What is a GOOD pension Pot to retire on??

jerrysimon

Well done chuck clearly high final pensions can be achieved but require loads of forward planning from an earlier age.

Jerry

atush

And the right type of employment- there are becoming less and less of this type of pension

westv

Surely any pension pot is a good one if you never have to say "I wish I was still working".

chucknorris

jerrysimon wrote: »

Well done chuck clearly high final pensions can be achieved but require loads of forward planning from an earlier age.

Jerry

Yeah, apart from a small dc pension that I started as teenager, I never got into pensions until I was 52 (6 years ago). I used to think that it wasn't a good move to tie up your money that way (that obviously isn't such an issue anymore). But one day I suddenly realised that they were a great hedge against living much longer, and allow me more comfort when drawing down my assets during retirement. That £30k will come from my wife and I's state pensions (approx £16k) and a final salary pension (approx £14k, which includes some additional pension purchased within the teachers pension scheme).

jerrysimon

Well at state pension age my wife and I will have another 12K on top of our 2K and 17K DB reduced pensions we were planning to take at 55/56. Both also have tax free lump sums of 1.5 and 3X pensionable pay. Any of course I have the small 11K SIPP I started for my wife back in March.

I only really started looking at pensions in March so really fortuanate that both our DB pensions were started automatically for us when we started work at 17/18.

Regards

Jerry

atush

Are you really sure you want to take them so early/reduced?

Seems a shame to me.

jerrysimon

Well I have worked since 17, I always planned to retire at 57/58. Going now makes about 1-2K difference on my pension. My wife was down to part time and has given up now as she wants to take care of our first grandson one or two days a week when my daughter goes back to work.

As I said I have type 1 diabtes and thus a reduced life expectancy, so I want to enjoy my hobbies (cycling/bike building, gardening and guitar) plus of course my grandson

Been some big changes at work and I down't want to be there any more plus recently I watched a work colleague get diagnosed with cancer at 53 and die 6 months later.

So to sum it up my perspective has changed and its time to enter this next phase of our lifes.

Jerry

molerat

jerrysimon, this might be of interest if MrsJ (or even yourself) has not got a full SP https://www.gov.uk/government/publications/national-insurance-credits-for-adults-who-care-for-a-child-under-12. Will save us just under £3K on the cost of buying class3s

jerrysimon

Wow good call, need to read through the detail

PS Although she has given up her PT 16 hour a week job in school, she is due to start paid work 4-6 hours a week looking after another little boy with special needs. I assume that will attract NI contributions at no cost as I think she paid nothing/£1 for NI contributions when she worked for 16hrs. She already has £145/week due at age 67 from paid in contributions. I was opted out so only have £119/week at age 66.5. Maybe I should see if I can get those childcare contributions!

Jerry

jimi_man

We are looking for around £4K per month net with no debts or mortgages. This is to be made up from two final salary pensions – one for £30K and my wife has three (two final salary and one CARE) which total £10K. With two full state pensions, I’ve worked out that in total we should be around £4100 net a month.