Have you thought of changing the retirement age on one of your pensions? It should stop you from claiming it but it will remain in a higher risk portfolio and gain/lose greater value.
www.mirror.co.uk
It's utter rubbish. The vast majority of people don't even earn that.This has been reported in serveal papers, but the cost of living a moderate pension life has increased, with the governement touting to increase the retirement age to 71 too... it makes for a grim future.
New cost of retirement as millions will pay 34% more for 'moderate' lifestyle
The new Retirement Living Standards index shows how much money you need in later life to cover basic expenses, as well as luxuries - with the cost of living adding to expectations
The median income for age groups 22 to 49 years old is between £30k and £40k each. This uses the governments definition of full time, too - so is dragged down by people who work 30 hours a week.
Apparently the most tax efficient way way to fund retirement life is to withdraw the personal allowance amount + the 25% tax free amount per year from the pension(s). Then the remaining amount from savings/isas.
This way you won’t pay any tax at all..
But this is the opposite of the most tax efficient way to save which is to put as much as possible into your pension, which with they tax and possible NI relief could give you a bigger pension pot of 7% even after accounting for the tax on withdrawals.
A guess some maths is needed but going to the gym first.
Would that not confirm that there's a cost of living issue in this country?
Hope she doesn't decide to **** off then
My parents used this as their rule of thumb to get their pension pots to about 35k a year for retirement, with everything paid off, to have a nice quality of life.
This has been reported in serveal papers, but the cost of living a moderate pension life has increased, with the governement touting to increase the retirement age to 71 too... it makes for a grim future.
New cost of retirement as millions will pay 34% more for 'moderate' lifestyle
The new Retirement Living Standards index shows how much money you need in later life to cover basic expenses, as well as luxuries - with the cost of living adding to expectations
Too right. They've had the easiest ride of all.
No me mate, I've been doing the sums on how much I need in each pot to work out when I can quit this hell hole of a job, when I can start working part time and when I can retire. So how I'm either ending up with millions in the pots at the age of 100 or poor by the age of 85 lol..
Well it's your money, so it makes sense to take a bit of interest in it. Personally if I was young, and with retirement age getting ever further away (71 lol) I'd be whacking a load into ISA's too.
