How much do you live on in retirement?

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Re: How much do you live on in retirement?

Postby hammer etc on Thu Sep 07, 2017 1:07 am

Rio wrote:I've spent most of my adult life in debt and terrified to look at my bank balance, let alone the future. I've no idea where to turn to for advice for retirement. I looking forward to endless days of beans on toast and reusing tea bags


My dad gave up work at 55 with no assets. He eventually got a pension of around £400 a year at retierment age from a private pension. He qualifies for mobility allowance and gets his state pension. He's know 86 and has more money in the bank than he ever had. He lives a simple life has not drank alchohol for years but smokes roll ups.

The question is how to live on limited funds?

1.If you like to read join the libruary.
2.Go for walks in the summer months.
3.Get a free bus pass if one is available in your area.
4.Do voluntary work.
5.Write your autobiography.

Any more ideas.
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Re: How much do you live on in retirement?

Postby Tenbury on Thu Sep 07, 2017 7:54 am

I'm retired 160 weeks.from now. I've signed over the house(paid for) and everything else,bar a few books,to the kids and their mother.
It seems I'll have about £150ish a week from a state pension.If I can afford a cheap old motor home,I 'm going to live in that, if not I'll put my stuff on my bicycle and head off.As a single person, I can,and often have, got by comfortably on forty or fifty quid a week,so I'll be fine.for me,retirement should be for having the opportunity to be yourself.
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Re: How much do you live on in retirement?

Postby mushy on Thu Sep 07, 2017 11:50 am

Hammers Dad wrote:I cannot claim Alpha until state pension age of 67.

How come? Company pension age and state pension age are entirely separate, surely you can take Alpha at any age after 55?
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Re: How much do you live on in retirement?

Postby mushy on Thu Sep 07, 2017 11:54 am

Hugh Jargon II wrote:That's a fair point. There has been a price for sure. Hopefully my retirement will relinquish the demons :arry:

Do you get your 2/3rds pension after 30 years service (the same as the Police)?
And isnt this what the current disputes are about, they are expecting fireman to shin up ladders into their sixties?
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Re: How much do you live on in retirement?

Postby Hammers Dad on Thu Sep 07, 2017 12:45 pm

Hammers Dad wrote:I cannot claim Alpha until state pension age of 67.
mushy wrote:How come? Company pension age and state pension age are entirely separate, surely you can take Alpha at any age after 55?

Nope.
I can claim Classic from 55 but Alpha is from 67. It says so at the top of my pension statement that it can be drawn at state pension age.
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Re: How much do you live on in retirement?

Postby Hugh Jargon II on Thu Sep 07, 2017 9:02 pm

For a lucky few (olduns) we have clung onto the 50 and min of 25 years service mushy.

If you were the wrong age (April 2013) you got screwed. I know a fire fighter if he had been born a day later he wouldn't have to work another 10 years (60)
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Re: How much do you live on in retirement?

Postby mushy on Thu Sep 07, 2017 9:07 pm

Hugh Jargon II wrote:For a lucky few (olduns) we have clung onto the 50 and min of 25 years service mushy.

If you were the wrong age (April 2013) you got screwed. I know a fire fighter if he had been born a day later he wouldn't have to work another 10 years (60)

Yes Hugh my son-in-law is in the screwed camp.
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Re: How much do you live on in retirement?

Postby delbert on Thu Sep 07, 2017 9:30 pm

mushy wrote:How come? Company pension age and state pension age are entirely separate, surely you can take Alpha at any age after 55?


My current scheme only pays out at 60 if I'm still there on my last day, if I leave early for whatever reason I don't get it until I reach state pension age. I'm no fortune teller but after the age of 55 I have to have yearly medicals to continue in post, I reckon it will be my last medical when they'll find a reason to bin me to save themselves a few quid.........
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Re: How much do you live on in retirement?

Postby hiphophammer on Fri Sep 08, 2017 11:57 pm

Hammersdad - I too am in alpha and whilst your normal pension age is the same as your state pension age, that's only if you want your pension to be unreduced. You will be able to take it earlier but you it will be reduced accordingly to take into account the longer period of time you are receiving it. If you're in any doubt all the literature they sent with your statements and when you joined the scheme will provide you with more info. Tbh, the quickest way will be to ring the administrators and ask them the question which will put your mind at ease.

I am 3 years into a scheme which effectively pays 50ths accrual and currently for contributing c.3k a year it's worth c.1k a year of pension at normal retirement age. As salary goes up, so will my contributions but more importantly so does my pension. Stay there for 30 years and the theory being I'm worth 30k a year at retirement if I stayed on the same salary, which fingers crossed I'm not!

Long term plan as I'm 'only' 35 is get as many years final salary under my belt with the intention at retirement to transfer into DC and squeeze some more value from the pot, assuming they let me. I don't want to keel over straight after retirement with a potentially valuable pot which ends up just paying a pretty average spouses pension. I want her/the kids to have the full value of my pot effectively available as cash. Things will no doubt change and I won't stay where I am forever but the jobs alright so far.

I also have a couple of DC pots which whilst not significant will help a little especially not least because the missus has absolutely **** all pension wise and in effect would be relying on any inheritance as a replacement for a pension. I try and drum in the importance of pensions but it falls on deaf ears so know really the retirement income will need to be coming from me.
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Re: How much do you live on in retirement?

Postby mumbles87 on Sat Sep 09, 2017 10:04 am

hiphophammer wrote:.

I also have a couple of DC pots which whilst not significant will help a little especially not least because the missus has absolutely **** all pension wise and in effect would be relying on any inheritance as a replacement for a pension. I try and drum in the importance of pensions but it falls on deaf ears so know really the retirement income will need to be coming from me.


when I first met my wife I hated her job.. (teaching assistant) meant we always have to be off in school holidays (harder to get off from work) higher holiday costs... cant have random days off together (I get rest days in the week sometimes so would be nice to see her)

now im older im so grateful for it

Childcare will be cheaper as she can cover the holidays (minders offer term time only for our little one)

and also she at least has some kind of pension in place
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Re: How much do you live on in retirement?

Postby alkali on Sat Sep 09, 2017 6:31 pm

£2k a month :raver:
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Re: How much do you live on in retirement?

Postby The Old Man of Storr on Mon Sep 11, 2017 7:53 pm

Rio wrote:I've spent most of my adult life in debt and terrified to look at my bank balance, let alone the future. I've no idea where to turn to for advice for retirement. I looking forward to endless days of beans on toast and reusing tea bags


Our overdraft kept getting bigger and bigger as the years went by , why our Bank Manager or whoever arranges the overdrafts ever allowed us to have such extensive facilities gawd only knows - Seven years ago I gave up drinking alcohol , three years ago I stopped behaving like a child thinking just because I'd given up alcohol I deserved a treat of something or other so stopped buying stupid things I didn't need - now , after paying off overdrafts for years we're managing our money a lot better , ironically on the least amount of money we've ever had coming in .
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Re: How much do you live on in retirement?

Postby Shanghai Hammer on Mon Sep 11, 2017 8:53 pm

Based on this thread it's prompted me to look into a few things regarding my pension so it's been really helpful,

On the downside it's shown me that if my wife kills me she will be quite rich. If you don't hear from me for a while...
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Re: How much do you live on in retirement?

Postby bubbles1966 on Thu Sep 14, 2017 5:13 pm

What you need depends on what you want and where you choose to live, I suppose. I'd guess it also relies quite heavily on marital status.

Whenever HRH and I discuss this now, the conversation relates to how much we'd have as a couple, and how much we would have if either one of us passed away. The one thing we don't discuss, and which hopefully never happens, is if we separated - which would be as bad as one of us getting ill.

We both have entitlement to a public sector pension - Mrs Bubbs has hers in full payment now, while I have to wait until 60. We'd both have a widow(er)s entitlement on the death of one of us.

I potentially have entitlement to an employer pension from the private sector from my first job. I need to run a trace.

We are both close to meeting the 35 year contribution level for full state pensions. I'm not sure how it works but I was previously told I had made added contributions which entitled me to a second state pension on top. That may have been abolished.

We also have our home where we have close to half a million in equity at today's prices. She has equity in foreign property as well. We often discuss downsizing now rather than waiting.

We have life insurance on our mortgage, but are both increasingly inclined towards taking out policies to cover us between now and retirement (I'm 51, she's 52) so we would have cash in the bank if either passes away. In the past few months we've been to funerals of people aged 47 and 54,

For all this, I've seen my life turned upside down on more than one occasion in periods much shorter than the time I have to wait to get a pension, so I won't be counting any chickens.

Long Lost Company Pensions: https://www.findpensioncontacts.service.gov.uk/type-of-pension

State Pension Contributions: https://www.tax.service.gov.uk/check-your-state-pension
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Re: How much do you live on in retirement?

Postby delbert on Thu Sep 14, 2017 6:26 pm

Has anyone looked into the practicalities (or know someone who already has) of selling up, downsizing over here and buying a gaff overseas for the cold winter months?
If so, where?
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Re: How much do you live on in retirement?

Postby bubbles1966 on Thu Sep 14, 2017 7:03 pm

Depends how much your place is worth.

There's plenty of property in the Med for a fraction of London prices.

http://www.rightmove.co.uk/overseas-property.html
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Re: How much do you live on in retirement?

Postby hammerdivone on Thu Sep 14, 2017 7:48 pm

Not quite as simple as that though bubbs is it. When you factor in healthcare costs in later life etc. it is a risk although for some well worth taking.
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Re: How much do you live on in retirement?

Postby delbert on Thu Sep 14, 2017 9:59 pm

We've looked ever so briefly at Florida, properties are outrageously cheap. However potential hurdles include health cover, plus things like paying two lots of utilities, car hire for when over there etc.
I suppose an option would be to just spend a couple of months over there in the winter and rent the place out for most of the rest of year...,....
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Re: How much do you live on in retirement?

Postby Vince on Thu Sep 14, 2017 11:15 pm

delbert wrote:We've looked ever so briefly at Florida, properties are outrageously cheap. However potential hurdles include health cover, plus things like paying two lots of utilities, car hire for when over there etc.
I suppose an option would be to just spend a couple of months over there in the winter and rent the place out for most of the rest of year...,....



Del, not sure what part of FL you are looking at, but in FL the winter months are the best time to rent as all the snow birds come down from the North and rent for the duration of the winter months.
Summer month's is off season as it's only mad dogs and Englishman who are out in the midday sun.
If you are seriously thinking about this drop me a PM, I maybe able to help as our company get involved in this sort of thing.
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Re: How much do you live on in retirement?

Postby delbert on Fri Sep 15, 2017 5:36 am

Cheers mate, it's pretty much a pipe dream at the moment as I've got a few years to go yet. I know if we did we couldn't stay for more than 6 months at a time which wouldn't be a problem as we'd still aim to have most of the year in the UK.
As for the area? Still under investigation, as we can't even agree on that...!!
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