How old will you be when you can retire?

Ivrytwr3

Loughton_Monkey wrote: »

No it's not.

Would be interesting if you said exactly how much you think it should be after 22 years service, index linked for the next 45 to 50 years?

I'm not saying anything, i am more than happy for this amount for a non-contributory pension - i just mentioned that pulic sector pensions are not gold plated like some believe!!

Pennywise

Ivrytwr3 wrote: »

I'm not saying anything, i am more than happy for this amount for a non-contributory pension - i just mentioned that pulic sector pensions are not gold plated like some believe!!

But it's all relative isn't it. For a typical/average private sector worker, the thoughts of someone else retiring at 40 with a lump sum and £12k would certainly seem gold plated to them.

sabretoothtigger

12k at 40 is great, you can retire and work part time or full time. Met a few people who've done that and often its a redundancy thing.
Dont army get half pension from an early age for ten years service, also seems to be one of the reasons to join the army.

I'd take it then go work in a bar job somewhere hot, no point toiling in a job just to pay more taxes if life allows you to be flexible elsewhere else.

In the olden days people didnt even get to retirement, my great uncle was lost on his very last voyage off the isles of cornwall and his widow got zero. Many just died before 65, you better believe any decent offer at 40 is a modern luxury

ukcarper

Ivrytwr3 wrote: »

No mortgage, 2 kids and say wife lost her job. You think £12k is enough to cover all bills and feed us all?

Saying that, having never claimed benefits (worked from 17), would we be entitled to anything?

Maybe i can retire at 40!!!!!!!!!

I think you would struggle but as has been said you could boost income by working part time.

N1AK

Pennywise wrote: »

But it's all relative isn't it. For a typical/average private sector worker, the thoughts of someone else retiring at 40 with a lump sum and £12k would certainly seem gold plated to them.

A £12k pension, after taking a lump sum, at 40 years old is definitely what most would consider gold plated.

A £12k private pension would require a pot of around £240k assuming it didn't increase with inflation, pass to spouse or have a minumum payment... And if you retired at 55. Retiring 15 years is hard to model but seems to be worth 40%+ more (£100k). I'm pretty sure public sector pensions increase YoY so factoring it all in the pension pot is worth well over £400,000 which at 40 is extremely generous.

New_and_Improved_Me

I could live on 30K a year

12K, not a chance even with a lump sum

ukcarper

New_and_Improved_Me wrote: »

I could live on 30K a year

12K, not a chance even with a lump sum

Plenty live on a lot less than £30k. Does that £30k include paying rent/mortgage.

New_and_Improved_Me

Everything.

ukcarper

New_and_Improved_Me wrote: »

Everything.

As I said I live quite comfortably on not that much more than £12k certainly no where near £30k but I have paid off mortgage.

coastline

Ivrytwr3 wrote: »

I'm not saying anything, i am more than happy for this amount for a non-contributory pension - i just mentioned that pulic sector pensions are not gold plated like some believe!!

A fews links on public sector pensions...what people seem to forget is you need a lifetime...over 40 years ...to gain a full pension.
The average paid out to 6m public sector workers is around £7,000 a year...without it the government would be paying income support to most.

http://www.bbc.co.uk/news/business-15925017

in this link you can see the various sectors...eg NHS..Teachers etc.

http://www.bbc.co.uk/news/business-10912958