Bad news re what I spend

jamesd

Terron wrote: »

That's a much more complicated than just multiplying by 25, which is accurate enough for most purposes.

Well, for some, when far from retiring. What cFiresim adds can include:

1. effect of the state and DB pensions, add them when they start
2. effect of reducing spending as you get older, add some fake recurring income
3. effect of repaying a mortgage

How much those matter depends on how big they are compared to the desired income. Matters much more for a 20k target than 50k.

missile

Terron wrote: »

Do you have any evidence for that?
https://fullfact.org/europe/pensioners-eu-uk/ seems to contradict that.

From the article you quoted :

Minimum pension UK £125
Minimum pension France £130
Minimum pension Spain £155

From the article Cobson quoted :

Baroness Altmann said that despite these changes, which were supposed to have made the system more affordable, further cuts might be needed.
She said: "Beyond the 2030s, the new state pension will be lower than the old system for most people and the lowest paid, predominantly women, will generally lose significantly from the new system

zagfles

missile wrote: »

From the article you quoted :

Minimum pension UK £125

You've not read it properly or understood it, have you? The £125 is not any sort of minimum. The minimum UK state pension is 0. The £125 figure was the lowest range for the full state pension (which will be for people who've contracted out, and therefore have another pension which pays the SERPS/S2P element).

However for those with no other income, pension credit tops up state pension to £167 a week for a single person (today's terms, was £155 in 2016 as stated in the article).

nigelbb

zagfles wrote: »

You've not read it properly or understood it, have you? The £125 is not any sort of minimum. The minimum UK state pension is 0. The £125 figure was the lowest range for the full state pension (which will be for people who've contracted out, and therefore have another pension which pays the SERPS/S2P element).

However for those with no other income, pension credit tops up state pension to £167 a week for a single person (today's terms, was £155 in 2016 as stated in the article).

The maximum UK state pension is now £168.60.

zagfles

nigelbb wrote: »

The maximum UK state pension is now £168.60.

That's under the new rules, but those who built up more under the old rules can get more, in some cases much more.

michaels

zagfles wrote: »

That's under the new rules, but those who built up more under the old rules can get more, in some cases much more.

Or for the unlucky few no more at all and full pension entitlement by their mid 40s after which they can't increase their pension any further regardless of how much NI they pay.....

westv

zagfles wrote: »

That's under the new rules, but those who built up more under the old rules can get more, in some cases much more.

But, on average, they'll be dead sooner.

Terron

jamesd wrote: »

Well, for some, when far from retiring.

I'm glad you agree with me.

zagfles

Yup, all sorts of foibles with the UK state pension, we could fill another 10 pages with one-liners about it. I suppose its complexity means there's something for everyone to complain about, or use to make political points.

missile

zagfles wrote: »

You've not read it properly or understood it, have you? The £125 is not any sort of minimum. The minimum UK state pension is 0. The £125 figure was the lowest range for the full state pension (which will be for people who've contracted out, and therefore have another pension which pays the SERPS/S2P element).

However for those with no other income, pension credit tops up state pension to £167 a week for a single person (today's terms, was £155 in 2016 as stated in the article).

Oh contraire; it is you who seems unable to read or grasp the irony.
Terron asked for evidence and I merely quoted from his own out of date link

The full state pension in the UK is now between £125 and £165 a week, depending on when you were born and your national insurance contributions. This doesn’t include any additional state pension, pension credit, or other benefits a pensioner might be eligible for.

Perhaps you disagree with the FT?

UK state pension worst in the developed world

:beer: