What are you aiming for as an annual pension for you?

Anonymous101

Sea_Shell wrote: »

Don't...I caught 5 minutes of "Millionaires Holiday Club" on BBC2 yesterday. O. M. G. !!

Extravagant spending to make your eyes bleed!! (and the planet weep)

Now there's a portion of society that don't give two hoots about their carbon footprint. It's Yeti sized!!!

I can't watch those types of programme... I find them vulgar beyond belief!

swindiff

Between the ages of 60 and 67
£40k for me £12k for my wife
Some of this depends on how well DC pension performs
This is about 87% of our current gross pay, but due to the pension contributions we currently make in real terms its actually about 116% of our current pay. We will be considerably better off retired

67 and on
£30k for me £13k for my wife
This is all DB and state pension and is round about what we earn now once the pension contributions are taken off.

Freeman24reverseFpenny

Mothman wrote: »

Wow! in awe of some of the numbers here. I hope to take early retirement next year aged 59 and estimate DC pension and savings pot will total £440k by then. I plan taking 11k a year from DC pension and will hold £50k in cash to use when markets are down. My wife is 10yrs older than me and is already in receipt of her deferred SP of £11k but has no other pensions.

We have reconciled ourselves to the fact that we can have either have the time or the money but probably not both.

Yeah, and me. Nobody I know gets anywhere close to some of the figures quoted on this thread. Maybe I don't move in the right circles

I'm 66 and single - house mortgage free.

Currently my combined civil service pension of £16817.04 and state pension of £7549.36, give me £24366.40, from which I get about £1832 net per month. I can live quite comfortably on that, with some spare.

Freeman24reverseFpenny

OldMusicGuy wrote: »

We're going green(er) in our retirement. We are downsizing, new property will have some triple glazing, solar panels maybe with storage batteries, will be heat efficient (timber framed with high level of insulation), induction hob instead of gas. Will still have gas c/h though, ground source heat pump not practical.

We will not be travelling abroad much, will have veggie plot and give over quite a chunk of the garden to "wild" areas. We don't eat a lot of meat, bake our own bread, spend very little on consumer goods (my spend on clothes/shoes last year was about £100).

It's a bit of a project for us, we do feel we need to cut down our footprint.

Haven't gone as far as your proposals, but I do have solar panels, which in addition to being "green" also save you a fair bit in energy costs. In a sunny (light) Summer like last, you hardly pay anything at all. So well worth it, and I'm not far off the end of payback, with the feed in tariffs added on.

andy001

Nice thread.
Some really great information..
How are you all getting on with your retirement plans?

[Deleted User]

As a very average person these are my figures. Currently 61. Took DB pension at 58. Have completed another 4 fixed term contracts since then. All pensionable and extra pension applied for payment. By August DB pension will be about £19200 per annum index linked. Have 43 years NI contributions and will pay voluntary contributions for another 4 years to achieve almost a full state pension at 66. So at 66 total pension income will be about £28300 per annum. All in today’s figures.  Sufficient for me as single person with no dependents, living in mortgage free house with no debts. I also make about £1500 a year from working as an exam invigilator (but not this year!) plus another £1000 or so from surveys and loyalty points!
Have a few tens of thousands back up (not loads I must stress). These are spread between Premium Bonds, various savings accounts, a cash ISA and a low risk S&S ISA. Also have a couple of current accounts, one for bills and one for day to day living. No inheritances expected.
Occasionally a little envious of the large amounts others have accumulated but mostly happy and content with my lot. Quality use of time and maintaining good health my key priorities.

Best wishes and keep safe.

eastcorkram

@[Deleted User]
I've a feeling your pension income will be a long way from 'very average'
I'm expecting mine , including full state pension to be somewhere between £12 to £13.5k, and that'll be fine for me. 

Gin_and_Milk

There are definitely some jaw dropping amounts of pension which I read about on these forums, and sometimes I do feel a little despondent. So far, £18k at 60 is a rough figure for me at the moment - far from a luxurious retirement, but should be enough, and I'm planning to walk away with more.  I read about people having pots worth a fortune, but then I remind myself that mine is a DB pension, and you can't put a price on the security that provides IMO.

[Deleted User]

eastcorkram, I was comparing myself mainly to the higher figures mentioned on here. I agree you do not need huge amounts to be happy and content. Best wishes.

Paul_Herring

I'm aiming for personal allowance+33% (currently ~£16,600.) From 55. Currently on track to comfortably beat that, even after the recent contretemps in the market.
Actually, after salary sacrifice, that's only a couple of thousand off what I'm on at the moment...

Edit: ... and after looking at it, after tax, it's only £30/m difference