Will my pension be enough???

Anonymous101

Malthusian wrote: »

Who's we?

(text)

The average working person.

I was not putting myself or any other individual in that group.
In fact I've no kids and a very time consuming hobby that I would gladly give up work and do 2-3 days a week now if finances allowed. Its a big driver for me wanting to gain FI and retire early.... But that's not average in my eyes.

MallyGirl

certainly not me. I am not giving up on the hobbies that life gets in the way of - I am just letting them tick over. The list of things I will be able to do once retired gets longer by the day. It is going to be pretty long by the time I retire in around 10 years time, aged 60.

Anonymous101

My point was that I think retirement takes planning in terms of what most people will fill their time with as well as the financial side of things.

Northamptonblue

Nearly three months retired. Have so far spent my time helping frail elderly parents, doing the housework (wife still working) and decorating the house (two rooms down, eight to go). Lucky enough to have a holiday place which I will redecorate once the main house is finished. Some days I even get a couple of hours to myself

Mnd

Crickey, I've been retired 3 months and still on the walking allotment cooking mode, I have painted the inside of the summerhouse but the outside can wait till spring
My wife also works so I do all the housework and cooking as well.happy days!

datlex

Play wrote: »

Hi,.

Obviously this question is different with each person. But say u earnt £20k per year, FS/CARE pension 1/49.

Say u work for 49 years, your pension is 100% of your yearly salary, (obviously inflation it will be more)

Will this £20k be enough(even with today standard)

And if this is not enough, what kind of pension/saving/investment should I go for????

Mainly interested in pension wise option

Thanks

My take home is under £20K and I am able to save on that and I don't have a frugal life. So yes you can live on it.

crv1963

Anonymous101 wrote: »

My point was that I think retirement takes planning in terms of what most people will fill their time with as well as the financial side of things.

I have to agree with you Anonymous 101, it is as important as the financial side of things. I went on a pre-retirement course and it is important to plan what to do with the time vacated by not going to work.


I think on this board/ thread most posters have got plans and thoughts and they are working towards them - but I suspect most of the general population don't do the degree of planning of most here.


I know my Dad returned to work until age 72 years declaring that there is only so much gardening and decorating that you can do! In this aspect I don't intend to follow his example- I am planning/ thinking of what I'll do with my extra 8 hours a day work and 2 hours a day commute time (10 hours a day)!


I think one of the keys is ensuring that you have to look at retirement as the next stage of life rather than the final stage of life! Like most things it is your own personal philosophy or drivers that dictate how successfully you manage the time!

justme111

lisyloo wrote: »

One thing I can't see mentioned is that there are some significant expenses that you may not have in retirement

1) paying the mortgage if you are mortgage free in retirement
2) Paying a pension if it's contributory

You may have some more expenses e.g. greater leisure time, but 1&2 can be quite a significant propertion of income whilst working.

exactly. add to it a considerate expense of children that most of us have nd will not have in retirement plus savings plus NI and tax will be far less.
OP , if you actually do the numbers you may find fhat keeping all of the above in mind 20 k in retirement gives far more disposable income than 40 k while working.

Terron

crv1963 wrote: »

I have to agree with you Anonymous 101, it is as important as the financial side of things. I went on a pre-retirement course and it is important to plan what to do with the time vacated by not going to work.

I didn't plan to lose my job, but I didn't have a problem. I like to read and there are lots of interesting books out there.

Six month after my Dad started to work part time he had to retire fully due to a health problem. He spent more time in the garden and started to play golf more. The one who had a problem was my Mum who wasn't used to him being around so much.

badmemory

retired - bored - does not compute!

Suddenly realised I have been retired 5 years. OMG I must be 71 now. When should I expect to become bored? Guess that would be when I cease to be interested.