raymundo:
Trying to build up my pension pot, expected age of retirement … 86 year old (internet search … lol)
Yep. The small print on
“This amount COULD buy you an income of X amount”
needs some reading.
Read what the projections are.
Read what they were from 20yrs ago.
Read how much you COULD get.
Then read how much funds you need for a decent income today.
Frightening.
Sent from my GT-S7275R using Tapatalk
Pensions have changed dramatically past few yrs my SIPP pension works nothing like that.
I’m looking forward to the Sun on my back/sand on my toes and a cold beer in my hand Mon to Fri,
never get bored of that!!![emoji41]
raymundo:
Trying to build up my pension pot, expected age of retirement … 86 year old (internet search … lol)
Yep. The small print on
“This amount COULD buy you an income of X amount”
needs some reading.
Read what the projections are.
Read what they were from 20yrs ago.
Read how much you COULD get.
Then read how much funds you need for a decent income today.
Frightening.
Sent from my GT-S7275R using Tapatalk
Pensions have changed dramatically past few yrs my SIPP pension works nothing like that.
I’m looking forward to the Sun on my back/sand on my toes and a cold beer in my hand Mon to Fri,
never get bored of that!!![emoji41]
Sent from my SM-J500FN using Tapatalk
With no offense, until that pension is in your account all it is worth is the paper its written on
raymundo:
Trying to build up my pension pot, expected age of retirement … 86 year old (internet search … lol)
Yep. The small print on
“This amount COULD buy you an income of X amount”
needs some reading.
Read what the projections are.
Read what they were from 20yrs ago.
Read how much you COULD get.
Then read how much funds you need for a decent income today.
Frightening.
Sent from my GT-S7275R using Tapatalk
Pensions have changed dramatically past few yrs my SIPP pension works nothing like that.
I’m looking forward to the Sun on my back/sand on my toes and a cold beer in my hand Mon to Fri,
never get bored of that!!![emoji41]
Sent from my SM-J500FN using Tapatalk
With no offense, until that pension is in your account all it is worth is the paper its written on
Yep.
“Investments can go down, as well as up”.
And my point is that the amount of funds needed to buy any annuity is much more today, than it was in the past, and it seems to me will only increase.
Plus the standardised projections used on many investments, although a method of comparing different providers, aren’t a good “real world” picture.
switchlogic:
Retirement doesnt feature in my plans. I enjoy work way too much (and no, I don’t see that changing…)
I’m guessing you are in you mid-late 30s? In my experience it’s quite normal for somebody in their 30s to think that they will not change as they grow older, yet they do. Both body and mind change, and the novelty does tend to have worn off completely after thirty or forty years of doing the job. I know people who still work after retirement age, but the vast majority do so because they have to, not because they want to.
switchlogic:
Retirement doesnt feature in my plans. I enjoy work way too much (and no, I don’t see that changing…)
I’m guessing you are in you mid-late 30s? In my experience it’s quite normal for somebody in their 30s to think that they will not change as they grow older, yet they do. Both body and mind change, and the novelty does tend to have worn off completely after thirty or forty years of doing the job. I know people who still work after retirement age, but the vast majority do so because they have to, not because they want to.
I could retire tomorrow if I wanted to, what I do now is to choose my work to suit myself, years ago I had no option but to work. I have had one business go bankrupt and know what it is like to literally be penniless, I enjoy my work only because I now choose the jobs I like to do, if I don’t like it, I simply move on and do something else. My sons run my business now so I have no pressures but I have financial security from it. I could not think of retiring unless I was in a job that I hated. Everyone has different circumstances and mine may be the same as others but I would say keep moving rather than sitting still.
raymundo:
Trying to build up my pension pot, expected age of retirement … 86 year old (internet search … lol)
Yep. The small print on
“This amount COULD buy you an income of X amount”
needs some reading.
Read what the projections are.
Read what they were from 20yrs ago.
Read how much you COULD get.
Then read how much funds you need for a decent income today.
Frightening.
Sent from my GT-S7275R using Tapatalk
Pensions have changed dramatically past few yrs my SIPP pension works nothing like that.
I’m looking forward to the Sun on my back/sand on my toes and a cold beer in my hand Mon to Fri,
never get bored of that!!![emoji41]
Sent from my SM-J500FN using Tapatalk
With no offense, until that pension is in your account all it is worth is the paper its written on
I’m well aware of that,
been investing on a small scale as a “working class” man past 30yrs and am very happy the way things have gone to date.
Certainly better than under the mattress or the horses or pishing it up against a wall !!![emoji848][emoji847]
switchlogic:
Retirement doesnt feature in my plans. I enjoy work way too much (and no, I don’t see that changing…)
I’m guessing you are in you mid-late 30s? In my experience it’s quite normal for somebody in their 30s to think that they will not change as they grow older, yet they do. Both body and mind change, and the novelty does tend to have worn off completely after thirty or forty years of doing the job. I know people who still work after retirement age, but the vast majority do so because they have to, not because they want to.
On the money there Harry lad.[emoji106]
(Excuse the pun!!!)
Don’t buy an annuity.
You’ll need to live till your 160,just to break even
Move all your existing pensions into a sipp account…and invest in exactly the same things as your pension provider…with exactly the same tax breaks…but without those ponces skimming all the cream.
I am 56 this year and I think 2 or 3 more years will do me it all depends when other parts of the uk bring in euro6. At the moment i am sat at home in my third week off work due to an operation with the posserbiliy of another 6 weeks off due to the same operation.
I thought I would struggle with so much time off after working flat out for over 30 years but this has not been the case I am very much enjoying it and really do not won’t to go back to work it’s not until you have so much time off you realise how much hassle the job is.I am very lucky in that I have no mortgage and the truck is payed for my wife and I have been wise over the years with our money and being like that I could retire tomorrow
My truck has just turned 5 years old and is still in mint condition so my plan is when I go back to work to work flat out until euro 6 comes in every where so I can go nowhere in this truck then instead of buying a euro 6 truck just take the money and run then get a little job just for 2days a week as I have said in other posts I do not enjoy the work as I once did
commonrail:
Don’t buy an annuity.
You’ll need to live till your 160,just to break even
Move all your existing pensions into a sipp account…and invest in exactly the same things as your pension provider…with exactly the same tax breaks…but without those ponces skimming all the cream.
You can opt for a yearly “drawdown” SIPP which is prob what I’m going to do.
Gonna use my SIPP like this over the yrs 60 to 70 and try to fulfil the “bucket list”.[emoji41]
By the time I’m 70 prob just wanna relax in Sun somewhere as much as possible!!!
Retired around this time last year, aged 55, don’t have the best of health so was able to get my pension enhanced. Used to love driving and when I first started it was the best job in the world, worked for a really good firm which sadly no longer exists. When I retired I was working for the worst firm I have ever worked for so a very easy decision. Is there any such thing as a good job anymore?
Working in a high cost of living country, but living in a low cost one, I predict my retirement to commence no later than my 50th birthday, 15 years from now.
So that will be when I do what I want to do, not what I have to.
Kempston:
Retired around this time last year, aged 55, don’t have the best of health so was able to get my pension enhanced. Used to love driving and when I first started it was the best job in the world, worked for a really good firm which sadly no longer exists. When I retired I was working for the worst firm I have ever worked for so a very easy decision. Is there any such thing as a good job anymore?
I’ve got two drivers over 70 and four I think over 60. I’ve had two die whilst working for me at 70 and 64. None actually want to finish and I know one of the 70 year olds is very comfortably off, but he’d miss coming in and getting out and about and the social aspect.
I am 64 next month and intend to retire next September, as soon as my UK pension allows me to claim it. In my younger years I could not be made to invest in an extra pension or here in the USA, a 401k, I thought too much about having a take home pay that is higher than those who did join such schemes, I was very wrong !
When I worked for Federal Express in the UK from 1988 to 1994 the company enrolled me in a pension but I refused to pay a share, the entire amount of contributions were made by Fed Ex alone. On starting at my first US trucking company I was asked if I wanted to join the 401K scheme ? “No” was my fast answer, "I have worked out that if I retire at 65 I will have accumulated just $50k. I got the impression that the thought of a driver retiring at 65 and not working until you drop dead was shocking to them. In fact since leaving that company a couple of their drivers who stayed on into their 70’s died working there. The company I have worked for since April 2007 enrolled me in their 401K and if I didn’t like it the option was to leave the company, it involved me contributing and they matching the amount. I have since joining discovered that it was the best thing that has happened to me workwise, the 401K is basically a profit sharing scheme and I can pull money out as and when I may need it, I can take it out as a type of loan and repay it weekly, as it is my own money I am really repaying myself, once a member reaches 59 and a half he or she can pull the entire amount out if they wish, it still keeps growing, for instance I have in the past taken about 3 loans out and paid them back over a year long period, so building the savings up, in 2014 I pulled out $25,000, I bought my wife her dream antique Jeep Wrangler, did work on the house and took us all to the UK for 2 weeks, I also placed an amount in a high interest savings account to safeguard it against stock market crashes. This winter I pulled out $36,000 because I see how volatile the stock market is since this ridiculous idiot got into the Whitehouse, again I put an amount into the savings account, had my amazing Honda Pilot get a major overhaul and took us all to the UK again, flying business class for the first time in my life. When I retire next September I will have enough in the scheme to pay the mortgage off on my house and take another trip to the UK (we go ever 18 months to 2 years). I will have US social security payouts and the UK mortgage so I should be well set. … Oh by the way, the Fed Ex pension I told you about at the start, I remembered that and contacted the broker in the UK to see if it was still there ? It was and they sent me $27,800.00.
I tell all you younger guys who think putting money in a pension isn’t worth it … It is, save every penny you can. I took the offers up when I got to my 50’s, just imagine how much money would be there for my retirement if I had started them when I was younger ?
My plan is to retire when my state pension comes into payment (7 years from now) when I will be 66 years old. I’ll probably scale back my hours once the mortgage is paid off in about 4 years though. Mrs Roymondo hopes to go part time within the next year or two. Our combined income from State and private/company pensions will be around £37k, so we should be able to enjoy our retirement without worrying too much about affording it.
I got out mid 50s after a period of poor health, decided to live on a shoe string till my pension kicks in at 67, thing is a few years not working and I’m now as fit as a butchers dog, long hours is nae good for man nor beast - so do I jump back in for more money and risk my health, or do I just scrape on by feeling great but a bit short on the readies? wife says just stay at home but I do miss working
