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
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: What could you get by on?
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "What could you get by on?"
Collapse
-
Originally posted by SueEllen View Post
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.
Leave a comment:
-
I reckon £3k would do in retirement - current monthly spend with 2 kids and mortgage is in the £5k region.
Leave a comment:
-
Originally posted by d000hg View PostPossibly 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.
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.
Leave a comment:
-
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).
Leave a comment:
-
Originally posted by Paralytic View Post
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)
Leave a comment:
-
It's actually easy to find details of certain pension schemes in the public domain e.g. NHS pension scheme(s).
Leave a comment:
-
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.
Leave a comment:
-
Originally posted by Paralytic View Post
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)
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.
Leave a comment:
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: