Another planning for retirement post

satrdayboy_2

atush wrote: »

If one wants one spoon of jam daily but eats 2 spoons because they are greedy for a whole week, what happens the next day? Week? month?

lots of jam analogies. i prefer lemon curd though

jamesperrett

jerrysimon wrote: »

However drawing my pension early meant I will have drawn 60.2K in 3.5 years which would take me 13 years (I would be 70 before being in credit) to gain back assuming I had carried on and left at 60. This includes added years and pension I would have accrued.

One other thing to factor in is how the final salary is calculated. In Jerry's case (and mine) it would have been calculated on the best salary earned in the 3 years just prior to retirement. How are your wages going to rise in comparison to the revaluation of your pension? In my case it looks like wages will be limited to a less than 1% rise (again) while inflation reaches 3% so half of the actuarial reduction for taking the pension early has been wiped out.