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[Sir Tigger KC]

There's always OnlyFans.....   

[STEMO]

There's always OnlyFans.....   

I tried that but, surprisingly, I didn't get a lot of interest.

[tunnie]

No, not yet, another 10 years would be much better.

And for those outside the civil service, there is that age old question, how much money do you need to have saved/invested/stuffed under the mattress to retire....    ....I wish I knew!

At least £1m as far as I can tell. But it depends on what life style you want, what bills you have etc.

[tunnie]

Sit tight, Mark, and definitely don't stop contributing to your pension. A bird in the hand and all that. The way we have approached similar situations in the past, is to look around for what might be available before the axe falls, not afterwards. i.e. now.

Oh I intend to sit tight 

Head down, I'm building stuff with AI. (as per the ask these days from Managers) - Hoping to prove my worth, I have recently built a feature from scratch myself which could make the company quite a few bob. It was my own idea as well. So hopefully it works out ok. Which I would have struggled in a pre-AI world.

Just keeping an eye on the market, nothing will happen until at least the early summer 2027 I think. As I'm not in the current round in our dept and it takes around 6-9m to process one round before they start another.

I also know that not many private companies still offer what Sky does in terms of contributions.

[tunnie]

There's always OnlyFans.....   

I tried that but, surprisingly, I didn't get a lot of interest.

I also suggested this to the wife, she was not keen.   

[Viral_Jim]

Not a what, but a who. Specifically the blind Lady bits who drove into my car and left me with this to fix. No note obviously  .



Also meant I've had to cancel the screen wash bottle repair as BMW will bo doubt blame whatever the issue is on this, rather than the actual underlying cause. Fu£kers

[Viral_Jim]

At least £1m as far as I can tell. But it depends on what life style you want, what bills you have etc.

A safe withdrawal rate on a pot is about 3.5-4%, rising by inflation, so likely the max you'd want on there is about £1.5m (in today's money). This would allow you to sustain c£50k withdrawals for life after taking the maximum tax free cash of £298k. Much above that and you're paying 40% tax on the money on the way out. Which still might be a good deal over all but it makes having to lock the money up until 58/59 much less attractive than it would be otherwise.

This is roughly where I'm hoping to be by 58 but a lot has to go right (and keep going right) to make it happen 

That said I would personally always keep putting in enough to get the employer match as investment returns aren't guaranteed and an instant 100% uplift in your money is the best you'll see.

[Sir Tigger KC]

There's always OnlyFans.....   

I tried that but, surprisingly, I didn't get a lot of interest.

I also suggested this to the wife, she was not keen.  

Oh blimey I wasn't suggesting that you pimp out Mrs T on OnlyFans! 

I was thinking there might be a niche following for a tall gangly bloke playing with his train set.  Artfully done of course! 

[Rangie]

At least £1m as far as I can tell. But it depends on what life style you want, what bills you have etc.

A safe withdrawal rate on a pot is about 3.5-4%, rising by inflation, so likely the max you'd want on there is about £1.5m (in today's money). This would allow you to sustain c£50k withdrawals for life after taking the maximum tax free cash of £298k. Much above that and you're paying 40% tax on the money on the way out. Which still might be a good deal over all but it makes having to lock the money up until 58/59 much less attractive than it would be otherwise.

This is roughly where I'm hoping to be by 58 but a lot has to go right (and keep going right) to make it happen 

That said I would personally always keep putting in enough to get the employer match as investment returns aren't guaranteed and an instant 100% uplift in your money is the best you'll see.

. 

4-5 thousand per month is a decent amount to have a nice retirement lifestyle at this moment in time ,having no debts would be my advice to anyone approaching retirement, I still know people 65 & over who are retired & still paying a mortgage. One of my neighbours retired in 2020 and immediately put his mortgage free house into equity release due to lack of funds, a complete idiot in my opinion giving away his biggest asset for a fraction of its Should have simply downsized.

[YZ250]

…………..
to have a nice retirement lifestyle ……….

I seem to recall that you were in civil service. A family member of ours has been in the prison service for as long as I can remember. He put in for retirement nearing the end of 2025, received confirmation of acceptance and then it went quiet. He contacted the pension people again and again, but he’s still waiting, and having to contract out to the prison service until it’s sorted out, as his retirement date has come and gone.
The reason for the waiting is those useless incompetent cretins at CAPITA, who were given the task of running civil service pensions by an equally incompetent person in government. The backlog created by CAPITA is so big that the government has had to step in to take over and run it in-house again. CAPITA are far too busy chasing people without a TV licence to worry about trivial things like the over twenty odd thousand people waiting for their pension to be sorted, and meanwhile people have been waiting for over twelve months in some cases.    He’s been told that they are working through priority cases first and they’ll get to his case eventually. 

[STEMO]

…………..
to have a nice retirement lifestyle ……….

I seem to recall that you were in civil service. A family member of ours has been in the prison service for as long as I can remember. He put in for retirement nearing the end of 2025, received confirmation of acceptance and then it went quiet. He contacted the pension people again and again, but he’s still waiting, and having to contract out to the prison service until it’s sorted out, as his retirement date has come and gone.
The reason for the waiting is those useless incompetent cretins at CAPITA, who were given the task of running civil service pensions by an equally incompetent person in government. The backlog created by CAPITA is so big that the government has had to step in to take over and run it in-house again. CAPITA are far too busy chasing people without a TV licence to worry about trivial things like the over twenty odd thousand people waiting for their pension to be sorted, and meanwhile people have been waiting for over twelve months in some cases.    He’s been told that they are working through priority cases first and they’ll get to his case eventually. 

From November 1st, Capita will no longer be running teachers pensions. Teachers, too, have been having big problems getting their pensions on time, leading to mortgages not being paid off on time and people left in limbo. But, hurrah, Tata Consultancy Services will running it after that. 

[Rangie]

…………..
to have a nice retirement lifestyle ……….

I seem to recall that you were in civil service. A family member of ours has been in the prison service for as long as I can remember. He put in for retirement nearing the end of 2025, received confirmation of acceptance and then it went quiet. He contacted the pension people again and again, but he’s still waiting, and having to contract out to the prison service until it’s sorted out, as his retirement date has come and gone.
The reason for the waiting is those useless incompetent cretins at CAPITA, who were given the task of running civil service pensions by an equally incompetent person in government. The backlog created by CAPITA is so big that the government has had to step in to take over and run it in-house again. CAPITA are far too busy chasing people without a TV licence to worry about trivial things like the over twenty odd thousand people waiting for their pension to be sorted, and meanwhile people have been waiting for over twelve months in some cases.    He’s been told that they are working through priority cases first and they’ll get to his case eventually. 

. 

Yes you're absolutely correct about HMPS , I was very lucky I went part time in 2019 & took my maximum lump sum and pension with no problems or delays whatsoever, when I retired fully in 2020 all it took was a phone call & a signature to receive  another lump sum that had accrued over six years of part time working, SWMBO was in education & she retired fully in 2018 again with no problems. I have been reading about the problems with Capita & have spoken to ex colleagues still in HMPS , it has been a total nightmare for anyone approaching retirement getting a simple answer regarding any issues raised. Funny enough I've been contacted twice about returning to a non prisoner contact job but have politely declined, I've done my time & wouldn't last 5 minutes in any job dealing with the idiots now running most departments in the service.

[Rangie]

Sorry that should read that I went part time in 2014 not 2019.

[TheBoy]

…………..
to have a nice retirement lifestyle ……….

I seem to recall that you were in civil service. A family member of ours has been in the prison service for as long as I can remember. He put in for retirement nearing the end of 2025, received confirmation of acceptance and then it went quiet. He contacted the pension people again and again, but he’s still waiting, and having to contract out to the prison service until it’s sorted out, as his retirement date has come and gone.
The reason for the waiting is those useless incompetent cretins at CAPITA, who were given the task of running civil service pensions by an equally incompetent person in government. The backlog created by CAPITA is so big that the government has had to step in to take over and run it in-house again. CAPITA are far too busy chasing people without a TV licence to worry about trivial things like the over twenty odd thousand people waiting for their pension to be sorted, and meanwhile people have been waiting for over twelve months in some cases.    He’s been told that they are working through priority cases first and they’ll get to his case eventually. 

They are known as Crapita in the IT industry....

[TheBoy]

I've been playing an awful lot with my various tax avoidance options at work, just to see the minimum I can live on, long term, without impacting my current quality of life.

Clearly I'm cheap to run, as it won't let me do further tax avoidance, as it says that would put me under minimum wage.

The spreadsheets - I need a grown up to double check the maths in my formulas is correct - should if I take out what I currently get in my salary after all my tax avoidance schemes (and with the income tax element I'll have to pay), I'll never spend all my money by the age of 99 (in fact, I'll have a lot more than I started with, but obviously it will be worth an awful lot less).

That's issuing assumptions of state pension increasing at 2.5% (I did it pre the triple lock change, though currently 2.5% is still the minimum), and inflation is 2% (perhaps a little low), and investment growth rate a ridiculously low 1%.


I don't think it should be this easy, hence convinced I've missed something fundamental.