Reply to: What could you get by on?

[_V_]

Whatever you did think you could live on, double it now.

https://www.thetimes.co.uk/article/h...sion-bfc82dtc9
https://www.theguardian.com/business...soon-warns-rac

[d000hg]

Oldest millennials are either 41 or turning 41 this year.

It's gen z, those 25 this year and under, who we are unlikely to be on CUK.

They changed it because the earliest tranche of millenials clearly aren't. Many of us are xennials, although you're looking at children of '90 as the core millys. Of course most of them are now married with kids and more interested in the property ladder than the glass ceiling now.

[SueEllen]

I don't think we have any of those do we?

Oldest millennials are either 41 or turning 41 this year.

It's gen z, those 25 this year and under, who we are unlikely to be on CUK.

[d000hg]

fixed for millennials!

I don't think we have any of those do we?

[TheDude]

I reckon £3k would do in retirement - current monthly spend with 2 kids and mortgage is in the £5k region.

[vetran]

What are you doing on CUK then?! Go live your BEST life

fixed for millennials!

[SueEllen]

Possibly when I say final-salary I mean it's linked (a multiplier), my bad if so. There were a lot of ructions when they changed it from final-salary to average-salary or some other metric. But the payouts were still vastly better than today or any private pension. They don't call them gold-plated for nothing - and this term preceded millennials.

The life time allowance has capped final salary pension payouts in the last couple of decades. (It was introduced in 2006)

But you can still get a job in the NHS/Civil Service if you want a career average salary pension.

Just expect that unless you reach a senior role you will be retiring after 57.

Though to be fair a lot of senior staff retire a few years after they stop contributing to their pension pots because they are pissed off with government policies. Some then go and work elsewhere.

[d000hg]

We're retired and get by on about £1200/month from savings & investments.

What are you doing on CUK then?! Go live your life

[DealorNoDeal]

We're retired and get by on about £1200/month from savings & investments.

Only possible because we're mortgage-free, and have never been interested in buying "stuff".

We'll get a decent boost from the state pension in a few years, which is currently paying £1556/month (£778/person).

[d000hg]

I've never heard of one final salary scheme that paid out the employees final salary in perpetuity. The most I'd ever seen/heard of is 2/3rds of final salary assuming 40 years service (lesser service would reduce the 2/3rd pro-rata). But, those stopped to new entrants a long time ago.

Can you provide details, or is this one of those millennial myths that get passed around as fact when they're whinging and blaming boomers for everything that's making life so unfair for them?

(no, i'm not a boomer)

Possibly when I say final-salary I mean it's linked (a multiplier), my bad if so. There were a lot of ructions when they changed it from final-salary to average-salary or some other metric. But the payouts were still vastly better than today or any private pension. They don't call them gold-plated for nothing - and this term preceded millennials.

[d000hg]

Most people in the patient facing NHS are there for reasons other than earning money

THought you said she was a lab manager. Good for her.

[SueEllen]

It's actually easy to find details of certain pension schemes in the public domain e.g. NHS pension scheme(s).

[malvolio]

As I said earlier, SWMBO's NHS pension is 50% of her final year's salary after 40 year's service. AFAIK that is the limit for all such schemes. You want more you buy AVCs.

[SueEllen]

I've never heard of one final salary scheme that paid out the employees final salary in perpetuity. The most I'd ever seen/heard of is 2/3rds of final salary assuming 40 years service (lesser service would reduce the 2/3rd pro-rata). But, those stopped to new entrants a long time ago.

Can you provide details, or is this one of those millennial myths that get passed around as fact when they're whinging and blaming boomers for everything that's making life so unfair for them?

(no, i'm not a boomer)

It is a myth.

I know, especially as I'm related to some of them, some people who are getting or will be getting reasonably large pensions. However they were high up in the organisation/firm they worked for and even then their pension is no where near 2/3rds of their final salary.

Also the average pension - as in median - for those in the civil service is something like £6K a year.

[malvolio]

Work for someone else, is more what I was thinking

Most people in the patient facing NHS are there for reasons other than earning money