What retirement income will a £100K PENSION POT provide? Episode 2 Pension Income Planning

In this second episode of a pension income planning series we look at your options with a £100K/$100K pension pot. What retirement income will a £100K pension pot provide? Can you retire early? What are your options for topping up your pension further - watch and all is revealed.

Illustrative figures are given for people retiring in their mid-60s but state pension age increases will also affect annuity incomes when you do come to retire.

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Keywords:
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#retirementplanning #pensionplanning #pensions

DISCLAIMER: This is NOT financial advice, it is financial education. Be sure to seek a professional financial advisor for advice tailored to your needs.

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[alexsteven.m]

The thought of retirement makes me cry, My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. . It’s so difficult for people who are retired.

[edward.abraham]

Pensioners grappling with the difficulty of meeting essential expenses often encounter this situation due to inadequate savings during their working years. The decisions taken in readiness for retirement carry extensive consequences, as demonstrated within my own family dynamics. Differing investment approaches yielded disparate results. Guided by a financial advisor, I'm currently retired at 40.

[dawgg]

Planning retirement has never been this confusing! First SVB, then Signature bank and now First republic, these are all the signs of yet another 2008 market crash and recession 2.0, so my question is do I still save in the United States dollar, or could this be a good time to buy stocks? So I’m left wondering what 2023 has in store for us investors, I’ve been sitting on over $745K equity from a home sale and I’m not sure where to go from here,

[brownwellson]

I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains with months, I'm really just confused at this

[SurvivingRetirement]

I have as pension pot of £ 120, 000 and I just use the draw down facility. I am able to draw down £ 12, 000 per year. Hopefully I won`t run out of money before I go to meet my maker!!! I am 71.

[TheSilvercue]

I have just started thinking about all this (I am 52) so this is great timing and very useful.

[cheshirehomebrew]

Really appreciate the videos and have subbed too.
My thought is to take a higher income from aged 57 for 10 years via income drawdown and then reduce the amount once I can claim my state pension.
For me there is no point in having the biggest pension pot in the graveyard.👍

[normhanson]

Really informative, thank you . I own a small property in York with no mortgage and I’m on course for 100k pot plus my state pension . I don’t expect to retire early though, I’m 60 now and I’ll be working till 67 . Very useful, thank you .

[chrisgaskell]

I had a 100k pension pot but Equitable Life managed to reduce that to 60k so I transferred to a different company who also managed to grow it to 55k after 5 years in a money fund.. So on moving to Spain I transferred it to a Qrops and drew it down over 4 years managing to only pay 4k in tax.
I spent the money on renovating my house and building bnb accommodation. The house has increased in value by over 150k and I now have two income streams that will last into my retirement which as I have no intention of retiring until I am well into my 70's I will continue to work as a builder for two years then turn to my house and land and enjoy working that as a business and leisure for 7 or so years. I am into my sixties but still have great health and a fit and functional body. I see many retired people in their 50's and early sixties and many seem bored with life.

[steeleye]

Well that's nice and simple. Basically if you've got 100k and you don't own your own home you can forget retiring at all, which is what I expected. Thank god I enjoy working.

[gztxypv]

If there's 2 of you working with contributions to full state pension that's £19, 240pa pension.

Now if your mortgage is paid off you can live ok on £1, 603.

An extra £10k a year is really needed on top for spending money and holidays to be comfortable.

You can also set up an equity release as a monthly income, as opposed to a lump sum draw down.

[davymc]

Im 56 and retired this year due to ill health with a pot of 134k. I already had 1 rental generation £540 per month and took 25% from my pot for another rental deposit which generates £515 a month. I drawdown £1000 a month. Growth this year has been 19.5% allowing for the covid nosedive....ive taken 41k and still have 115k left. Forecast is to have 25k left at 67 when full state pension kicks in. Use drawdown and other imcomes. You cant take it with you. Currently my income equates to a salary of 31k after tax.

[joneastelow]

I have worked for the same company for 15 years and in that time the pension scheme has changed provder 3 times. I have scooped that into a privately run pension that is properly managed and regularly reviewed. Company pensions are better than nothing but you will get better returns if you do your homework in my situation. And yes, there are fees but I'm doing pretty well with a higher risk level. I'm planning to semi retire ( I hate the word retire) and do something totally different a few days a week during the winter months.

[dallassukerkin]

Good and straightforward, thank you. As someone who recently discovered just how poor my workplace pension was shaping up to be, it is good for someone to be putting out the warning that, even with the State pension, retirement before 65 (68 in my case) is a bit of a dream and, even if you can afford to take retirement at all, you won't be taking any Pacific Islands holidays!

[TheDafxf]

Morning Helena. Another really easy understanding pension video 👍🏻 Hopefully I’ll have £180k pension pot in 2023 when I’m 66. I’ll be working for an extra year and will defer my state pension for a year. Hopefully that be enough for a reasonable retirement. Can you do a video about deferring your state pension? Thanks Stevie 😘

[ericwilliams]

Nice video, good advice, and would appreciate further for £250k, £500k, £750k, £1m and £1.25m with LTA exceedance advice in the last video. One observation the sound levels are very low in this and the previous video.

[Senna-xigr]

Great information as always. Thank you. 👍🏆

[timothypeacock]

Thank you for the advice
Plain and simple advice… no complicated words, just plain advice. Rebecca xx

[bobdunn]

Bravo, one of the few so called ‘retirement experts’ on line to mention natural yield. Obviously if you only take the natural yield, even if the stock market falls, your income is lest unaffected. So few people get this. Although slightly worrying mentioning Vanguard (income experts they certainly are not) and actually the fees are irrelevant if performance is quoted net of fees. Sometimes it’s worth paying more to get a higher more sustainable PPS income (not yield as yield is irrelevant bar point of entry) but overall a good video so thank you

[paulkane]

Great vid thank you. The defer option at 12:23 doesn't look great! In the calc example, a whole year deferred will mean you delay getting 52wks x £179.6 = £9339. You get an extra £10.42/week but at that rate, it will take over 17years to get all the £9339 money back !