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How much retirement income from £100,000 after tax free cash?

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How much retirement income can you get from £100,000 after the tax free cash has been taken.
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The information provided is based on the current understanding of the relevant legislation and regulations and may be subject to alteration as a result of changes in legislation or practice. Also it may not reflect the options available under a specific product which may not be as wide as legislations and regulations allow.
All references to taxation are based on my understanding of current taxation law and practice and may be affected by future changes in legislation and the individual circumstances.
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#pension #retirementplanning #financialplanninguk

Опубликовано:

23 авг 2024

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Комментарии : 138

@EdmundBaileyUK 3 месяца назад

Thanks for watching! In the next couple of videos my aim will be to have one that will show you how to build your own Cashflow model using Excel which should be really useful. As always, do let me know should you have any questions or queries! 😊

@Moosevideostoday 2 месяца назад

Thank you, I am looking forward to building a model in Excel with your kind guidance. I will have a small pot to manage myself in 10 years time and I am really interested in teaching my two sons how to build and then drawdown their own pots. Wouldn't it be amazing if they taught this in schools, my generation is learning too late and it's going to be so important that young people learn how to save for their retirements. One can only hope that successive governments don't tinker too much with pension rules, so we can all feel more secure about investing our hard earned £££s. As for myself I have become more confident about going 100% equity, as a result of the amazing content of some very decent RU-vidrs such as your good-self. Very happy to see you posting again.

@EdmundBaileyUK 2 месяца назад

Thanks for your the kind words! And agree more on the education front! 👍👍

@marcwade975 2 месяца назад

Thank you for this interesting and useful video. I too would welcome the cash flow model in excel.

@EdmundBaileyUK 2 месяца назад

@marcwade975 thanks!🙏

@ushasundaram1 3 месяца назад

Welcome back Edmund. I've been bookmarking your videos. Thank you for the excellent and useful content. This is timely for me.

@EdmundBaileyUK 3 месяца назад

Amazing thank you!! 🙏

@OneAndOnlyMe 3 месяца назад

Another very useful video, thanks. Didn't know about the fix term annuity returning a pot of money back at maturity, super useful to know.

@UKnotSaveUnderStarmer 3 месяца назад

Assuming the personal tax allowance is still at £12570, it's frozen until 2026 however Labour may increase it year on year at the inflation rate. We can only hope they'll change it, its ridiculous the government has frozen it for so long.

@petermorris3665 2 месяца назад

Yep, or Labour may reduce it!

@christopher554 2 месяца назад

And reform going too up threshold up to 20,000 pounds

@rickh7553 2 месяца назад

personal tax thresholds will remain frozen until April 2028, instead of until April 2026.

@jaypr69 2 месяца назад

@@christopher554if you believe anything Reform say, you’re gullible as hell

@christopher554 2 месяца назад

Tory troll

@willlsmith8063 3 месяца назад

Good to see new content.hope all is well.......thanks again

@EdmundBaileyUK 3 месяца назад

Thanks so much!! 👍👍

@timo3626 3 месяца назад

Great to see you back Edmund. Could you think about doing a video on the new way NHS staff can take their DB pensions. There’s nothing out there on it and would be incredibly helpful to thousands. As it’s a minefield for us. Thanks

@steviewylie5267 2 месяца назад

You will struggle to find anyone wiling to deal with the DB pension,not that long ago it was easy you could get advice and pay for investment from your pension,the FCA and the government changed the rules not long ago so now you pay upfront from your own pocket,there has been lots of folk given bad advice and the fact now you can get legal help to reclaim lost money has meant now nearly nobody will deal with DB pensions,any reputable place will say your giving up very valuable security as DB means you get a guaranteed minimum amount where DC pension don't.

@iaing9028 Месяц назад

@@steviewylie5267You are correct in your post, I have just moved my DB pension into my DC pension & I had to pay £3900 up front for that advice that I didn’t want or need. The downside to DB pensions are when you pass away soon after taking it or passing befyou take it, the amount available to your beneficiaries is meagre! Especially if like me, your life expectancy is shorter! My DB pension only amounted to about 5% of my net worth, will our property & an investment property both paid for & £300k in my DC pot.

@stephen6262 3 месяца назад

Thanks for coming back Edmund

@EdmundBaileyUK 3 месяца назад

Thanks Stephen!! Great to hear from you!

@curtismariani6303 2 месяца назад

Thank for this video. This is the first one I have watched with a more realistic pension pot that most people may have. Using this round number as you say makes it easier to scale up and down accordingly. I’m in my mid 40’s and I feel like I don’t have anywhere near the size of pot (somewhere between £30-£40k) to deliver a comfortable income. Especially as I would like to retire somewhere between 62 and 65. The types of pots other videos use make it seem impossible to achieve, but this has provided the motivation to get organised and consolidate the multiple pots I have so I can get a better grip of things. I earn a good salary now, less than £25k until 30 and then increasing steadily to £80k a year now. With that kind of salary I feel like I should have a bigger pot. However, my wife is on less than £23k income and we have high outgoings in a mortgage, childcare, car payments etc and as I combined income I pay a disproportionate amount of tax that a couple earning £50k each. Having watched your video, I feel like it’s no longer a lost cause and I have options to get to a reasonable level of income. Assuming I pay my mortgage off and retire with no debt of course. I know by getting organised it will be easier to see what minor changes could improve outcomes and better able to increase pension contributions to offset tax. Especially as outgoings like childcare reduces.

@EdmundBaileyUK 2 месяца назад

Thanks so much for sharing your story and your current position. It's great to read that you feel a bit more comfortable with where you are and that you can see a way forward based on your present situation and that you now sound motivated to understand what you have and where it is. Certainly paying down and having no mortgage or debts will be hugely beneficial when entering retirement as this takes up such a significant portion of an individuals expenses. The other wonderful thing you still have on your side is time, as in your mid 40's there is still time to make the necessary adjustments/increase contributions/ensure the funds are invested appropriately etc. Best of luck with your planning and management of the plans. I'll be uploading a video (when I get around to it) to show how to build your own cashflow model via excel, which hopefully should be really useful for planning purposes.

@DKNW62 3 месяца назад

Great to have you back Edmund, great detail. Topics for me Tax efficiency in retirement, whether to change default pension funds during the stages of retirement, also what’s the typical impact on care fees, when the time came I’m sure it would be nice to fund better care, but I’m concerned about being very frugal in retirement only for it to be swallowed up in high cost short term care, look forward to more great content from you 😊

@EdmundBaileyUK 3 месяца назад

Thanks so much for the very kind comment and all the suggestions. 👍👍

@SimonHutson 3 месяца назад

It's good to see how Mr. Pickles is getting on with his retirement planning....

@EdmundBaileyUK 3 месяца назад

Thanks Simon, he’s doing OK 👌

@kenlizzio7096 2 месяца назад

This was very useful. Will be very interested in the Excel worksheet. Thankyou again.

@brianiswrong 2 месяца назад

The lesson i have learnt (regardless off pension pot for an average worker) is Take as much as you can tax free, but not too early before you retire (assuming you get a better return from it as part of your pension pot than if invested separately) Then put as much of your tax free sum into tax free saving plans spanning multiple years. You will never be ' wealthy" but the majority of your money will be paid back tax free.

@Project-Masculinity 2 месяца назад

A welcome return, nice to see you back (along with Mr Pickles) !! In my mid fifties and got my Pension to £400k….

@EdmundBaileyUK 2 месяца назад

Thanks so much for the kind words!! And nice to have Mr Pickles back! Congrats on the pension pot… very good amount to have in your mid fifties. 👍👍

@DeeCee-nb6ev 3 месяца назад

Good video and refreshing to see one that is not dealing with pots of hundreds of thousands or more. This is very near to a pot i have taken at 66 years of age. I had a Gauranteed Annuity Rate (GAR) which despite two attempts to get me to give up i clung onto. With a single life, a 3% annual increase and 5 years gauranteed and i did not take any tax free cash my pension is just under double the single life indexation 10 year gaurantee example. Yes i could have invested the tax free cash elsewhere, however i would lose the GAR on the tax free cash though i do get to pay tax on the amount not taken. My priority was a regular maximum monthly income. As an aside … Surely most pensions currently being taken are still Annuities rather than Drawdown as thats all you effectively had prior to the reforms?

@EdmundBaileyUK 3 месяца назад

Thanks for the kind words and interesting to read of your experiences. Some of those guarantees are incredibly valuable and it is important to know what might be given up on transferring or using drawdown. Most smaller pension pots are taken as full withdrawals and then pensions of around 100k drawdown is the main use and annuities make up around 10% of the retirement income market.

@johnristheanswer 3 месяца назад

@EdmundBaileyUK Yes , 2 years time , looking forward to a 9.1% guarantee from SW. With- Profits Fund pension. It's done pretty well too. Only downside , it's a fixed amount with no uplift re inflation etc but not complaining.

@DeeCee-nb6ev 3 месяца назад

@@EdmundBaileyUK thanks for the reply. Is that annuities are 10% of the current pensions still in existence and running or they are 10% of the current market, so only 1 in 10 people currently are taking an annuity when they retire? I know your not allowed to give advice but i was wondering if you could do something on the Nest scheme which is currently the largest fund in the UK. Something along the lines of how it works and the funds within it rather than necessarily comparing it to other schemes. Reason being that although i am now retired all my ex colleagues are in the scheme yet none of them seem to understand it or bother to regularly check it if check it at all.

@EdmundBaileyUK 3 месяца назад

@@DeeCee-nb6ev 1 in 10 are currently taking annuities. Thanks for the suggestion and yes it’s incredibly important that they should be engaging with their pensions. Although the Nest pension scheme is bizarrely one of the more expressive AE arrangements.

@JohnHoganN8 2 месяца назад

We had the call with Pensionwise and were interested to know you can have a blend of annuity and drawdown.

@roblowry9457 2 месяца назад

Good to see you back. I wish there were other example standards around rather than the PLSA as it seems ridiculously high and unrealistic for normal folk. I liked the Which? one, but its out of date now. Doing my own figures, I'm sure we wouldn't need more than around £30k to be comfortable

@EdmundBaileyUK 2 месяца назад

Thanks!! 🙏 The Which ones are useful as well and I’d agree it’s highly personal and specific to each individual as to their required retirement income.

@JohnHoganN8 2 месяца назад

We agree. The Which numbers (and get categories) do get updated if you return to that page.

@leecraddock4037 3 месяца назад

Edmund, thanks for this, really enjoyed the content, very informative as usual. More videos please - as another viewer commented, personally timely!

@EdmundBaileyUK 3 месяца назад

Thanks for the very kind words Lee! 🙏

@scotsutherland 2 месяца назад

Interesting to see a realistic breakdown of potential scenarios. One of the difficulties of having a pension pot of less than £150K is that most pension advisors aren't interested. The few who are, seem to want eye-watering 'fees', often in the region of what seems to be not far off a whole year's income from an annuity. Between the pension advisors and the pension companies looking after our funds, there seems a reluctance to be open and transparent, so it's very hard to get quality information or sound advice.

@EdmundBaileyUK 2 месяца назад

It is, and the only route for most will be through self education. You are right the risk is pushed onto the individual to make the right decisions.

@Whalewraith 2 месяца назад

Reform has a policy of allowing the 1st £20,000 pa tax free. Would really help on a relatively small pension.

@mark.e.p 2 месяца назад

Reform will be lucky to get one seat in Parliament. There're not serious contenders yet - too fragmented, and Tice isn't popular. I'm afraid that unless the current system changes, we're stuck with untenable 2 party system

@Whalewraith 2 месяца назад

@@mark.e.p probably, it's still a good policy if they get the message out.

@NigelHyphenJones 2 месяца назад

Good policy, but will never see power…..

@amayastrata4629 2 месяца назад

They can promise everything knowing that they will never be able to deliver. If you also read other parts of their ‘contract’ you will see that they’re aiming to bankrupt the nhs by enabling everyone to go private at nhs costs and promoting a 20% discount on healthcare insurance. He’s got to help his buddy Aaron Banks after all. Then he wants to fire the civil servants and re-hire from the private sector (probably at much higher rates and probably his other buddies) and to get people who are prepared to do the bidding of the hierarchy regardless of the law (as is his friend Trump outlined in Project 2025). The tories, reform and the republicans in the USA are all in cahoots. Good luck affording all the extra money you will end up having to pay out. Don’t forget that Farage has advocated for privatisation of the nhs. He’s said he will save this money and that without any realistic costings. He’s also said he wants zero net immigration saying that it will be one in one out. The reality of that is beyond ridiculous. He’s accepted that we need foreign workers so how many Brits does he expect to leave the uk?

@badbooks476 Месяц назад

That’s in costed like the rest of their manifesto😊

@albedo0point39 3 месяца назад

Great stuff; looking forward to the Excel walkthrough!

@EdmundBaileyUK 3 месяца назад

Thanks!! 🙏

@dannycurtin6654 3 месяца назад

Thanks Edmund, always enjoy your content and am looking forward to seeing the cash flow model and giving it a go

@EdmundBaileyUK 3 месяца назад

That’s very kind of you to say Fanny and yes there’s some really good and robust modelling that can be done via excel vs the pricey cashflow modelling tools! 👍

@blackadder1966 2 месяца назад

Why do they even tax a pension as a wage! The only tax should be on the interest earned on the fund. Id like to know how to avoid paying the tax? Where do I have to live or travel constantly to avoid paying the maggots aka governments.

@dontuno 2 месяца назад

Good to see more detail on annuities, and the many and varied flavours available. I had all but written them off as a possible retirement solution, but term annuities genuinely seem to offer a good return. However, I guess one would need to act quickly, and before interest rates start to fall.

@dabe1971 3 месяца назад

Great to see you back.

@EdmundBaileyUK 3 месяца назад

Thanks 🙏

@michaelbarton8379 3 месяца назад

Great to see you back 👍

@EdmundBaileyUK 3 месяца назад

Thanks Michael!! 🙏

@Honeybadger-26 3 месяца назад

Would love to see a video on your views on the levels of annual payout “requirements” vs the expectation of people’s needs. A “medium” level of £30k+ seems quite high to me - assuming mortgages & debts are cleared. I get inflation & enjoying a lifestyle are major factors, but would Mr Pickles still have world-travel plans & significant outgoings after he turns 80?

@EdmundBaileyUK 2 месяца назад

Thanks it’s true that we do for some clients step down expected expenditure and milestone ages to try and create a more realistic likely spending pattern in retirement.

@lawrie3448 17 дней назад

We have factored in to our calcs a reducing need of expenditure - going down to one car , less ambitious holiday destination’s , less pressure on income from dependent children etc . Is this reasonable or offset by inflation calculation . Have I assumed “ a glass half full “ ?

@markfindlay8636 3 месяца назад

I ain't passing on a penny AKN Mr Pickles.

@EdmundBaileyUK 3 месяца назад

🤣

@shaungregory1789 2 месяца назад

10k to 20k ish depending on the risk taken, in 2024 so far.

@thomasmcdonald5542 3 месяца назад

Welcome back, Edmund

@EdmundBaileyUK 3 месяца назад

Thanks! 🙏

@Dexxy2999 2 месяца назад

One big issue here is that the ‘official’ figures in inflation are lies… you need to be making 12% plus to move forward.. money printing and debt will also mean buying power reduced

@robertfield5036 3 месяца назад

Interesting to see annuities have significantly increased, is this due to an increase in interest percentages & or a reaction to the draw down option?

@EdmundBaileyUK 3 месяца назад

Huge jump since 2022, primarily due to increasing interest rates and the rise in gilt yields. Also, providers will be assessing the market and competing against one another.

@dettisyo 3 месяца назад

welcome back Edmund what is your thoughts on NI contributions possibly being stopped what would it mean to future state pension?

@leejagger10 3 месяца назад

I love the content and found your NHS content very useful. Any advice planned on those looking for an early retirement and how to plan between, say, 58 and 68 before a DB pension and state pension kick in and the best way to manage that between SIPP, ISA and LISA etc? It feels like a very different way of planning and something I have found isn't covered anywhere, although I understand it is a limited audience

@EdmundBaileyUK 3 месяца назад

Thanks for the very kind comment! Sounds like a great suggestion for a topic. 👍

@UKnotSaveUnderStarmer 3 месяца назад

I'm fortunate I have an Army pension and will receive a state pension too. I can't top up pension so I've took advantage of transferring my cash into long term cash isa's and fix bonds at 5%, so in the next 3-4 years I know my returns are guaranteed. My problem is what to do with them when they mature because the economy is improving and those rates will not be available.

@Lord-Brett-Sinclair 3 месяца назад

In my case i engaged a financial adviser 12 years ago and payed for professional advice, resulting in retiring before 60. Its the way income is paid, phased and classes for Taxation thta seems to be the secret sauce.

@davideyres955 2 месяца назад

Don’t worry by the time I get to retire at 106 they will means test the state pension and probably my public sector pension. They’ll probably tax my private pension too.

@EdmundBaileyUK 2 месяца назад

😮

@JohnMiddleston 2 месяца назад

I’d be retiring or working less in 8 years, and considering this financial recession, I’m deciding to begin taking up skilled trades. I’m curious to know best how people spilt their pay, how much of it goes into savings, spendings or investments, I earn about $140k per year but nothing to show for it yet.

@mark.e.p 2 месяца назад

$140k a year and nothing to show? You need help.

@JohnHoganN8 2 месяца назад

Great video, really enjoyed it thank you! Are you able to share any specific providers of your example annuities?

@EdmundBaileyUK 2 месяца назад

Thanks for the comment and kind words. I will check with compliance as to whether I can publish provider names.

@misterpositive9337 2 месяца назад

Why is it that we get taxed twice, the net salary we receive after being taxed, and tax again when taking the pension pot

@chrisbrown6168 2 месяца назад

What you contribute into your pension is not taxed. If it is through your employer you pay into your pension before you are taxed. If you pay into a private pension you get tax relief of 25%, which means what goes into your pot is the same as if you had paid in ore-tax

@paulwilliams4990 2 месяца назад

The couple moderate income at £43k must be going on holiday every month to the Caribbean.

@EdmundBaileyUK 2 месяца назад

Quite possibly!!

@richsmart321 3 месяца назад

interesting annuity rates gone up. However, I would suggest no indexation on an annuity is a very bad move.

@Desmond.TuTu. 3 месяца назад

Depends how long you live 🤷🏻‍♂️

@richsmart321 3 месяца назад

@@Desmond.TuTu. My thinking is that if you live a long time and you have a pension that doesn't stay in linen with inflation, you'll struggle.

@petearmstrong2778 2 месяца назад

Re Annuities. I've read a number of pieces mentioning the high costs of setting up, providing the admin and paying of annuiites over their lifetime. Are those figures quoted taking account of all costs involved in setting up an annuity? Nothing else.

@EdmundBaileyUK 2 месяца назад

The annuity rates quoted take into account all of the costs, effectively the gross amount paid out to the annuitant pre tax. Only other costs could be advice costs if going via an advice firm.

@iannoble4854 2 месяца назад

@@EdmundBaileyUK Great video Edmund, Who did you get the 14k annuity quote with as it seems rather high ?

@EdmundBaileyUK 2 месяца назад

@iannoble4854 thanks Ian! 🙏 I’m not sure where you see the 14k annuity quote?

@iannoble4854 2 месяца назад

@@EdmundBaileyUK Sorry I ment £7,206

@dan-jh4mz 2 месяца назад

People invest in the snp500 and global funds because over time they have grown more than inflation. Is the fact now most countries in the world have a declining birthrate below 2 children on average an issue for the world investments keeping on growing?

@EdmundBaileyUK 2 месяца назад

Yes it’s a great point and an issue on many many fronts to have an inverted age structure, one of them being the economic impact. Unless this trend reverses then the only way the gap could conceivably be filled is significant improvements in technology.

@dabe1971 3 месяца назад

I'm sure I heard someone on the radio explaining how those PLSA figures are arrived at and it's bizarre ! Apparently they essentially go around asking each category of person what they would *like* to do in retirement, then they tot up how much those dreams would cost and bingo, that's how they arise at their PLSA numbers ! Of course they are going to be high if you ask what people would LIKE as opposed to what they EXPECT and are planning for. I would take them with a pinch of salt. I survive on half what the PLSA say I should need so when I'm no longer working and those associated costs are gone I'll be fine.I reckon I'll be drawing down near the Personal allowance when I stop work so avoiding tax and using that to build up a cash & ISA buffer so when my State Pension kicks in I'll only have to dip into my pension on occasion to top up and avoid paying tax completely.

@195Bucks 2 месяца назад

There are that many variables which could affect your own pension that the best advice that can be given is..SAVE AS MUCH AS YOU CAN WHEN YOU CAN AND PUT IN PENSION, PERSONAL ETF's and STOCKS DEPENDING ON HOW RISK AVERSE YOU ARE...REVIEW REGULARLY AND HOPE YOU HAVE A GOOD STREAK OF LUCK....😀👌

@myfyrmadocjones 2 месяца назад

Welcome back!

@EdmundBaileyUK 2 месяца назад

Thanks!!! 🙏 👍👍

@lukeharris1026 2 месяца назад

Hi Edmund, very informative video - thank you. What is the name of software which you have used for the cash flow modelling?

@EdmundBaileyUK 2 месяца назад

Thanks Luke! Yes it’s FE Cashcalc, there are a couple of others such as Voyant and Timeline. But I am aiming to put out some content to show how to build your own via excel.

@lukeharris1026 2 месяца назад

@@EdmundBaileyUK Thank you Edmund - I look forward to those videos, sounds interesting!

@TheSilvercue 2 месяца назад

As pension value is constantly changing if it is invested…at what point is the 25% tax free amount calculated……? For example, I have a 100k pot. I can take 25k tax free. But what if I take half of that, so 12.5%, leaving 87.5k. Later I want to take more, but the pot has increased in value to 100k. How much more can I take tax free?

@EdmundBaileyUK 2 месяца назад

The portion you have taken the tax free cash from is moved from a Pension Savings Account to a Pension Drawdown account. So say you took £2,500 you'd have to crystallise £10,000. So £2,500 would be paid tax free to your bank account and the remaining £7,500 would go to the drawdown account from where you would only be able to take taxable income. It can still grow in value if invested but not further tax free cash is available. So you'd have £7,500 in a drawdown account. With £90,000 left in your pension savings account and £2,500 tax free cash paid to you. Hope that helps.

@TheSilvercue 2 месяца назад

@@EdmundBaileyUK Thank you for this explanation. I have watched so many of these type of videos and no one has ever explained this before, I think the creators assume we all know this, but we don’t.

@keithvers569 2 месяца назад

I was self employed a long time and instead of a pension scheme I invested in 2 buy to let properties. Is it possible to add a large lump sum from sale of my properties to my pension annuity as a one off payment in without penalty?

@EdmundBaileyUK 2 месяца назад

Thanks for the question. The issue faced will be that you need the relevant earnings, in simple terms taxable income to justify the personal pension contribution and even this is restricted to £60k plus carried forward. The position is slightly improved if you have a Ltd company.

@petesilvers5053 2 месяца назад

Great understandable video with realistic £pots, but hoping to get 300000 +🇬🇧👌🏻

@EdmundBaileyUK 2 месяца назад

Thanks! 🙏

@piperwarrior5705 Месяц назад

Retire 10 years early and draw £10000 per year pay no tax...get to retirement and then just live on the state pension..

@brassj67 2 месяца назад

Thanks for this. I have a DB pension that had a CEV of 211K back in 2019 and the pension I was guaranteed was just under 11K. I decided to leave it alone because of the complications of moving that to a Canadian Pension scheme and the Canadian Revenue Agency taxing me on any tax free lump sum. I live and work and plan to retire here in Canada. I think I am making the right decision after watching this.

@AG-so4gl 2 месяца назад

There are ways to not being double taxed , smarter not harder

@rkw2917 2 месяца назад

Might pay my gas and electric, but wouldn't even touch my rent The UK is fubar

@Toby_the_Glen 2 месяца назад

What if "Mr Pickles" didn't own his own home and was renting?

@EdmundBaileyUK 2 месяца назад

The numbers on that basis are significantly different and challenging on these values dependent on the standard of living expected.

@bungabungaPartae 2 месяца назад

Then Mr Pickles is screwed……

@marcmorris-kb9ry 2 месяца назад

Challenging maybe translates into completely fucked . 😂....I've got no illusion of recieving anything from UK contributions....paid till about 44 then left the country...pay autonoms in another country now.....but will probably have to fix cars till 75.....😊

@fabianmckenna8197 2 месяца назад

@@marcmorris-kb9ry You qualify to receive UK state pension after ten years of contributions with maximum paid out after 35 years contributions. You will have paid in around 26 years by age 44 but you can also check on the Gov website to see if you can pay in extra to boost your final pension payment. My state pension is £263.17 per week.

@chrishardy3473 2 месяца назад

5% on the conservative side, no?

@EdmundBaileyUK 2 месяца назад

Yes absolutely.

@shamsoni 21 день назад

Rumours going around apparently you can retire 5 yrs after you’ve died

@rickh7553 2 месяца назад

Continually told pensioners get too much state pension (£11,500.00) In 2022, we have recalculated from scratch the minimum budgets for pensioner and working-age households without children, and reviewed and uprated the budgets for households with children. The research this year was undertaken at a time of uncertainty and flux. It spanned a period in which the UK was emerging from prolonged periods of Covid-19 restrictions, with the resulting ‘freedoms’ this afforded, and in which the cost of living began to increase at the fastest rate for many years. We have yet to understand the full impacts of these factors on MIS. A single person needs to earn £25,500 a year to reach a minimum acceptable standard of living in April 2022.