The ins and outs of a Pensioner Life??
Discussion
Dingu said:
You don’t pay in more for pensions. You pay more tax overall. That’s how it works, suck it up snowflake.
The damn entitlement of some people is astonishing. What else does the world owe you?
Suck what up? I don’t pay my tax in the UK, I pay it in the Netherlands, where my top rate is 32%, rather than the 47% it’d be in the UK.The damn entitlement of some people is astonishing. What else does the world owe you?
It seems that you’re the entitled one, wanting the same pension as those who contribute far more than you.
One of the reasons I don’t think pension should increase in relation to tax paid is that there is already provision for people to pay into a pension and reduce their tax. The government has been promoting this via auto enrolment besides the up front tax break which, whisper it, is actually pretty generous as government and tax goes.
Where you take a punt is the volatility of funds invested but there are options for everyone in that regard too.
I don’t do loads of activities but the relatively little work I do gets in the way so I’d be happy to give it up if my pension income was enough.
Where you take a punt is the volatility of funds invested but there are options for everyone in that regard too.
I don’t do loads of activities but the relatively little work I do gets in the way so I’d be happy to give it up if my pension income was enough.
1) You can choose where to live.
Lots of pensioners are cash poor and asset rich.
If you live in an expensive area and own your home, move somewhere cheaper.
If your rent is expensive, move somewhere cheaper.
Cheaper does not always mean less nice.
Staffordshire vs Surrey definately a cost change I'd look at.
Unfortunately I already live somewhere cheap, and cheaper than this does equal less nice.
Lots of pensioners are cash poor and asset rich.
If you live in an expensive area and own your home, move somewhere cheaper.
If your rent is expensive, move somewhere cheaper.
Cheaper does not always mean less nice.
Staffordshire vs Surrey definately a cost change I'd look at.
Unfortunately I already live somewhere cheap, and cheaper than this does equal less nice.
keo said:
Controversial opinion here maybe but I think it’s quite selfish to carry on working after state pension age. Give the young un’s a chance of a job. Only my opinion and I know different people have different opinions.
As for retirement, I’m mid 30’s so a while off for me. But got a “smallish” mortgage, 22% goes into my pension and my stocks and shares isa is doing ok. So hopefully well on track. Of course I think am I doing enough. But you need to enjoy the present as well. Life is short.
I was more amused by the suggestion that on top of the state pension being a Ponzi scheme that will again increasingly saddle younger generations paying the lengthy pensions of the boomers, the latter should also get a 5 year tax break if they decide to continue double bubble by working and claiming the state pension in unison. As for retirement, I’m mid 30’s so a while off for me. But got a “smallish” mortgage, 22% goes into my pension and my stocks and shares isa is doing ok. So hopefully well on track. Of course I think am I doing enough. But you need to enjoy the present as well. Life is short.
keo said:
Controversial opinion here maybe but I think it’s quite selfish to carry on working after state pension age. Give the young un’s a chance of a job. Only my opinion and I know different people have different opinions.
As for retirement, I’m mid 30’s so a while off for me. But got a “smallish” mortgage, 22% goes into my pension and my stocks and shares isa is doing ok. So hopefully well on track. Of course I think am I doing enough. But you need to enjoy the present as well. Life is short.
There's been a shortage of younger people taking up my "trade" for many years, although there are signs that this may be changing. If all us oldies retired, the work wouldn't get done.As for retirement, I’m mid 30’s so a while off for me. But got a “smallish” mortgage, 22% goes into my pension and my stocks and shares isa is doing ok. So hopefully well on track. Of course I think am I doing enough. But you need to enjoy the present as well. Life is short.
This will just turn into another argumentative thread and Willy waving unfortunately. However there is a retirement thread in the finance section and I must say it is one of the best/ nicest topics on here.
I suppose it would be though made up of old people being very comfortable while being supported by the younger generation who are struggling and it’s never been so hard. Yet these old un’s want more tax breaks!
Tounge in cheek, or is it?
I suppose it would be though made up of old people being very comfortable while being supported by the younger generation who are struggling and it’s never been so hard. Yet these old un’s want more tax breaks!
Tounge in cheek, or is it?
I'm a part time pensioner now. Drawing on my own pension but not old enough for the State Pension yet, and still working (own business). I wanted to free up some turnover in the business for other things.
My only slight life regret is not buying a home. I was happy with it at the time but now of course I will have to pay rent until I die.
I only have one real concern about the future though, and that's the driving medicals from age 70.
My only slight life regret is not buying a home. I was happy with it at the time but now of course I will have to pay rent until I die.
I only have one real concern about the future though, and that's the driving medicals from age 70.
keo said:
I suppose it would be though made up of old people being very comfortable while being supported by the younger generation who are struggling and it’s never been so hard. Yet these old un’s want more tax breaks!
Tounge in cheek, or is it?
There’s a thread full of bleating millennials about that as well Tounge in cheek, or is it?
.1. State pension should be the same amount for everyone. I understand that some have paid more into the system but they have also had more along the way and had more opportunities to provide for their own retirement. If they want to move out of their stockbroker house and live somewhere on a lower budget they have that option and would still be better off than their depraved neighbours
.2. Yes. Paid off by 40. Then remortgaged for a load of extra building. Paid off again by 55.
3. It probably enough to get by on but it depends on how you want to live.
I don’t quite understand the idea that you would spend less in retirement but I work for myself, from home, and my job also overlaps strongly with my hobby so for all the years I have been working flat-out I have been fairly cheap to run. I am winding down now and working less (age 56) but can see that having extra free time could get quite expensive as I would like to get out and do some off the stuff I have been putting off for the last few decades!
I am still trying to do the maths on this one and it’s one of the things that keeps me working for now
.4. I’m not at that point yet but always seem to have a list of things to do and don’t like sitting still so can’t imagine getting bored. Although lots of trips, tinkering with cars and even a lot of diy costs money so no3 becomes a factor.
5. Depends on how much you have put aside, and how lucky/unlucky you are in needing added healthcare in later years.
If your fallback funds need to boost your regular income, to match the state pension on a 4% drawdown rate (which is considered to be fairly sustainable) you need just under £300k in your pension/savings pot when you stop working.
There is of course loads of information on this online but the overall story seems to be that a lot of people don’t have huge provision for rainy days or added income.
https://occaminvesting.co.uk/average-pension-pots-...
Reminds me of a conversation that I had with my youngest daughter (27) about a year ago. I was doing some online banking on my laptop when suddenly I had to go, not in 5 minutes, not even 30 seconds, now, most of us have been there.
I didn't have time to minimise the screen so when I came back from the little boys room she was sat there open mouthed. Where has all THAT come from? from pointing at the screen. It's nothing to do with you I replied. Are you up to something dodgy? Yes replied I, in my meagre spare time (I work a lot of hours and have the grandkids every other weekend), I'm up to no good.
I eventually explained that at 55 I'd taken part of my 2 works pensions and put the money into a high interest account and as it wasn't needed I'd just left it there, I was going to leave it until I was 60 but your mother bullied me.
Can I cash mine in she said at which point I gave up and went to mow the lawn.
I didn't have time to minimise the screen so when I came back from the little boys room she was sat there open mouthed. Where has all THAT come from? from pointing at the screen. It's nothing to do with you I replied. Are you up to something dodgy? Yes replied I, in my meagre spare time (I work a lot of hours and have the grandkids every other weekend), I'm up to no good.
I eventually explained that at 55 I'd taken part of my 2 works pensions and put the money into a high interest account and as it wasn't needed I'd just left it there, I was going to leave it until I was 60 but your mother bullied me.
Can I cash mine in she said at which point I gave up and went to mow the lawn.
Edited by Gordon Hill on Saturday 27th April 09:37
Here's my responses to the OP's questions. Note wife and are 81/80 and been retired for almost 20 years, so my responses are experienced based.
1)The State Pension is the same in the Stockbroker Belt as it is in some depraved areas...is that a little odd?
No. Everyone pays the same so should get the same. However, one issue is that the contribution is a percentage of pay whereas the benefit is a flat rate, so some pay a disproportionately higher amount than others.
2) You all have equity or fully own your house now??
Fully own
3) My State Pension and Works Pensions amount to about £1250 a month ...with £350 Standing Orders monthly....do I have enough to feed and clothe myself ??
I don’t know if that’s enough for you. For me and my wife, we both have a State pensions and I have a private pension. We get by.
4)Do you get bored s'@@tless watching Tales of the Unexpected over and over.They were such happy times??
Yes, but it’s OK if it’s snooker time!
5)We all have funds to fall back on of course...but are they enough??.
I think so.
R
1)The State Pension is the same in the Stockbroker Belt as it is in some depraved areas...is that a little odd?
No. Everyone pays the same so should get the same. However, one issue is that the contribution is a percentage of pay whereas the benefit is a flat rate, so some pay a disproportionately higher amount than others.
2) You all have equity or fully own your house now??
Fully own
3) My State Pension and Works Pensions amount to about £1250 a month ...with £350 Standing Orders monthly....do I have enough to feed and clothe myself ??
I don’t know if that’s enough for you. For me and my wife, we both have a State pensions and I have a private pension. We get by.
4)Do you get bored s'@@tless watching Tales of the Unexpected over and over.They were such happy times??
Yes, but it’s OK if it’s snooker time!
5)We all have funds to fall back on of course...but are they enough??.
I think so.
R
VanDriver99 said:
Ouch Ouch ouch
There is of course loads of information on this online but the overall story seems to be that a lot of people don’t have huge provision for rainy days or added income.
WHAT THE HELL WE GONNA DO THEN??
When I was 17....it was a very good year ???
As harsh as it sounds you have to cut your cloth to suit. I have a lot of clients who although they've had the opportunity to make provision for their later years didn't for whatever reason and now approaching that time don't have a pot to p#ss in. So they are facing a pretty bleak time in their twilight years.There is of course loads of information on this online but the overall story seems to be that a lot of people don’t have huge provision for rainy days or added income.
WHAT THE HELL WE GONNA DO THEN??
When I was 17....it was a very good year ???
In the 1980's I was earning over a grand a week. I invested heavily but still left enough to get absolutely slaughtered now and again. A lot of my colleagues got slaughtered all the time and had nothing to show for all that back breaking graft. They still live in rented accommodation now.
keo said:
Controversial opinion here maybe but I think it’s quite selfish to carry on working after state pension age. Give the young un’s a chance of a job. Only my opinion and I know different people have different opinions.
As for retirement, I’m mid 30’s so a while off for me. But got a “smallish” mortgage, 22% goes into my pension and my stocks and shares isa is doing ok. So hopefully well on track. Of course I think am I doing enough. But you need to enjoy the present as well. Life is short.
I kind of agree with your ‘controversial’ viewpoint….& having stepped away from work 3 years ago at 56, I felt I was passing the baton on to our offspring, now both working hard!As for retirement, I’m mid 30’s so a while off for me. But got a “smallish” mortgage, 22% goes into my pension and my stocks and shares isa is doing ok. So hopefully well on track. Of course I think am I doing enough. But you need to enjoy the present as well. Life is short.
That said, many people need structure and work provides it…plus the world is (broadly) seeing a declining population….
My first Saturday job was aged 10, & I had evening/weekend jobs from then onwards, so I feel I have contributed enough.
1. State pension the same for all is fine by me….effectively ‘means tested’ for those who have other pensions by taxing them on it.
2. House paid off around age 52.
3. Sounds like you have plenty spare!
4. Avoid daytime TV at all costs…although we make an exception by having snooker on in the background this time of year….& we are partial to a bit of Chase & Osman’s HoG (& even Tipping Point - I grew up on the IOW, so love a coin dozer!). Quizzes are good for the brain!
5. Only time will tell….
Most focus on the finances, which is of course perfectly logical…but I always feel it is more about what you spend your time on that is critical.
Have to stay as mobile as you can for as long as you can. Walking, pickleball, cycling, all things I enjoy.
Spending more time with friends and family, without having to be restricted to evenings and weekends is nice.
Also good to make time to ‘give back’. Will be in the hills next weekend with a team of Scouts doing their Gold DofE. The activity takes up some time, but the paperwork (forms, risk assessment etc), is also something no sane person working would want to waste time on: the UK is run by volunteers keeping things going
The SKIing remark amused me - Spend the Kids Inheritance….we are trying to make a month of actual skiing part of our activities. Not great at it, only started after we were 40, but the mountains are a lovely place to spend time.
Live your best life!
Gordon Hill said:
VanDriver99 said:
Ouch Ouch ouch
There is of course loads of information on this online but the overall story seems to be that a lot of people don’t have huge provision for rainy days or added income.
WHAT THE HELL WE GONNA DO THEN??
As harsh as it sounds you have to cut your cloth to suit. I have a lot of clients who although they've had the opportunity to make provision for their later years didn't for whatever reason and now approaching that time don't have a pot to p#ss in. So they are facing a pretty bleak time in their twilight years.There is of course loads of information on this online but the overall story seems to be that a lot of people don’t have huge provision for rainy days or added income.
WHAT THE HELL WE GONNA DO THEN??
I would imagine most of us look back on decisions made and opportunities missed but most people who are 10+ years from retirement can make a significant difference to when it happens and how it looks when they get there.
keo said:
Controversial opinion here maybe but I think it’s quite selfish to carry on working after state pension age. Give the young un’s a chance of a job. Only my opinion and I know different people have different opinions.
As for retirement, I’m mid 30’s so a while off for me. But got a “smallish” mortgage, 22% goes into my pension and my stocks and shares isa is doing ok. So hopefully well on track. Of course I think am I doing enough. But you need to enjoy the present as well. Life is short.
Judging by some of the comments on here, it might be than on average more people are retiring early than retiring late.As for retirement, I’m mid 30’s so a while off for me. But got a “smallish” mortgage, 22% goes into my pension and my stocks and shares isa is doing ok. So hopefully well on track. Of course I think am I doing enough. But you need to enjoy the present as well. Life is short.
Some of those working beyond retirement age might also be business owners, so liquidating a business due to retirement could result in fewer job opportunities.
Personally, at the ripe old age of 54 I'm planning my exit strategy, but still need more capital in SIPPs. Hopefully I will be able to semi-retire and leave the business as a ticking over affair.
No idea what I'd do with the time to be honest.
Essel said:
68 here.
1) I'd have thought you'd need more state pension in a depraved area, what with all the extra coke and hookers - mind you, I haven't been round many stockbroker areas!
2) House is all ours,
3) only a state pension. (Very) small pot that is not being touched yet as my wife has a few more years of earning to go and is also stacking into her pension. Hopefully she can retire before official age - we keep working the figures out.
Top tip : get a younger wife and keep her working. ( She doesn't read this forum)
4) Get a dog. Walking the dog and talking to people takes more time than the TV.
5) If you have a wife you won't have any spare time anyway. Especially if she's working.
6) spend a lot of time deciding if you really need 2 cars, as they both do about 3k a year.
At your age coke is probably not a good idea as it could stop your heart. Saying that at least it’s an instant death. When did you last indulge?1) I'd have thought you'd need more state pension in a depraved area, what with all the extra coke and hookers - mind you, I haven't been round many stockbroker areas!
2) House is all ours,
3) only a state pension. (Very) small pot that is not being touched yet as my wife has a few more years of earning to go and is also stacking into her pension. Hopefully she can retire before official age - we keep working the figures out.
Top tip : get a younger wife and keep her working. ( She doesn't read this forum)
4) Get a dog. Walking the dog and talking to people takes more time than the TV.
5) If you have a wife you won't have any spare time anyway. Especially if she's working.
6) spend a lot of time deciding if you really need 2 cars, as they both do about 3k a year.
Here are my answers to the OP's questions fwiw.
questions and my answers said:
1)The State Pension is the same in the Stockbroker Belt as it is in some depraved areas...is that a little odd?
No everyone pays in under the same rules and therefore should get the same. Though the contributions may not be the same due to some earning more than others. That doesn't bother me as I always felt that as a citizen it was my duty to support those less fortunate, never begrudge paying
tax. Having been brought up by a single parent after Dad died when I was young, money very tight, and at one point in my life knowing what it was like to have no money, eg walk 6 miles to save a 20p bus fare, grateful that needing to pay tax meant was earning.
2)You all have equity or fully own your house now??
Fully owned.
3)My State Pension and Works Pensions amount to about £1250 a month ...with £350 Standing Orders monthly....do I have enough to feed and clothe myself ??
Not going to say what our state and occupational pensions bring in but we would struggle on that to be honest.
4)Do you get bored s'@@tless watching Tales of the Unexpected over and over.They were such happy times??
Not applicable, too busy doing other stuff at home and out and about. Just running a house and keeping dog active plus things ship shape stops watching TV. Have a pile of stuff recorded on Sky from Christmas before last not got round to it yet.
5)We all have funds to fall back on of course...but are they enough??.
Think so, hope so, but then referencing comments to 1) above I'm a bit too cautious for my own good.
So answer what you like( the post is very tongue in cheek).Maybe add your own questions and answers to help people heading into this stage of their life??
I saw a thing in the paper where it reckoned you need well over 4 grand a month coming in to have a decent lifestyle. What do other pensioners think about that including such apparent necessities as complete kitchen and bathroom refurbishments every 10 years.
No everyone pays in under the same rules and therefore should get the same. Though the contributions may not be the same due to some earning more than others. That doesn't bother me as I always felt that as a citizen it was my duty to support those less fortunate, never begrudge paying
tax. Having been brought up by a single parent after Dad died when I was young, money very tight, and at one point in my life knowing what it was like to have no money, eg walk 6 miles to save a 20p bus fare, grateful that needing to pay tax meant was earning.
2)You all have equity or fully own your house now??
Fully owned.
3)My State Pension and Works Pensions amount to about £1250 a month ...with £350 Standing Orders monthly....do I have enough to feed and clothe myself ??
Not going to say what our state and occupational pensions bring in but we would struggle on that to be honest.
4)Do you get bored s'@@tless watching Tales of the Unexpected over and over.They were such happy times??
Not applicable, too busy doing other stuff at home and out and about. Just running a house and keeping dog active plus things ship shape stops watching TV. Have a pile of stuff recorded on Sky from Christmas before last not got round to it yet.
5)We all have funds to fall back on of course...but are they enough??.
Think so, hope so, but then referencing comments to 1) above I'm a bit too cautious for my own good.
So answer what you like( the post is very tongue in cheek).Maybe add your own questions and answers to help people heading into this stage of their life??
I saw a thing in the paper where it reckoned you need well over 4 grand a month coming in to have a decent lifestyle. What do other pensioners think about that including such apparent necessities as complete kitchen and bathroom refurbishments every 10 years.
ks because how many people have £4k a month coming in even when they are working!Gassing Station | Finance | Top of Page | What's New | My Stuff