The Retirement Thread
176 watchers
Nov 2023
6:56pm, 4 Nov 2023
2,568 posts
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MsG
Due to a change of employer, I now have a private pension (but 25 years of NHS). I cannot get the provider to understand or give forecasts based on contributions until ‘X’ date but not draw until ‘y’ date i.e. I intend to retire, drawing the NHS pension and leave the private one alone (as it will be fewer years). Apparently their system can’t do it. So they’ve set my retirement age incorrectly (earlier) than is applicable to them as it can’t cope. If they use my intended drawdown year, its assuming contributions until that date. Hopeless. |
Nov 2023
10:04pm, 4 Nov 2023
22,508 posts
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3M
I think I need to put all the numbers into a spreadsheet and the turn it I to a graph to cope with the lumps and bumps from state pension at 67, variable drawdown etc.
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Nov 2023
10:08pm, 4 Nov 2023
25,855 posts
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Bazoaxe
It shouldn’t be hard to build a fairly crude model.. I have one already but it son an old laptop thats on its last legs and needs refinement. A task for tomoroe
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Nov 2023
10:21pm, 4 Nov 2023
11,903 posts
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cathrobinson
You started me off down a path then, bazo… and I think I might need to build a spreadsheet for myself as none of the calculators I found can cope with a DC pot, a DB kicking in at 60, state pension, and me being ok with front-loading the drawdown…
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Nov 2023
10:30pm, 4 Nov 2023
27,103 posts
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TROSaracen
I have an IFA to model my pension pot drawdown, investment income, DB pension and state pension against a profile of spending more now when young (ish!) and active. We’ve modelled a few scenarios and I have a really good feel for the art of the possible. |
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Nov 2023
10:59pm, 4 Nov 2023
11,906 posts
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cathrobinson
Tbf I’ve also had an IFA run models for me, so I know what my options are. I’d just like to be able to run some additional scenarios if the market remains dreary. Though I guess it’s as simple as keep on working.
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Nov 2023
11:14pm, 4 Nov 2023
66,138 posts
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Velociraptor
I did my original spreadsheets (pencil, paper, rusty old abacus, you'd all laugh) ignoring the likelihood that eL Bee! would have an occupational pension of more than zero. I'll have to run the numbers again next month when he has retired.
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Nov 2023
8:02am, 5 Nov 2023
8,344 posts
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Fizz :-)
I’m mostly just winging it  Although with two state pensions, one DB that is roughly equal to a state pension, and two reasonable DC pots between us, I think we’ll be ok.
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Nov 2023
8:07am, 5 Nov 2023
4,413 posts
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Ally-C
My wife retires this week and still hasn’t decided whether to leave her pension with her work or take it out. Still talking to her IFA. We’ve enough money to take us through to the new tax year for now anyway. |
Nov 2023
10:03am, 5 Nov 2023
3,591 posts
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Steve NordRunner
Velociraptor wrote …rusty old abacus… |
McGoohan Useful Links
FE accepts no responsibility for external links. Or anything, really.- Money Helper
- How Much is Enough to Retire On?
- Retirement Living Standards
- How much will you need to retire?
- Free Govt website for pension advice
- SIPP pensions
- ISAs
- Check your National Insurance contributions
- Check your state pension account
- Martin Lewis on pensions
- Support and advice for those widowed under the age of 50
- Power of Attorney information
- Making the most of your retirement
- 20 tips for a happy retirement
- Married Couple's Allowance
- Aviva guide to retirement planning
- U3A
- U3A Local Sites - map
- Make a Power of Attorney
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