Pension Pot

[mr t]

It depends on what type of lifestyle you want to live when you retire. Lavish lifestyles require plenty of dough.

 

[Tricky_Trev]

I don’t understand pensions but when I get my statement, the estimated amount I’m supposed to live off per year is an absolute pittance and literally impossible to live off. So I hope to die before retiring or I’ll have to top myself.

 

[Millwallawayveteran1988]

I don’t understand pensions but when I get my statement, the estimated amount I’m supposed to live off per year is an absolute pittance and literally impossible to live off. So I hope to die before retiring or I’ll have to top myself.

The illustrations that the providers send make no sense whatsoever so I wouldn’t worry about them too much.

State pension is £9627 per year from April as long as you qualify for it. You can check this online. The age you get it will depend on how old you are now. You need 35 years worth of NI payments or credits to get the full amount usually. Some people qualify for more than the above depending on their contracted out status over the years.

Check your State Pension forecast

Find out how much State Pension you could get (your forecast), when you could get it and how you could increase it

www.gov.uk

Your pot will then give you up to 25% tax-free and the rest of the fund will be used to buy an annuity (income for life) or you will be able to draw an income from it and leave the funds invested (drawdown)

 

[paulchapo]

Such a hard call this one. There are no guarantees and covid has taught us we could have pots of money but not be able to spend it if places and countries are closed down. Also health issues could arise. The way Russia is sabre rattling we might all go up in a puff of smoke soon anyway.

My advice is to retire as early as possible. Party while you're still fit and able. Everyone is different of course. Mortgage paid off should be a minimum so you only have to worry about bills, food and general upkeep. The way inflation is going though that's going to hammer people's spending power.

 

[Mazzarelli's Swiss Cheese]

I don’t understand pensions but when I get my statement, the estimated amount I’m supposed to live off per year is an absolute pittance and literally impossible to live off. So I hope to die before retiring or I’ll have to top myself.

Always a way, I'm planning to boost my income in retirement by sex work and participation in medical experiments. I also have quite a few black and white photos of myself naked as a toddler that I can probably sell online to paedos. I was a bit chubby then, but those sickos won't care.

 

[abu13]

How can you view your pension pot ? I get a yearly statement and that’s it . Next statement isn’t due till June

Check who your pension provider is and go onto their website, many providers have an online facility to view your pot.

Mine is with Legal and General and I can look at it whenever I want.

 

[abu13]

I've been in drawdown for 5 years. My pot still has more in than when I started. Reducing fees is crucial as is forecasting what income you think you'll need. Whatever you think you need, add 30% and if you don't spend it stick it in an ISA. Also if you're not over the Life Time Allowance, don't forget to put £2800 in at the start of each tax year to get your free 25% added by HMG that you can withdraw.

Does this only apply when you have retired or is it something you are able to do while still working?

 

[Tricky_Trev]

Always a way, I'm planning to boost my income in retirement by sex work and participation in medical experiments. I also have quite a few black and white photos of myself naked as a toddler that I can probably sell online to paedos. I was a bit chubby then, but those sickos won't care.

I’ll get my parents to dig out the old photo albums, I could be sitting on a goldmine. If you find a buyer let me know.

 

[Mazzarelli's Swiss Cheese]

I’ll get my parents to dig out the old photo albums, I could be sitting on a goldmine. If you find a buyer let me know.

Klopp looks the type

 

[Gareth Barry Conlon]

Such a hard call this one. There are no guarantees and covid has taught us we could have pots of money but not be able to spend it if places and countries are closed down. Also health issues could arise. The way Russia is sabre rattling we might all go up in a puff of smoke soon anyway.

My advice is to retire as early as possible. Party while you're still fit and able. Everyone is different of course. Mortgage paid off should be a minimum so you only have to worry about bills, food and general upkeep. The way inflation is going though that's going to hammer people's spending power.

I said to a mate a wile back that mortgages have a bit pschological element but in reality they are just another cost. The way energy prices are going and the general cost of living its less of an issue. You need a shit load of cash to retire comfortably.