new pension rubbish!

[spudulike]

We're all charged tax on our pension pots if they grow by more than £40k a year (pot growth + what you've paid in that year).

 

Then they tax your pension as income if you live long enough to get it at 67...or will it be 68 or 69.....

 

You pay in to you pension before paying tax, you can draw a personal pension from 55 if the pot is large enough and if you want to avoid tax, look at equity ISAs

[Tom D]

The difficulty is persuading the lads that they need a pension, I offered mine one years ago, none took me up on it..

 

I think that saving for retirement is about spreading the risk, some pension, some property, some other investment. And give your kids the best education that you can, cos the will look after you too one day..

[skyhuck]

When the pension age was first set a 65 for men, the average age of death for men was 65 and 8 months.

 

The idea of quitting work and living for another 20+ years is totally unsustainable.

[DanClimbsTrees]

I spent eighteenth months working for a pensions administration company, and the amount of people who would ring up complaining that their £5,000 per annum pension was "not enough" was quite surprising.

 

IMO current "investment" style pensions (the ones not linked to your salary and service) aren't worth jack. I'll be looking at getting a few buy-to-lets instead.

[carpenter1]

What sort of money would you havd to put away over 30 years to get say 20000 a year?

[DanClimbsTrees]

What sort of money would you havd to put away over 30 years to get say 20000 a year?

 

My incredibly rough estimate would be that you'd need a pot of around £300,000 to £320,000 if you're planning on buying a £20,000 annuity without a spouse's income after your death.

Edited June 19, 2015 by DanClimbsTrees

[DanClimbsTrees]

Not that i'd recommend buying an annuity.

[carpenter1]

So put 10000 away a year?

How

[spudulike]

I think it is about time they started teaching this sort of stuff in schools. Pensions, Mortages, APR, loans, Compound Interest, equity etc

 

I don't think too many people have a clue how it all hangs together and how to make the most of their savings.

[skyhuck]

So put 10000 away a year?

How

 

No, compound interest is the secret with pensions.

 

The problem is knowing where we will be in 30 years, people were sitting pretty a few years back, then it all turned to dust