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Pension of £100k a year?

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    #11
    Originally posted by WordIsBond View Post
    Either that, or be permie with the same company for more than 30 years and get a really nice final salary pension, and transfer it at the right time.
    Yeah - good point. I have a couple of deferred final salary schemes that I've collected over the years but they were very early in my career so based on very low salaries. If you manage to further your career and earn what you should and still enjoy yourself for 30 years - bloody good company!

    Personally, the most I've stayed anywhere (perm or contract at same client) is 7 years out of that last 31 and that's the outlier - usually 2-4 years but a few longer stints.

    I (currently a perm) was talking about this to one of my team earlier today - we both violently agreed that it comes down to 2 questions; a - are you enjoying yourself and b - is the money very good. Get two yes's and you stay.

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      #12
      Originally posted by handyandy View Post
      I (currently a perm) was talking about this to one of my team earlier today - we both violently agreed that it comes down to 2 questions; a - are you enjoying yourself and b - is the money very good. Get two yes's and you stay.
      I've done violent disagreements but not violent agreements.

      Early on, for me, it was really only question b). I had a family early, so if I hadn't enjoyed it but the money was good, I'd have stayed anyway. Kind of the old fashioned mindset that you don't have to enjoy your job, it's just a bonus if you do. But it just so happened through some lucky breaks that I became known as an expert in our niche and my employer made quite a bit of money by using me in a consulting role in the industry, and that became a lot of fun.

      Now, question b) doesn't even really matter, except for the ego of still being able to make good money. Now, it's entirely a). As long as I'm enjoying myself, I'll keep at it. If that changes, I'll retire, and spend all day posting inflammatory comments on Internet forums somewhere.

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        #13
        Originally posted by WordIsBond View Post
        I've done violent disagreements but not violent agreements.

        Early on, for me, it was really only question b). I had a family early, so if I hadn't enjoyed it but the money was good, I'd have stayed anyway. Kind of the old fashioned mindset that you don't have to enjoy your job, it's just a bonus if you do. But it just so happened through some lucky breaks that I became known as an expert in our niche and my employer made quite a bit of money by using me in a consulting role in the industry, and that became a lot of fun.

        Now, question b) doesn't even really matter, except for the ego of still being able to make good money. Now, it's entirely a). As long as I'm enjoying myself, I'll keep at it. If that changes, I'll retire, and spend all day posting inflammatory comments on Internet forums somewhere.
        We tread a similar path, it seems.
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          #14
          Originally posted by Fred Bloggs View Post
          We tread a similar path, it seems.
          I imagine that's fairly standard. When you've got several mouths to feed and a big mortgage, you need that higher income. Hopefully in time that need drops and you can be a bit more picky about what you do.

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            #15
            You would need to have a final salary pension to get the maximum pension pot.
            Yep, because the calculation works differently and doesn't include the spouse/dependents benefits too. In my mind final salary 'pot' can be twice a cash 'pot' before been penalised. Where's the Daily Mail when you need them, unfair!

            For just pure cash pension my last statement was taking of a 39:1 ratio, ie £39k invested pays out £1k pension - so for your £100k you'd need nearly £4m...

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              #16
              Originally posted by WordIsBond View Post
              I've done violent disagreements but not violent agreements.

              Early on, for me, it was really only question b). I had a family early, so if I hadn't enjoyed it but the money was good, I'd have stayed anyway. Kind of the old fashioned mindset that you don't have to enjoy your job, it's just a bonus if you do. But it just so happened through some lucky breaks that I became known as an expert in our niche and my employer made quite a bit of money by using me in a consulting role in the industry, and that became a lot of fun.

              Now, question b) doesn't even really matter, except for the ego of still being able to make good money. Now, it's entirely a). As long as I'm enjoying myself, I'll keep at it. If that changes, I'll retire, and spend all day posting inflammatory comments on Internet forums somewhere.
              Money often matters more - but perhaps for different reasons: for some it's a responsibility to family, for others it's ambition, for others it's just plain ol' fashioned greed

              Most people don't work for the love of their jobs. I used to enjoy IT when I was younger, for the first 10 years or so of my career, but then I went contracting.... then I stopped loving IT and instead more enjoyed the benefits of contracting: choice, money, control, flexibility etc.

              One of the reasons I started this thread was because I feel I've worked damn hard for 20+ years and one of my objectives has always been to (semi-)retire early. There's more to life than working/money and I want to get out there and do something else. So I've made sacrifices for a long time and have been investing over the years and probably could stop working now in my 40s but some choices would have to be made, especially as I have a young family. I'm just waiting to run out my current contract, which could go on another 6 to 12 months.

              I often get asked "how much is enough" and I tell them it's never enough, there's always someone with more, but you have to be strong enough to make the call when best suits you.

              It's a failed policy to work all your life waiting for retirement in your 60s. Unless of course you love your job, in which case it won't feel like work, more a passion. I think mini-retirements throughout your working life are the way to go, if one can factor that into their career.

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                #17
                Originally posted by ChimpMaster View Post
                I guess to have a good life, £5k/month would suffice for living expenses and some luxuries, considering income tax will take a chunk too.
                £5k a month is more than I live on at the moment, and I intend that my expenses are lower in retirement than when I have kids to fund.
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                  #18
                  ^^^^ This. It's a real nice feeling when everyday feels almost like a paid vacation. Not so nice is being old enough to be in that situation. I'll carry on while I feel that way and when it no longer does, I'll quit.
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                    #19
                    I'm not actually retired, just stopped looking too hard for new work. Ditto the other half, formally retired but doing part-time, on demand work aligned to her old role. But the mortgage is long gone, all three vehicles on the drive are paid for, we don't owe anyone anything, we have savings and an adequate pension income (haven't touched my main pension fund yet, that's still growing at 5-6% pa...) and we live comfortably, eat well, and can indulge when the mood takes us. We both do work, but it's either things we want to do for fun or unpaid volunteering

                    IMHO that's the real target: not how much you are "earning" but how well you can live on what you have. The main advantage of getting retirement right is that you stop worrying about stuff.
                    Blog? What blog...?

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                      #20
                      Liking the positive attitude in this thread. A simplistic measure i use is how long i need to work to pay all my family bills for the month. In the old days it could have been 2 weeks to pay for a month. These days a month's work pays comfortably for a year. As long as critical health problems do not appear, and offers of work do not dry up, the large pension pot is less relevant to others in a similar situation to myself.
                      ‘His body, his mind and his soul are his capital, and his task in life is to invest it favourably to make a profit of himself.’ (Erich Fromm, ‘The Sane Society’, Routledge, 1991, p.138)

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