oh dear (tm): Millions face 'retirement crisis' over pensions tax raid

[mudskipper]

serious question, how much money is required to retire at 60
My current epenses are 25k/annum

Well under the old annuity system, £100K would buy you about 5K of annuity. So around half a million for 25K. But I think that was based on retiring at 65. Chuck in another £100K to see you through till then.

[AtW]

Well under the old annuity system, £100K would buy you about 5K of annuity. So around half a million for 25K. But I think that was based on retiring at 65. Chuck in another £100K to see you through till then.

£100k would right now buy £5k annual income???

[AtW]

Whatever your dreams were, they're not the same as mine.

Your dreams were too small and pathetic old man, move aside!

[mudskipper]

£100k would right now buy £5k annual income???

Here you go

https://www.hl.co.uk/pensions/annuit...best-buy-rates


Better take up smoking.

[AtW]

Here you go
https://www.hl.co.uk/pensions/annuit...best-buy-rates
Better take up smoking.

How can they afford to pay 4-7% per annum when rates are so low?

Oh wait, it's a ponzi scheme where they pay you out of your own money hoping that you'll kick the bucket before they use up your money

[mudskipper]

How can they afford to pay 4-7% per annum when rates are so low?

Oh wait, it's a ponzi scheme where they pay you out of your own money hoping that you'll kick the bucket before they use up your money

It's not 'interest' - you don't get to keep the capital.

[AtW]

It's not 'interest' - you don't get to keep the capital.

So what happens when they use up your £100k and you are still alive?

[SueEllen]

So what happens when they use up your £100k and you are still alive?

Other poor sods would have kicked the bucket so they use their money.

[AtW]

Other poor sods would have kicked the bucket so they use their money.

So if you start smoking, have generally unhealthy lifestyle just before buying annuity then you'd get higher amount?

[MarillionFan]

serious question, how much money is required to retire at 60
My current epenses are 25k/annum

Why would you want a pension that only just covers your expenses? I want an income that covers not only my expenses but gives me at least 3 or 4 extra per month for life's luxuries / holidays etc

70 or 80k would be about right