Retiring

[rowarta]

Enjoy it... I lasted 11 months as it looks like I'll be starting with my old customer after being asked to join their team.. I could start as early as this week... Amazing as I really wasn't looking to work again

thanks and congratulations. if I can enjoy summer / autumn, then see what's around to get me through the dark winter months.

 

[andyhinch]

thanks and congratulations. if I can enjoy summer / autumn, then see what's around to get me through the dark winter months.

I jumped out at 46 miss the banter but love the peace

 

[Bluemanc100]

thanks and congratulations. if I can enjoy summer / autumn, then see what's around to get me through the dark winter months.

It's a pity that the opportunity that just landed for me didn't come 6 months ago... But I'll take it and see where it goes... I can always sack it if it's not what I expected it to be...

 

[give it to gordon]

Does it cost to go to a financial advisor. I have lnow idea if my pension pot is big enough to to retire yet ?

 

[Bluemanc100]

Does it cost to go to a financial advisor. I have lnow idea if my pension pot is big enough to to retire yet ?

It does cost but there are free pension calculators and the government have some retirement advice sites... Google the Pensions Advisory Service or the Money Advice Service

 

[give it to gordon]

It does cost but there are free pension calculators and the government have some retirement advice sites... Google the Pensions Advisory Service

Thanks trouble is with me I dont understand it very well.

Just looked at buying an annuity for 100k and that gives me 1800 a year ! My rent is 800 per month !

I dont have any debt and am good with living within my means just dont understand how piss poor pensions seem to be, to me my pot seems massive ;) if I took it all out to live on I could live comfortably until I pop off ! ( I think lol )

 

[silvalining03]

Thanks trouble is with me I dont understand it very well.

Just looked at buying an annuity for 100k and that gives me 1800 a year ! My rent is 800 per month !

I dont have any debt and am good with living within my means just dont understand how piss poor pensions seem to be, to me my pot seems massive ;) if I took it all out to live on I could live comfortably until I pop off ! ( I think lol )

The annuity rate seems very low,do you qualify for impaired life annuity have you considered drawing down on your pension?

 

[Citizen of Legoland]

Thanks trouble is with me I dont understand it very well.

Just looked at buying an annuity for 100k and that gives me 1800 a year ! My rent is 800 per month !

I dont have any debt and am good with living within my means just dont understand how piss poor pensions seem to be, to me my pot seems massive ;) if I took it all out to live on I could live comfortably until I pop off ! ( I think lol )

I would say retiring at state pension age with £100k and being frugal is easily done, but retiring much earlier would be a challenge. I got higher figures for a healthy 55yo on the Aviva calculator with that pot (around £3300) and it increased to £4500 for a 65yo. You can take the 25% of course which would give £12500 pa to live on for the two years upto 67, but then your annuity will be lower at around £3400. The 25% wouldn't be enough for more than 2 years I wouldn't have thought.

Regarding value, you just take your pension pot and divide it by the number of years you expect to live. If you're 55 with a £100k pot, with avg life expectany at 82, then £100k/27 = £3700 pa. You get less if you're healthy as you will probably live another 5 years, so £100k/32 = £3125.

Figures will obviously go down if you add dependants, protect your fund payments if the worst happens etc..

 

[give it to gordon]

The annuity rate seems very low,do you qualify for impaired life annuity have you considered drawing down on your pension?

No I haven't looked at drawing down. I guess I will have to get a financial advisor.

If I didnt have to pay rent I would be in a much better place, but ex got the house and I cant see us getting a council place. Paying private rent is a killer !

 

[give it to gordon]

I would say retiring at state pension age with £100k and being frugal is easily done, but retiring much earlier would be a challenge. I got higher figures for a healthy 55yo on the Aviva calculator with that pot (around £3300) and it increased to £4500 for a 65yo. You can take the 25% of course which would give £12500 pa to live on for the two years upto 67, but then your annuity will be lower at around £3400. The 25% wouldn't be enough for more than 2 years I wouldn't have thought.

Regarding value, you just take your pension pot and divide it by the number of years you expect to live. If you're 55 with a £100k pot, with avg life expectany at 82, then £100k/27 = £3700 pa. You get less if you're healthy as you will probably live another 5 years, so £100k/32 = £3125.

Figures will obviously go down if you add dependants, protect your fund payments if the worst happens etc..

Crickey my rent is over 9k year!! And will only go up