Pension income

What would you all think is a reasonable income when you retire I've always thought that bearing in mind you should have no mortgage that a pension income near to what you earned in your working life plus some savings should be enough to keep you in later life,and if so would or indeed should you be taxed on said income?

People in rented homes will of course never benefit from paying off the mortgage.

I have a pension which is 36% of my final salary ( after 35 years service ) and pay tax on it.

I also pay tax on my part time work.

When I get my state pension I'll pay more tax on my occupational pension.

It always seems to me you get taxed twice.

I can't grumble compared to most though.

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Originally Posted by Since64

What would you all think is a reasonable income when you retire I've always thought that bearing in mind you should have no mortgage that a pension income near to what you earned in your working life plus some savings should be enough to keep you in later life,and if so would or indeed should you be taxed on said income?

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you salary would of course need to cover your mortgage aswell, so you wouldnt need as much

I will be happy with enough to pay my bills, keep a car / van on the road and have a ice cream at the seaside occasionally :thumbup::thumbup:

forget pensions growing dope in your attic is an easy way to earn a krust as a pensoner.

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Originally Posted by Since64

What would you all think is a reasonable income when you retire I've always thought that bearing in mind you should have no mortgage that a pension income near to what you earned in your working life plus some savings should be enough to keep you in later life,and if so would or indeed should you be taxed on said income?

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Pension is like voluntary or involuntary redundancy. Lazy bustards should work forever, ferkin scrounges.

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Originally Posted by Watcliff

Pension is like voluntary or involuntary redundancy. Lazy bustards should work forever, ferkin scrounges.

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Fair play, you put in a lot of effort for a little reward.

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Originally Posted by blue matt

you salary would of course need to cover your mortgage aswell, so you wouldnt need as much

I will be happy with enough to pay my bills, keep a car / van on the road and have a ice cream at the seaside occasionally :thumbup::thumbup:

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A fifth of my nett salary goes on mortgage. About a third on taxes and NI. I honestly didn't consider tax on my pension, I figured I'd already paid it once :hehe:

After tax and NI I would need a salary of about 2/3rds my wage. I was heading for that, then the Finsl Salary scheme was closed down and 10% scrubbed off it as we were sold down the river after a management takeover. BTW, the management all took a lump sum because they were over 55 and so didn't lose anything. Completely unethical. No doubt my pension will be raided a few more times in the next 25 years. :hehe:

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Originally Posted by Kris

Fair play, you put in a lot of effort for a little reward.

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Keep working!!!

Who needs money when you are old and decrepit. Spend it all now!

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Originally Posted by Wales-Bales

Who needs money when you are old and decrepit. Spend it all now!

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:thumbup: Fekin scroungers, pension this and benefits that. Gggrrrrr

I think a liveable pension should beat the benefit cap by 10%