Have you checked your state pension forecast?

That was a surprise. Apparently I have 36 years of full contribution.

Not sure how that works. I cashed in my private pension when I was 50 - bought an annuity at 5.5% and took 25% out as a cash lump sum. Bought a new car with it.

Ah well. Whatever I get "from the state" will be more than expected. If I ever actually live long enough to see it that is.

\i'm 57 btw (but most people seem to think I'm early 40's - allegedly)
 
muon said:
Lol exactly. £155 a day would require a net income of £56k.

I guess most of the country is living in poverty :D
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That's only two people on average income.


What I do wonder though is how much people that rent are going to struggle when they retire, especially people in London. Will the government pay the £2000 a month rent on the home you have or will you be paying it out of your savings/pension?

Most people that physically own their own home will not be needing to pay that kind of money out when they retire, and maintenance of the house is not going to be that high.
 
muon said:
Something will exist. We're not going to let old people live in absolute poverty :p.

We don't even let non-retired people live in poverty.

It's what we pay taxes for.
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Maybe we will finally have something like a citizens minimum income? That would work nicely.

That said with the country (and much of the western world it seems) lurching to the fiscal right that may not be an option). Perhaps we'll all be running round in some form of post apocalyptic world in 40 years instead?:p

Pensions are basically a gamble after all.
 
Amp34 said:
That's only two people on average income.
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2 incomes net?

Median household income which a bit more comparable is a lot lower than £56k net.

What I do wonder though is how much people that rent are going to struggle when they retire, especially people in London. Will the government pay the £2000 a month rent on the home you have or will you be paying it out of your savings/pension?

Most people that physically own their own home will not be needing to pay that kind of money out when they retire, and maintenance of the house is not going to be that high.
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The maximum LHA amounts can be found here.

http://england.shelter.org.uk/get_a...at_is_housing_benefit/local_housing_allowance

You also have to justify the size of the property. So if you are a retired couple, assuming you are allowed a 1 bed property, the maximum that can be claimed for a 1 bed property is £260 per week.
 
You can get your State Pension on 5 May 2060 when you’ll be 68, your estimate is
£155.65 a week
£676.80 a month, £8,121.59 a year

Certainly hoping to retire before then!
 
Unfortunately I was born 18 months too early in 1949 to qualify for the new state pension which puts me £40 a week worse off straight off the bat through no fault of my own. £115 a week as opposed to someone born after April 1951 who gets the new £155 rate.
 
ron3003 said:
Unfortunately I was born 18 months too early in 1949 to qualify for the new state pension which puts me £40 a week worse off straight off the bat through no fault of my own. £115 a week as opposed to someone born after April 1951 who gets the new £155 rate.
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If that is your only income you can get pension credit. Savings credit if you do.

Unfortunately since this change was supposed to be cost neutral you will get winners and losers.

People that would have got large additional state pensions lost out, and people that only get the basic pension benefited.

You can already see certain posters in this thread who would have continued to accrue larger additional state pensions if the old system carried on.
 
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Just checked mine. I have 10 years of contributions and one year where I didn't work. Am I correct that you only need 30 full years to qualify for state pension? Therefore, I can't see any reason why it would be worthwhile to top up the year that I wasn't working, as I plan on working for at least the next 20 years. Is this correct?

EDIT: have looked into it further and it seems it is 35 years total. So as long as I plan on working for the next 25 years I shouldn't pay to top up the year in which I didn't work?
 
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Pawnless Endgame said:
Is it really relevant what our pensions are going to be?

It's age 68 at the moment. By the time us 30-somethings are 68, it'll have gone up to 78 and we'll be dead by then. That's exactly what the gov't is banking on.

However, there is a twist: if we do actually manage to make it to 78, pensions won't exist any more! The gov't wins whichever way.

Death and taxes, literally.
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^^ this so many times.

I'm a ex steel worker and I still work in heavy industry.

Most of the older guys I knew in he steel works didn't live long into there 60's so I doubt I'll be around for that long.

Probably gonna have to go on the sick before I get anywhere near retirement age.
 
Abraxaz1 said:
^^ this so many times.

I'm a ex steel worker and I still work in heavy industry.

Most of the older guys I knew in he steel works didn't live long into there 60's so I doubt I'll be around for that long.

Probably gonna have to go on the sick before I get anywhere near retirement age.
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Over the last 12 months I've been to at least 1 funeral a month where all of them have been under 60. I've got 8 years to go for retirement and I don't think I'll make it. From my perspective this 'people are living longer' isn't happening.
 
muon said:
That's why there is a basic state pension of £8k a year for you.

If you wife qualifies for a partial/full pension then you get another pension income.

Also a pension is just tax efficient savings stored away to be used for income at retirement. If you have savings then you can use that as well.
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Just don't want to retire. It's a death sentence. Plus the idea of dying at work out of spite amuses me. To just go arse over tip infront of everyone and that slight moment of knowing my excretement will go all over their precious floor space.
 
SexyGreyFox said:
Over the last 12 months I've been to at least 1 funeral a month where all of them have been under 60. I've got 8 years to go for retirement and I don't think I'll make it. From my perspective this 'people are living longer' isn't happening.
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It really isn't. The number of old people has risen but so has the number of people now dying in their late 50s / early 60s.

GMO food has to play a big part but they'll never admit to it.
 
I have an incomplete year from 1997, which is obviously too late to do anything about now and an incomplete from 5 years ago, which I cannot explain.
However despite those 2 years not counting, I'll still apparently get the full amount, so cannot see any reason to even look into the one from 5 years ago.

My personal/private pension should top that up nicely.
 
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