 67.

At the end of the day it's pointless the government giving you money then taking it back, so why no just say that state pensions are tax free. It all ends up in the same place at the end of they day anyway.
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So people who have a SP of say £20k would get it all tax free if its pointless the govt giving you money then taking it back?
 
Swindon On Tour said:
Good points.
High interest rates though were responsible for many young uns throwing the keys in.

I know you should not generalise but the boomer work ethic just feels a little more stronger than with these young uns.
I will say though that no complaints as I worked my bollocks off and felt rewarded.
Given the opportunity was key the rest down to the individual with plenty of shit in the way.
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I think every generation has its opportunities and challenges. And within those generations, there will be those who seize the opportunities and overcome the challenges, and those who, for whatever reason, fall down. Most just muddle along, doing the best they can.

A narrative that one grouping of people or another has a particular attribute that another grouping does not is usually rooted in someone trying to divide people in order to create a name for himself, or to make a few quid, or to grab a bit of power.

The reality is, in any large group* of people, however you choose to divide it, you will find workers and shirkers and muddle-alongers in roughly the same percentages. The same goes for pretty much any non-genetic attribute, unless you specifically select the group members for the attribute. The group doesn't even have to be that large. A few hundred people is generally representative.

Well done for working hard. I am glad you felt rewarded for your efforts. Enjoy the fruits!
 
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