What does the majority of people have at 60ish

gadgetmind

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!

I have now read the pensions green paper again and refined my model. My wife is on target for full basic, while I'll also get that and am also accumulating S2P. I'm currently getting another £2.60 a week for every year I work, but I know they are moving towards this being a flat £1.60 a week for anyone paying enough NI. (And I'm paying too much!)

Between us, we're going to get somewhere between £12k and £14.5k depending on what changes they make. The latter assumes we don't get penalised for the years we opted out, which is very optimistic.

For a couple who have both accumulated a lot of S2P, my figure of £15k isn't far off the mark.

de1amo

im a bit confused by all the 'abbreviated' hyroglifics of the pot!--my pot is my company pension, the oap in the uk(if i live that long), any money i save between now and 'retirement' day, any disposable asset of value(businesses and classic cars) and my uk home(rent value) less the mortgage i still have.i dont count the home i live in but i will downsize but buy a home of equal value in Turkey.

the nig' in the wood pile is setting a realistic percentage of income that i should save without depriving enjoyment while i am young enough to enjoy life. My parents regret not spending more while they were young--i dont count inheritances in my figures because they are easily 'disappeared'.

i dont understand state pensions? i have just paid 30 years of contributions as a paye person so i think i will get the basic rate.--i look at having different streams that will just make the oap 'cream'

The oddity i perceive about my lifestyle is the fact turkey is much cheaper than the uk and i have income streams from the uk which are roughly worth twice as much in turkey! the oap in turkey is a max of 300gbp a month

black_taxi_2

id rather be comfortable then worry about being rich

1.mortgage paid off
2.dont worry about monthly bills
3.able to keep elec/gas full power during winter
4.enough for cafes/restaurants/cinema(more important to me than travelling abroad)

gadgetmind

de1amo wrote: »

i dont understand state pensions? i have just paid 30 years of contributions as a paye person so i think i will get the basic rate

Get a pension forecast. It's complicated, and depends on your age and on how much NI you paid. It's almost impossible to predict without getting a forecast, and even this won't allow for future rule changes.

You can get a forecast online, but signing up takes ages, so just give them a call.

the oap in turkey is a max of 300gbp a month

Full basic pension in the UK is £97.65 per week, so about £390 per month. This is per person and without any S2P

de1amo

pension planning is about having those things after you stop working and not diminishing 'your' standard of living!

de1amo

i should think i would just receive the basic because i have just paid the minimum rate for the past 11 years so that i reached the 30 year mark! but i will look at it -thanks.

i am not a fan of the uk oap because of the way the politicians can move the goal posts. i would rather buy an asset that i can control.-i have interests in several other businesses aside my own which pay about 10pc dividends plus spectacular capital growth(about 50pc year on year)-they are all in the education system and there is a never ending supply of students in a country with one of the youngest populations

The 300 in turkey is for a professional person paying the maximum amount allowed and many people live on a lot less.- we live well and have an expensive teenage daughter and the cost of running everything is never more than 1k a month. we have a holiday home and many extravegances!

gadgetmind

de1amo wrote: »

The 300 in turkey is for a professional person paying the maximum amount allowed and many people live on a lot less.- we live well and have an expensive teenage daughter and the cost of running everything is never more than 1k a month. we have a holiday home and many extravegances!

I'm open-minded regards moving overseas in retirement, however, as with downsizing, I want this to be my free choice rather than an unavoidable consequence of not saving enough for retirement.

grumpycrab

gadgetmind wrote: »

I have now read the pensions green paper again and refined my model...

Re. state pension. I wouldn't count anything being certain with state pensions. I've got quite a few years to retirement and am assuming the worse - that it'll end up being means tested so those of us that have worked hard to save a small pot will get a minimal amount.

de1amo

Moving outside the Eu when you retire is very difficult because of the health cover! if you stay in th Eu and get cover the cost of living can be comparable to the uk. My wife is turkish and i get full coverage through her--we pay a family Nİ payment of 130 quid that gives us private hospital cover through the state. The business pays the premium so it is tax efficient.--the expats out here live on a prayer they dont get seriously ill because they have little coverage once they pass 65 because none of the insurance companies will give them full policies.-its virtually impossible to become a citizen unless your married to a turk and can pass the stiff language test. The expats just return home when they get ill and hope their originating states have mercy on them

pqrdef

de1amo wrote: »

i thought they promised 155--but promises are made to be broken!

I think the £140 is in 2010 money, and the £155 is an estimate of what inflation might have pushed it up to when it actually gets introduced. Possibly based on the official CPI target of 2% (anybody remember that?)