[Misc] Retirement

[Grizz]

I enjoy reading this thread. I've got about 7 or 8 years to go before I retire (all things being equal I'll be 56) and am already looking forward to it!

 

[LamieRobertson]

Polar Capital Technology.

I hope you’ve remembered theres been a share split before looking at todays SP

 

[marcos3263]

One of the benefits of retirement, for me anyway, is having the time to take my dog for a long walk on a glorious Autumn morning like this.
I am lucky enough to live in a rural part of East Sussex , and on my walk today I saw a small herd of deer, a green woodpecker, a buzzard circling overhead, and a couple of wild ducks swimming in the Bull river.
Fantastic!

Shirley there's there dream right there. Simple pleasures, time to yourself. that's what I want. I cancelled my Private Eye subscription recently as I just don't have time to read it.
I don't have massive retirement plans - just not doing the daily grind.

I do worry though that the buzzard was circling you - I hope you kept walking!

 

[Seagull on the Hill]

Shirley there's there dream right there. Simple pleasures, time to yourself. that's what I want. I cancelled my Private Eye subscription recently as I just don't have time to read it.
I don't have massive retirement plans - just not doing the daily grind.

I do worry though that the buzzard was circling you - I hope you kept walking!

Yes, I kept walking and kept the dog close to me!
You're right about simple pleasures, a lot of the things that make me happy are free.

 

[Seagull58]

I hope you’ve remembered theres been a share split before looking at todays SP

I thought that must have been what happened when I saw the 89.9% fall in the price

 

[HalfaSeatOn]

https://www.livingwage.org.uk/news/pension-pot-needed-basic-retirement-rises-60-cent-nearly-£110000

£107,000 pension pot. Doesn't seem very big at all but surprising the numbers who don't even have a pot and rely on state.

Guessing 250 - 400k if own own property be a decent situation to end up in ?

This suggests that most with private pensions get to 190k

What Is The UK Average Pension Pot?

If you’re saving for retirement, it’s natural to question whether you’re on track to amass enough to make you financially comfortable, and to wonder how yo

www.forbes.com

All looks on the minimal side compared to this standard

Home - PLSA - Retirement Living Standards

Home - The Retirement Living Standards have been developed to help us to picture what kind of lifestyle we could have in retirement.

www.retirementlivingstandards.org.uk

 

[A mex eyecan]

All looks on the minimal side compared to this standard

Home - PLSA - Retirement Living Standards

Home - The Retirement Living Standards have been developed to help us to picture what kind of lifestyle we could have in retirement.

www.retirementlivingstandards.org.uk

there’s going to be an awful lot of skint, sad people ….

 

[Daddies_Sauce]

PLSA is made up from the Pensions industry and other parties, it's in their interst to overstate the values that people may need (especially if you use a members services). Track and have an idea of your own monthly/annual needs & budgets, as aways, do your own research.

 

[sussex_guy2k2]

there’s going to be an awful lot of skint, sad people ….

There really are. And considering those currently at retirement age are by far and away the wealthiest generation, it shows just how much of an issue young people will face.

Saying that, I’m surprised by just how little so many have in their pots.

 

[North of Robertsbridge]

All looks on the minimal side compared to this standard

Home - PLSA - Retirement Living Standards

Home - The Retirement Living Standards have been developed to help us to picture what kind of lifestyle we could have in retirement.

www.retirementlivingstandards.org.uk

Reading that link, it refers to post-tax income, For a couple to receive £59K post-tax (assuming neither strays into higher rate and both receive a full state pension) will require a total pre-tax retirement income of £66,194 by my back-of-an-excel-sheet calculation

There are a number of variables, but that feels to me like their comfortable requirement needs a joint pension pot well north of a million, plus any tax-free sums taken

 

[Napper]

Reading that link, it refers to post-tax income, For a couple to receive £59K post-tax (assuming neither strays into higher rate and both receive a full state pension) will require a total pre-tax retirement income of £66,194 by my back-of-an-excel-sheet calculation

There are a number of variables, but that feels to me like their comfortable requirement needs a joint pension pot well north of a million, plus any tax-free sums taken

Million just not realistic for most people

 

[Weststander]

There really are. And considering those currently at retirement age are by far and away the wealthiest generation, it shows just how much of an issue young people will face.

Saying that, I’m surprised by just how little so many have in their pots.

And the UK was the pension saving country in Europe. Several reasons for the decline eg DB schemes abandoned and many individuals gave up personal pension saving resting on auto enrolment. Plus for 20 years a jam today mindset eg latterly opting out of employers pension schemes. They should be mandatory.

 

[dazzer6666]

All looks on the minimal side compared to this standard

Home - PLSA - Retirement Living Standards

Home - The Retirement Living Standards have been developed to help us to picture what kind of lifestyle we could have in retirement.

www.retirementlivingstandards.org.uk

Not sure I buy those numbers at all. £59k post-tax should go a lot further than what they suggest (assumes no mortgage presumably).

 

[chrisg]

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

 

[Eric the meek]

And the UK was the pension saving country in Europe. Several reasons for the decline eg DB schemes abandoned and many individuals gave up personal pension saving resting on auto enrolment. Plus for 20 years a jam today mindset eg latterly opting out of employers pension schemes. They should be mandatory.

I totally agree. Start your pension provision early. Most people don't get the value of 'time in the market'.

 

[North of Robertsbridge]

Million just not realistic for most people

Three things I’d recommend from experience

1. Start early - 10% of income by age 25 and catch up if necessary
2. Marry someone with a defined benefit pension
3. In the last years before retirement, especially if mortgage is paid off, stuff in as much as possible to a DC pension/SIPP, like 50% of income

 

[Doonhamer7]

If you think how small private pension pots are in the UK, you should look how bad it in Europe (except in think the Dutch or Danes). The big 4 euro economies (Germany, France, Italy and Spain) do not have big personal pension savings at all so will become near totally reliant on the state. Whilst a big fan of being in the EU I was never a fan of joining the Euro for this reason. From memory (haven’t googled it) we has well over 100% of pension assets to gdp but France / Germany have c10% - they are all in for such a financial shock.

 

[Weststander]

Three things I’d recommend from experience

1. Start early - 10% of income by age 25 and catch up if necessary
2. Marry someone with a defined benefit pension
3. In the last years before retirement, especially if mortgage is paid off, stuff in as much as possible to a DC pension/SIPP, like 50% of income

Never opt out of auto enrolment. Can start as early as age 22.

Parents/grandparents start junior SIPP’s.

 

[Weststander]

If you think how small private pension pots are in the UK, you should look how bad it in Europe (except in think the Dutch or Danes). The big 4 euro economies (Germany, France, Italy and Spain) do not have big personal pension savings at all so will become near totally reliant on the state. Whilst a big fan of being in the EU I was never a fan of joining the Euro for this reason. From memory (haven’t googled it) we has well over 100% of pension assets to gdp but France / Germany have c10% - they are all in for such a financial shock.

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.

 

[Beach Hut]

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

I suspect most Premier League players spend £1,500 per week on clothes