The Retirement Thread
3 lurkers |
158 watchers
Nov 2020
7:29pm, 25 Nov 2020
18,236 posts
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Bazoaxe
I will take the now closed final salary when I decide to go and will also by then have a reasonable sized DC pot which I will drawdown from. Probably using a fair chunk until I get to State Pension Age when I will reduce the amount I drawdown as I get whatever state pension I am due. Hopefully by the time I use the drawdown ,my final salary and state pension will be enough to keep me afloat
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Nov 2020
7:35pm, 25 Nov 2020
37,561 posts
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♪♫ Synge ♪♫
I think Gogsy's combi approach sounds interesting.
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Nov 2020
7:47pm, 25 Nov 2020
18,652 posts
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GimmeMedals
When I was pondering when to retire, I considered that after 10 years of austerity in the public sector, with minimal, if any, pay rises since 2010, that if I hung on for another year or two, there would probably be some decent pay awards, which would make a bit of difference to my lump sum and annual pension, due to the final salary element. In the end, I decided the extra money wasn't worth it. It was "just my luck" that this seemed to be the case with the 2.75% pay rise awarded on 1st September this year, which I missed out on by retiring on 31st August. However, today's announcement is that COVID has stopped any significant pay rises for the foreseeable future. The lesson is - don't hang on to retire just in case your pension might improve, because it might not happen. It would seem that my luck is much better than I realised 
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Nov 2020
9:31pm, 25 Nov 2020
546 posts
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Looby Loo
We all need to be brave GimmeMedals. I’m going in April. I must admit that as I just cleared my mortgage this month I’ll have a few months salary with no mortgage and I started greedily thinking of how much I could save blah blah.... |
Nov 2020
11:47pm, 25 Nov 2020
24,207 posts
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Johnny Blaze
Pension changes. ft.com |
Nov 2020
1:46pm, 26 Nov 2020
28,316 posts
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macca 53
Paywalled JB
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Nov 2020
1:55pm, 26 Nov 2020
37,566 posts
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♪♫ Synge ♪♫
Government measures which currently use RPI to be based on CPI(H) from 2030. Estimated to saved the Treasury ca £2bn per annum after that. Consequently payments to some bondholders and pensioners after that date will be reduced.
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Nov 2020
2:00pm, 26 Nov 2020
24,215 posts
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Johnny Blaze
^^^ That's the one ^^^ Affects DB pension inflation increases from 2030. Sorry it was paywalled but I could see it and I ain't a-payin! I suspect there will be more than one "raid on pensions" before the summer. |
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Nov 2020
3:06pm, 26 Nov 2020
37,567 posts
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♪♫ Synge ♪♫
[Employer-based FT subscription here! The only paid-for online paper I have ever contemplated paying for is the New York Times over the last four years. But I have resisted. Can't cope with these new business models. And I still buy CDs.]
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Nov 2020
3:27pm, 26 Nov 2020
1,782 posts
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WtnMel
[off-topic I know Synge but I still buy cd's, rip the music onto iTunes and stash the cd's safely in the loft in case my hard drive and various backups ever fail me] Getting back on topic, FWIW Sharkie, when I retired 5 years ago I'd already been keeping an eye on annuity rates and knew they weren't as good as in the past. At my last review, I seem to recall my adviser telling me rates had improved a bit but not enough to consider them just yet. |
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