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Retirement Planning Spreadsheet example
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Moonwolf said:sgx2000 said:Lol......
Perhaps we are all nerds......
Joking aside, it is staggering how many people go into retirement with no idea what they are doing......
I remember trying to have pension conversations with my ex-colleagues ....
I might as well have been talking to the wall......
2 months into retirement.....loving it....
The reply "I hate thinking about pensions, as soon as I start I lose the will to live."
My pensions are my biggest asset, worth more than my house, even if it is tedious it has to be worth the effort to understand them.
I tried to help address this by holdings sessions with my colleagues but despite there being 20-30 people on the call, only 2 or 3 would interact. A few people came to discuss stuff with me individually but my experience generally is that most people only start looking at pensions when they are forced to because of redundancy, ill health or some other reason that is outside of their control. By this time, it's too late to make the most of retirement planning opportunities such as investment growth, tax reliefs etc.
It doesn't bode well for the future when most pension provision in the private sector is DC only.3 -
leosayer said:Moonwolf said:sgx2000 said:Lol......
Perhaps we are all nerds......
Joking aside, it is staggering how many people go into retirement with no idea what they are doing......
I remember trying to have pension conversations with my ex-colleagues ....
I might as well have been talking to the wall......
2 months into retirement.....loving it....
The reply "I hate thinking about pensions, as soon as I start I lose the will to live."
My pensions are my biggest asset, worth more than my house, even if it is tedious it has to be worth the effort to understand them.
I tried to help address this by holdings sessions with my colleagues but despite there being 20-30 people on the call, only 2 or 3 would interact. A few people came to discuss stuff with me individually but my experience generally is that most people only start looking at pensions when they are forced to because of redundancy, ill health or some other reason that is outside of their control. By this time, it's too late to make the most of retirement planning opportunities such as investment growth, tax reliefs etc.
It doesn't bode well for the future when most pension provision in the private sector is DC only.
We have tons of people in their late 50's/early 60's who 'could' comfortably retire and been in the pension for 30+ years but don't even have their log on. They are programmed to retire at state pension age and I can remember some moaning when the state pension age was raised because it meant they had to work longer. Some will have DB pensions of £25k a year plus, a modest DC pot, along with a £100k company share holding and will have no idea. That said, I appreciate some people are not driven by earlier retirement, or retirement at all.
I don't go out of my way to force it upon people because it isn't my job and I'm not a financial advisor. You can imagine the come back if you ever said something that was misconstrued. The important thing is that I am on top of my own situation!3 -
Cobbler_tone said:leosayer said:Moonwolf said:sgx2000 said:Lol......
Perhaps we are all nerds......
Joking aside, it is staggering how many people go into retirement with no idea what they are doing......
I remember trying to have pension conversations with my ex-colleagues ....
I might as well have been talking to the wall......
2 months into retirement.....loving it....
The reply "I hate thinking about pensions, as soon as I start I lose the will to live."
My pensions are my biggest asset, worth more than my house, even if it is tedious it has to be worth the effort to understand them.
I tried to help address this by holdings sessions with my colleagues but despite there being 20-30 people on the call, only 2 or 3 would interact. A few people came to discuss stuff with me individually but my experience generally is that most people only start looking at pensions when they are forced to because of redundancy, ill health or some other reason that is outside of their control. By this time, it's too late to make the most of retirement planning opportunities such as investment growth, tax reliefs etc.
It doesn't bode well for the future when most pension provision in the private sector is DC only.
We have tons of people in their late 50's/early 60's who 'could' comfortably retire and been in the pension for 30+ years but don't even have their log on. They are programmed to retire at state pension age and I can remember some moaning when the state pension age was raised because it meant they had to work longer. Some will have DB pensions of £25k a year plus, a modest DC pot, along with a £100k company share holding and will have no idea. That said, I appreciate some people are not driven by earlier retirement, or retirement at all.
I don't go out of my way to force it upon people because it isn't my job and I'm not a financial advisor. You can imagine the come back if you ever said something that was misconstrued. The important thing is that I am on top of my own situation!0 -
GenX0212 said:Cobbler_tone said:leosayer said:Moonwolf said:sgx2000 said:Lol......
Perhaps we are all nerds......
Joking aside, it is staggering how many people go into retirement with no idea what they are doing......
I remember trying to have pension conversations with my ex-colleagues ....
I might as well have been talking to the wall......
2 months into retirement.....loving it....
The reply "I hate thinking about pensions, as soon as I start I lose the will to live."
My pensions are my biggest asset, worth more than my house, even if it is tedious it has to be worth the effort to understand them.
I tried to help address this by holdings sessions with my colleagues but despite there being 20-30 people on the call, only 2 or 3 would interact. A few people came to discuss stuff with me individually but my experience generally is that most people only start looking at pensions when they are forced to because of redundancy, ill health or some other reason that is outside of their control. By this time, it's too late to make the most of retirement planning opportunities such as investment growth, tax reliefs etc.
It doesn't bode well for the future when most pension provision in the private sector is DC only.
We have tons of people in their late 50's/early 60's who 'could' comfortably retire and been in the pension for 30+ years but don't even have their log on. They are programmed to retire at state pension age and I can remember some moaning when the state pension age was raised because it meant they had to work longer. Some will have DB pensions of £25k a year plus, a modest DC pot, along with a £100k company share holding and will have no idea. That said, I appreciate some people are not driven by earlier retirement, or retirement at all.
I don't go out of my way to force it upon people because it isn't my job and I'm not a financial advisor. You can imagine the come back if you ever said something that was misconstrued. The important thing is that I am on top of my own situation!1 -
pterri said:GenX0212 said:Cobbler_tone said:leosayer said:Moonwolf said:sgx2000 said:Lol......
Perhaps we are all nerds......
Joking aside, it is staggering how many people go into retirement with no idea what they are doing......
I remember trying to have pension conversations with my ex-colleagues ....
I might as well have been talking to the wall......
2 months into retirement.....loving it....
The reply "I hate thinking about pensions, as soon as I start I lose the will to live."
My pensions are my biggest asset, worth more than my house, even if it is tedious it has to be worth the effort to understand them.
I tried to help address this by holdings sessions with my colleagues but despite there being 20-30 people on the call, only 2 or 3 would interact. A few people came to discuss stuff with me individually but my experience generally is that most people only start looking at pensions when they are forced to because of redundancy, ill health or some other reason that is outside of their control. By this time, it's too late to make the most of retirement planning opportunities such as investment growth, tax reliefs etc.
It doesn't bode well for the future when most pension provision in the private sector is DC only.
We have tons of people in their late 50's/early 60's who 'could' comfortably retire and been in the pension for 30+ years but don't even have their log on. They are programmed to retire at state pension age and I can remember some moaning when the state pension age was raised because it meant they had to work longer. Some will have DB pensions of £25k a year plus, a modest DC pot, along with a £100k company share holding and will have no idea. That said, I appreciate some people are not driven by earlier retirement, or retirement at all.
I don't go out of my way to force it upon people because it isn't my job and I'm not a financial advisor. You can imagine the come back if you ever said something that was misconstrued. The important thing is that I am on top of my own situation!It's just my opinion and not advice.0 -
SouthCoastBoy said:pterri said:GenX0212 said:Cobbler_tone said:leosayer said:Moonwolf said:sgx2000 said:Lol......
Perhaps we are all nerds......
Joking aside, it is staggering how many people go into retirement with no idea what they are doing......
I remember trying to have pension conversations with my ex-colleagues ....
I might as well have been talking to the wall......
2 months into retirement.....loving it....
The reply "I hate thinking about pensions, as soon as I start I lose the will to live."
My pensions are my biggest asset, worth more than my house, even if it is tedious it has to be worth the effort to understand them.
I tried to help address this by holdings sessions with my colleagues but despite there being 20-30 people on the call, only 2 or 3 would interact. A few people came to discuss stuff with me individually but my experience generally is that most people only start looking at pensions when they are forced to because of redundancy, ill health or some other reason that is outside of their control. By this time, it's too late to make the most of retirement planning opportunities such as investment growth, tax reliefs etc.
It doesn't bode well for the future when most pension provision in the private sector is DC only.
We have tons of people in their late 50's/early 60's who 'could' comfortably retire and been in the pension for 30+ years but don't even have their log on. They are programmed to retire at state pension age and I can remember some moaning when the state pension age was raised because it meant they had to work longer. Some will have DB pensions of £25k a year plus, a modest DC pot, along with a £100k company share holding and will have no idea. That said, I appreciate some people are not driven by earlier retirement, or retirement at all.
I don't go out of my way to force it upon people because it isn't my job and I'm not a financial advisor. You can imagine the come back if you ever said something that was misconstrued. The important thing is that I am on top of my own situation!
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NoMore said:SouthCoastBoy said:pterri said:GenX0212 said:Cobbler_tone said:leosayer said:Moonwolf said:sgx2000 said:Lol......
Perhaps we are all nerds......
Joking aside, it is staggering how many people go into retirement with no idea what they are doing......
I remember trying to have pension conversations with my ex-colleagues ....
I might as well have been talking to the wall......
2 months into retirement.....loving it....
The reply "I hate thinking about pensions, as soon as I start I lose the will to live."
My pensions are my biggest asset, worth more than my house, even if it is tedious it has to be worth the effort to understand them.
I tried to help address this by holdings sessions with my colleagues but despite there being 20-30 people on the call, only 2 or 3 would interact. A few people came to discuss stuff with me individually but my experience generally is that most people only start looking at pensions when they are forced to because of redundancy, ill health or some other reason that is outside of their control. By this time, it's too late to make the most of retirement planning opportunities such as investment growth, tax reliefs etc.
It doesn't bode well for the future when most pension provision in the private sector is DC only.
We have tons of people in their late 50's/early 60's who 'could' comfortably retire and been in the pension for 30+ years but don't even have their log on. They are programmed to retire at state pension age and I can remember some moaning when the state pension age was raised because it meant they had to work longer. Some will have DB pensions of £25k a year plus, a modest DC pot, along with a £100k company share holding and will have no idea. That said, I appreciate some people are not driven by earlier retirement, or retirement at all.
I don't go out of my way to force it upon people because it isn't my job and I'm not a financial advisor. You can imagine the come back if you ever said something that was misconstrued. The important thing is that I am on top of my own situation!It's just my opinion and not advice.0 -
And the problem with that, of course, is that if you don't trust your drawdown strategy and simultaneously don't think annuities offer VFM, you never retire and end up the richest corpse in the graveyard.N. Hampshire, he/him. Octopus Intelligent Go elec & Tracker gas / Vodafone BB / iD mobile. Ripple Kirk Hill member.
2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 3.6kw inverter. 34 MWh generated, long-term average 2.6 Os.Not exactly back from my break, but dipping in and out of the forum.Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs, Best kettle!2 -
QrizB said:And the problem with that, of course, is that if you don't trust your drawdown strategy and simultaneously don't think annuities offer VFM, you never retire and end up the richest corpse in the graveyard.It's just my opinion and not advice.0
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SouthCoastBoy said:NoMore said:SouthCoastBoy said:pterri said:GenX0212 said:Cobbler_tone said:leosayer said:Moonwolf said:sgx2000 said:Lol......
Perhaps we are all nerds......
Joking aside, it is staggering how many people go into retirement with no idea what they are doing......
I remember trying to have pension conversations with my ex-colleagues ....
I might as well have been talking to the wall......
2 months into retirement.....loving it....
The reply "I hate thinking about pensions, as soon as I start I lose the will to live."
My pensions are my biggest asset, worth more than my house, even if it is tedious it has to be worth the effort to understand them.
I tried to help address this by holdings sessions with my colleagues but despite there being 20-30 people on the call, only 2 or 3 would interact. A few people came to discuss stuff with me individually but my experience generally is that most people only start looking at pensions when they are forced to because of redundancy, ill health or some other reason that is outside of their control. By this time, it's too late to make the most of retirement planning opportunities such as investment growth, tax reliefs etc.
It doesn't bode well for the future when most pension provision in the private sector is DC only.
We have tons of people in their late 50's/early 60's who 'could' comfortably retire and been in the pension for 30+ years but don't even have their log on. They are programmed to retire at state pension age and I can remember some moaning when the state pension age was raised because it meant they had to work longer. Some will have DB pensions of £25k a year plus, a modest DC pot, along with a £100k company share holding and will have no idea. That said, I appreciate some people are not driven by earlier retirement, or retirement at all.
I don't go out of my way to force it upon people because it isn't my job and I'm not a financial advisor. You can imagine the come back if you ever said something that was misconstrued. The important thing is that I am on top of my own situation!
Drawdown SWR for UK: Around 3.0% to 3.5% for a 30 year retirement (i.e., to 90yo assuming retirement at 60). Less for longer retirements (2.5% to 3.0% for 40 years). Nice very recent article at https://monevator.com/safe-withdrawal-rate-uk/
Joint RPI annuity (100% survivor benefits) taken at 60yo: 3.7%
Single life RPI annuity taken at 60yo : 4.4%
Inflation linked gilt ladder (30 years): 4.1% (3.4% for 40 years)
Annuity Prices as of beginning of March 2025 (https://www.williamburrows.com/calculators/annuity-tables/ ) - they will have risen a bit since.
The actual SWR for a retirement starting now is unknown and unknowable (if could be higher or lower than the values given above).
Using an RPI annuity to help provide an income floor in addition to state pension, coupled with drawdown, will provide some certainty in income and possibly some confidence in actually pulling the trigger.
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