This is totally of topic but if you had a pension pot of 770k at retirement how much would that generate a year if invested properly if it helps I’m 51 now thanks in advance and no I don’t want a concession when the time comes
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This is totally of topic but if you had a pension pot of 770k at retirement how much would that generate a year if invested properly if it helps I’m 51 now thanks in advance and no I don’t want a concession when the time comes
An accurate figure on this will just depress the fecking living daylights out of the rest of us who have more modest pot.
Personally I’d just invest the whole pot into a monorail lol
£3500 paQuote:
Originally Posted by Mrs brown
I was curious as a ‘ friend ‘ has that amount ( seemingly) if you earned 30k a year it’s only 25 years wages , don’t really understand pensions and mines isn’t near 6 figures after posting this it is a lot of money , phuck it just have to sell my house and use that money , thought Ross was the man for this
I’m taking crams missed out a zero in his figure
Better taking a salary from it I'd say.Quote:
Originally Posted by Mrs brown
Just in from golf. You'll laugh.....seniors open at Strathmore.Quote:
Originally Posted by Mrs brown
Are you talking taking an annuity or drawdown.
Annuity you give up pot drawdown you keep control.
Going to my kip back ****ing sore.Quote:
Originally Posted by Mrs brown
Quick calculation drawdown
770k
Tax free lump sum 192,500
Assume person wants 28k income ( just assumption)
If he invested in a moderate portfolio his dosh shud last 35 years with a 2% increase per annum on his 28k.
If he invested in an adventurous portfolio he should still have £232k left after 40 years.
Big variances depending on attitude to risk ,how much income the person wants, (28k loads to some peanuts to others), whether he is prepared to run pot Doon to zip.
Wife kids????
I think you should get a date of death certificate issued with birth certificate and it would be much simpler to work oot
Cheers that made a wee bit more sense than google , either or tho more than comfortable
*******
Quite right. Hoped to cheer you up with an apology for my error but got interrupted and forgot about posting what I thought was a more realistic figure. By the time I got back to this Rross had done his stuff and you had worked out that I had missed out a zero. You would have your state pension too and heating allowance and free bus pass and reduced prices for season tickets. Important to make sure about what happens when your friend dies so that family can inherit what's left if you choose to use the drawdown method.Quote:
Originally Posted by Mrs brown
An annuity would pay around 5.5k per annum per 100k for male life aged 65.Quote:
Originally Posted by Mrs brown
So your friend could get a bit more by taking an annuity but he would have to live a guide while to get the "value". As Jim Bowen Eid say that's the gamble.
Best thing the govt did for pensions was introduce the freedom to keep control of your own pot but some advisers fees are ridiculously high for what they are actually doing...some have annual trails of 1.25% for basically posting out an annual statement.
A wee bit more education for people would help...it's no really complicated.
Sawing wood, wiring plugs, bricklaying etc etc far far more complicated imho.