31 Should I be thinking about my pension?

saverjustice

And the growth rates will be?

And the interest rates will be?

And the...????

It's all guesswork isn't it...????

Ok, forget about the tax paid element, how much would someone have to put away each month? Is it £1,000, is it £1,500? How much? Any idea? Roughly...

edinburgher

And the growth rates will be?

And the interest rates will be?

And the...????

It's all guesswork isn't it...????

In some ways, but I'd much rather have an informed guess with reasonable estimates for growth, taxation, inflation etc. than just sit around moaning that it's all too hard to work out and end my days in poverty.

ViolaLass

saverjustice wrote: »

Ok, forget about the tax paid element, how much would someone have to put away each month? Is it £1,000, is it £1,500? How much? Any idea? Roughly...

Look at post 20.

bilbo51

saverjustice wrote: »

And the growth rates will be?

And the interest rates will be?

And the...????

It's all guesswork isn't it...????

Ok, forget about the tax paid element, how much would someone have to put away each month? Is it £1,000, is it £1,500? How much? Any idea? Roughly...

Make the assumption that inflation is going to wipe out your investment returns - then you'll be on the right side of the equation.

If I were retiring today aged 65 needing a £25,000 p.a. gross income, I would need a pension pot of ~ £500,000. So if I had to collect all that over 25 years from age 40, that would equate to my saving £20,000 p.a. The government gives you tax relief on this so it would cost you £1,000 per month as a higher rate taxpayer (40% tax relief)

But don't take my word for it - go and frighten yourself - use the calculator at post #20.

If you want to take all the guesswork out of it, do nothing. You won't need to guess at the outcome then.

Lokolo

saverjustice wrote: »

And the growth rates will be?

And the interest rates will be?

And the...????

It's all guesswork isn't it...????

Ok, forget about the tax paid element, how much would someone have to put away each month? Is it £1,000, is it £1,500? How much? Any idea? Roughly...

Am I on ignore with you or are you just refusing to open that link?

bilbo51

Lokolo wrote: »

Am I on ignore with you or are you just refusing to open that link?

You can lead a horse to water...

jem16

bilbo51 wrote: »

You can lead a horse to water...

He/she doesn't need leading - he/she is already fishing.

Check out the profile;

About saverjustice
Biography
25 years experience in banking and financial services.
Location
Snowdonia
Interests
Justice
Occupation
Independent Complaints Reviewer

I suspect dunstonh has already been there and decided not to swallow the bait............

bilbo51

jem16 wrote: »

He/she doesn't need leading - he/she is already fishing.

Check out the profile;

About saverjustice
Biography
25 years experience in banking and financial services.
Location
Snowdonia
Interests
Justice
Occupation
Independent Complaints Reviewer

I suspect dunstonh has already been there and decided not to swallow the bait............

Ah. Not just a troll but a self important troll.

Thanks for the heads up! :beer: