Aged 36: Should I be thinking about a pension?

dunstonh

Your retirement age will not be until you are 65-68 (not sure),

The state retirement age will be 67 for a 36 year old. (pension credits are also increasing in start age from 60 to 68 in line with state retirement age as well.

Fire_Fox

I would be happy with a full state pension, it's a little less than my take home pay at the moment and I can live on that plus my other bits and bobs of income. By retirement I will have the flat I live in now, plus some combination of savings, another property or an inheritance.

I have also now read a bit about the NHS pension scheme and I certainly can't rely on that to provide me with any income of note. I have two years full-time, one year working a four day week and one year working half-time. I will get back 1/60 of my final salary for each full time year so I'd need to remain in the NHS for a long time AND climb the ladder (only grade 2 at present) to make it a decent amount. :mad:

I don't feel I am coming out on top with I pay in either, since I contribute 5% of all my earnings (including overtime) but this financial year will only count as a half year however much overtime I do. I normally work a fair bit extra - covering holidays and sick leave, and teaching group exercise. :j

Then again I don't miss what I have never had, and since I don't especially want to ever work full-time again (I'd like to do a four day week long term, and easily can if I am frugal) it's probably wise to set money aside for as many years as possible.

barny_100

If you were doing the same work in the private sector you would love to have any sort of final salary scheme even if it is part-time/only for a few years etc.