The Retirement Thread
3 lurkers |
176 watchers
Jul 2022
6:56pm, 4 Jul 2022
18,557 posts
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3M (aka MarkyMarkMark)
Worth remembering that if your employer will contribute to your pension, whether that's matching or not quite, it's basically free money! A sort of deferred pay rise. |
Jul 2022
7:14pm, 4 Jul 2022
5,956 posts
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ThorntonRunner
Yep - mine will match up to 8%, but also does salary sacrifice and contributes half of their saved NI contributions to our pensions
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Jul 2022
7:21pm, 4 Jul 2022
23,008 posts
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Bazoaxe
Sounds like salary sacrifice but similar in effect to an avc depending on scheme rules. I can change mine online as well but depending on timing it might be from my next pay, or if I miss the cut off the following one. I got a wee surprise today when I logged on and ran a quote. My annual increase seems to have been applied. It’s odd though as I saw an increase back in January that I thought was the annual increase and the annual statement lasts week seemed to confirm that. However my projection at age 55 is now about £1k pa more than I thought it was going to be. And overall I think that’s almost a £2k increase applied since jan but I do need to check my notes. All of a sudden things might seem more feasible, especially if Mrs axe has the same as one of her DB schemes is with the same employer, albeit as a deferred member I think she gets lesser annual increases |
Jul 2022
7:27pm, 4 Jul 2022
58,721 posts
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Velociraptor
From the nitty gritty to the conceptual, have any of you read this? goodreads.com
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Jul 2022
7:32pm, 4 Jul 2022
22,908 posts
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Ness
No. Haven’t but it sounds like it’s something that I should read.
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Jul 2022
7:35pm, 4 Jul 2022
15,274 posts
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Sigh
From the nitty gritty to the conceptual, have any of you read this? goodreads.com I've just scanned the reviews and saved myself another £10 
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Jul 2022
7:38pm, 4 Jul 2022
22,910 posts
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Ness
Ah! Will read the reviews first then. Thanks, Sigh.
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Jul 2022
7:43pm, 4 Jul 2022
16,852 posts
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Cerrertonia
I have read it and found it interesting although I didn't really come away with anything that I'm going to do differently as a result. It's not really about ending your life with zero in your accounts - it's about how to spend money. The basic argument though is that if you die with money in the bank, you've lost it. It pretty much takes it as axiomatic that good memories and experiences are the only things worth acquiring. From that basis, it argues that some of those can only be acquired when young, and there's no point in saving hard in your twenties if it means forgoing the chance to backpack round the world, or do that arduous long-distance hike or whatever. He also makes the point which has been discussed in our family a few times that giving your children an inheritance when they're in their fifties or sixties doesn't help them much. Receiving such an inheritance in your twenties or thirties could be life changing - buying a house for example. I don't think too many people actually suffer from the problem of saving too much too early in life. Also, few of us will know exactly when we're going to die. So spending down most of your money in early retirement is rather easier to judge when you're a multi-millionaire and you're down to your last half million than for most of us. |
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Jul 2022
7:46pm, 4 Jul 2022
58,723 posts
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Velociraptor
I can see it being something that might make me feel better about some of my spending decisions when I was younger instead of thinking, "If I hadn't done THAT I'd have 30 years of compounding of £X at my disposal now."
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Jul 2022
7:54pm, 4 Jul 2022
23,012 posts
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Bazoaxe
The main issue with that approach is that you need to know pretty accurately the date of your death. It also doesn’t account for knowing that you might leave something to help your children out. |
Marmite Useful Links
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- 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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