Just wondering if anyone knows, im sure someone does.

What is a reasonable anual amount to have from a pension fund when you are retired? (ie, you get say £X,000 per year).

Anyone know what a decent amount to have would be, bearing in mind most people will have paid their mortagages by retirement.

Cheers

 

Bit of an open question mate, depends on how much you will want to spend

Just add it up,

Food
Car (if you're still able to see past the end of the bonnet)
False teeth
Viagra



At the moment I *think* I am paying about £145 /m into my pension - work put some in as well

 

Cheers Steve, I guess it is an open question!

Anyone know any average yearly pension amounts? (Not amounts paid in, but, the amount you will recieve from it per year in retirement?)

 

I plan to die before that sorta age so il be ok

Jeez tho Phil, your in your early 20s, live a bit, worry about pensions another time!

 

Well the pension scheme I am in (local government) is probably the best scheme type (benefit wise) that you could be in and mine will return me (bearing in mind that I complete 40yrs service) 50% of my final salary (index linked) on retirement until I die, together with a lump sum payment that is in the region of 2 x your salary on retirement tax free (I think it's 2 times or is it 1... cant remember).



So for normal pensions you could probably devide that by 4 to get a figure!

TBH If I retired now on a full pension I could comfortably live (based on present salary) So hopefully I wont have anything to worry about when I'm 65..... saying that though I will probably die at 66

 

Depends on your lifestyle and also you have to, take the inevitable inflation into account. I reckon a £1000 a week is about right.

 

Phill if you work on 1/2 your current salary you wont go wrong

Bear in mind there are costs that will increase which need to be offset against mortgage etc.

 

Never to early M8!

480 payments to provide for the rest of your life

Lets forget about growth for a moment

£100(gross)per month Stakeholder Pension =£48k to last from 65-whenever.

Most people want to retire at 50 So £48k reduces to £30k assuming £100 monthly payment.

Scarry Hu?

 

Steve,

It has to be said (without sounding like a dad) that is the WORST kind of advice you could give anyone. People that heed that advice will end up not having a pot to piss in when they retire. In fact I know a lot of people that havent even got a pot to piss in now and slam everything on credit..... it's a bad situation to be in and those people will soon realise that could be too late.

While those are selling the big issue at 65, i'll drive past them in my latest brand new car, cigar hanging out of my mouth, laughing my arse off!

Amen!

 

Pensions IMHO are not worth the paper they are wrote on.

Invest the money that you would be paying into a pension, it WILL work out more

Mine is tucked away in a VERY nice little nestegg

 

Reason I am asking isnt because im about to start a pension scheme (as im still in Uni, no income!)....though I will as soon as i get a fulltime job.

Was trying to compare it to the RAF Pension scheme, which as far as I can realisticly work out, you would be on between £10k/yr-£25k depending on length of service and promitions etc.....as well as a 3xPension Salary lump sum on retirrement (say 3x£10k or whatever).

In theory, after 16yr service, I would be say 40ish, and retire with a 30k lump sum and £10k/yr for life form then on.

Was trying to compare it to what people in normal jobs have? (Hence asking how much youd need).

Bit sad maybe! But thought Id look into it all (as im thinking of joining RAF if they will have me after uni...)

 

Not ALL pensions are bad. At the end of the day you only get out what you put in. Anybody that thinks by sticking £100 a month as the only contribution in to a pension scheme will see them right for a stable future after retirement, is being very niave.... it's horses for courses.

At the end of the day my missus is an only child, and she only has her father left. Now when he pops his cloggs we would without doubt have enough money to be comfortable from that inheritance alone...... but at the end of the day, you NEVER know what may happen, so in the meantime I pay a pension, the missus pays a pension and we both have more insurance policies than Greenlight!

When your future is concerned you can never put aside enough money.

 

Well said Shaun

 

Just to add.....

I don't want to sound arrogant or up my own arse in what I have said (as it may of come across), as £10 a week in a pension (or whatever) is better than fook all and I have the full philosophy that money is no good to me when i'm dead, but you have to try and be realistic and think about the day when your not actually earning and you havent won the lottery!

"something" will always be worth more than "nothing"

 

Assuming cash wasnt an issue you could still contribute £3600 per year ideal for non working spouces or seing your childern's future right.

 

Unfortunatly cash is an issue I do save a little though, putting money aside for a new car

 

Be carefull, im lucky im in a final salary pension so can calculate what it will be. This type of Pension will not exist in the future. The normal Pension schemes have fallen apart in the last ten years & people have seen their expectations halfed.
Rod

 

Agreed, and I work for a pension company

The only reason I'm in my companys money purchase scheme is cos they put in twice what I do.

IPP/stakeholders etc are a waste of time imo, unless you rich and want a little tax dodge

 

Bloody hell Fagin, that sounds fantastic. I worry as a 22 year old that there will be no state pension by the time I am old and that if I save £50k I'll still struggle to live past 5 years on it. I dunno what this country will do in years to come to be honest.

And Phil, what you get back is very much dependent on what you put in on a contributions based private pension scheme.

 

You would be aswell Investing the money that you would be paying into a pension
if you dont have a half dedent one , cause it seems like everyone just gets screwew in the end anyway.

 

Hey mate..... I deserve at least one benefit of working for the government.... apart from the 6 months full pay sickness a year, 6 weeks annual leave + bank holidays and extra statutory days, flex time etc etc

It's a hard life.

 

Yeah thats true!!! But you should also enjoy the money you have through your life!! Not to go off on one, but my Dad saved like fook and was always carful with his money. he would go without etc. All resulted in a nice wedge of money, however after two years fo retiring he passed away Leaving my money with enough money not to worry (but she still works as she would be bored other wise lol) etc. But at the end of the day as she and i think we wish he didnt save so much and had that car he always wanted and more holidays a year etc.

Just my thought, Save yeah but dont go with out too