Search results

All looks on the minimal side compared to this standard https://www.retirementlivingstandards.org.uk/

Not at all behind. In my scheme you can’t forgo all your lump sum. You have to take a minimum amount. I would be happy to give it all up for an increased annual pension but not allowed.

Thanks. Mine is the minimum lump sum as want to max annual pension. My scheme is the first Monday in new tax year and incurs full cpi increase on that day. As an example, a lump sum of £50k increased by 10.1% on 10/4/23 so £5k not an insignificant amount compared to no increase the day...

Anyone puzzled over their specific date of retirement? I have a scenario whether to take a defined benefit pension (ie final salary) just before or after the tax year 2023/24. It’s around the lump sum element. If inflation/cpi is high, it seems to me it could be worth delaying taking pension...

This was on ‘you and yours‘ R4 last Tuesday. Blimey was my immediate thought. Presume figures are nett rather than gross. £34k for moderate living standard for a couple. https://www.retirementlivingstandards.org.uk/

Oh thanks. I googled high and low on this as well with a takeaway that when contracting out ended in 2016 such people started on a state pension of £155 per week which could be built up thereafter. She no longer works and we haven’t got the £800+ per year to top up. Atleast I know what to...

Any tips from ‘the retired’ for those in the working waiting room. 18 months at most before I jump aboard the retirement train. Caught between showing enthusiasm to ‘f—k off’ MS Teams.

Choices 😂

Retirement planning, particularly how much you need to live on fascinates me. In my mind it’s trying to maintain at least some semblance of our non retirement lifestyle which is far from profligate but won’t be easy to achieve.

Just catching up with Martin Lewis’s programme on pensions. Headache stuff. Big section on NI voluntary contributions deadline. My wife paid a NI partial year in 2013/14 and was wondering whether to make a NI voluntary contribution to make it a full year. I’ve come to the conclusion that as...

Thanks and shows importance of good advice. In my scenario, it wouldn’t involve paying equity released income in to a pension. It would purely complement the pension I’d already been receiving (and, at that point, would not paying in to a pension)

Equity release is definitely a consideration in my retirement thinking. The devils in the detail, of course, and tbh I haven’t looked in to it in detail. It appeals in principle. I‘d want an annual top up to my core pension rather than a lump sum. There is a draw down option but not sure on...

I’m envious of you. You have more of the best asset of all. Time.

May be on equity release it is when you take it out? The people we know have done it in their 70’s. It’s still appealing as tackles the asset rich, cash poor dilemma.

Not a nice thought, but inheritance income can be factored in to future finances. I reckon for our life style £35k per year being mortgage free would be about right, providing for our current, non extravagant, lifestyle. Main challenge to achieving that will be age 60 to 66. Once state...

“A popular way to estimate this figure is the ’70 per cent rule’, which states you will need 70 per cent of your working income to maintain the lifestyle you want in retirement. So if you retire on a salary of £50,000 you would be looking at achieving an income of around £35,000” just read this...

It hasn’t been mentioned but reckon I will indulge in equity release at some point (whilst paying off the interest) with money tied up in my bricks and mortar. Seems a common thing to do talking to others.