Tony Blair
Comments
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Sorry, did not know you were 60kingstongraham said:
A 60 year old is about 60 years old. And an average would be an average of postcodes.surrey_commuter said:kingstongraham said:
How long would they expect a 60 year old non smoking male to live on average?TheBigBean said:I would like to swap my pension pot for an index-linked annuity. The problem is that even with the maximum of £1m in the pot, the income is still pretty low. That ignores how challenging it is to earn enough to get to £1m with all the tax rules currently in place
Depends on how old he is now and postcode.
Move to the west end of Glasgow before asking for a quote
This says a 60 year old male would expect to live on average to 85.
https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/healthandlifeexpectancies/articles/lifeexpectancycalculator/2019-06-07
Strangely I put 54 into that website and it reckons I will be dead at 84 so missing out on a year.0 -
I take your point but the courts will have their say and the markets are not assuming it is going to happenTheBigBean said:
Just a point of correction on this. It isn't. RPI will adopt the methodology of CPIH from 2030, but will still be published. I believe some of the variants such as RPIX may be abolished. This is significant, because most contracts that reference RPI (e.g. gilts) will have clauses that trigger if it is no longer published, but if the methodology changes, they won't.surrey_commuter said:
RPI. is being abolished so would be CPI or CPIHrick_chasey said:I mean I have no idea even what genre of index an annuity would be linked to.
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I'm not 60. I didn't ask how long I would live.surrey_commuter said:
Sorry, did not know you were 60kingstongraham said:
A 60 year old is about 60 years old. And an average would be an average of postcodes.surrey_commuter said:kingstongraham said:
How long would they expect a 60 year old non smoking male to live on average?TheBigBean said:I would like to swap my pension pot for an index-linked annuity. The problem is that even with the maximum of £1m in the pot, the income is still pretty low. That ignores how challenging it is to earn enough to get to £1m with all the tax rules currently in place
Depends on how old he is now and postcode.
Move to the west end of Glasgow before asking for a quote
This says a 60 year old male would expect to live on average to 85.
https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/healthandlifeexpectancies/articles/lifeexpectancycalculator/2019-06-07
Strangely I put 54 into that website and it reckons I will be dead at 84 so missing out on a year.
Gives 82 for me - intuitively feels wrong, but makes sense because I've got to get through 10 more years and all the chances to die that they present.0 -
Gives me 85 at 35. Obviously it's not going on much data, just your age and sex. You'd hope we'll do a bit better.kingstongraham said:
I'm not 60. I didn't ask how long I would live.surrey_commuter said:
Sorry, did not know you were 60kingstongraham said:
A 60 year old is about 60 years old. And an average would be an average of postcodes.surrey_commuter said:kingstongraham said:
How long would they expect a 60 year old non smoking male to live on average?TheBigBean said:I would like to swap my pension pot for an index-linked annuity. The problem is that even with the maximum of £1m in the pot, the income is still pretty low. That ignores how challenging it is to earn enough to get to £1m with all the tax rules currently in place
Depends on how old he is now and postcode.
Move to the west end of Glasgow before asking for a quote
This says a 60 year old male would expect to live on average to 85.
https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/healthandlifeexpectancies/articles/lifeexpectancycalculator/2019-06-07
Strangely I put 54 into that website and it reckons I will be dead at 84 so missing out on a year.
Gives 82 for me - intuitively feels wrong, but makes sense because I've got to get through 10 more years and all the chances to die that they present.
- Genesis Croix de Fer
- Dolan Tuono0 -
those calculations all assume that you reach 60kingstongraham said:
I'm not 60. I didn't ask how long I would live.surrey_commuter said:
Sorry, did not know you were 60kingstongraham said:
A 60 year old is about 60 years old. And an average would be an average of postcodes.surrey_commuter said:kingstongraham said:
How long would they expect a 60 year old non smoking male to live on average?TheBigBean said:I would like to swap my pension pot for an index-linked annuity. The problem is that even with the maximum of £1m in the pot, the income is still pretty low. That ignores how challenging it is to earn enough to get to £1m with all the tax rules currently in place
Depends on how old he is now and postcode.
Move to the west end of Glasgow before asking for a quote
This says a 60 year old male would expect to live on average to 85.
https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/healthandlifeexpectancies/articles/lifeexpectancycalculator/2019-06-07
Strangely I put 54 into that website and it reckons I will be dead at 84 so missing out on a year.
Gives 82 for me - intuitively feels wrong, but makes sense because I've got to get through 10 more years and all the chances to die that they present.
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BigBean - a £1m pot is unlikely to get 10x the income of a £100k pot, it is likely to be lower due to the risk to the insurer.
Most people underestimate their longevity. A 65 yo has a 1 in 4 chance of living to 100. Currently the life expectancy for at age 65 for a male in England is 18.76 years (i.e. until they are 83.76) and for a female it is 21.14 years (i.e. until they are 86.14) (source:ONS, September 2019) . Life expectancy has risen by roughly 3 months for each year since the end of WW2.
Escalating annuities are very expensive in comparison to a level annuity. A very recent example for a 66 yo - it would take over 15 years before the increasing income matched the level income and into the 29th year for the total income to match.
All annuities are postcode rated now, and many will have some form of health and lifestyle 'underwriting' too. How you shape the annuity to your situation and needs will also impact the rate.
I wouldn't hold too much store by the age at death predictors.0 -
I am always staggered by wealth-related averages.elbowloh said:The current average UK retirement pot is currently just under £62k...
I guess one always feels relatively poor, despite the evidence to the contrary.0 -
That depends on your inflation assumption. If you used the one implied by the market, you should get the same answer.Dorset_Boy said:
Escalating annuities are very expensive in comparison to a level annuity. A very recent example for a 66 yo - it would take over 15 years before the increasing income matched the level income and into the 29th year for the total income to match.
If there is a chance you could live for 30+ years, then it seems to me to be foolish to not inflation link it.
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I should have said that was 3% pa fixed escalation vs level as a true comparison can then be made.TheBigBean said:
That depends on your inflation assumption. If you used the one implied by the market, you should get the same answer.Dorset_Boy said:
Escalating annuities are very expensive in comparison to a level annuity. A very recent example for a 66 yo - it would take over 15 years before the increasing income matched the level income and into the 29th year for the total income to match.
If there is a chance you could live for 30+ years, then it seems to me to be foolish to not inflation link it.
Last time I looked, RPI linked were even more expensive (ie lower starting income).
If you are looking at inflation proofing your pension over 30 years, and are happy with the lower income for the first 15 years or so, then you are probably better accepting some investment risk and having a properly managed portfolio through a drawdown arrangement. That will give flexibility too to alter the income to suit your needs - eg higher income until State Pension kicks in, then lower drawdowns thereafter etc. Also the death benefits pre-75 are exceptional, and pretty good thereafter.
Do also bear in mind that annuities are a useful tool for insurers to draw capital into their business. The likes of L&G use it to offset liabilities in other parts of their business such as group life cover. so they may play around with rates at different times to make themselves more or less attractive. Also different companies will have differing views on the impact of health and lifestyle conditions.0 -
shirley_basso said:
I am always staggered by wealth-related averages.elbowloh said:The current average UK retirement pot is currently just under £62k...
I guess one always feels relatively poor, despite the evidence to the contrary.
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Yes, the market implied inflation rate is above 3%, so it would provide for a lower starting income. Some people argue that the demand for inflation products suppresses the price, and therefore index-linked gilts imply more inflation than it happen, but I am unsure about this argument.Dorset_Boy said:
I should have said that was 3% pa fixed escalation vs level as a true comparison can then be made.TheBigBean said:
That depends on your inflation assumption. If you used the one implied by the market, you should get the same answer.Dorset_Boy said:
Escalating annuities are very expensive in comparison to a level annuity. A very recent example for a 66 yo - it would take over 15 years before the increasing income matched the level income and into the 29th year for the total income to match.
If there is a chance you could live for 30+ years, then it seems to me to be foolish to not inflation link it.
Last time I looked, RPI linked were even more expensive (ie lower starting income).
If you are looking at inflation proofing your pension over 30 years, and are happy with the lower income for the first 15 years or so, then you are probably better accepting some investment risk and having a properly managed portfolio through a drawdown arrangement. That will give flexibility too to alter the income to suit your needs - eg higher income until State Pension kicks in, then lower drawdowns thereafter etc. Also the death benefits pre-75 are exceptional, and pretty good thereafter.
Do also bear in mind that annuities are a useful tool for insurers to draw capital into their business. The likes of L&G use it to offset liabilities in other parts of their business such as group life cover. so they may play around with rates at different times to make themselves more or less attractive. Also different companies will have differing views on the impact of health and lifestyle conditions.
Personally, I would prefer index-linked to managed or market risk, but that is a personal choice based on the certainty I want when old.0 -
Average wage is £26k so if you assume half are under that number then state pension plus a few grand is a decent % of what they were previously earningshirley_basso said:
I am always staggered by wealth-related averages.elbowloh said:The current average UK retirement pot is currently just under £62k...
I guess one always feels relatively poor, despite the evidence to the contrary.0 -
Disposable income is a fallacy!hopkinb said:shirley_basso said:
I am always staggered by wealth-related averages.elbowloh said:The current average UK retirement pot is currently just under £62k...
I guess one always feels relatively poor, despite the evidence to the contrary.
I'd be interested to know how it is calculated.0 -
Mate, we ain't retiring until we're at least 75...pangolin said:
Gives me 85 at 35. Obviously it's not going on much data, just your age and sex. You'd hope we'll do a bit better.kingstongraham said:
I'm not 60. I didn't ask how long I would live.surrey_commuter said:
Sorry, did not know you were 60kingstongraham said:
A 60 year old is about 60 years old. And an average would be an average of postcodes.surrey_commuter said:kingstongraham said:
How long would they expect a 60 year old non smoking male to live on average?TheBigBean said:I would like to swap my pension pot for an index-linked annuity. The problem is that even with the maximum of £1m in the pot, the income is still pretty low. That ignores how challenging it is to earn enough to get to £1m with all the tax rules currently in place
Depends on how old he is now and postcode.
Move to the west end of Glasgow before asking for a quote
This says a 60 year old male would expect to live on average to 85.
https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/healthandlifeexpectancies/articles/lifeexpectancycalculator/2019-06-07
Strangely I put 54 into that website and it reckons I will be dead at 84 so missing out on a year.
Gives 82 for me - intuitively feels wrong, but makes sense because I've got to get through 10 more years and all the chances to die that they present.We're in danger of confusing passion with incompetence
- @ddraver0 -
Tee heeshirley_basso said:
Disposable income spent on phalluses!0 -
With quite a few low earners they actually get a 'pay rise' when they retire and their State Pension and other pensions kick in.surrey_commuter said:
Average wage is £26k so if you assume half are under that number then state pension plus a few grand is a decent % of what they were previously earningshirley_basso said:
I am always staggered by wealth-related averages.elbowloh said:The current average UK retirement pot is currently just under £62k...
I guess one always feels relatively poor, despite the evidence to the contrary.
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Not relevant to Blair, but you should really be able to get index-linked mortgages. Would work well except that it would be considered too complicated for consumers.0
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Oh don't worry I'm not banking on early retirement. My mortgage would go until 70 if I wasn't making over payments.ddraver said:
Mate, we ain't retiring until we're at least 75...pangolin said:
Gives me 85 at 35. Obviously it's not going on much data, just your age and sex. You'd hope we'll do a bit better.kingstongraham said:
I'm not 60. I didn't ask how long I would live.surrey_commuter said:
Sorry, did not know you were 60kingstongraham said:
A 60 year old is about 60 years old. And an average would be an average of postcodes.surrey_commuter said:kingstongraham said:
How long would they expect a 60 year old non smoking male to live on average?TheBigBean said:I would like to swap my pension pot for an index-linked annuity. The problem is that even with the maximum of £1m in the pot, the income is still pretty low. That ignores how challenging it is to earn enough to get to £1m with all the tax rules currently in place
Depends on how old he is now and postcode.
Move to the west end of Glasgow before asking for a quote
This says a 60 year old male would expect to live on average to 85.
https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/healthandlifeexpectancies/articles/lifeexpectancycalculator/2019-06-07
Strangely I put 54 into that website and it reckons I will be dead at 84 so missing out on a year.
Gives 82 for me - intuitively feels wrong, but makes sense because I've got to get through 10 more years and all the chances to die that they present.- Genesis Croix de Fer
- Dolan Tuono0 -
I know what you mean.shirley_basso said:
Disposable income is a fallacy!hopkinb said:shirley_basso said:
I am always staggered by wealth-related averages.elbowloh said:The current average UK retirement pot is currently just under £62k...
I guess one always feels relatively poor, despite the evidence to the contrary.
I'd be interested to know how it is calculated.
For this table (published by the ONS) it is as simple as earnings and other income after tax/NI.
So you might have the median household "disposable income" of £30k, but essential housing/food/power & water/basic clothing/transport outgoings of £29k. Pretty hard if not impossible to build up a pension pot in those circumstances unless your employer gives you a decent contribution.0 -
I'm still not sure why we aren't discussing Tony's hair more.1
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I know it is not for everybody but with interest rates so low I stopped overpaying and put money into ISAs and will let that outgrow the rate of interest.pangolin said:
Oh don't worry I'm not banking on early retirement. My mortgage would go until 70 if I wasn't making over payments.ddraver said:
Mate, we ain't retiring until we're at least 75...pangolin said:
Gives me 85 at 35. Obviously it's not going on much data, just your age and sex. You'd hope we'll do a bit better.kingstongraham said:
I'm not 60. I didn't ask how long I would live.surrey_commuter said:
Sorry, did not know you were 60kingstongraham said:
A 60 year old is about 60 years old. And an average would be an average of postcodes.surrey_commuter said:kingstongraham said:
How long would they expect a 60 year old non smoking male to live on average?TheBigBean said:I would like to swap my pension pot for an index-linked annuity. The problem is that even with the maximum of £1m in the pot, the income is still pretty low. That ignores how challenging it is to earn enough to get to £1m with all the tax rules currently in place
Depends on how old he is now and postcode.
Move to the west end of Glasgow before asking for a quote
This says a 60 year old male would expect to live on average to 85.
https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/healthandlifeexpectancies/articles/lifeexpectancycalculator/2019-06-07
Strangely I put 54 into that website and it reckons I will be dead at 84 so missing out on a year.
Gives 82 for me - intuitively feels wrong, but makes sense because I've got to get through 10 more years and all the chances to die that they present.
Alternative put it in your pension and take a lump sum to pay off the mortgage that way the Govt will pay 40% of it for you.
NB: I totally get the alternative arguments about safety and peace of mind0 -
My mortgage goes till i'm 67. Have to start thinking about overpayments soonpangolin said:
Oh don't worry I'm not banking on early retirement. My mortgage would go until 70 if I wasn't making over payments.ddraver said:
Mate, we ain't retiring until we're at least 75...pangolin said:
Gives me 85 at 35. Obviously it's not going on much data, just your age and sex. You'd hope we'll do a bit better.kingstongraham said:
I'm not 60. I didn't ask how long I would live.surrey_commuter said:
Sorry, did not know you were 60kingstongraham said:
A 60 year old is about 60 years old. And an average would be an average of postcodes.surrey_commuter said:kingstongraham said:
How long would they expect a 60 year old non smoking male to live on average?TheBigBean said:I would like to swap my pension pot for an index-linked annuity. The problem is that even with the maximum of £1m in the pot, the income is still pretty low. That ignores how challenging it is to earn enough to get to £1m with all the tax rules currently in place
Depends on how old he is now and postcode.
Move to the west end of Glasgow before asking for a quote
This says a 60 year old male would expect to live on average to 85.
https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/healthandlifeexpectancies/articles/lifeexpectancycalculator/2019-06-07
Strangely I put 54 into that website and it reckons I will be dead at 84 so missing out on a year.
Gives 82 for me - intuitively feels wrong, but makes sense because I've got to get through 10 more years and all the chances to die that they present.0 -
That did come across my mind yesterday when i was thinking about my pension, prompted by this thread.surrey_commuter said:
I know it is not for everybody but with interest rates so low I stopped overpaying and put money into ISAs and will let that outgrow the rate of interest.pangolin said:
Oh don't worry I'm not banking on early retirement. My mortgage would go until 70 if I wasn't making over payments.ddraver said:
Mate, we ain't retiring until we're at least 75...pangolin said:
Gives me 85 at 35. Obviously it's not going on much data, just your age and sex. You'd hope we'll do a bit better.kingstongraham said:
I'm not 60. I didn't ask how long I would live.surrey_commuter said:
Sorry, did not know you were 60kingstongraham said:
A 60 year old is about 60 years old. And an average would be an average of postcodes.surrey_commuter said:kingstongraham said:
How long would they expect a 60 year old non smoking male to live on average?TheBigBean said:I would like to swap my pension pot for an index-linked annuity. The problem is that even with the maximum of £1m in the pot, the income is still pretty low. That ignores how challenging it is to earn enough to get to £1m with all the tax rules currently in place
Depends on how old he is now and postcode.
Move to the west end of Glasgow before asking for a quote
This says a 60 year old male would expect to live on average to 85.
https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/healthandlifeexpectancies/articles/lifeexpectancycalculator/2019-06-07
Strangely I put 54 into that website and it reckons I will be dead at 84 so missing out on a year.
Gives 82 for me - intuitively feels wrong, but makes sense because I've got to get through 10 more years and all the chances to die that they present.
Alternative put it in your pension and take a lump sum to pay off the mortgage that way the Govt will pay 40% of it for you.
NB: I totally get the alternative arguments about safety and peace of mind0 -
Definitely thought about it, I'm not overpaying a great deal but it knocks 10 years off. Mortgage is at 2% and can't see any cash ISAs better than that. Any good stocks and shares ISA recommendations?surrey_commuter said:
I know it is not for everybody but with interest rates so low I stopped overpaying and put money into ISAs and will let that outgrow the rate of interest.pangolin said:
Oh don't worry I'm not banking on early retirement. My mortgage would go until 70 if I wasn't making over payments.ddraver said:
Mate, we ain't retiring until we're at least 75...pangolin said:
Gives me 85 at 35. Obviously it's not going on much data, just your age and sex. You'd hope we'll do a bit better.kingstongraham said:
I'm not 60. I didn't ask how long I would live.surrey_commuter said:
Sorry, did not know you were 60kingstongraham said:
A 60 year old is about 60 years old. And an average would be an average of postcodes.surrey_commuter said:kingstongraham said:
How long would they expect a 60 year old non smoking male to live on average?TheBigBean said:I would like to swap my pension pot for an index-linked annuity. The problem is that even with the maximum of £1m in the pot, the income is still pretty low. That ignores how challenging it is to earn enough to get to £1m with all the tax rules currently in place
Depends on how old he is now and postcode.
Move to the west end of Glasgow before asking for a quote
This says a 60 year old male would expect to live on average to 85.
https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/healthandlifeexpectancies/articles/lifeexpectancycalculator/2019-06-07
Strangely I put 54 into that website and it reckons I will be dead at 84 so missing out on a year.
Gives 82 for me - intuitively feels wrong, but makes sense because I've got to get through 10 more years and all the chances to die that they present.
Alternative put it in your pension and take a lump sum to pay off the mortgage that way the Govt will pay 40% of it for you.
NB: I totally get the alternative arguments about safety and peace of mind
Was looking around for savings accounts for the kids yesterday too, our current one is with co-op who have reduced it to 0.00001% or thereabouts.- Genesis Croix de Fer
- Dolan Tuono0 -
One steady stock is National Grid. Should be future proof with everything going electric. Unless it is privatised... This is not financial advice, your balance can go down as well as up, speak to an authorised financial advisor, yada yada yada....pangolin said:
Definitely thought about it, I'm not overpaying a great deal but it knocks 10 years off. Mortgage is at 2% and can't see any cash ISAs better than that. Any good stocks and shares ISA recommendations?surrey_commuter said:
I know it is not for everybody but with interest rates so low I stopped overpaying and put money into ISAs and will let that outgrow the rate of interest.pangolin said:
Oh don't worry I'm not banking on early retirement. My mortgage would go until 70 if I wasn't making over payments.ddraver said:
Mate, we ain't retiring until we're at least 75...pangolin said:
Gives me 85 at 35. Obviously it's not going on much data, just your age and sex. You'd hope we'll do a bit better.kingstongraham said:
I'm not 60. I didn't ask how long I would live.surrey_commuter said:
Sorry, did not know you were 60kingstongraham said:
A 60 year old is about 60 years old. And an average would be an average of postcodes.surrey_commuter said:kingstongraham said:
How long would they expect a 60 year old non smoking male to live on average?TheBigBean said:I would like to swap my pension pot for an index-linked annuity. The problem is that even with the maximum of £1m in the pot, the income is still pretty low. That ignores how challenging it is to earn enough to get to £1m with all the tax rules currently in place
Depends on how old he is now and postcode.
Move to the west end of Glasgow before asking for a quote
This says a 60 year old male would expect to live on average to 85.
https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/healthandlifeexpectancies/articles/lifeexpectancycalculator/2019-06-07
Strangely I put 54 into that website and it reckons I will be dead at 84 so missing out on a year.
Gives 82 for me - intuitively feels wrong, but makes sense because I've got to get through 10 more years and all the chances to die that they present.
Alternative put it in your pension and take a lump sum to pay off the mortgage that way the Govt will pay 40% of it for you.
NB: I totally get the alternative arguments about safety and peace of mind
Was looking around for savings accounts for the kids yesterday too, our current one is with co-op who have reduced it to 0.00001% or thereabouts.The above may be fact, or fiction, I may be serious, I may be jesting.
I am not sure. You have no chance.Veronese68 wrote:PB is the most sensible person on here.0 -
I suppose I mean funds/providers rather than specific stocks. I'd probably just get myself in trouble picking stocks out...pblakeney said:
One steady stock is National Grid. Should be future proof with everything going electric. Unless it is privatised... This is not financial advice, your balance can go down as well as up, speak to an authorised financial advisor, yada yada yada....pangolin said:
Definitely thought about it, I'm not overpaying a great deal but it knocks 10 years off. Mortgage is at 2% and can't see any cash ISAs better than that. Any good stocks and shares ISA recommendations?surrey_commuter said:
I know it is not for everybody but with interest rates so low I stopped overpaying and put money into ISAs and will let that outgrow the rate of interest.pangolin said:
Oh don't worry I'm not banking on early retirement. My mortgage would go until 70 if I wasn't making over payments.ddraver said:
Mate, we ain't retiring until we're at least 75...pangolin said:
Gives me 85 at 35. Obviously it's not going on much data, just your age and sex. You'd hope we'll do a bit better.kingstongraham said:
I'm not 60. I didn't ask how long I would live.surrey_commuter said:
Sorry, did not know you were 60kingstongraham said:
A 60 year old is about 60 years old. And an average would be an average of postcodes.surrey_commuter said:kingstongraham said:
How long would they expect a 60 year old non smoking male to live on average?TheBigBean said:I would like to swap my pension pot for an index-linked annuity. The problem is that even with the maximum of £1m in the pot, the income is still pretty low. That ignores how challenging it is to earn enough to get to £1m with all the tax rules currently in place
Depends on how old he is now and postcode.
Move to the west end of Glasgow before asking for a quote
This says a 60 year old male would expect to live on average to 85.
https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/healthandlifeexpectancies/articles/lifeexpectancycalculator/2019-06-07
Strangely I put 54 into that website and it reckons I will be dead at 84 so missing out on a year.
Gives 82 for me - intuitively feels wrong, but makes sense because I've got to get through 10 more years and all the chances to die that they present.
Alternative put it in your pension and take a lump sum to pay off the mortgage that way the Govt will pay 40% of it for you.
NB: I totally get the alternative arguments about safety and peace of mind
Was looking around for savings accounts for the kids yesterday too, our current one is with co-op who have reduced it to 0.00001% or thereabouts.- Genesis Croix de Fer
- Dolan Tuono0 -
Fair enough. I do use a financial advisor for the big stuff but pick some smaller stuff myself for fun/interest as cash savings are losing money at the moment. Saves on the fees too. 😉pangolin said:
I suppose I mean funds/providers rather than specific stocks. I'd probably just get myself in trouble picking stocks out...pblakeney said:
One steady stock is National Grid. Should be future proof with everything going electric. Unless it is privatised... This is not financial advice, your balance can go down as well as up, speak to an authorised financial advisor, yada yada yada....pangolin said:
Definitely thought about it, I'm not overpaying a great deal but it knocks 10 years off. Mortgage is at 2% and can't see any cash ISAs better than that. Any good stocks and shares ISA recommendations?surrey_commuter said:
I know it is not for everybody but with interest rates so low I stopped overpaying and put money into ISAs and will let that outgrow the rate of interest.pangolin said:
Oh don't worry I'm not banking on early retirement. My mortgage would go until 70 if I wasn't making over payments.ddraver said:
Mate, we ain't retiring until we're at least 75...pangolin said:
Gives me 85 at 35. Obviously it's not going on much data, just your age and sex. You'd hope we'll do a bit better.kingstongraham said:
I'm not 60. I didn't ask how long I would live.surrey_commuter said:
Sorry, did not know you were 60kingstongraham said:
A 60 year old is about 60 years old. And an average would be an average of postcodes.surrey_commuter said:kingstongraham said:
How long would they expect a 60 year old non smoking male to live on average?TheBigBean said:I would like to swap my pension pot for an index-linked annuity. The problem is that even with the maximum of £1m in the pot, the income is still pretty low. That ignores how challenging it is to earn enough to get to £1m with all the tax rules currently in place
Depends on how old he is now and postcode.
Move to the west end of Glasgow before asking for a quote
This says a 60 year old male would expect to live on average to 85.
https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/healthandlifeexpectancies/articles/lifeexpectancycalculator/2019-06-07
Strangely I put 54 into that website and it reckons I will be dead at 84 so missing out on a year.
Gives 82 for me - intuitively feels wrong, but makes sense because I've got to get through 10 more years and all the chances to die that they present.
Alternative put it in your pension and take a lump sum to pay off the mortgage that way the Govt will pay 40% of it for you.
NB: I totally get the alternative arguments about safety and peace of mind
Was looking around for savings accounts for the kids yesterday too, our current one is with co-op who have reduced it to 0.00001% or thereabouts.The above may be fact, or fiction, I may be serious, I may be jesting.
I am not sure. You have no chance.Veronese68 wrote:PB is the most sensible person on here.0 -
At least deduct mortgage/ rental costs + a proportionate amount for utilities + food.hopkinb said:
I know what you mean.shirley_basso said:
Disposable income is a fallacy!hopkinb said:shirley_basso said:
I am always staggered by wealth-related averages.elbowloh said:The current average UK retirement pot is currently just under £62k...
I guess one always feels relatively poor, despite the evidence to the contrary.
I'd be interested to know how it is calculated.
For this table (published by the ONS) it is as simple as earnings and other income after tax/NI.
So you might have the median household "disposable income" of £30k, but essential housing/food/power & water/basic clothing/transport outgoings of £29k. Pretty hard if not impossible to build up a pension pot in those circumstances unless your employer gives you a decent contribution.
To me - disposable is what's left over after that.
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you are correct to not put it all in one stockpangolin said:
I suppose I mean funds/providers rather than specific stocks. I'd probably just get myself in trouble picking stocks out...pblakeney said:
One steady stock is National Grid. Should be future proof with everything going electric. Unless it is privatised... This is not financial advice, your balance can go down as well as up, speak to an authorised financial advisor, yada yada yada....pangolin said:
Definitely thought about it, I'm not overpaying a great deal but it knocks 10 years off. Mortgage is at 2% and can't see any cash ISAs better than that. Any good stocks and shares ISA recommendations?surrey_commuter said:
I know it is not for everybody but with interest rates so low I stopped overpaying and put money into ISAs and will let that outgrow the rate of interest.pangolin said:
Oh don't worry I'm not banking on early retirement. My mortgage would go until 70 if I wasn't making over payments.ddraver said:
Mate, we ain't retiring until we're at least 75...pangolin said:
Gives me 85 at 35. Obviously it's not going on much data, just your age and sex. You'd hope we'll do a bit better.kingstongraham said:
I'm not 60. I didn't ask how long I would live.surrey_commuter said:
Sorry, did not know you were 60kingstongraham said:
A 60 year old is about 60 years old. And an average would be an average of postcodes.surrey_commuter said:kingstongraham said:
How long would they expect a 60 year old non smoking male to live on average?TheBigBean said:I would like to swap my pension pot for an index-linked annuity. The problem is that even with the maximum of £1m in the pot, the income is still pretty low. That ignores how challenging it is to earn enough to get to £1m with all the tax rules currently in place
Depends on how old he is now and postcode.
Move to the west end of Glasgow before asking for a quote
This says a 60 year old male would expect to live on average to 85.
https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/healthandlifeexpectancies/articles/lifeexpectancycalculator/2019-06-07
Strangely I put 54 into that website and it reckons I will be dead at 84 so missing out on a year.
Gives 82 for me - intuitively feels wrong, but makes sense because I've got to get through 10 more years and all the chances to die that they present.
Alternative put it in your pension and take a lump sum to pay off the mortgage that way the Govt will pay 40% of it for you.
NB: I totally get the alternative arguments about safety and peace of mind
Was looking around for savings accounts for the kids yesterday too, our current one is with co-op who have reduced it to 0.00001% or thereabouts.
I am a huge beliver in low fees so a big fan of Vanguard who charge about 0.2% inc platform fees. You can have a global tracker of 100% shares or 80/20, 60,40 etc of shares/bonds
can also put it in a fund that switches into bonds as you get closer to your chosen maturity date.0 -
Vanguard also does well on returns. I have a life strategy accumulation 100% and it does quite well.
For someone in banking and finance I know SFA about stocks and shares. My 'picked' portfolio is down about 20%0
