Pensions Planning: The NUMBER

EdInvestor

It all seems to be a tremendous amount of fuss about a relatively obvious bit of advance plannning - first work out how much you need to live on in retirement for basics plus a suitable level of enjoyment and comfort (budget calculators on this site willl enable calculation of essentials prettty easily).

Then work out whether you are covered for essentials, and have enough over for the comfort.If not, adjust savings and/or investmentsd - or expectations of living standards - to suit.

Not exactly rocket science surely?

PasturesNew

Gatser wrote: »

So What's your number?
Very important for pensions planning, to know what you are aiming for.

My Number? (for a couple)
I calculated: £22,000
based on
Food £5,000
Car/transport £5,000
Bills/Utilities £4,500
Holidays/Leisure £4,500
Clothing/Cash/Xmas/Other £2,000
Repairs/replacements £1,000

My Number? (for a single, based on current lifestyle)
I calculated: £7,500
based on
Food £1,500
Car/transport £1,000
Bills/Utilities £3,000
Holidays/Leisure £500
Clothing/Cash/Xmas/Other £1,000
Repairs/replacements £500

OAP Pension + Pension credit = £6,500/year I think

So I'll have to cut back a bit, or make some money.

EdInvestor

PasturesNew wrote: »

OAP Pension + Pension credit = £6,500/year I think

Have you asked for a state pension forecast to check how much you might get from S2P (second part of state pension)? It has been recently rejigged so the lower paid will benefit.A full Serps/S2P record for a person retiring now willl generate more than £10,000 in some cases, much higher than pension credit.

Apply for forecast here:

http://www.direct.gov.uk/en/Pensionsandretirementplanning/StatePension/StatePensionforecast/DG_10014008

EdInvestor

thewhiteone wrote: »

Quite!

Having read your many many posts , I thought you advocated no planning, just the setting up of a low cost SIPP therefore solving all problems financial.

Of course not.:rolleyes:

But the position is very variable - for some people retirement planning is very straightforward and trouble free.For others, establishing a rough idea of a projected retirement budget is only the start to what can actually be a very complex operation.

You can't generalise.

Gatser

EdInvestor wrote: »

It all seems to be a tremendous amount of fuss about a relatively obvious bit of advance plannning - first work out how much you need to live on in retirement for basics plus a suitable level of enjoyment and comfort (budget calculators on this site willl enable calculation of essentials prettty easily).

Then work out whether you are covered for essentials, and have enough over for the comfort.If not, adjust savings and/or investmentsd - or expectations of living standards - to suit.

Not exactly rocket science surely?

I agree... but most people do not know their NUMBER.
(excluding folks on here of course!)

Gatser

thewhiteone wrote: »

You kept yours quiet while laughing at other peoples solutions.

I have not laughed at anyone's response.
You are clearly just trying to stir up mischief... stop it you naughty boy!:rolleyes:

If you cannot make sensible comments on this thread, please do not trouble yourself...Whiteflag. :rotfl:

EdInvestor

thewhiteone wrote: »

So which one is it?

As I said, you can't generalise.

tartanterra

Gatser wrote: »

I have not laughed at anyone's response.
You are clearly just trying to stir up mischief... stop it you naughty boy!:rolleyes:

If you cannot make sensible comments on this thread, please do not trouble yourself...Whiteflag. :rotfl:

Oh god!

And just as it was all getting civilised.

It can't be, can it?

:eek::eek::eek:

Gatser

Gatser wrote: »

After over 100 posts, it appears lots of folks have not calculated their NUMBER (or will not reveal it?)
Thanks to those that have given their views on the NUMBER.

To date...average is £27,350
It would be useful to see the breakdown as comparisons.

Some people say their NUMBER is "two thirds of salary" but the principle
of the NUMBER is that you should calculate (estimate) how much you NEED
to live comfortably (happy). Not a proportion of your current salary.

So what's your NUMBER?

...and it's creeping up!

Average NUMBER now £28,200.

What's yours?

PasturesNew

EdInvestor wrote: »

Have you asked for a state pension forecast to check how much you might get from S2P (second part of state pension)? It has been recently rejigged so the lower paid will benefit.A full Serps/S2P record for a person retiring now willl generate more than £10,000 in some cases, much higher than pension credit.

Apply for forecast here:

http://www.direct.gov.uk/en/Pensionsandretirementplanning/StatePension/StatePensionforecast/DG_10014008

No ... I've been moving about a lot lately, so some things get overlooked ... including all this stuff that I don't understand