Money needed to retire

Redwurzel

Well-known member
It doesn't make sense that people who contracted out can get the full state pension. I tend to believe Red is best in that it shows potential maximum pension. Alot of people who worked from 1978 to 2015 will get the basic state pension about £130 not £180. They will have an occupation pension or private pension that should take them above £180 in some cases well above £180. I read somewhere that the average retired person was getting around £400/week. (of course they will be a wide spread in that)
 

ThatFragranceGuy

Well-known member
I'll get full state pension and so far have 3 company pensions although I didn't really understand much about them in my early career and prettt much just put the basic amount in which company matched, which think was 3%

Making up for it now as current employer doubles contributions up to 12% so I put 6% in, they put 12% in and then I am putting extra in to top up over and above that

we overpay our mortgage by 5% each year and we're looking to gradually ramp that up, and remortgage ar end of each deal and hope to pay that off significantly sooner than retirement date. We fixed in for 5 years at a low rate right before the pandemic took grip so that saved us a lot , with the savings going back into overpayments. My girlfriend is 12 years younger than me so I suppose less problematic in terms of we'll still have a full income coming in from her work and her pension is NHS and quite good, and mortgage will be paid off long before she retires so her disposable income for savings etc will become greater.
 

WilliamMunny

Active member
Pension poverty is, I’m afraid, with us now. Energy increases, council tax increases around the corner, food and drink increases and who knows what else is going to hit us? For some, I fear it will be a hard life in retirement. I assume a lot will try and continue working.

If you can defer your state pension you get 1% increase for every 5 weeks- 10% a year. Best saving rate out there!
That information is well out of date Nosmo. It's 1% for every 9 weeks now.
 

weststandwally

Active member
It doesn't make sense that people who contracted out can get the full state pension. I tend to believe Red is best in that it shows potential maximum pension. Alot of people who worked from 1978 to 2015 will get the basic state pension about £130 not £180. They will have an occupation pension or private pension that should take them above £180 in some cases well above £180. I read somewhere that the average retired person was getting around £400/week. (of course they will be a wide spread
 

Corco65

Well-known member
I had to review my pensions last year in an attempt to finance myself through the pandemic. I am a director of a new small business and got no state support. I drew down an amount from my final salary pensions and transferred them into a Sipp. I know that this is a risk, however the amounts were much bigger than expected, and my living situation didnt work keeping them in the original company schemes. I am divorced and my kids are now adults, if I died then they would nt benefit as they are not financially dependant.
My pension is now invested and run by a regulated management company, who provide regular updates. I was lucky to be able to invest in the time of the pandemic as the bounce back in the stock markets has given me a good first year return.
The only problem with all of this, is that I am aware that I only have about 15 years worth of money to retire on. I am not in the greatest health and am currently having a discussion with the NHS about the future. Obviously they want to keep me well for as long as possible, I want to enjoy a good quality of life for the next few years, but not a long life. My parents died from cancer and dementia, the prospect of living in a care home is not appealing.
So I am embarking upon, a new regime of drink, mixed grills, motorbikes and wild wild women. Hopefully that puts a smile on my face for the next 15 years.
Sorry to hear about your difficulties BID, i hope things work out in the best way you want them to.
 
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