What is a GOOD pension Pot to retire on??

jerrysimon

Tried web site and all is fine however showing huge surplus when we get to 66/67 lol.

If only we could bring some of our state pension forward even if it was reduce. I prefer not to rely on state pension as God knows what it will look like in 10 years time

Jerry

atush

jerrysimon wrote: »

Yes my boss feels the same way and keeps telling me I cant go till he does (or pleads for me not going) he is 58. I always planned to retire at 58 anyway and now having a new grandson and changes in my type 1 diabetes, health wise, have brouhgt that forward. Staff wise I do care about them but having had some real challenges this year and being isolated and watching another colleague get diagnosed with cancer and die 6 months later at 53 my perspective has had a shift.

As you say March is neat and tidy tax wise and I am topping up a SIPP for my wife not a lot, but 11K including the tax relief which gives us a little more. She leaves at the end of August and is a non tax payer so its a shame I didn't start that earlier but better late than never.

I will give the web site a go.

You can continue paying in 2880 per year (grosses up to 3600) each year for her going forwards to bump up her pot.

jerrysimon

Thanks atush I was thinking of doing that but I only created it pre April this year to get the max tax return last year and this before she finishes work end of August and its held as cash. Was going to draw most of it out next April (25% + full amount so as not to pay tax).

Once you start to draw on it can you keep putting in £2889 ? We would also be drawing her small DB pension then, but that is well below the tax threshold of 10.5/11K

I was think of getting one but will start drawing my DB pension which is well over the tax allowance so not really worth it.

Jerry

gadgetmind

jerrysimon wrote: »

Once you start to draw on it can you keep putting in £2889 ?

Not generally in the same scheme as anything you're drawing from is "crystallised" whereas new money is going into an "uncrystalised" pot. I'm woolly on how various providers handle this as we're not there yet.

AnotherJoe

gadgetmind wrote: »

I have the opposite problem. I *really* care about my team and worry constantly about how they'll get on without me. I'm trying to make sure everything is working smoothly, but external forces (such as Brexit) are making this close to impossible.

Graveyards are full of indispensable people.

bigfreddiel

gadgetmind wrote: »

I have the opposite problem. I *really* care about my team and worry constantly about how they'll get on without me. I'm trying to make sure everything is working smoothly, but external forces (such as Brexit) are making this close to impossible.

Well BREXIT is having a very positive affect right now, despite all the dire warnings and gloom and doom merchants! Great innit! fj

gadgetmind

AnotherJoe wrote: »

Graveyards are full of indispensable people.

True enough, but when you've built at team/company from scratch, steered it/them through two acquisitions, seen people come/go/flourish/fail, and generally held it together and earned respect from far and wide, then you have a lot of this thing called "pride" and a fair bit of something else called "responsibility".

I'm slowly easing myself out, and am being massively more hands off to force people to solve their own problems, but I'm pretty sure I'll have to break up the team before handing it over as it's too multi-disciplinary.

frugal90

We are basing our calculations on £2500 per month for the two of us which will be funded using Sipps/savings through to taking final salary pensions. I'll be 57 and my wife 51. We'll take final salary pensions from age 60 without reduction and then my wife will have a bit extra from career average at state pension age and we also plan to purchase extra Nat insurance to try and get state pensions up. We have worked out we'll be comfortably off on that figure and also have capital in the form of isas and the lump sums that will come with the final salary pensions. Less than 3 years and counting. Hopefully!

Ray_Singh-Blue

I'm looking for £40K per year index-linked, plus £1M in capital to fritter over time. My retirement plans involve a bit of sailing, an annual pilgramage to Hawaii & several weeks in the mountains in the WInter.

atush

jerrysimon wrote: »

Thanks atush I was thinking of doing that but I only created it pre April this year to get the max tax return last year and this before she finishes work end of August and its held as cash. Was going to draw most of it out next April (25% + full amount so as not to pay tax).

Once you start to draw on it can you keep putting in £2889 ? We would also be drawing her small DB pension then, but that is well below the tax threshold of 10.5/11K

I was think of getting one but will start drawing my DB pension which is well over the tax allowance so not really worth it.

Jerry

once she starts drawing, yes you can still put new money in. If the same scheme or not will depend on how you choose.


I suggest you revisit the immediate withdrawal thing. And see if you would not be better off drawing more evenly esp as regards tax.

Esp if you havent been or hadnt planned on taking some of your spouses PA if they are using all of theirs now or in retirement?