As someone who gets bored approximately 17.39 seconds after finishing doing something previously, retirement sounds like Hell!!
Who's got a good plan for retirement / pension?
surfer - Member
I understood the state pension age is 68. How do you calculate 70?
it seems to change (upwards) every 5 minutes, it's 68 now, will it still be 68 in ... er ... 33 years? - i doubt it.
I assume it is a final salary scheme from your edit?
it was, not any more.
Surfer currently I pay 13.2 and they pay 13.8 but as of next year I'll pay 15 and they will pay 12, tho they have also explained that depending on the pull out rate of members in the new scheme then our payments may well have to go up but theirs will never increase,
I can currently withdraw to a different scheme and my current cash figure is 106k. But I'm led to believe altho ours has gone to the dogs their isn't much better out there, but much more increases and I'll have to jack it I'm anyway
Having started this thread, it's kinda reassuring to hear a range of 'plans' or not ... I sometimes think I have a plan for me and my family, and then realise I don't really know what I'm on about, so ignore it. But based on this thread, we're worse planned than some, and maybe a wee bit better than some (assuming gov't doesn't make drastic changes on tax, pensions, properties, inheritance etc). Makes me feel a bit better
I have got to 55 retirement final salary but have good easy job offer so I intend carrying on working for a bit longer. Will get some more pension and state pension at 66. Enjoy the work and its easy money really. Dont think there is any one answer to this but not having a plan is planning to fail.
40 here. current plan is to put as much as I need to into the company pension to maximise the company contribution (me 6% + 7% from them) and not a penny more.
any spare cash goes on mortgage reduction with the aim of paying that off as soon as possible.
god knows when ill retire, wife is a teacher but after a number of years part time she isnt going to get a fortune (unless she goes full again). We wont be minted but as long as we are mortgage free it should be okay.
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