Will my pension be enough???

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  • GunJack
    GunJack Posts: 11,676 Forumite
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    Couple of points to throw into this..

    1. the way CARE works is to give you 1/xx of salary as your salary is in-year, so you can't just average it out as in the earlier examples.

    2. there may be a limit on no. of years you can have in the scheme, regardless of time worked..

    would be an idea to check these details with the employing scheme to get an accurate picture :)
    ......Gettin' There, Wherever There is......

    I have a dodgy "i" key, so ignore spelling errors due to "i" issues, ...I blame Apple :D
  • Anonymous101
    Anonymous101 Posts: 1,869 Forumite
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    OldMusicGuy wrote: »
    I just read in The Week that apparently 1 in 4 people in the UK who retire then "unretire" within 5 years due to boredom, loneliness and/or money issues.

    That's interesting. Add's more weight to my line of thought that I'd like my retirement to be progressive rather than a deadline.

    My Father's just done this... going down from 6 days a week to 4 and now 3. I think its the route many will take in future.
  • Terron
    Terron Posts: 846 Forumite
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    OldMusicGuy wrote: »
    I just read in The Week that apparently 1 in 4 people in the UK who retire then "unretire" within 5 years due to boredom, loneliness and/or money issues.

    After 3 years boredom is not an issue. There is far more I would like to do than I have time to do it in.
    Loneliness is no worse than work were every one else in my team was working from home and my manager was on a different continent.
    Moneyis OK soon to get better when I start drawing my pensions.
  • molerat
    molerat Posts: 31,932 Forumite
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    My manager was on a different planet, one of the reasons why I retired early 8.5 years ago and have never felt the slightest urge to go back to work ;)
  • Hal17
    Hal17 Posts: 251 Forumite
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    molerat wrote: »
    My manager was on a different planet, )

    Now that was funny - can relate to that.
  • JustAnotherSaver
    JustAnotherSaver Posts: 6,709 Forumite
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    I've wondered the same thing. How much is enough? Nice having a huge pot.

    But if you die the day after retirement (i don't know anyone who has but my mother does) then i think about £500 should see you right for a good day. Cram in what you can.

    But if you live for 20-30 years then £500 wont go so far.

    If only we had a crystal ball.

    Not to be difficult towards you OP. It's a question that bothers me too.
  • Audaxer
    Audaxer Posts: 3,512 Forumite
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    Malthusian wrote: »
    I honestly don't understand why you would want to retire if you're going to be bored. If I'm going to be bored then I may as well get paid for it.
    I don't think anyone wants to retire knowing they are going to be bored, but if they haven't planned what they are going to do I think some people do end up being bored, and I do hear of people deciding to go back to work part-time because of that.
  • Anonymous101
    Anonymous101 Posts: 1,869 Forumite
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    Audaxer wrote: »
    I don't think anyone wants to retire knowing they are going to be bored, but if they haven't planned what they are going to do I think some people do end up being bored, and I do hear of people deciding to go back to work part-time because of that.

    I think the problem now is that our free time is restricted so much by life. The commute, work, kids and everything that comes with them now. That by the time children grow up and we're thinking about retiring any hobbies that we once had are a thing of the past. All we are left with is work. When we retire we need to fill a big space and if we haven't planned for it then it can seem like going back to work is the only option when in fact there are lots.
  • lisyloo
    lisyloo Posts: 29,624 Forumite
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    One thing I can't see mentioned is that there are some significant expenses that you may not have in retirement

    1) paying the mortgage if you are mortgage free in retirement
    2) Paying a pension if it's contributory

    You may have some more expenses e.g. greater leisure time, but 1&2 can be quite a significant propertion of income whilst working.
  • Malthusian
    Malthusian Posts: 10,958 Forumite
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    Anonymous101 wrote: »
    I think the problem now is that our free time is restricted so much by life. The commute, work, kids and everything that comes with them now. That by the time children grow up and we're thinking about retiring any hobbies that we once had are a thing of the past. All we are left with is work.

    Who's we?

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