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Retirement


Anyone work for the civil service. Did anyone sign up to the partnership scheme or did they just stay on the Alpha scheme.
A quick look and the Alpha one looks to be the best imo.
 
Darlo1973 said:
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I'd be surprised if Liz Kendall is still in a job in a few weeks time.
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The article says the government is required to review the pension age every 6 years anyway, so the headline is a bit clickbaity. And the suggestions around increasing it to 70 have been around for last 20 years regardless of which party is in government legislation. At some point it probably will go up to 70, with Denmark being the first to take that step

The main story however seems to be more along the lines of increasing contributions for auto enrolment to give pensioners a better retirement income.
 
42 said:
The article says the government is required to review the pension age every 6 years anyway, so the headline is a bit clickbaity. And the suggestions around increasing it to 70 have been around for last 20 years regardless of which party is in government legislation. At some point it probably will go up to 70, with Denmark being the first to take that step

The main story however seems to be more along the lines of increasing contributions for auto enrolment to give pensioners a better retirement income.
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We are living longer and birth rates are dropping so less NI as a proportion, perfect storm so something was always going to give. The real part of this story is less than 45% of working people pay into a private pension. That's the ticking time bomb for me and needs to be the main part of the review. Pensions need a rebrand to make them more appealing / understood to younger people. Too many people just think it's something to worry about when they get old.
 
Just out of interest, what do people think is a minimum they`d need to retire in annual and monthly terms after tax assuming the mortgage is paid off and there's no kids uni fees to pay for. What do you think a single person needs to get by and what would a couple need.

Just a rough idea as obviously there`s loads of variables (holidays, cars, entertainment costs are all different for different people).

Hopefully I have 18 months mx to go but could go earlier and may drop to 3 days first if I can as a lead in to that.
 
mickb2112 said:
Just out of interest, what do people think is a minimum they`d need to retire in annual and monthly terms after tax assuming the mortgage is paid off and there's no kids uni fees to pay for. What do you think a single person needs to get by and what would a couple need.

Just a rough idea as obviously there`s loads of variables (holidays, cars, entertainment costs are all different for different people).

Hopefully I have 18 months mx to go but could go earlier and may drop to 3 days first if I can as a lead in to that.
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My mate and his missus and living on their tax free threshold so £12k each . Running a house ,bills ,cars etc . Basic hols . Some people spend money like its free ,others are mega tight .
 
mickb2112 said:
Just out of interest, what do people think is a minimum they`d need to retire in annual and monthly terms after tax assuming the mortgage is paid off and there's no kids uni fees to pay for. What do you think a single person needs to get by and what would a couple need.

Just a rough idea as obviously there`s loads of variables (holidays, cars, entertainment costs are all different for different people).

Hopefully I have 18 months mx to go but could go earlier and may drop to 3 days first if I can as a lead in to that.
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Like you say, the variables are depending on lifestyle. My inlaws for example live on just basic state pension (so about £24k joint) and they struggle to spend what they get. But they have a very basic lifestyle & dont really do much.
 
We are aiming for circa 1k a week between us. I think our mix of pot should mean we can get there with minimal amount of tax payable as well use a combination of funds. We'll be 57.
 
mickb2112 said:
Just out of interest, what do people think is a minimum they`d need to retire in annual and monthly terms after tax assuming the mortgage is paid off and there's no kids uni fees to pay for. What do you think a single person needs to get by and what would a couple need.

Just a rough idea as obviously there`s loads of variables (holidays, cars, entertainment costs are all different for different people).

Hopefully I have 18 months mx to go but could go earlier and may drop to 3 days first if I can as a lead in to that
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For a couple I'm working on £30k pa without holidays £40k with holidays.
 
mickb2112 said:
Just out of interest, what do people think is a minimum they`d need to retire in annual and monthly terms after tax assuming the mortgage is paid off and there's no kids uni fees to pay for. What do you think a single person needs to get by and what would a couple need.

Just a rough idea as obviously there`s loads of variables (holidays, cars, entertainment costs are all different for different people).

Hopefully I have 18 months mx to go but could go earlier and may drop to 3 days first if I can as a lead in to that.
Click to expand...
I think you’ll find this independent research into retirement living standards useful….

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mickb2112 said:
Just out of interest, what do people think is a minimum they`d need to retire in annual and monthly terms after tax assuming the mortgage is paid off and there's no kids uni fees to pay for. What do you think a single person needs to get by and what would a couple need.

Just a rough idea as obviously there`s loads of variables (holidays, cars, entertainment costs are all different for different people).

Hopefully I have 18 months mx to go but could go earlier and may drop to 3 days first if I can as a lead in to that.
Click to expand...
For me £1k a month to cover bills , food , car , Christmas , uk holiday and £1k a month for anything over that but doubt I’ll spend anywhere near that as haven’t last three years
 
Luna17 said:
Listening to Radio 5 thisaffa, and they stated a third of the UK adult pop don't have savings of £1000. 😔😔
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The gap between the rich and poor is wider than in the Victorian times.
Crook said:
That's sounding similar to me.

I've got £36k/£3k per month net as my figure for a couple.

I'm hoping to retire in 2 years at 60.
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Hopefully you’ve factored-in the cost of inflation in the future? 🤞🏻
 
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Fact Hunt said:
I think you’ll find this independent research into retirement living standards useful….

You must be logged on to see external links
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Aren't they sponsored by insurers, pensions providers etc? Who have a vested interest in telling us we need more?

Im working on say around 1200 a month to live on, maybe £10k a year top up for holidays, clothes, weekends away, football and other incidentally. Seems fine based on last few years. My pension is index linked.
 
Town End Farmer Giles said:
Aren't they sponsored by insurers, pensions providers etc? Who have a vested interest in telling us we need more?

Im working on say around 1200 a month to live on, maybe £10k a year top up for holidays, clothes, weekends away, football and other incidentally. Seems fine based on last few years. My pension is index linked.
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The “supporters” of the research are a mixture of pension providers and occupational pension schemes. I don’t think there is anything sinister about the research.

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You'll always need a buffer to pay for home maintenance, car replacement, replacement of white goods etc.
 
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