Reply to: Pension of £100k a year?

[Hobosapien]

Don't sweat the future, it happens anyway. Owt can happen. YOLO, YODO.

[Fred Bloggs]

Retire at same time and go do whatever you want to do in retirement? May mean one of you works longer than you want but that's the compromise of being in a couple.

Fully accepted, I made that point ^^^^^ there somewhere. It's down to me. I already resigned myself to working 5 or 6 years longer than I thought only a short time ago. Luckily, I am fortunate enough to be on good money doing stuff I like doing anyway.

[b r]

Agreed. Snag is for my wife, if she did not have me to rely on, how could she fund the extra seven years of no pension if she retired at 60 still? She takes home about GBP 800 a month from work. How could she possibly live on that AND fund an extra seven years of retirement?

Yes, but lets be clear she did have many years (announced in 1995) of warning of this - and (puts on tin hat), they did want 'equality' :-)



Paul Lewis Writing Archive - Wilkie Collins

[Hobosapien]

Agreed. Snag is for my wife, if she did not have me to rely on, how could she fund the extra seven years of no pension if she retired at 60 still? She takes home about GBP 800 a month from work. How could she possibly live on that AND fund an extra seven years of retirement?

Retire at same time and go do whatever you want to do in retirement? May mean one of you works longer than you want but that's the compromise of being in a couple.

[Fred Bloggs]

Can't you still take non-state pensions from age 55, men and women?

If so put more in alternative pension pots to cover the gap from 55 (or 60 or whatever) until can start drawing the state pension.

Agreed. Snag is for my wife, if she did not have me to rely on, how could she fund the extra seven years of no pension if she retired at 60 still? She takes home about GBP 800 a month from work. How could she possibly live on that AND fund an extra seven years of retirement?

[Hobosapien]

Can't you still take non-state pensions from age 55, men and women?

If so put more in alternative pension pots to cover the gap from 55 (or 60 or whatever) until can start drawing the state pension.

[Fred Bloggs]

Trying to figure out if that was intentional or not.

Phat Phinger moment.

[WordIsBond]

I'll be working five or six tears longer

Trying to figure out if that was intentional or not.

[Fred Bloggs]

I'm taking the p. Its a bad joke amongst the people I know that the government is lying to us about the state pension age.

Though there have been 2 reports that have been buried due to Brexit which say that the state pension age needs to go up if you are 48 or under. The government of the day will likely do what they did with the women's state pension age increase to 65 and rush it in at some point.

It's bad enough that I have lost a year of pension entitlement. I'm totally pi55ed off with it that Mrs Bloggs is losing SEVEN years of pension entitlement. And with no plan available by HMG to mitigate the effect on finances for families who planned on receiving it as promised. What can you do? It's likely the alternative would be even worse. The plan at the moment is for me save up enough in a pot to pay it myself so she can still quit at 60. Of course, not everyone can do that and it (partly is the reason why it) means I'll be working five or six tears longer than I had though too.

[SueEllen]

Really? Mrs Bloggs has had her state pension age increased from 60 to 67. It's robbery but under a different name. Mine has gone from 65 to 66.

I'm taking the p. Its a bad joke amongst the people I know that the government is lying to us about the state pension age.

Though there have been 2 reports that have been buried due to Brexit which say that the state pension age needs to go up if you are 48 or under. The government of the day will likely do what they did with the women's state pension age increase to 65 and rush it in at some point.

[Fred Bloggs]

At age 72...

Really? Mrs Bloggs has had her state pension age increased from 60 to 67. It's robbery but under a different name. Mine has gone from 65 to 66.

[SeanT]

£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

[SueEllen]

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...

[Crossroads]

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.

[Hobosapien]

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.