Life time Pension
Discussion
Running some things through my mind currently as Ive had some good news in the current doom and gloom.
Ive been awarded a tax free pension for life (circa 34k). Im happy where i am currently ( Renting and also a daughter who's 8) and also employed full time where its good money and prospects are very good my debt is below 4k with a loan( 3.5K) and 2 credit cards ( £250 and £250)
How would you set your self up with the knowledge if the funds not stopping. But also building a nest egg to fully retire in 15 years?
Al
Ive been awarded a tax free pension for life (circa 34k). Im happy where i am currently ( Renting and also a daughter who's 8) and also employed full time where its good money and prospects are very good my debt is below 4k with a loan( 3.5K) and 2 credit cards ( £250 and £250)
How would you set your self up with the knowledge if the funds not stopping. But also building a nest egg to fully retire in 15 years?
Al
Charlie1986 said:
Starts this month on the 18th. As for retiring im looking at 50 so 16 years.
Grows with inflation as well as its a MOD injury in service pension.
Thankyou for your service and I’m sorry about your injury Grows with inflation as well as its a MOD injury in service pension.
But, don’t ask on here ... seek professional financial advice
Doesn’t the MOD have specialist advice or veterans associations?
Earthdweller said:
Thankyou for your service and I’m sorry about your injury
But, don’t ask on here ... seek professional financial advice
Doesn’t the MOD have specialist advice or veterans associations?
Advice im seeking away from the MOD was more interested in what others would do.But, don’t ask on here ... seek professional financial advice
Doesn’t the MOD have specialist advice or veterans associations?
Charlie1986 said:
Starts this month on the 18th. As for retiring im looking at 50 so 16 years.
Grows with inflation as well as its a MOD injury in service pension.
I'd also be asking what others with your skill set do once out. 34k is great but it would be even better if you could earn more doing something interesting. Grows with inflation as well as its a MOD injury in service pension.
I've worked with a lot of ex service folk who've retired at 50 and then come back and work in the defence and nuc sectors. Their pensions cover their boring expenses... and their new salary covers toys... Or hookers and booze in the case of the ex-submariners and ex-SF.
ETA... Bugger... Just the first post properly... You have a job. Ignore me. Doh.
take-good-care-of-the-forest-dewey said:
I'd also be asking what others with your skill set do once out. 34k is great but it would be even better if you could earn more doing something interesting.
I've worked with a lot of ex service folk who've retired at 50 and then come back and work in the defence and nuc sectors. Their pensions cover their boring expenses... and their new salary covers toys... Or hookers and booze in the case of the ex-submariners and ex-SF.
I’ve found my way in to H&S and look after 3 sites for Amazon. So that way there is always a path I can take as they paid for the qualifications ( ISOH and Nebosh) my military side it was Data communications especially fibre optic. And system set up. I've worked with a lot of ex service folk who've retired at 50 and then come back and work in the defence and nuc sectors. Their pensions cover their boring expenses... and their new salary covers toys... Or hookers and booze in the case of the ex-submariners and ex-SF.
Don’t do drugs so more hookers in the sprit of PH with a V8 in the garage
In 2011, all service and some private sector pensions and benefits switched from the RPI annual increases to CPI. This has resulted in them growing at a slightly slower rate than previously. It is set at the previous September's published figures so this year, it went up 1.7%.
Many pensions don't get annual increases at all, so this is still welcome!
Many pensions don't get annual increases at all, so this is still welcome!
Well it’s £34k tax free so that’s The equivalent of £50k or so before tax....that is a healthy pension to be able to build your future financial security around. It your aim is to retire at 50 starting a business with the ball ache/risk of managing people might not be so good.
What sector do you want to work in ?
What sector do you want to work in ?
Charlie1986 said:
Running some things through my mind currently as Ive had some good news in the current doom and gloom.
Ive been awarded a tax free pension for life (circa 34k). Im happy where i am currently ( Renting and also a daughter who's 8) and also employed full time where its good money and prospects are very good my debt is below 4k with a loan( 3.5K) and 2 credit cards ( £250 and £250)
How would you set your self up with the knowledge if the funds not stopping. But also building a nest egg to fully retire in 15 years?
Al
That’s great news for once in a gloomy year.Ive been awarded a tax free pension for life (circa 34k). Im happy where i am currently ( Renting and also a daughter who's 8) and also employed full time where its good money and prospects are very good my debt is below 4k with a loan( 3.5K) and 2 credit cards ( £250 and £250)
How would you set your self up with the knowledge if the funds not stopping. But also building a nest egg to fully retire in 15 years?
Al
You may be the type that could set yourself up as a successful consultant based on your life experiences? Maybe match your currently salary but with fewer hours to spend more precious time with your daughter while she is still young. Maybe explore if your employer would allow a reduction in hours to allow you to build it.
Just my opinion and possibly terrible advice but with my travel restrictions during lockdown I’ve realised what I’ve been missing with my young kids at home more than I thought before and it’s a once in a lifetime opportunity to spend more time together, which can’t be valued.
Cheib said:
Well it’s £34k tax free so that’s The equivalent of £50k or so before tax....that is a healthy pension to be able to build your future financial security around. It your aim is to retire at 50 starting a business with the ball ache/risk of managing people might not be so good.
What sector do you want to work in ?
Currently Operations within Amazon but transferring to H&S as I’m now qualified What sector do you want to work in ?
Thats a good start to have, and you can also get a forecast on what your state pension will be, so that's all more money that will be coming your way, all be it, a few more years down the line.
https://www.gov.uk/check-state-pension
You need to get some professional advice and see if yo can drip feed another pension, to boost your current pot. Another 15 years of small payments into a pension will surprise you as to how much it will grow. get a direct debit set up and you won't miss the money after a couple of months.
Good luck and - get professional advice !!
https://www.gov.uk/check-state-pension
You need to get some professional advice and see if yo can drip feed another pension, to boost your current pot. Another 15 years of small payments into a pension will surprise you as to how much it will grow. get a direct debit set up and you won't miss the money after a couple of months.
Good luck and - get professional advice !!
anonymous said:
[redacted]
Yes I would say investing the pension in a home would be the first obvious step with the goal of owning his house outright/being debt free by the time he is 50. Being able to put a decent deposit down by saving the pension for two or three years will give access to better/cheaper mortgage deals. Gassing Station | Finance | Top of Page | What's New | My Stuff