Pensions Planning: The NUMBER 14 December 2009 at 2:44PM in Pensions, annuities & retirement planning 2.3K replies 622.8K views

Gatser

dunstonh wrote: »

Under current rules, no-one has to buy an annuity at 55 and not many would as it doesnt make sense until you get into your 60s.

I agree but I believe PETERG1965 was making the point that we are all entitled to commence our pensions at 55, yet annuities at that age are rubbish. All very well leaving them until 60+ but then thats 5 years wasted in terms of pension income.

My vote is with Drawdown (from age 55) every time.:T

Gatser

Gatser wrote: »

The NUMBER is how much income you need to "live comfortably"
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

Are we supposed to reduce our NUMBER as part of the austerity measures?

chris_m

Gatser wrote: »

Are we supposed to reduce our NUMBER as part of the austerity measures?

Yeah, if you substitute beans for the caviar you can reduce the food bill :rotfl::rotfl::rotfl:

zygurat789

I haven't looked exhaustively and I don't recall anybody allowing for the cost of a funeral. They're much cheaper if paid for in advance

Batchy

My number is 30k net, for a couple. In todays terms.

So will track that number going forward gfs final salary will help, but im planning on making up the bulk of it, but also to top up with lots of capital savings in ISA's etc, Premium bonds, and saving bonds

stagey_2

Well- we'll be on about £16k - both 65 now - deferred his gov pension as I'm still working and he does sometimes. Mortgage paid off so busy upgrading updating etc etc now and saving a bit for another year hopefully. Will just have to cut cloth accordingly!

jodie264

Gatser wrote: »

Are we supposed to reduce our NUMBER as part of the austerity measures?

Thgis perspective on things has certainly helped me in working out/organising my thoughts about whether to draw my tecahers pension of 9,100 and lump sum 27,000 at 56 (next April) or wait until Im 60 and get 32,000 and 10,600....thanks. What do others think about this thread, early retirement and budget cuts that affect our 'will to work' when all around is disappearing. Want to start a thread about my loss of income....who else it will affect, then who will that job cut affect etc....what do we think......cause and effect - just HOW many people are affected by one govmt cut to a dept budget?

Gatser

zygurat789 wrote: »

I haven't looked exhaustively and I don't recall anybody allowing for the cost of a funeral. They're much cheaper if paid for in advance

:A Doh! I never included THAT in my NUMBER!

Gatser

Batchy wrote: »

My number is 30k net, for a couple. In todays terms.

So will track that number going forward gfs final salary will help, but im planning on making up the bulk of it, but also to top up with lots of capital savings in ISA's etc, Premium bonds, and saving bonds

Thanks for the feedback.
How is your NUMBER made up please?
Always interesting to compare....

Gatser

stagey wrote: »

Well- we'll be on about £16k - both 65 now - deferred his gov pension as I'm still working and he does sometimes. Mortgage paid off so busy upgrading updating etc etc now and saving a bit for another year hopefully. Will just have to cut cloth accordingly!

Can you live comfortably on £16k?
How is is split out?