Punting and pensions.

[Jacksonwood]

I hope my punting habit slows down a bit when I retire.

I currently spend about £300 per month - a lot less than I used to!

Based on maintaining this at retirement I'll need an income of £3.6k per year at todays annuity rates this means I'd need to have £72k put aside at a rate of 5% p.a.

Yikes !

[RandomGuy99]

I hope my punting habit slows down a bit when I retire.

I currently spend about £300 per month - a lot less than I used to!

Based on maintaining this at retirement I'll need an income of £3.6k per year at todays annuity rates this means I'd need to have £72k put aside at a rate of 5% p.a.

Yikes !

Lol punting should be the last of your concerns in retirement.

The average UK pension is pretty low at £15k per year and with the cost of living crisis I imagine a lot are struggling.

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[RandomGuy99]

Everyone in the UK needs to be paying significantly more into their pensions.

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With a pension pot of £500,000 you'll still only get £25,000 as your yearly income.

The good news is that they'll be lots of attractive rich former SP pensioners to look at.

[RandomGuy99]

Average UK pension pots

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[MLawro93]

The pension system is not sustainable and needs a radical rethink. What you currently get isn't enough as it is, the working population is constantly shrinking, and the cost of living will only ever go up. It is a ticking timebomb that will go off eventually.

I always tell people to contribute more than the recommended amount to their pensions, but sadly, I know far too many people who have opted out due to needing the money now.

[Pillowtalk]

The pension system is not sustainable and needs a radical rethink. What you currently get isn't enough as it is, the working population is constantly shrinking, and the cost of living will only ever go up. It is a ticking timebomb that will go off eventually.

I always tell people to contribute more than the recommended amount to their pensions, but sadly, I know far too many people who have opted out due to needing the money now.

All true, but people with either can't afford to join pension schemes or leave it too late to save enough. I'm not sure it's a ticking bomb, more a dribble or more and more people drifting into retirement on very low incomes, or continuing to work into their 70's and beyond. I've heard some people say their houses will be used to supplement their pensions, either via downsizing or equity release - neither tends to yield the promised benefits.
I agree, a radical rethink is required to achieve decent incomes for all people in retirement in a planned, progressive and affordable way. The same can be said for social care, but that's another unsolvable problem.

[PepeMAGA]

Average UK pension pots

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What happens post 85 though?
Maybe there ought to be a big focus on making living as cheap as possible at that age, either as an individual planning for it or the government on behalf of them.
Eg insulated hones, solar, free tv license (think this was stopped) Supermarket deals for over 65s etc