Pensions Planning: The NUMBER

Stubod

..some days I work with my body, some days I work with my mind, and other days I just please myself....so on average that must make me middle class??

MallyGirl

fly-catchers said:

Terron said:

savingholmes said:

I think the term working class is ironic - as I'd be considered middle class I reckon - but still have to work for my living so where's the logic... I have working class roots - but then most of us have...

One definition is
Working class - work with their bodies (physical labour)
Middle class - work with their minds 
Upper class - do what they please

“I know my place!”

Just what I was thinking:

https://www.facebook.com/watch/?v=1870718759725920

pterri

I’m super lucky, still in a DB scheme (although the government are doing what they can to close it down, will take a couple of years for them to force that through). I transferred an old DB scheme into this one when I joined my new org. I’ll have 30years when I reach 56. I’ve also been saving into an AVC (like a separate work place money purchase scheme essentially) and also dump. A few spare quid into a SIPP. I’ve been planning early retirement for years so it’s a bit eccentric but works for me. Also lucky enough to buy a flat then house just at the right time so managed to pay off the mortgage, hence the high pension savings.

Long story short, at 56

DB £32k (reducing to £24450 or so when the state pension kicks in, there are other options but I’d prefer to keep the income nominally equal) you take a hit for claiming early but £32k rpi linked looks good to me. 

I’ll have £150k+ in AVC+SIPP so plenty of funds for a healthy drawdown. One perk of a DB scheme is that the AVC is founded as part of the DB value, it can mean that you can withdraw ALL the AVC tax free, need to do the sums.

I could have bought a bigger house or flash cars, never appealed. Having free time at a relatively young age with no money worries has always been my goal. You need to see what fits you, work and me are not good friends, 

barnstar2077

pterri said:

I’m super lucky, still in a DB scheme (although the government are doing what they can to close it down, will take a couple of years for them to force that through). I transferred an old DB scheme into this one when I joined my new org. I’ll have 30years when I reach 56. I’ve also been saving into an AVC (like a separate work place money purchase scheme essentially) and also dump. A few spare quid into a SIPP. I’ve been planning early retirement for years so it’s a bit eccentric but works for me. Also lucky enough to buy a flat then house just at the right time so managed to pay off the mortgage, hence the high pension savings.

Long story short, at 56

DB £32k (reducing to £24450 or so when the state pension kicks in, there are other options but I’d prefer to keep the income nominally equal) you take a hit for claiming early but £32k rpi linked looks good to me. 

I’ll have £150k+ in AVC+SIPP so plenty of funds for a healthy drawdown. One perk of a DB scheme is that the AVC is founded as part of the DB value, it can mean that you can withdraw ALL the AVC tax free, need to do the sums.

I could have bought a bigger house or flash cars, never appealed. Having free time at a relatively young age with no money worries has always been my goal. You need to see what fits you, work and me are not good friends, 

Wow, you are in great financial shape!  Come back and let us know how your retirement goes please.

NedS

Terron said:

savingholmes said:

I think the term working class is ironic - as I'd be considered middle class I reckon - but still have to work for my living so where's the logic... I have working class roots - but then most of us have...

One definition is
Working class - work with their bodies (physical labour)
Middle class - work with their minds 
Upper class - do what they please

Excellent, I'm clearly rising in social status. I started my working life at 13 as a paper boy (clearly working class), have progressed through university into a middle class job and by the above definition will be upper class when I retire!

Lifematters

At school we were taught that the class system had more to do with upbringing - what jobs your parents did and what education you had / type of schools attended.

The upper class were the aristocracy / those with titles. Winning the euro millions would not suddenly make you upper class. You could marry into it though and change social status that way. 

sheslookinhot

I think we are generally a classless society now.

Bravepants

sheslookinhot said:

I think we are generally a classless society now.

I agree, there are a few people in this country who have no class.

Brenster

Never agreed or liked the 'class' system, we all come in the same way, and we go out in the same sized hole, what we do in between is called life, some are born into money, some fall lucky, some work hard, others are not so lucky.  I judge people on their personality, values and work ethic.

atush

barnstar2077 said:

Nebulous2 said:

That is strange, as I have always associated the middle classes with keeping up with the Joneses!  The people I know that I would consider middle class have a new car every few years, have at least two holidays abroad a year, and every time you go round there they have just redecorated some rooms or had a new kitchen / bathroom fitted.  The kind of people who have just had their windows replaced with ones with grey frames and had a fire pit installed because it is the latest fashion.  Hardly an example of restraint.-2 

Well we have at least 2 holidays abroad a year, but we buy 2 yr old cars, and i redecorate after 2 decades generally lol. I consider us middle class, not by birth but degrees of education and profession.  but im not british.

Not everyone is profligate in the same areas. Some of us may only be in one or two.

i confess to having had a number of 3 course menus on my recent french holiday, but in general i do lunchtimes and these menus are generally excellent ie 18-24 euros for 3 courses plus amuse bouche.  Photos if you want them, took the food !!!!!! for my son who couldnt come this time,