Knowledge Base

Planning your retirement

Started by: richard_soponski
On: 19/07/2017 | 17:28
Replies: 13

by: richard_soponski
on: 19/07/2017 | 17:28 edited: 19/07/2017 | 17:40

Today, the government announced that the state pension age (SPA)  rise will be brought forward. The rise in the pension age to 68 will now be phased in between 2037 and 2039, rather than from 2044 as was originally planned. See:

Having retired early myself, I can't stress enough how advantageous it is to start a non-state pension scheme to make you independent before SPA.

If you have a workplace (occupational / works / company) pension your employer has to chip in and it's tax free. The important thing is to start it as early as you can. Over your working life you turn, say, £2000 into £40,000 and take 25% of that as a tax free lump sum when you activate your pension - and when you do that is up to you, it doesn't have to be at SPA. You could even do that and carry on working if you really wanted to.... and the more you put in, the greater the pension pot. £100,000 isn't an impossible or even difficult pot to achieve...

I've put together a bit of a guide for anyone thinking of retiring. Retirement Planning

If you want to download it to your computer as a  XLSX  workbook, you can use LibreOffice (free) to edit it.

There is lots of advice scattered over the Internet enticing you to spend money on advice and trying to rope you into various financial schemes. You only retire once, usually, so it's best to take lots of time to understand what's going on rather than jumping in feet first. Don't get scammed. The Money Advice Service produces a booklet, Your Pension: It's time to choose, which does a lot of explaining.


I can't give financial advice but may be able to give explanations. Good luck !


New phone, new name, retired.
Message 1 of 14
by: giffer23
on: 26/07/2017 | 21:48
Very interesting, thanks for sharing. 
Message 2 of 14
by: clinteastwood43
on: 27/07/2017 | 04:27

Thankyou it is always best to do your

homework & your guides on pensions

and retirement are excellent Smiley Happy

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Message 3 of 14
by: scrupps
on: 30/07/2017 | 16:59
Join a company pension scheme if you can as young as possible and put as much as you can afford to each month. With compounding growth over the next 30 years you will be surprised at how large a pot of money you can accumulate for your retirement.
Message 4 of 14
by: kath72
on: 30/07/2017 | 22:02
It seems the goalposts get moved every time i kick the ball!

When I first started working it was 60 spa, now it'll be 68, I can only figure it will move again... Can't rely on the state pension ... And there are certainly jobs that would be hard work to continue to 68

Despite being a stay st home mum I have had a stakeholder pension since we were allowed to pay in while not working. It's not big, and it's not going to pay much but it'll make a difference

Message 5 of 14
by: jayni3
on: 31/07/2017 | 18:46
Thanks for this helpful post
Message 6 of 14
by: walkrightback
on: 01/08/2017 | 11:50
The vast majority of the public leave pension provision many years too late. Ideally start a pension in your early twenties and review it every couple of years.
Message 7 of 14
by: mijthebarber
on: 08/08/2017 | 08:52
Great posts by most of us just about plan for the month before retirement I wish I thought that far ahead but life is too short and I'm not sure I don't want to do it all shakalaka
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Message 9 of 14
by: andyrh68
on: 08/08/2017 | 11:10

Hopefully with automatic enrollment into a works pension being mandatory from 2018, the majority of our young workers will have a fighting chance of surviving their twighlight years Smiley Wink

Message 10 of 14