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Any handy guides to figure out how much of a pension I’m gonna need when I retire?

Looking at you @Gemmill

I put a few quid into a pension last year which has grown by £4K in nine months but I may need a more consistent approach if I want to retire as a sugar daddy.

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48 minutes ago, ewerk said:

Any handy guides to figure out how much of a pension I’m gonna need when I retire?

Looking at you @Gemmill

I put a few quid into a pension last year which has grown by £4K in nine months but I may need a more consistent approach if I want to retire as a sugar daddy.

Try this pension calculator 

https://www.ageuk.org.uk/information-advice/money-legal/pensions/pension-calculator/

 

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3 minutes ago, ewerk said:

I've checked the workplace pension and there's a couple of pound in there but no information on how the fund has been performing.

You should get a yearly statement from them, but they can only give you projected figures.

Maybe you should get in touch with the company who look after the funds etc. My company scheme is with Scottish Widows and they're very helpful.  The trouble with pensions is often the rules change, like in 2015 the rule regarding  "frozen pensions" changed you can now take money as a lump sum ( taxable of course) from them if you are 55 or over.

Also the rules about how much you pay in to your scheme have only just changed this january,  it's now going to be on "actual earnings" every week/month rather than an average.  This is good because if you work more overtime you put more into the fund but the company match it ( 5.5% again) 

 

 The rules about "auto enrolment"  have also changed, you can't ask your company to opt out of this, you now have to go on the government  web site to do this.  I would recommend anyone who is in the People's Pension to opt out and join a company scheme if the company has one because the company add to it where as the People's Pension it's just your money. And also the life assurance in the PP is only 5 grand most company schemes are 4 times your salary.

 

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5 minutes ago, ewerk said:

10-15% seems eminently doable but still doesn't seem like enough for retirement at 65.

That would depend on your age, the closer you are to retirement the more you should put in.

I wish i started pension saving when i first started working.  

I now think of pension savings like saving for a holiday, most people save like crazy for a holiday that lasts 2 weeks of the year.

When you retire it's the rest of your life on holiday :D

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1 hour ago, ewerk said:

Any handy guides to figure out how much of a pension I’m gonna need when I retire?

Looking at you @Gemmill

I put a few quid into a pension last year which has grown by £4K in nine months but I may need a more consistent approach if I want to retire as a sugar daddy.

My worry is I'll be dead before I get the state pension if the Nazi tax dodger's party get a permanent position through Brexit/break up of the Union. My work pension won't cut it and if I stay in my particular line of work at the age of 65 they'll end up wheeling me out. But at least I'll go to my grave knowing we got Brexit done. British! And proud!:good:

 

 

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1 hour ago, ewerk said:

Any handy guides to figure out how much of a pension I’m gonna need when I retire?

Looking at you @Gemmill

I put a few quid into a pension last year which has grown by £4K in nine months but I may need a more consistent approach if I want to retire as a sugar daddy.

 

Do you mean how big your fund needs to be? If so, work out what you think your annual expenditure will be when retired and multiply it by 25. 

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40 minutes ago, ewerk said:

If this is accurate then WTF? 

9D3FA0BD-7F79-4468-823D-EB9F76B35DA7.jpeg

 

Is this saying that Dutch people earn more when they retire than they do when they work? And the lazy French bastards, who retire at 55 or something daft, get the equivalent of 3/4 salary? And we get proportionately less than fucking Mexico!? 

 

:jesuswept:

 

Or am I just reading this completely wrong? :idiot:

 

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2 minutes ago, ewerk said:

I expect my investments to outgrow inflation several times over. Is that not normal?

You normally have the choice of how to invest your money by putting it into either high risk- big rewards funds or play safe funds etc

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1 minute ago, Renton said:

Not always, my wife's pension is worth less than she put in.

Mine went up 10% in three months. 
 

Then went down and then returned to 10% after nine months.

Generally over time surely its expected to outgrow inflation?

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1 minute ago, Tdansmith said:

You normally have the choice of how to invest your money by putting it into either high risk- big rewards funds or play safe funds etc

Aye, at my age I’ve gone for medium-high risk.

I’ve spent an hour thinking about this bollocks and I’m bored to death of it.

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