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Retirement


archiesdad said:
No I understand that and you're right but, I'm guessing here, if you get mid to late 50,s onward and looking to retire there's a fair chance the kids are up, the house is paid for and you are looking at a number that keeps you 'comfortable'. Everyone's comfortable is going to be different but I'm just curious. We are 54, my Mrs wants to pack in tomorrow and 'make it work' but I'm more nervous and never feel like we have 'enough'
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I tried it mate at 55 had more than enough to get by but found out at 55 I was too young to just get by. I still had the urge to want to buy nicer stuff etc I used to say my head wants to stop but my wallet still wanted to spend.
I’d say to anyone take time off see how you feel, I was off over a year then I did a year part time before jumping back to full time.
Best thing I did was make the decision to step off the hamster wheel cos I know if I wanted to take time off again I could.
Summit to remember though once you’ve touched ya pot you are limited to how much you can pay into it if you go back to graft and want to top it up I think it’s at 10k a year, which is still a decent contribution.
 
Slatz63 said:
I like holidays and happy to compromise in other areas to afford them.

I agree though, we are allegedly one of the richest economies in the world but have one of the lowest state pensions in Europe.
15th of 30 for European countries.

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I suppose the next question is was this the case when the Tory's came into government?
Think I might know the answer.
 
Ideally I’ll retire bout 57-58, so still need fair bit income as will want to do plenty , agree that by time hit 70 that amount needed would start to decline pretty quick
 
Slatz63 said:
I like holidays and happy to compromise in other areas to afford them.

I agree though, we are allegedly one of the richest economies in the world but have one of the lowest state pensions in Europe.
15th of 30 for European countries.

Source
You must be logged on to see external links
Click to expand...

Mainly because the comparisons are unfair, its apples & oranges. Other countries have a sort of nationalised work pension (& the private funds we have are less common), which look generous when you take the max / average, and compare it to our state pension which is (subject to various conditions) is the same for everyone. If you compare the minimum amount received, ours compares well against others.
 
Quick question for the financial wizards of the SMB. I have just left the military after 30 years so have a decent pension, but am now paying into a private pension in my new job. The company matches my payment but I dont intend to work much longer than 5-6 years for them, so they also have a share option which looks worthwhile as it is in the military industry which has just been given Billions by the government so will do well. Would I be better putting my pension payments into shares instead as it is quite a short term and probably won't add a great deal to my pension pot?
 
stan said:
Quick question for the financial wizards of the SMB. I have just left the military after 30 years so have a decent pension, but am now paying into a private pension in my new job. The company matches my payment but I dont intend to work much longer than 5-6 years for them, so they also have a share option which looks worthwhile as it is in the military industry which has just been given Billions by the government so will do well. Would I be better putting my pension payments into shares instead as it is quite a short term and probably won't add a great deal to my pension pot?
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What's the details of the share option?
 
WHD said:
What's the details of the share option?
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WHD said:
SAYE where I pay in for 3-5 years then at the end have the option of shares or mu money back, or a SIP where I pay a monthly amount pre-tax and they buy shares but limited to £150 a month. The company match my pension contributions and I pay 5% but in 10 years I reckon I'll only get a £2k return on the pension.
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I'm useless at this and am going to speak to a financial advisor but wanted to get some basic thoughts from the wise old heads on here as there has been some great advice throughout this thread
 
stan said:
Quick question for the financial wizards of the SMB. I have just left the military after 30 years so have a decent pension, but am now paying into a private pension in my new job. The company matches my payment but I dont intend to work much longer than 5-6 years for them, so they also have a share option which looks worthwhile as it is in the military industry which has just been given Billions by the government so will do well. Would I be better putting my pension payments into shares instead as it is quite a short term and probably won't add a great deal to my pension pot?
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will the company match your payments if you opt for the shares?
Company pension contributions are basically free money so it’s foolish not to always take them. Even if it’s a small pension payment, it all adds up when it matures.
I’ve got one pension that only pays a few hundred pounds a year, but it sorts out golf fees etc 👌🏼

Difficult to advise on whether to take the share option.
 
Wearson said:
will the company match your payments if you opt for the shares?
Company pension contributions are basically free money so it’s foolish not to always take them. Even if it’s a small pension payment, it all adds up when it matures.
I’ve got one pension that only pays a few hundred pounds a year, but it sorts out golf fees etc 👌🏼

Difficult to advise on whether to take the share option.
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No, they don't match share payments, which is why I think to carry on with the pension and also take some shares, but my wife is an accountant so more savvy with this and doesn't think the pension is worth it but as long as the company match my payments its free money in my head!
 
stan said:
I'm useless at this and am going to speak to a financial advisor but wanted to get some basic thoughts from the wise old heads on here as there has been some great advice throughout this thread
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When you say a £2k return on the pension, do you mean in total or per year?
 
stan said:
No, they don't match share payments, which is why I think to carry on with the pension and also take some shares, but my wife is an accountant so more savvy with this and doesn't think the pension is worth it but as long as the company match my payments its free money in my head!
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Without knowing the values involved it seems like a choice between shares whilst you work, which can sell or keep when finished, or a guaranteed little trickle of income when you are finished?
If you plan to live a long time then one might outgrow the other, who knows? 😂 that’s the whole problem, none of us do!
 
Wearson said:
Without knowing the values involved it seems like a choice between shares whilst you work, which can sell or keep when finished, or a guaranteed little trickle of income when you are finished?
If you plan to live a long time then one might outgrow the other, who knows? 😂 that’s the whole problem, none of us do!
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Thats the problem> I've managed to live long enough to draw my military pension, I don't want to push my luck too far!!!!!!
 
stan said:
Thats the problem> I've managed to live long enough to draw my military pension, I don't want to push my luck too far!!!!!!
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I can only say, when I topped up my state pension, I was deliberating and my financial adviser asked me if I intended living for two more years 😂
It’s already paid back the top up cost.
 
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