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What does the majority of people have at 60ish
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grumpycrab wrote: »Not up on state pensions, but presumably that's not contracted out and with full NI contributions?
It was actually based on HMG's woffle about a flat rate of £140 with a quick x52, and then doubled and rounded. Don't you love science!
The actual figure I'm using in my personal spreadsheet is currently £11.5k + CPI every year, which comes from full basic for both plus a bit of S2P for me.
Our Protected Rights pots are in my spreadsheet as private pension pots, which they already are in everything but name, and even this will change soon.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
can i mail you gadget?
Fire away, but my knowledge is minuscule compared to that of others here.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
gadgetmind wrote: »It was actually based on HMG's woffle about a flat rate of £140 with a quick x52, and then doubled and rounded. Don't you love science!...
Yes, just googled it. The £140 is a proposed flat rate. Wonder when (if!?) it'll come to fruition...0 -
i thought they promised 155--but promises are made to be broken!mfw'11 No68- 55k mortgage İO--little to nothing saved! i must do better.0
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Here is a link to the green paper. I challenge anyone to read it right through without waking with their head on the desk in a pool of drool!
http://www.dwp.gov.uk/docs/state-pension-21st-century.pdf
It says £140 per week.
Regards timescale, the document is titled "A state pension for the 21st century", so expect it to be rolled out some time in the next 89 years. :-)I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
im sure i will live to about 147 to receive a decent state pension!! NOT--they are quick enough to let the companies alter to cpi from rpi!--my plans are clouded by being associated to the civil service from working for bt! a strange twisted part of me wants massive inflation because us pensioners spend less!mfw'11 No68- 55k mortgage İO--little to nothing saved! i must do better.0
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Have done a back of an envelope calculation.
Digger Mansions is preparing for retirement, and has the equivalent of 20 years gross annual income saved. With no debts, and pensions to come, it feels comfortable.
The post that asked 'how long is a piece of string' is the most pertinent comment. What you are content with at end of day is the criterion to aim for.
As Mrs.D. likes her horses she has promised to buy me some Old Spice. Thanks for nothing Lokolo.0 -
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has the equivalent of 20 years gross annual income saved
I use only net figures as it's monthly income pre/post retirement that's my primary concern.
I'm aiming for 30x net income!I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0
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