Pension

[JohnD]

I calculated (current value of pension scheme) divided by (years I plan to live) and came up with quite a satisfactory annual figure.

Another method (if, like me, you have a SIPP) is to look at the annual dividend income, which is likely to be quite a bit higher than the annuity rate, if you turn the tap from "reinvest" to "withdraw." This method does not even eat into your pot and you have some prospect of future gains (or losses).

You must expect a stock market crash every ten years or so. A Pension scheme lasts a long time so you need to develop the fortitude to live through them.

 

[crystal ball]

not the only option.

drawdown may be better.

Exactly what I will be doing if theres anything left after this lot

 

[Deleted member 18243]

All the above replies are from people saving and investing for their pension, but do we have anyone on the other side, i.e. anyone who is now drawing a pension that they planned meticulously for? If so - how is it going - is it as much as you wanted?

 

[EddieM]

Most decent advisors will tell you as you are getting close to your retirement that you move the pension investments to more stable and predicatable (if lower return) assets, this of course is to attempt to ringfence your accrued pension pot.

 

[securespark]

I'm with Virgin. Only because I trusted the fncker. I pay 350 pm at moment thinking of starting again and pay 200 pm

Either way, that is one massive mobile bil.

 

[JohnD]

If you're going to America, never fly Virgin Atlantic.

You want a plane that goes all the way.

 

[JohnD]

.

 

[Bodd]

If you're going to America, never fly Virgin Atlantic.

You want a plane that goes all the way.

Very good John.

I flew from NY ~London with them and you are right. I had to get a taxi back Home.

 

[Mottie]

...(divided by) years I plan to live....

I can see an error in your 'plan'. You are entering an unknown into your calculations.........

 

[Bodd]

I have about £25000 that I've got aside that will pretty much clear up my Mortgage.

At this stage would it be a good idea to put that into my Pension and keep paying my Mortgage. Or even half and half.

 

[Mottie]

Pay your mortgage. You might not be around to draw on a pension. We paid our mortgage up years ago when it was at about £19k and we juuuust scraped together £19k. Left us skint for just a month but you can’t half save up fast when you don’t have a mortgage. You also save on the life insurance payments that pay off the remaining mortgage if either of you were to die as that is no longer needed. Then you can pay your mortgage money into a pension if you want but personally, I want it in my hands, not someone else’s.

 

[crystal ball]

The best thing to do with it would be to send it to me

 

[Bodd]

The best thing to do with it would be to send it to me

Send me your bank details and I'll do that for you..

Don't forget any passwords I may need as well.

 

[motorbiking]

I can see an error in your 'plan'. You are entering an unknown into your calculations.........

Its a good way to do it though.

Create a spreadsheet. All your Money at the top. then how much you want each year.
then add a column for every year until you are 90. add inflation add possible pot growth and it should tell you If you reach 90 with anything left.

I'm actually back at work full time now. I was down to 170-180 days a years as was kinda semi retired. There isn't much point in taking 3-4 months off a year with all this going on.

 

[Bodd]

Pay your mortgage. You might not be around to draw on a pension.

That's highly likely but I would like to see my girls are OK if that was to happen.

Paying my mortgage does make me feel safer. But the market is low at the moment