ewerk 30534 Posted January 28, 2020 Share Posted January 28, 2020 Any handy guides to figure out how much of a pension I’m gonna need when I retire? Looking at you @Gemmill I put a few quid into a pension last year which has grown by £4K in nine months but I may need a more consistent approach if I want to retire as a sugar daddy. Link to comment Share on other sites More sharing options...
ewerk 30534 Posted January 28, 2020 Share Posted January 28, 2020 On 10/11/2007 at 10:56, Gejon said: I have quite a good pension, don't think I will live long enough to enjoy it though Also, weirdly prescient... 1 Link to comment Share on other sites More sharing options...
Tdansmith 3259 Posted January 28, 2020 Share Posted January 28, 2020 48 minutes ago, ewerk said: Any handy guides to figure out how much of a pension I’m gonna need when I retire? Looking at you @Gemmill I put a few quid into a pension last year which has grown by £4K in nine months but I may need a more consistent approach if I want to retire as a sugar daddy. Try this pension calculator https://www.ageuk.org.uk/information-advice/money-legal/pensions/pension-calculator/ Link to comment Share on other sites More sharing options...
ewerk 30534 Posted January 28, 2020 Share Posted January 28, 2020 I tried that one and it tells me nothing. Maybe this is the reason I couldn't cut it as an accountant. Link to comment Share on other sites More sharing options...
ewerk 30534 Posted January 28, 2020 Share Posted January 28, 2020 I've checked the workplace pension and there's a couple of pound in there but no information on how the fund has been performing. Link to comment Share on other sites More sharing options...
Tdansmith 3259 Posted January 28, 2020 Share Posted January 28, 2020 My company pension matches what i put into it ( up to 5.5%) Most advisors would recommend you save between 10-15% of your income i assume that includes what a company puts in. Link to comment Share on other sites More sharing options...
ewerk 30534 Posted January 28, 2020 Share Posted January 28, 2020 10-15% seems eminently doable but still doesn't seem like enough for retirement at 65. Link to comment Share on other sites More sharing options...
Tdansmith 3259 Posted January 28, 2020 Share Posted January 28, 2020 3 minutes ago, ewerk said: I've checked the workplace pension and there's a couple of pound in there but no information on how the fund has been performing. You should get a yearly statement from them, but they can only give you projected figures. Maybe you should get in touch with the company who look after the funds etc. My company scheme is with Scottish Widows and they're very helpful. The trouble with pensions is often the rules change, like in 2015 the rule regarding "frozen pensions" changed you can now take money as a lump sum ( taxable of course) from them if you are 55 or over. Also the rules about how much you pay in to your scheme have only just changed this january, it's now going to be on "actual earnings" every week/month rather than an average. This is good because if you work more overtime you put more into the fund but the company match it ( 5.5% again) The rules about "auto enrolment" have also changed, you can't ask your company to opt out of this, you now have to go on the government web site to do this. I would recommend anyone who is in the People's Pension to opt out and join a company scheme if the company has one because the company add to it where as the People's Pension it's just your money. And also the life assurance in the PP is only 5 grand most company schemes are 4 times your salary. Link to comment Share on other sites More sharing options...
Tdansmith 3259 Posted January 28, 2020 Share Posted January 28, 2020 5 minutes ago, ewerk said: 10-15% seems eminently doable but still doesn't seem like enough for retirement at 65. That would depend on your age, the closer you are to retirement the more you should put in. I wish i started pension saving when i first started working. I now think of pension savings like saving for a holiday, most people save like crazy for a holiday that lasts 2 weeks of the year. When you retire it's the rest of your life on holiday Link to comment Share on other sites More sharing options...
strawb 4247 Posted January 28, 2020 Share Posted January 28, 2020 Or you die early and wife gets it and takes a toy boy up the arse, either way Link to comment Share on other sites More sharing options...
ewerk 30534 Posted January 28, 2020 Share Posted January 28, 2020 If this is accurate then WTF? Link to comment Share on other sites More sharing options...
ewerk 30534 Posted January 28, 2020 Share Posted January 28, 2020 Just now, strawb said: Or you die early and wife gets it and takes a toy boy up the arse, either way If she looks like that bint on This Morning then I wouldn’t give a fuck. Link to comment Share on other sites More sharing options...
Tdansmith 3259 Posted January 28, 2020 Share Posted January 28, 2020 3 minutes ago, ewerk said: If this is accurate then WTF? Never seen that before, if it's correct...fuck in hell ! Link to comment Share on other sites More sharing options...
Howmanheyman 33094 Posted January 28, 2020 Share Posted January 28, 2020 1 hour ago, ewerk said: Any handy guides to figure out how much of a pension I’m gonna need when I retire? Looking at you @Gemmill I put a few quid into a pension last year which has grown by £4K in nine months but I may need a more consistent approach if I want to retire as a sugar daddy. My worry is I'll be dead before I get the state pension if the Nazi tax dodger's party get a permanent position through Brexit/break up of the Union. My work pension won't cut it and if I stay in my particular line of work at the age of 65 they'll end up wheeling me out. But at least I'll go to my grave knowing we got Brexit done. British! And proud! Link to comment Share on other sites More sharing options...
ewerk 30534 Posted January 28, 2020 Share Posted January 28, 2020 As long as our Queen and her paedo som are alright I’ll be okay with your passing. 1 Link to comment Share on other sites More sharing options...
Gemmill 44784 Posted January 28, 2020 Share Posted January 28, 2020 1 hour ago, ewerk said: Any handy guides to figure out how much of a pension I’m gonna need when I retire? Looking at you @Gemmill I put a few quid into a pension last year which has grown by £4K in nine months but I may need a more consistent approach if I want to retire as a sugar daddy. Do you mean how big your fund needs to be? If so, work out what you think your annual expenditure will be when retired and multiply it by 25. Link to comment Share on other sites More sharing options...
ewerk 30534 Posted January 28, 2020 Share Posted January 28, 2020 Yeah but the annual expenditure I can imagine now will be subject to 30 years of inflation by the time I actually retire. I need someone to sort this nonsense out for me. Link to comment Share on other sites More sharing options...
Gemmill 44784 Posted January 28, 2020 Share Posted January 28, 2020 Aye but you just work it out based on today's money, on the basis that what you save today will be subject to that inflation over the next 30 years (ie it'll grow as the market grows). Link to comment Share on other sites More sharing options...
ewerk 30534 Posted January 28, 2020 Share Posted January 28, 2020 I expect my investments to outgrow inflation several times over. Is that not normal? Link to comment Share on other sites More sharing options...
Renton 21556 Posted January 28, 2020 Share Posted January 28, 2020 40 minutes ago, ewerk said: If this is accurate then WTF? Is this saying that Dutch people earn more when they retire than they do when they work? And the lazy French bastards, who retire at 55 or something daft, get the equivalent of 3/4 salary? And we get proportionately less than fucking Mexico!? Or am I just reading this completely wrong? Link to comment Share on other sites More sharing options...
Renton 21556 Posted January 28, 2020 Share Posted January 28, 2020 1 minute ago, ewerk said: I expect my investments to outgrow inflation several times over. Is that not normal? Not always, my wife's pension is worth less than she put in. Link to comment Share on other sites More sharing options...
ewerk 30534 Posted January 28, 2020 Share Posted January 28, 2020 It looks like something laid out in the Daily Mail so I’d take it with a pinch of salt. I saw it on Twitter earlier and it got me thinking despite my doubts over its authenticity. Link to comment Share on other sites More sharing options...
Tdansmith 3259 Posted January 28, 2020 Share Posted January 28, 2020 2 minutes ago, ewerk said: I expect my investments to outgrow inflation several times over. Is that not normal? You normally have the choice of how to invest your money by putting it into either high risk- big rewards funds or play safe funds etc Link to comment Share on other sites More sharing options...
ewerk 30534 Posted January 28, 2020 Share Posted January 28, 2020 1 minute ago, Renton said: Not always, my wife's pension is worth less than she put in. Mine went up 10% in three months. Then went down and then returned to 10% after nine months. Generally over time surely its expected to outgrow inflation? Link to comment Share on other sites More sharing options...
ewerk 30534 Posted January 28, 2020 Share Posted January 28, 2020 1 minute ago, Tdansmith said: You normally have the choice of how to invest your money by putting it into either high risk- big rewards funds or play safe funds etc Aye, at my age I’ve gone for medium-high risk. I’ve spent an hour thinking about this bollocks and I’m bored to death of it. Link to comment Share on other sites More sharing options...
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