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have you got access to your pension platform yet?
Investment
- Thread starter pete01
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Yes - you can easily transfer it to another platform.
Its better than sitting in your bank account and if it pushes your tax bracket down there are other benefits.
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No it is really annoying me. I am going to ring our pensions people this morning as I suspect a fault with the web site.
In basic terms what ever you put in gets at least matched by your company, so it in effect doubles your initial investment.
An isa or gold etc won’t outperform that.
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Some pension companies offer two front doors on their website. one for those in group company pensions and one for those with private pensions or ex-company pensions. make sure you are clicking the correct one.
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This is an example of why Financial advisors give terrible advice.
The headline is a £1M pension might not be enough for a comfortable retirement.
The headline is a £1M pension might not be enough for a comfortable retirement.
I do make the most interesting threads, thats why im poster number 1 for comedy and factual information
Me too, loads I dont understand mind.
But I think my Mrs might up her pension, hers is quite good NHS.
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The problem with the article is it doesn't take account of the tax free allowance and also suggest deferring withdrawal until retirement age. Both increase tax liability. No doubt the sponsor will charge you a few quid and tell you the "good news".
Excellent.
The trade makes more money if you put in more.
Some news outlets like to generate scare stories.
If you had a £1million pension fund, you could take out 4% a year indefinitely without diminishing it, if you left the bulk invested for future growth. What is the point of dying with a million pounds, unused, lying in your pension fund?
Lots of people get by on £40,000 a year. Some even manage on less. The article even says "Someone drawing £40,000 a year from a £1m pension and receiving the current full new state pension of £12,547.60 would have a gross income of £52,547.60."
If you took out an annuity at age 65 (which might not be the best choice) it could bring you £81,700 a year for the rest of your life. Plus your state pension.
Which you might think is "comfortable"
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There's a youtuber who does good explanations on pensions, called James Shack, as here :
It's all a bit more complex than a flat rate of draw-off. You'll likely need less when you're older, but how would you pay for a care home? A lot of people assume they can sell their house to pay for it. But if you're unlucky enough to be around for a long time, you might find it's not enough. You may need to provide for TWO people of course and it depends where you live etc.
If you have an income of 40k, it would be tight to find a place which would be cheap enough. Their price increases always seem to go faster than inflation too.
You can chuck all the numbers at an AI LLM, they don't get frustrated.
Scenario: - Care home costing £1500/week
__Inflation running at 4%, but the care home increase is 8% a year. My mother's was.
__Your Pot returns you 4% ABOVE inflation, ie 8%. That's not necessarily easy.
500k would last 6.9 years, until the capital is gone,
£1m would last 13.7 years.
The mean duration in a Home is I think 4 years, but my mother hung on a lot longer.
They're keeping people alive way past their sell by date.
Adding the state pension, index linked, makes the £1m last 15 years
and for the 500k, it's 8.1 years. This all ignores TAX.
It's all a bit more complex than a flat rate of draw-off. You'll likely need less when you're older, but how would you pay for a care home? A lot of people assume they can sell their house to pay for it. But if you're unlucky enough to be around for a long time, you might find it's not enough. You may need to provide for TWO people of course and it depends where you live etc.
If you have an income of 40k, it would be tight to find a place which would be cheap enough. Their price increases always seem to go faster than inflation too.
You can chuck all the numbers at an AI LLM, they don't get frustrated.
Scenario: - Care home costing £1500/week
__Inflation running at 4%, but the care home increase is 8% a year. My mother's was.
__Your Pot returns you 4% ABOVE inflation, ie 8%. That's not necessarily easy.
500k would last 6.9 years, until the capital is gone,
£1m would last 13.7 years.
The mean duration in a Home is I think 4 years, but my mother hung on a lot longer.
They're keeping people alive way past their sell by date.
Adding the state pension, index linked, makes the £1m last 15 years
and for the 500k, it's 8.1 years. This all ignores TAX.
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