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Pension of £100k a year?

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    #31
    Originally posted by Fred Bloggs View Post
    But, kind of missing the point there, somewhat. It was never a mutually exclusive situation. I paid 1% of salary into my final salary pension plan. I moved to another company, got a salary increase and there I paid 2%. In some blue chip companies the final salary pension was free. So you could have a decent pension and it really had no impact on you enjoying your life.
    Was is the important bit. I know no one under 45 with a final salary pension in the private sector, and a lot I know up to 55 who initially had one in the private sector had their scheme closed then moved out of it.

    The old people I know "living it up" on their pensions have already retired and one case recently died in her 90s.
    "You’re just a bad memory who doesn’t know when to go away" JR

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      #32
      What??!!

      Originally posted by TheFaQQer View Post
      State pension is around £16k .
      It's not much more than a third of that.
      "Don't part with your illusions; when they are gone you may still exist, but you have ceased to live" Mark Twain

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        #33
        Originally posted by Cirrus View Post
        It's not much more than a third of that.
        I think all the numbers have been quoted for a couple, State Pension for a couple both with 35yrs NI is 16.2K.

        Speaking as half a couple with no mortgage and one grown up child, our number for relative comfort is 36K/yr.
        My subconscious is annoying. It's got a mind of its own.

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          #34
          Originally posted by Cirrus View Post
          It's not much more than a third of that.
          The basic state pension is 122.30 per week linky
          "You’re just a bad memory who doesn’t know when to go away" JR

          Comment


            #35
            Originally posted by SueEllen View Post
            The basic state pension is 122.30 per week linky
            Most of us still working will get the new flat rate state pension which is about £159 a week

            https://www.gov.uk/new-state-pension
            Contracting is like plumbing. You're your own boss until you walk into someone's house and they tell you to take your shoes off.

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              #36
              Originally posted by pjclarke View Post
              I think all the numbers have been quoted for a couple, State Pension for a couple both with 35yrs NI is 16.2K.

              Speaking as half a couple with no mortgage and one grown up child, our number for relative comfort is 36K/yr.
              £3k/month without mortgage and no kids still depending on you. Sounds pretty good. Anything beyond is just gravy.

              Thing is, it's nice to have gravy.

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                #37
                I don't see how anyone can plan so far ahead in regards expected or desired pension income once retired. Unlikely the rules will be anything like they are now.

                More worryingly I can foresee a time when the state pension is deemed enough to live off (maybe it will be bumped up to a certain threshold to cover typical bills and expenditure of an OAP) and all the additional pension pots are taxed out of existence to pay for the state pension for everyone. Of course those making the rules will ensure they are exempt/unaffected one way or another, so need to keep an eye on what they do to protect their position and do similar.
                Maybe tomorrow, I'll want to settle down. Until tomorrow, I'll just keep moving on.

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                  #38
                  Great thread.

                  I've read several of ChimpMasters posts on this subject and often felt I could have written them myself.

                  41. Effectively debt free and ignoring contract income a mix of drawing down savings, taking income from investments and B2L income might see me clear £4k/month. But how to calculate what is "enough" is a very difficult thing indeed, especially whilst in a contract.

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                    #39
                    Originally posted by InsertWittyNameHere555 View Post
                    Most of us still working will get the new flat rate state pension which is about £159 a week

                    https://www.gov.uk/new-state-pension
                    At age 72...
                    "You’re just a bad memory who doesn’t know when to go away" JR

                    Comment


                      #40
                      Originally posted by ChimpMaster View Post
                      £3k/month without mortgage and no kids still depending on you. Sounds pretty good. Anything beyond is just gravy.

                      Thing is, it's nice to have gravy.
                      He said they were grown up, not financially independent

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