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Quote: Originally posted by bessie500 on 22/3/2023

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Quote: Originally posted by Colin21 on 22/3/2023

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Quote: Originally posted by Devonatheart on 22/3/2023

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On the plus side, the State Pension will soon rise by 10.1%. On the really plus side, my LGPS Annuity will also rise by 10.1%!

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Yes the state pension will rise by 10%, but if that's all you have to live on in reality it's a huge cut. Energy prices, which take up a large part of it have risen by over 80% and most of the other essentials have risen by more than 15%. All the essentials have risen by way more than inflation figures would suggest.

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Colin i don't disagree with the pension rises, but lets not forget the vast majority of the UK workforce wont be getting anything like a 10% wage rise

Bessie

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Quote: Originally posted by Colin21 on 22/3/2023

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Yes I know Bessie, and to me that is criminal. Everyone deserves a rise at least in line with inflation. However, it is all relative. 10% of even a low wage is a lot more money than 10% of a state pension. My state pension is now only worth 80% of what it would buy when I retired over 10 years ago, and even with the forthcoming 10% rise it won't be any better. If anything, slightly worse.

That is the problem with comparing percentages. A 10% increase for someone on £100k a year is £10k, and that is more than my total state pension.

10% of national minimum wage is about £39.60 a week (38 hour week) but 10% of my weekly pension is around £18.30.


Post last edited on 22/03/2023 21:31:25

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Quote: Originally posted by 664DaveS on 22/3/2023

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We retired early in 2014. I was 63 my wife 60. We had good work pensions and had planned and invested for it.
I got my state pension at 65 my wife 66 so a nice bit of extra loot.
No regrets and we caravan a lot! 2 long trips to Australia done and several cruises to date.
No kids to leave it to and we can't take it with us!

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Quote: Originally posted by bessie500 on 23/3/2023

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Quote: Originally posted by 664DaveS on 22/3/2023

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We retired early in 2014. I was 63 my wife 60. We had good work pensions and had planned and invested for it.
I got my state pension at 65 my wife 66 so a nice bit of extra loot.
No regrets and we caravan a lot! 2 long trips to Australia done and several cruises to date.
No kids to leave it to and we can't take it with us!

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I was told a great quote this week about retiring

Go-Go, retire in your 60’s or less and do everything on your bucket list, go everywhere see everything go hard for 10 years

Go -slow 70’s you’ve done everything on your bucket list, now its’s a bit of chilling and potentially looking after grandkids/great grand kids

No-Go 80’s you’ve done it all got the tee shirt and can’t be a arsed doing anything now

All the above is great but officially I should be 67 when I officially retire

I do have 4 pensions though.

I have a GE final salary pension that’s quite good.

I have my company one which is also good & is currently being topped up at 21% of my salary, I’ll be increasing this next year to 30% +

My serps one that I’m going to give to my kids so that doesn’t really count.

My state pension

I also paid my mortgage off on Monday, so I have the capital from my property      


Bessie

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Quote: Originally posted by iank01 on 23/3/2023

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Quote: Originally posted by Colin21 on 22/3/2023

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Yes I know Bessie, and to me that is criminal. Everyone deserves a rise at least in line with inflation. However, it is all relative. 10% of even a low wage is a lot more money than 10% of a state pension. My state pension is now only worth 80% of what it would buy when I retired over 10 years ago, and even with the forthcoming 10% rise it won't be any better. If anything, slightly worse.

That is the problem with comparing percentages. A 10% increase for someone on £100k a year is £10k, and that is more than my total state pension.

10% of national minimum wage is about £39.60 a week (38 hour week) but 10% of my weekly pension is around £18.30.


Post last edited on 22/03/2023 21:31:25

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People forget that it was our dear friend Mr Putin that caused this runaway inflation and inflation will come down. Simple economics states that if you have a wage increase, that means the manufacturer needs to increase prices to make a profit thus fuelling inflation and people are back to square one. Be lucky you are not living in Zimbabwe where inflation is running at 1000%.

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Quote: Originally posted by DeborahTurner on 23/3/2023

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Quote: Originally posted by Capt Lightning on 23/3/2023

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Mrs. L and I retired in our mid 50's, and we've never been so busy. Until Covid came along we helped out with raising rare breed pigs and sheep (they tasted great).Then there was looking after our own garden, regular trips to the theatre, touring round UK and occasional trips to Europe in the van etc..

However the trouble with Scotland is that it's disgustingly expensive to take the van to Europe, so we tend to fly now and stay in hotels or apartments. Not quite as exciting as your's Devonatheart, but it's been great fun and I hope it will continue for a few years yet.

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Quote: Originally posted by bessie500 on 23/3/2023

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Quote: Originally posted by DeborahTurner on 23/3/2023

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Look at it another way Colin

living wage taxable amount £8973
100k a year taxable amount £87300 of which 50k of it will be at 40%

when they both retire, they both get the same state pension, Hardly fair

Bessie

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Quote: Originally posted by iank01 on 23/3/2023

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To be honest many people do not realise just how lucky they are to live in Britain and get a reasonable state pension, free medical aid and also benefits if required! There are a lot worse places to be living so be thankful for what what we get.

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