Sorry to hear about your parents mate. Having said that, I’d take 87 or 85 today given the option. I don’t see much to look forward to after mid 80’s?That's the question....My dad died earlier this year ages 87 and my mum just passed last week aged 85, hence the posting.....I'm 59 so I'll take another 15 - 20 yrs of reasonable health if it's offered, whether I'm capable of doing anything constructive after that is anybodies guess.
Sorry to hear about your parents mate. Having said that, I’d take 87 or 85 today given the option. I don’t see much to look forward to after mid 80’s?
As others have alluded. Plan a big 10 years...a comfortable 10 after that shouting at tv and embarrassing your grandkids, then overdose on cocaine and hookers with the last 10 minutes of the 6-1 playing on loop in the background.
What is a decent pension pot ?
Phew....thank god for that !!Around 6 million, anything less you haven't worked hard enough and are a failure.
Did 22 years in Army. Left in 2009. Got 35k tax free lump sum and fixed payment every month. When I hit 55 it became index linked. Get 14k pa now. Mortgage free, no debt. Work max 12hrs per doing a job I really enjoy. Life is pretty good for me at the moment.
You also need to factor in the inevitable decline in quality of life.
Your first five years of retirement you may be fit enough to climb mountains, cruise the world, ride for miles. You could spend lots.
The last five you may well spend dribbling in front of a communal tv. You won’t spend anything, apart from care home fees!
What is a decent pension pot ?
I agree. The Army had its faults but the pension is great, especially as it was non contributory. It certainly made me stay in for the last few years when I was getting a bit pissed off with the whole situation. If I had my time over again I would absolutely still have joined. In the whole it was a brill 22 years.If you wanted to buy a pension of £14k a year index linked, it would cost around £0.5m which illustrates how valuable that is.