What is a GOOD pension Pot to retire on??

atush

Pennysmakepounds wrote: »

I think i just nee to send a begging letter to the 61 million Euro's winners and see if they can spare a million for a poor working man.

At 42 with NO private pension, I think that's my only hope for a decent retirement.

You've got 25 years to go, so get a job with a work pension or pay in heavily to a private pension.

Marine_life

I've been reading a lot of blogs / vlogs recently about van living (i.e. people who spend all their life living in a camper-van), not that that is in anyway the life I want for myself but looking at alternative lifestyles really interests me and there are always a couple of tips to glean. Needless to say living in a van is very cheap and I would warrant significantly less than 2k per month.

I you don't want to live in a van then the best solution would be to track your expenses for 2-3 months and see what they come out to. Then look at the list and see what things are either missing or will fall away and bingo you have a rough idea......then add inflation.

BobQ

jamesd wrote: »

Median average household income in retirement is around £21k, was around £18k a few years ago. Whether you need more or less than that depends on your location and lifestyle. Can be really cheap say in northern England or the Welsh valleys where property can be very inexpensive compared to say the SE of England.

James where did this figure come from?

£21K median household income? So a large proportion are couples? So this will perhaps drop when one dies? How do they account for households where one of a couple work? Or where a retired person lives with someone of working age?

mgdavid

BobQ wrote: »

James where did this figure come from?

£21K median household income? So a large proportion are couples? So this will perhaps drop when one dies? How do they account for households where one of a couple work? Or where a retired person lives with someone of working age?

I expect the stats will be from ONS.
By definition a 'household in retirement' is one where no-one is working.

fatbeetle

I asked a very similar question here; https://forums.moneysavingexpert.com/discussion/5440873

you may get some ideas from that.

TBC15

I’ve found the interactive retirement planer on the trustnet site https://www.trustnetdirect.com/retirement/retirement-homepage

useful for giving an idea of the numbers required and anidea of likely average lifestyle available on retirement.

jamesd

BobQ wrote: »

James where did this figure come from? ... £21K median household income? So a large proportion are couples? So this will perhaps drop when one dies? How do they account for households where one of a couple work? Or where a retired person lives with someone of working age?

ONS reporting that it's £21,100. There's more information and trends in Pensioners' incomes series.

It's for households and there is a lead person selected for each household that is used to decide the retired or not status. Most pensioner households are couples.

Blackbeard_of_Perranporth

Q. What is a good pension.
A. Work in public service!

RickyB2000

Marine_life wrote: »

I've been reading a lot of blogs / vlogs recently about van living (i.e. people who spend all their life living in a camper-van), not that that is in anyway the life I want for myself but looking at alternative lifestyles really interests me and there are always a couple of tips to glean. Needless to say living in a van is very cheap and I would warrant significantly less than 2k per month.

I you don't want to live in a van then the best solution would be to track your expenses for 2-3 months and see what they come out to. Then look at the list and see what things are either missing or will fall away and bingo you have a rough idea......then add inflation.

I often walk down the canal on a nice day and think wouldn't it be nice to live on a narrow boat, going up and down the water ways. Though not sure it would be so nice when the bad weather sets in.....

tell_it_how_it_is

It is so difficult to know what 'the figure' is for oneself, let alone a general one.

I'd love to retire in 10 years at 55, but what transpires between now and then God knows.

I have two pension pots, one of £60k, and one of £25k with guarantees. My idea is to draw on the first one at 55, which would be around £90k if at 4℅ (assumed percentage, given no more contributions), but hopefully in reality in the region of £130k at 8℅ (rounded conservative figure based on £200pm).

I'd take say £30k lump sum, and add this to savings of hopefully £60k, then use part of this each year to add to a drawdown of £10k a year (below tax threshold), until the other pension kicks in at 65.

My own figures guesstimate around £18k a year to live on, which this would cover (maybe £20k then), plus we'd have the other half's smaller amount on top.

However, this has every chance of being completely unrealistic and having no chance of happening! And that's even before future curveballs thrown in by the Government!