Retirement

[Darlo1973]

Opportunity to get some cash in

That's what I have been doing over the last couple of years. Just needs to start going up at some point.

 

[Select coaches]

That's what I have been doing over the last couple of years. Just needs to start going up at some point.

Every so often we are provided with an opportunity to get in when everything is cheap. Just got to have the bottle to buy when everyone is selling. Missed the covid opportunity, need to be ready for the next one when it comes.

 

[DaveH]

I dread to think how many people have no understanding or interest in retirement planning and are going to be waiting for a state pension coming in at 70 while they are struggling to work in factories and on building sites in their 60’s.

What worries me is the amount of people struggling to buy houses, which may mean that come retirement a lot of people are going to be still paying rent. State pension is probably fine if you have your mortgage paid off. The way rent prices are going, I can see a lot of oldies struggling to live in 20 years time unless something drastically changes.

 

[cfg]

Opportunity to get some cash in

For those whom have some spare!

What worries me is the amount of people struggling to buy houses, which may mean that come retirement a lot of people are going to be still paying rent. State pension is probably fine if you have your mortgage paid off. The way rent prices are going, I can see a lot of oldies struggling to live in 20 years time unless something drastically changes.

I had a messy divorce in my mid 50's, once sorted #1 priority was to get my own house (again) and pay it off in 6 years. Managed it and nice feeling going into building society asking what outstanding mortgage was and cutting a cheque for it. I have no idea how those coming up to retirement now will manage if they don't own their home unless they have a great pension. Those on interest only mortgages may be in for a surprise as well.

 

[Roaring Chubby]

What worries me is the amount of people struggling to buy houses, which may mean that come retirement a lot of people are going to be still paying rent. State pension is probably fine if you have your mortgage paid off. The way rent prices are going, I can see a lot of oldies struggling to live in 20 years time unless something drastically changes.

Agreed. Presume social housing makes some allowances but yeah, bleak.

 

[DaveH]

For those whom have some spare!

I had a messy divorce in my mid 50's, once sorted #1 priority was to get my own house (again) and pay it off in 6 years. Managed it and nice feeling going into building society asking what outstanding mortgage was and cutting a cheque for it. I have no idea how those coming up to retirement now will manage if they don't own their home unless they have a great pension. Those on interest only mortgages may be in for a surprise as well.

Using the first hit on google as minimum research, state pension is £208 per week, average rent in the UK is £209. On face value, that doesn't work.

Of course you need to consider that a family with 3 kids in London or other expensive areas is going to push that average up and a old person living alone will most likely be in a smaller place and hence less expensive. Then there are couples to consider, but we don't really want the situation when a partner has to move or can no longer afford to live when the other one dies, and sadly that has to be a thought as we head into our retirement years.

 

[Mr X]

That's what I have been doing over the last couple of years. Just needs to start going up at some point.

Me too - to the point where I wondered if I was doing the wrong thing. It's come back quite a bit but plenty more growth to come I hope (pray!)

 

[cfg]

Using the first hit on google as minimum research, state pension is £208 per week, average rent in the UK is £209. On face value, that doesn't work.

Of course you need to consider that a family with 3 kids in London or other expensive areas is going to push that average up and a old person living alone will most likely be in a smaller place and hence less expensive. Then there are couples to consider, but we don't really want the situation when a partner has to move or can no longer afford to live when the other one dies, and sadly that has to be a thought as we head into our retirement years.

We own a 2 bed flat now as well as house. I think we’ll sell up n move into flat in a couple of years time once my son moves out of flat.

 

[sheddweller]

True. Its a hypothetical (unanswerable ) Q. Everyone will be different.wasn’t including any of that. Just personal living expenses. + a holiday or two, run a car etc. obviously if you’re planning on buying cars etc it’s gonna shoot up.

Been retired a while now 77 in September ,can't see the need to run a car when you have all the time in the world .Hop on a bus it's free,when you need a motor rent one for the time you need it .

 

[70s traveller]

They might've said that based around 3 years ish pension/income (36months x £2.5k) I know it's £90k but near enough. If you have NHS pension is that not a final salary type?
The 3 years cash is sometimes mentioned for DC pensions so you can pull out cash instead of pension if the markets have a downturn

Probably not

The figure was based on a full personal financial assessment of what could potentially need to be paid for over the duration of my life with & without some/any form of care which was why I mentioned my wife (who curently needs to pick up what I'm unable to do but as time & age goes by for me the likelihood of requiring some form of assistance rises).
I also agree with monkeytassle that the number with such an amount if higher than you think.

That's what I have been doing over the last couple of years. Just needs to start going up at some point.

Investments apparentlty work in cycles so fund managers should begin to move segments when a more secure option becomes prudent for the period. NB - I'm not an expert, it's only what advisers have informed me when they say to sit tight for the moment.

Me too - to the point where I wondered if I was doing the wrong thing. It's come back quite a bit but plenty more growth to come I hope (pray!)

Growth will return, but reassure yourself that shares paid-dividends usually work out better than high street fixed interest accts

 

[Matt Hopkins]

The figure was based on a full personal financial assessment of what could potentially need to be paid for over the duration of my life with & without some/any form of care which was why I mentioned my wife (who curently needs to pick up what I'm unable to do but as time & age goes by for me the likelihood of requiring some form of assistance rises).
I also agree with monkeytassle that the number with such an amount if higher than you think.

Monkeytassle didn't seem to be suggesting that mind. His post reads as though he thinks there are more people without that sort of money after seeing some peoples pension pots I'd say there is an absolute shitload of people who have nowhere near that

 

[70s traveller]

Monkeytassle didn't seem to be suggesting that mind. His post reads as though he thinks there are more people without that sort of money after seeing some peoples pension pots I'd say there is an absolute shitload of people who have nowhere near that

I'm not disputing who has & hasn't got that in their pension, but from those that I knew (from work on Tyneside with salaries far greater than mine) had quite a lot more. My interpretation of monkeys post was probably wrong. I agree that the majority do not have it but a lot do.

 

[wackyjacky]

There'll be some people who won't even have £100k in a pension pot never mind as an 'emergency' fund

Working with my FA over the last year or so I asked him where my pension pot was at, i.e. low, average, above average etc. He told me the average pot is only £80k, thankfully mine is higher.

 

[Darlo1973]

Working with my FA over the last year or so I asked him where my pension pot was at, i.e. low, average, above average etc. He told me the average pot is only £80k, thankfully mine is higher.

Is that the average per pot or the total pottage? Most people will have collected several pots over their working lives.

 

[Fletch]

It will be down mostly due to women who often work part time in low paid retail work And self employed , many self employed dont have pensions

 

[wackyjacky]

Is that the average per pot or the total pottage? Most people will have collected several pots over their working lives.

He just said the average was an £80k pension. I suppose there'll be loads with a lot more and some with very little, I was surprised at how low the figure was. He definitely meant in total rather than per pot as I was talking about mine as a total (there's three added together).

 

[42]

That's what I have been doing over the last couple of years. Just needs to start going up at some point.

Also if you have a global investment fund, you also need to remember global stocks are priced in other currencies. And since the value of the £ isn't great currently, that makes investments more expensive. I'm not sure they're currently that cheap. The peak post covid price, the big US tech companies were massively over priced. There was a big correction but that was offset a bit by the value of $ going up.
US markets have been creeping back up, but so has the £

 

[Tuono]

Working with my FA over the last year or so I asked him where my pension pot was at, i.e. low, average, above average etc. He told me the average pot is only £80k, thankfully mine is higher.

Sounds about right to me.

 

[ChrisK]

He just said the average was an £80k pension. I suppose there'll be loads with a lot more and some with very little, I was surprised at how low the figure was. He definitely meant in total rather than per pot as I was talking about mine as a total (there's three added together).

Would imagine there be a lot of people worked in jobs with no employer funded pensions schemes and have nothing except the state pension thats if they paid there full tax and NI.
loads of self employed or small businesses unless they smart wont have well funded pensions
Got a few mates worked in the building game for years and earned good money which is now long gone and they often took cash in hand or avoiding paying tax they bit worried now in late 50’s and have no means of a pension.
£80k pot is better than nowt but cant see how you can take early retirement.
Should be a help to boost ur standard of living when u get ur state pension at 67

 

[Chewit]

Our group are counting down the days to retirement, some nearer than others.
Had a discussion in the pub last night about how much you need to live a ‘very comfortable’ lifestyle when retired. Nice international holiday, couple of smaller jollies, restaurant once a week etc, no mortgage to pay, kids self-sufficient.
Figures ranged from £20k-£30k or £45k+ if in a couple.

What do you reckon and any lads/lasses out there living the dream already who are in the know?

Retirement is overrated... take a step back remove all responsibility and stress of work load and just bring out in the world doing a job you enjoy, meeting people and enjoying achieving things.
I’ve been retired, much happier semi retired but pleasing myself