Retirement

[Cee Jay]

I signed up when I joined to Alpha worked through the numbers and it was better for me

What’s the partnership one ?

I’ve 34 years classic with 3 or 4 under Alpha.

Obviously in the next year or so will have the McLeod decision which for me is a no brainer

 

[Fact Hunt]

My pensions factor in inflation, and we'll both hopefully still be around when our state pensions kick in too.

Statistically you need to be budgeting for the expectation that you’ll be around well into your mid-to-late 80s.

 

[DrNo!]

I think you’ll find this independent research into retirement living standards useful….

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These figures are complete bollocks. £1548 a year on clothing and footwear for a single person ? How did they work that out?

 

[Crook]

Statistically you need to be budgeting for the expectation that you’ll be around well into your mid-to-late 80s.

Aye, we're budgeting for £36k a year net on top of our tax free lump sum to reach state pension age. Then it's an additional £24k, taxable.

 

[Fact Hunt]

These figures are complete bollocks. £1548 a year on clothing and footwear for a single person ? How did they work that out?

I don’t know, Doctor No!

Please do feel free to ask them….

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[DrNo!]

I don’t know, Doctor No!

Please do feel free to ask them….

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The real figure is way lower.

 

[Town End Farmer Giles]

The real figure is way lower.

Sounds about right to me for now but clothing is definitely an area I would cut back if I had to.

 

[Fact Hunt]

The real figure is way lower.

And what’s your source?

 

[Darlo1973]

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.

I know lads in their 40s who don't have a penny saved in a pension. Most of them self-employed so there hasn't been any occupational scheme setup for them and they've been too busy trying to make a living to think about retirement. No wonder so many tradesfolk are working well into their 60s with knackered bodies.

 

[DrNo!]

And what’s your source?

Real life.

 

[Darlo1973]

These figures are complete bollocks. £1548 a year on clothing and footwear for a single person ? How did they work that out?

I don't think I've ever spent £1548 a year on clothes during my working life.

 

[BallardsBonce]

I know lads in their 40s who don't have a penny saved in a pension. Most of them self-employed so there hasn't been any occupational scheme setup for them and they've been too busy trying to make a living to think about retirement. No wonder so many tradesfolk are working well into their 60s with knackered bodies.

Yeah I have a few self employed mates who think zero about pension and fiddle everything…. Will the latter impact them like it did for Covid? Or will they be OK for State pensions?

 

[Darlo1973]

Yeah I have a few self employed mates who think zero about pension and fiddle everything…. Will the latter impact them like it did for Covid? Or will they be OK for State pensions?

Depends on how much NI they have paid over the years or if they have been fiddling that too.

 

[BallardsBonce]

Depends on how much NI they have paid over the years or if they have been fiddling that too.

Not sure to what degree, but I remember 3 out of the 4 didn’t qualify for the same help during Covid as the other 3

 

[bernardbresslaw]

The real figure is way lower.

Stone Island.

 

[John Byrne 92Crew]

These figures are complete bollocks. £1548 a year on clothing and footwear for a single person ? How did they work that out?

Heh heh deffo, the only thing I can think of is the long awaited Greenwoods/CP Company collaboration must be on the cards

 

[Darlo1973]

Heh heh deffo, the only thing I can think of is the long awaited Greenwoods/CP Company collaboration must be on the cards

Ah, Greenwoods. My dad wouldn't go anywhere else.

 

[Ralf81]

For a couple I'm working on £30k pa without holidays £40k with holidays.

Canny few hols for 10k

 

[42]

Canny few hols for 10k

Depends where you want to go i suppose. Can do a canny few cheap med holidays, but might want to chuck in a few long haul trips which will bump up costs.

 

[Tuono]

Depends on how much NI they have paid over the years or if they have been fiddling that too.

You can't fiddle national insurance.

Yeah I have a few self employed mates who think zero about pension and fiddle everything…. Will the latter impact them like it did for Covid? Or will they be OK for State pensions?

Fiddle everything?