Retirement...when, how old and how much??

[Bill Walker]

Now have a decent balance. 24 hours a week. Rest of the time dog walking and record buying.

Morrissey ?

 

[RobMCFC]

Im not near retirement age now but if I was, I'd be considering an annuity at these rates.

For each £100K = £7,191 a year – up from £4,989 in October last year.

I'm hoping to retire in 8-10 years with £300K in the pot, so to use a third of the pot for the security of a guaranteed £7K a year would probably be worth it for me. Don't know what the pensions experts think.

Annuities: rates on guaranteed pension income soar 44% in a year

Previously unfashionable product falls back into favour as people seek security amid financial turmoil

www.theguardian.com

 

[Grassland Blue]

Might move to the Gold Coast when I’m 70. Seems like the Florida of Australia where old cunts go to die

So far away from family and friends.

 

[denislawsbackheel]

Can I ask why you will be getting a full state pension now, is it be because you worked extra years?

You can also buy up to 6 extra years as a lump sum.

 

[Millwallawayveteran1988]

Im not near retirement age now but if I was, I'd be considering an annuity at these rates.

For each £100K = £7,191 a year – up from £4,989 in October last year.

I'm hoping to retire in 8-10 years with £300K in the pot, so to use a third of the pot for the security of a guaranteed £7K a year would probably be worth it for me. Don't know what the pensions experts think.

Annuities: rates on guaranteed pension income soar 44% in a year

Previously unfashionable product falls back into favour as people seek security amid financial turmoil

www.theguardian.com

Annuity rates have indeed risen dramatically this year and will again become an option for people looking for a secure guaranteed income. Fixed term annuities are starting to look more attractive too.

 

[dronefromsector7G]

So far away from family and friends.

I’ve spent about 5 years of my life abroad away from them - easy peasy

 

[paulchapo]

Can I ask why you will be getting a full state pension now, is it be because you worked extra years?

I haven't got a clue. I applied for my estimate from the pensions department six years ago and they estimated I'd get £615 a month on reaching retirement age. It said I was contracted out for a number of years and if I hadn't been I would have received an extra £46 a month. Perhaps I didn't understand it fully. Anyway I eventually went online and they sent me my actual amount I would get and it was £805 a month. It was a pleasant surprise. I paid in 43 years national insurance before I took early retirement.

 

[denislawsbackheel]

The online prediction from the pensions agency is predicated on continuing to pay NI contributions up to retirement date.

 

[Blue Maverick]

The online prediction from the pensions agency is predicated on continuing to pay NI contributions up to retirement date.

You mean not the max 35 year stamp? I’ve done 37 but because of opt out I (along with many others)knew nothing about it’s saying pay another 3 years to get full amount however I don’t think it’s that much difference in the long run

 

[denislawsbackheel]

The max 35 means nothing for people who crossed two regimes.
It only applies to those starting work since 2016 when opting out was abolished.
I paid 35 years plus but because of opting out I get far less than my Mrs. she was able to buy the 6 extra years to get her the max pension.
Your prediction should state what you have qualified for and what you could get if you keep paying.
They are very helpful when you phone them and will tell you what, if any benefit, buying extra years will get you.
As a rule of thumb every extra year you buy will have paid for itself by year 3 of retirement.