Retirement\Saving Planning

MEM62

bloke91 said:
I am also considering buying a couple of gold coins as an investment for my children for the future.

Unless particularly rare or of historic significance, gold coins are expensive shiny pieces of metal - not investments.  

Retireinten

bloke91 said:

Estimated yearly amounts from our pensions when we retire should be: Myself: 7k a year from local government pension, plus 10 - 15k a year from a defined benefit pension, plus the state pension.  Wife: 16-20k a year from local government pension, plus state pension.
I am a 40% tax payer.

Just to clarify, you refer to a defined benefit scheme of £10-15k, but you make no mention of your £50k pension pot you currently contributing to and how this features in your retirement figures.  Are you sure you are referring to a second defined benefit scheme or are you referring to a defined contribution scheme, where you plan to draw down £10-£15k each year?

DB and DC schemes are very different, with DB offering a secure annual pension based on years service and salary - there is no pot value. 

If the £10-15k predicted annual pension is a DC scheme and you are referring to drawdown when you quote these figures, then you could probably do with some feedback on your pot value, current contribution rates and the likelihood of securing that draw down amount in retirement

sonny55

Hello again 
I received a state  pension forecast last week 
2021 =155.71 a week 
you can improve your forecast to 160.72 
cope estimate is 90.42 a week 
can anyone help as regards to how much I need to pay to bring me up to full SP?
thank you

sonny55

sorry , i think i posted in wrong area