[Misc] Retirement

[Harry Wilson's tackle]

My experience: maxed up AVCs as soon as I could.

Have taken 20% retirement (it is not actual retirement, but some weird half life), dropped my hours by 20%, have taken 80% of my maximum tax free lump sum (I need collateral right now for project), am continuing to add to the pension pot from salary, and am taking down 20% more income from salary plus pension than when I was 100% on the job. Plus the state pension as I passed 66 in May. What were they thinking?

My employment is all joy and I have no intention of stepping down.

The first 20 years of my working life was a nightmare. Inadequate pay, negative equity (on a dump of an end terrace mess, now renovated and extended). So I am grateful and relieved to have survived it all. Life has been hard yards. No doubt when I eventually exhale.....(you can guess the rest. Something about not following it with inhale).

 

[Eric the meek]

Economists mentioned that 25 years ago “If you think we’re in trouble with the demographic time bomb, then look at other western European nations”.

It’s a mixed picture just now. For example Germany has been making the hard decisions like us on state pension age. Whilst much of the French electorate and powerful unions fight for fully state financed earlier retirement, despite life expectancy increasing and an aging demographic.

The received wisdom when I was building my pension pot, was that the aging population structure would mean that the state pension would come under pressure in the future.

But since then, immigration has raised birth rates, meaning that future numbers of working age people will increase the tax take and help reduce future pressure on the state pension.

But that doesn't mean to say the state pension of the future will be gold-plated. One IFA once asked me a question:

'Do you trust future governments to take care of you in your retirement?'. If you don't, start saving now.

 

[Bodian]

Nobody spends £1500 per year on clothes and shoes , even the minimum figure of £650 is far too much

When you say 'nobody spends' I guess you mean 'nobody needs spend' - because presumably someone buys these or they wouldn't be making them?

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[Weststander]

The received wisdom when I was building my pension pot, was that the aging population structure would mean that the state pension would come under pressure in the future.

But since then, immigration has raised birth rates, meaning that future numbers of working age people will increase the tax take and help reduce future pressure on the state pension.

But that doesn't mean to say the state pension of the future will be gold-plated. One IFA once asked me a question:

'Do you trust future governments to take care of you in your retirement?'. If you don't, start saving now.

Again, from years ago, in the Major and Blair years punters were gloomily predicting the state pension would end.

I think it’ll be okay if:
- the age creeps up, I’ll be adversely affected by that: and
- mandatory (no opt out) private/occupational pension contributing from the beginning of careers, at decent %ages.

It’s common sense. The brilliant Ros Altmann was calling for the latter years back.

 

[Eric the meek]

Again, from years ago, in the Major and Blair years punters were gloomily predicting the state pension would end.

I think it’ll be okay if:
- the age creeps up, I’ll be adversely affected by that: and
- mandatory (no opt out) private/occupational pension contributing from the beginning of careers, at decent %ages.

It’s common sense. The brilliant Ros Altmann was calling for the latter years back.

Auto-enrolment was a real step forward.

Yet I heard tales of people opting out of it. You can lead a horse to water.

Next stage is it has to be made mandatory.