Success Stories - Pensions

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  • savingholmes
    savingholmes Forumite Posts: 25,914
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    pterri said:
    I’ve been planning to retire for ages. Very lucky with house purchase, paid off well before I was 50.

    - DB pension currently worth £35k (rpi linked up to 5%) although can only claim at 60 without penalty, can claim earlier but take quiet a hit
    - £123k in company AVCs which I can take out of the whole ‘pot’ tax free. (Long story, I can, I’ve checked)
    - £72k sipp
    - £97k isa. 

    Plan to retire at 56, use the SIPP/isa until 60 and claim the db pension.

    can not wait…
    You sound very well set up. 
    Moving goals: Anticipated costs £8K (excluding new furniture or any post move renovations)
    1) Upfront house move costs Paid £1034/£2,609 (£448 for legal, £586 for mortgage, £76 post redirection, £1,500 removals)
    2) Balance of likely house move costs Paid £0/£5,372 (£1,772 legal, £3,600 land tax from equity)
    Longer term financial goals
    3) £6,539/£10,000 Emergency/Freedom/Home/Moving Fund 65.39%
    4) MFW Nov 21 £201,999 with 264 240 payments to go - now £185,701 Equity 37.6%
    5) Mortgage neutral by June 2030 £6,289/£127,466 AVC target 4.93%
    6) FI Age 60 annual income target £12,500/30,000 41.66%
    7) CC Debt free April 22 (now stay that way!!)
  • fly-catchers
    fly-catchers Forumite Posts: 611
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    My success story and a decision I am so glad I made! Was to both transfer an older DB pension from an earlier employer to my them current job. And buy Added Years as an AVC to bump up to the maximum of 40 years DB pension when I got to 60. Because of changes at the company the Final Salary changed to Career Average for the last tens years of pension. And 8 of those were moved to age 65. But if I hadn’t done that I would have only had 20 years Final Salary together with 2 years Career Average at 60. And those other 8 years of Career Average at 65 together with that older company pension which was worth a lot less than it ultimately turned into once transferred! So it much better position than if I had left it. Also because of my age quite a bit better than those employees who although in the job longer than me couldn’t either transfer in a pension or buy Added Years because that would have taken then over the 40 year limit. 
  • justme111
    justme111 Forumite Posts: 3,508
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    started saving about 10 years ago, aged 50 today, have about 130 k between pension and SS ISA. Got a terminal disease with a very bleak life expectancy (months but who knows) and it can be inherited by my daughter  who is 19 - nice to know she would not have immediate money pressure. Apart from it have about 8k/year in NHS pension from the ago 60  - I think some of it will be paid to her if I die and if I survive for a couple of years ( I think it is paid if I die till she is 21 or 22) I will nominate my partner to receive it/marry him so he has some survivor income.
    The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
    Often people seem to use this word mistakenly where "quandary" would fit better.
  • Cus
    Cus Forumite Posts: 495
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    justme111 said:
    started saving about 10 years ago, aged 50 today, have about 130 k between pension and SS ISA. Got a terminal disease with a very bleak life expectancy (months but who knows) and it can be inherited by my daughter  who is 19 - nice to know she would not have immediate money pressure. Apart from it have about 8k/year in NHS pension from the ago 60  - I think some of it will be paid to her if I die and if I survive for a couple of years ( I think it is paid if I die till she is 21 or 22) I will nominate my partner to receive it/marry him so he has some survivor income.
    Make sure your sipp beneficiary is named as your daughter 
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