Depends how long one lives for.If only your last line was true !
Its a joke that you've paid in 43yrs and yet you will get no more than someone who has only paid in 35yrs. If you put more in, you should get more back out, even if those other 8yrs are at a reduced rate.
And this is exactly why its a difficult, almost impossible question to answer.Totally dependent on outgoings, as I’m sure has been said already.
The guy I know with the most disposable income hasn’t worked for years. Finished early on ill health. Has a couple of modest pensions and gets some PIP etc. But his outgoings are about £50 a week.
I work with other people who earn £70K, have wives in decent jobs and are still always crying poverty. Mainly because they insist on living in a castle and driving round in a tank that they pay extortionate amounts for each month.
Its pays for more than just the pensions that are being drawn by the current crop of pensioners albeit that its the lions share of the £198Bn. It also covers maternity pay and job seekers allowance amongst other things. Plus if its in surplus at the end of the fiscal year it can be used by the government for other purposes such as paying down the national debt.There are too many planks on here who think their NI contributions pay for their state pensions.
They don’t.
Their NI contributions pay for today’s pensioners.
To qualify for any state pension paid by tomorrow’s workers you need 10 years contributions yourself and 35 for a full state pension.
I don't know why but I always thought you were an FOC. 35!!! (No offence pal)I'm 35 and resigned to the fact there either won't be a state pension, or the age you can take it will be too late. I think the government effectively acknowledged this too when they brought in auto enrollment onto company pension schemes a few years back.
The younger generation (which I include myself) really need to ensure they are contributing a good amount of their salary or they will have to work until they die. But it's difficult when salaries are relatively low, and cost of living is high.
I suppose its what you need plus a bit for a rainy day. Difficult to put an actual figure on it because everyone's different. All down to needs and wants....So what's a good salary?
Trouble is that we don't all share the same perspective. One person's definition of 'the basics' could be another person's definition of living on the breadline or even poverty.I suppose its what you need plus a bit for a rainy day. Difficult to put an actual figure on it because everyone's different. All down to needs and wants....
So it's a hypothetical question, there is technically no definitive answer. I could earn 100k and spend 110k....I'm in the shit and the salary is shite, I could earn 40k and spend 30k, I'm in front and the salary is OK yet on the surface 100k is far better than 40k.Trouble is that we don't all share the same perspective. One person's definition of 'the basics' could be another person's definition of living on the breadline or even poverty.
What about alcohol, entertainment, transport, clothing, sky, mobile, holidays etcI don't think it is that difficult to make a reasonable starting point on this:
To be able to afford a mortgage on the average UK house - price 270k - repayment 1200 pm (250k mortgage)
Food per month - £300
Utilities and Council tax - 400 a month.
Insurance 100
As a starting point, that is 2000 a month net salary
That is for a single person.