So please do continue to quote what i have already explained. It's truly illuminating.
State pension amount.
- Thread starter Mottie
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If you relying on a state pension to fund your retirement then I wish you good luck.
For those of you who have a semblance of wits about you, look up just how much you need in your pot to buy the annuity that is the equivalent of the state pension !
For those of you who have a semblance of wits about you, look up just how much you need in your pot to buy the annuity that is the equivalent of the state pension !
You have explained nothing merely stated inaccuracies as I read your posts on this subject.
Truly light bulb stuff.
Worse than that some just pay as little as they can on the basis that the state wont let them starve when their time comes. Seemed to be mostly people in their 20's early 30's 20 or so years ago. I understand rules now have changed but I don't know in what way.
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I believe you can make voluntary payments to avoid a shortfall in years.
D
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In round numbers, to get an extra amount equal to the SP which is now about £10kpa, you'd need 250k, because it's taxed.
If you're used to having something like average salaries coming in, you'd need around £1m.
That sounds a lot, but as I said the other day, the outside London 3 bed semi first house we bought on non-spectacular salaries, is now about 700k. Just an eg...
If we'd stayed there, and kept the payments going out the same as the initial mortgage, as a percentage of income until 60, we could easily have bought another. (They're letting for £3k+/month, which is a similar return.)
That as a pot wouldn't yield two average salaries, but you get
say 35k pension (gross) from the annuity and 2 x 10k SPs,
is 55k, which would be enough for a pair of grockles to get along ok.
All is variable by interest rates and careers, fortune famine and families, but it baffles me why some folk expect life to just continue as it did with no planning on their part. The numbers aren't that hard.
If you're used to having something like average salaries coming in, you'd need around £1m.
That sounds a lot, but as I said the other day, the outside London 3 bed semi first house we bought on non-spectacular salaries, is now about 700k. Just an eg...
If we'd stayed there, and kept the payments going out the same as the initial mortgage, as a percentage of income until 60, we could easily have bought another. (They're letting for £3k+/month, which is a similar return.)
That as a pot wouldn't yield two average salaries, but you get
say 35k pension (gross) from the annuity and 2 x 10k SPs,
is 55k, which would be enough for a pair of grockles to get along ok.
All is variable by interest rates and careers, fortune famine and families, but it baffles me why some folk expect life to just continue as it did with no planning on their part. The numbers aren't that hard.
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Fine, but the firm's pension scheme wasn't bad, was it? I assume a middling teacher's position is a lot easier than the standard state's handout?
I've not come across anyone in my circle getting that much, you must have been a very good boy.
You 'may' only qualify for these things if you have no other income. If you own your own house you will not get housing benefit because there are no payments to make. You will be entitled to free prescriptions by right of age, you 'may' get help with your council tax, (but have to apply for it). Whilst people 'may' be entitled to 'apply' for certain benefits, it does not go that they will automatically get them. Some benefits are decided on by what the household income is. For instance, a bloke retires, he's never saved into a company/private pension so is only entitled to the state pension. He rents his home and has to pay all utilities including council tax. On the face of it you would think he qualifies for help.
However, his wife has quite a good job which pays her £30,000 gross p.a. Straight away he loses all those benefits and just gets his state pension.
Same guy doesn't have a wife but his son/daughter lives with him. The son gets UB, (so his money is taken into account albeit a very small amount of it). He 'may' get a reduced amount of help. Then the son gets a job. Although the mans situation hasn't changed his sons has. As he lives with his dad then he would be expected to make higher contributions to the household finances and, this in turn, would affect his dads claim to certain benefits.
Thats the way the system used to work a number of years ago.
£1k/month maybe.
indeed it was known as "household income" this was money from any source
savings above i think it was 8k where assumed to earn 5% so something like £1 per 1k per week so iff you had 9k in the bank benefits would be reduced by something like £9 a week reviewed annually by your request
indeed if anyone had say 20k in savings because its above 16k then not entitled to benefits although the council [housing benefits and council tax ] had a lower threshold i think around 8k when you would get no help but that was years ago when i used to help others through the evil unfriendly system
indeed you tell a man who has paid his dues for 30 years and has lost his job that he can claim unemployment benefit --------------but he wont get it as his wife get an income so family income is too much and above the threshold
I have also heard that they can pester you to make payments for a shortfall, even if there is no shortfall and your payment will make no difference at all.