Not in Crawley Posted October 12, 2022 Author Share Posted October 12, 2022 I'm on 80k a year and it's only just touching the sides. Living on 26k a year on retirement isn't an option. Quote Link to comment Share on other sites More sharing options...
Ani Posted October 12, 2022 Share Posted October 12, 2022 (edited) 1 hour ago, Not in Crawley said: I'm on 80k a year and it's only just touching the sides. Living on 26k a year on retirement isn't an option. If you are on 80k a year you will if employed be putting a fair bit in these days with workplace pension. If self employed you can put upto £40k per year into your pot and that is before you or your company if a sole trader have to corp tax so it is a very good investment if you can afford it. I think current advice on Pensions is to maintain a good life style at retirement you need a pot of in or around £1m ! Which might sound crazy but it goes pretty quick. That would equate to a annual pension of about £40k ( or it did until recently, no idea what that would be now after this weeks shenanigans. £40k might sound like plenty but if you are retiring in 20 years, so you are 47 now think how much £40k will be worth in real terms with inflation . You do get a tax free lump sum from most schemes but other than that the Pension is taxable at basic rate after you have taken £12.5k allowance. So you have £27.5k taxable let's say 20% so £5.5k in tax leaves you £34.5k so just under £3k per month. The sooner you look at this the more chance you will have a good pot. But speak to an adviser my experience is that what seems like 'plenty' can disappear quicker than you think . https://www.fidelity.co.uk/markets-insights/personal-finance/saving-for-retirement/what-does-a-1m-pension-pot-buy/ Edited October 12, 2022 by Ani Quote Link to comment Share on other sites More sharing options...
C86 Posted October 13, 2022 Share Posted October 13, 2022 On 11/10/2022 at 19:48, RoadRunnerFan said: Isn't @boltondiver the mon for this type of thing? Where is he BTW? BD retired a couple of months ago, looked afer me for a few years. Top man. Quote Link to comment Share on other sites More sharing options...
MancWanderer Posted October 13, 2022 Share Posted October 13, 2022 11 hours ago, Ani said: Did you also get a tax free lump sum ? Or is that assuming all invested into an annuity ? You’ve lost me already. I genuinely know almost nothing about pensions other than pay as much in as I can when I can afford it 11 hours ago, Ani said: Do you only have the 1 pension ? So have always worked at same place ? No. That’s the big one covering 20 years at one place. Got about 4 others plus some AVCs where I put some of my redundancy money Quote Link to comment Share on other sites More sharing options...
Ani Posted October 13, 2022 Share Posted October 13, 2022 20 minutes ago, MancWanderer said: You’ve lost me already. I genuinely know almost nothing about pensions other than pay as much in as I can when I can afford it No. That’s the big one covering 20 years at one place. Got about 4 others plus some AVCs where I put some of my redundancy money When you get your pension you are usually quoted a projected amount per year so that's your £18k I think . Or a lower annual amount but with a tax free lump sum too. 25% of your pension is tax free. I would check that with your adviser. But if you have a good chunk in your final salary and others too sounds like you are getting decent advice and will be in a good place . Quote Link to comment Share on other sites More sharing options...
MancWanderer Posted October 13, 2022 Share Posted October 13, 2022 27 minutes ago, Ani said: When you get your pension you are usually quoted a projected amount per year so that's your £18k I think . Or a lower annual amount but with a tax free lump sum too. 25% of your pension is tax free. I would check that with your adviser. But if you have a good chunk in your final salary and others too sounds like you are getting decent advice and will be in a good place . Ah. Got you now. Cheers. That was without taking anything out Quote Link to comment Share on other sites More sharing options...
Gonk Posted October 13, 2022 Share Posted October 13, 2022 14 hours ago, Winchester White said: Took mine out of St James Place years ago as their commission was ridiculous. However they generally do perform well so if you have a decent pot (I dont) then they can be very good. My relatively small investment was wasted with them. I'm in the process of transferring my pot away from SJP as their fees are excessive, but unlike previously they have underperformed the rest of the market over the last 3 years - moving to true potential wealth management Quote Link to comment Share on other sites More sharing options...
Ani Posted October 13, 2022 Share Posted October 13, 2022 1 hour ago, Gonk said: I'm in the process of transferring my pot away from SJP as their fees are excessive, but unlike previously they have underperformed the rest of the market over the last 3 years - moving to true potential wealth management Doubt I would be with SJP if was not for the fact the Adviser is a mate and looks after me. The hidden fees on some schemes are crazy. I took £150k tax free from mine, to do this I have to also crystallise the £450k non tax free bit. So the total amount involved was £600k, the fee in theory applied to the whole amount so 1.5% of £600k, £9k plus VAT ! So for basic moving money from one pot to another !! Needless to say I did not pay this much. Quote Link to comment Share on other sites More sharing options...
C86 Posted October 13, 2022 Share Posted October 13, 2022 On 11/10/2022 at 19:48, RoadRunnerFan said: Isn't @boltondiver the mon for this type of thing? Where is he BTW? BD retired a couple of months ago, looked afer me for a few years. Top man. Quote Link to comment Share on other sites More sharing options...
Site Supporter MickyD Posted October 13, 2022 Site Supporter Share Posted October 13, 2022 3 hours ago, C86 said: BD retired a couple of months ago, looked afer me for a few years. Top man. 7 minutes ago, C86 said: BD retired a couple of months ago, looked afer me for a few years. Top man. Good of you to say… again. Quote Link to comment Share on other sites More sharing options...
C86 Posted October 13, 2022 Share Posted October 13, 2022 7 hours ago, MickyD said: Good of you to say… again. werid, I thought I'd posted it, but came back to the page later and it was there to Submit (as though I hadn't), so just did it. Anyhow, BD has retired, again again. 😁 Quote Link to comment Share on other sites More sharing options...
Site Supporter Tonge moor green jacket Posted October 13, 2022 Site Supporter Share Posted October 13, 2022 8 hours ago, C86 said: BD retired a couple of months ago, looked afer me for a few years. Top man. Aye. Spoke to him a few weeks back and he was mulling over his options. Quote Link to comment Share on other sites More sharing options...
C86 Posted October 13, 2022 Share Posted October 13, 2022 Just now, Tonge moor green jacket said: Aye. Spoke to him a few weeks back and he was mulling over his options. Lots of holiday/trips! Quote Link to comment Share on other sites More sharing options...
Morizio Posted October 14, 2022 Share Posted October 14, 2022 On 12/10/2022 at 22:49, Not in Crawley said: I'm on 80k a year and it's only just touching the sides. Living on 26k a year on retirement isn't an option. I’ve personally heard of this lot spoken of very well https://www.advantawealth.co.uk/ Quote Link to comment Share on other sites More sharing options...
globaldiver Posted October 26, 2022 Share Posted October 26, 2022 On 12/10/2022 at 15:53, Not in Crawley said: Might be some new business here for him! Cleared the inbox. And he gets extra pleasure of telling a soft lefty how shite his is at his personal finances which just goes to show you can't trust 'em. Winner winner. Good evening. Not be able to log on for ages and not as bd, so, with the help of Casino, I’ve set up a new account. Feel free to get in touch, very happy to help, cheers, g Quote Link to comment Share on other sites More sharing options...
Site Supporter MickyD Posted October 27, 2022 Site Supporter Share Posted October 27, 2022 I did phone you when this thread opened but it went straight to a generic voicemail answer. Number ending 760 Quote Link to comment Share on other sites More sharing options...
globaldiver Posted October 27, 2022 Share Posted October 27, 2022 39 minutes ago, MickyD said: I did phone you when this thread opened but it went straight to a generic voicemail answer. Number ending 760 I’ll send you my new number Quote Link to comment Share on other sites More sharing options...
Traf Posted October 27, 2022 Share Posted October 27, 2022 And can someone fix the title FFS? Quote Link to comment Share on other sites More sharing options...
radcliffe white Posted October 27, 2022 Share Posted October 27, 2022 All dependant all peoples lifestyle I guess With no mortgage or debt come retirement 26k a year seems perfectly doable imo Quote Link to comment Share on other sites More sharing options...
Ani Posted October 27, 2022 Share Posted October 27, 2022 6 minutes ago, radcliffe white said: All dependant all peoples lifestyle I guess With no mortgage or debt come retirement 26k a year seems perfectly doable imo No mortgage/debt is a key factor. Inflation can be a killer though will 26k seem like enough in 10 years time ? I forgot when doing my sums that the Pension is also taxable, but equally I forgot the State Pension kicks in as a separate thing. A mate of mine is now 58 and told me he has £20k in his. That is total pot. Does not think will ever be able to stop working. Quote Link to comment Share on other sites More sharing options...
ErnestTurnip Posted October 27, 2022 Share Posted October 27, 2022 1 hour ago, Traf said: And can someone fix the title FFS? Was really hoping someone would apostrophise the s. Quote Link to comment Share on other sites More sharing options...
Moderators Casino Posted October 27, 2022 Moderators Share Posted October 27, 2022 5 minutes ago, ErnestTurnip said: Was really hoping someone would apostrophise the s. fuck off Quote Link to comment Share on other sites More sharing options...
ErnestTurnip Posted October 27, 2022 Share Posted October 27, 2022 😂🤣 Quote Link to comment Share on other sites More sharing options...
Sweep Posted October 28, 2022 Share Posted October 28, 2022 On 27/10/2022 at 10:18, Ani said: No mortgage/debt is a key factor. Inflation can be a killer though will 26k seem like enough in 10 years time ? I forgot when doing my sums that the Pension is also taxable, but equally I forgot the State Pension kicks in as a separate thing. A mate of mine is now 58 and told me he has £20k in his. That is total pot. Does not think will ever be able to stop working. I'd assume that's just an absolute waste of time, and will only pay you about £80 a month or something - Mrs Sweep has next to fuck all in her personal pension as well, I've told her she needs to up payments to around £1000 per month from the £100 or whatever it is she currently puts in (and she only started with a pension about 4 or 5 years ago, hence having pretty much fuck all in it) Quote Link to comment Share on other sites More sharing options...
radcliffe white Posted October 28, 2022 Share Posted October 28, 2022 If you have 1000 a month to contribute great Unless folk are earning good money the last thing currently are payments towards a pension Quote Link to comment Share on other sites More sharing options...
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