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Are you living or existing on Royal Mail pension ?

20 Oct 2018, 09:00

As the question has stated, since retirement do you find you're doing well on your pension money or did you have to cut back on a lot of things ?

I've been in 30 years and planning ahead, so I'm just wondering if its possible to have a life on your pension income or will you struggle, just existing on a limited income.

Are you living or existing on Royal Mail pension ?

20 Oct 2018, 12:24

I think thats a real tough question to answer.

How many years until you get state pension. how much savings or AVCs do you have. Whats your lifestyle, Partners income.

Its a huge question which differs for everybody.....

Are you living or existing on Royal Mail pension ?

20 Oct 2018, 14:29

Hawkey99 wrote:I think thats a real tough question to answer.

How many years until you get state pension. how much savings or AVCs do you have. Whats your lifestyle, Partners income.

Its a huge question which differs for everybody.....


You're right. Maybe the question should have been... COULD you manage on your RM pension? Judging by the apathy of many, they obviously think they can. :hmmmm

Are you living or existing on Royal Mail pension ?

20 Oct 2018, 15:03

As the posters above have stated... it depends on various variables ( and how much of a retirement stash in other places you have ?) But I think that with 30 years service you'll be better off than many as you'll benefit from having been in the Final Salary Pension Scheme for a good number of years ? ? ?

State Pension (whenever that arrives for you) should result in life being bearable . . . I imagine most posties ( who don't gamble, overindulge in the vino or collect fine art) will have a decent , though by no means flamboyant , standard of living ? I'm hoping so anyway... I have nowhere near the length of service you have. Well done :thumbup

Are you living or existing on Royal Mail pension ?

20 Oct 2018, 15:37

I'm coming to the end of my 30th year and hoping to retire in just under 9 years. (age 60) Have invested in shares and funds along the way so should be ok. Biggest problem I think is the overall cost of living / lack of affordable housing. Mixed with changing face of the pensions landscape, RM included.

Are you living or existing on Royal Mail pension ?

20 Oct 2018, 18:15

Is this a serious question? It depends how long you have paid in and if your spouse works has pension etc

Are you living or existing on Royal Mail pension ?

20 Oct 2018, 18:56

Its a very serious question, because I would like to know if today's pensioners are getting a good income from their pensions or not, the length of service would have bearing on the pension payouts as well.

Are you living or existing on Royal Mail pension ?

20 Oct 2018, 19:41

That's what I said nw postie

Are you living or existing on Royal Mail pension ?

20 Oct 2018, 19:54

NWpostie wrote:Its a very serious question, because I would like to know if today's pensioners are getting a good income from their pensions or not, the length of service would have bearing on the pension payouts as well.
that's what I said

Are you living or existing on Royal Mail pension ?

21 Oct 2018, 07:33

It's a very individual question to ask, because everyone is going to be a bit different. Some people might be able and happy to survive on the bare minimum, while others need more to pay for things they can't easily get out of, such as mortgage, dependent kids, etc. And there's the issue of your lifestyle and what you're going to do with all that free time, and whatever you do will probably cost money in one way or another.

Personally my income from state pension age onwards should be ok – around £17k in todays terms, which is split roughly 50/50 between NRA60/NRA65(unreduced) and state pension. That is less than my RM wage, but because I currently save heavily towards retirement, it will actually represent more money in my pocket when I've actually retired!

Therefore the main aim of my savings has been to plug the gap until I get to SPA and to ensure I get around the same level of income from at least age 60 and preferably beforehand too!

The pension flexibilities introduced in 2015 have helped hugely to achieve that aim, because of the ability to drawdown the money rather that having to buy an annuity. I have a personal pension with the sole aim of using it to provide income from 55-60 and to supplement my RMPP from 60-67.

There's a 'budget planning tool' on the RMSPS website which you might find useful for your retirement planning.

Are you living or existing on Royal Mail pension ?

21 Oct 2018, 07:49

I retired 5 years ago. I had planned for it, paying for added years so I got the maximum pension, 50% of pensionable pay. I converted most of my pension lump sum into pension, contrary to what most RM retirees do, as I reckoned I will probably be living on my pension until my eighties - my father lived to 86. I had taken the pension two years earlier at 60, so I had my wages plus pension for two years and that meant I could save for the first time in my life. Before I had used any surplus cah at the end of the month to pay a bit more off my mortgage.
I took VR at 62, and got the maximum 104 weeks redundancy payment. I worked out that my savings together with the VR payment should see me through until I got the State Retirement Pension at 65. I had finished paying off my mortgage at 60.
My RM pension together with my State Pension works out at only around £80 pw less than when I was working, which in reality means about £30 less as I was paying £60 a week into RM pension.
I have a fairly simple inexpensive lifestyle. I don't have any dependants. My only major expense is a winter holiday. I like to get away for at least 4 weeks in January/February to escape the cold and darkness here.
I haven't touched the my savings yet, and actually still add to them. So financially I think I'm ok.
Last edited by baldrick on 21 Oct 2018, 14:19, edited 1 time in total.

Are you living or existing on Royal Mail pension ?

21 Oct 2018, 08:27

baldrick wrote:I retired 5 years ago. I had planned for it, paying for added years so I got the maximum pension, 50% of pensionable pay. I converted most of my pension lump sum into pension, contrary to what most RM retirees do, as I reckoned I will probably be living on my pension until my eighties - my father lived to 86. I had taken the pension two years earlier at 60, so I had my wages plus pension for two year and that meant I could save for the first time in my life.
I took VR at 62, and got the maximum 104 weeks redundancy payment. I worked out that my savings together with the VR payment should see me through until I got the State Retirement Pension at 65. I had finished paying off my mortgage at 60.
My RM pension together with my State Pension works out at only around £80 pw less than when I was working. I have a fairly simple inexpensive lifestyle. I don't have any dependants. My only major expense is a winter holiday. I like to get away for at least 4 weeks in January/February to escape the cold and darkness here.
I haven't touched the my savings yet, and actually still add to them. So financially I think I'm ok.


:Applause :Applause :Applause :Applause :Applause

Are you living or existing on Royal Mail pension ?

21 Oct 2018, 08:53

Well done baldrick. It pays to plan ahead. Hope you are enjoying your retirement, we deserve it when it comes. Better to get out when you have your health instead of staying on because you didn't plan properly. :Applause

Are you living or existing on Royal Mail pension ?

22 Oct 2018, 11:45

NWpostie wrote:As the question has stated, since retirement do you find you're doing well on your pension money or did you have to cut back on a lot of things ?

I've been in 30 years and planning ahead, so I'm just wondering if its possible to have a life on your pension income or will you struggle, just existing on a limited income.

My plans are to take my Rm pension at 60 and live on it.
Bear in mind, I have worked nights for years and will have a better pension (having paid more into it)
But I also plan to take max lump sums for both pensions and divide that by 7 years, giving me an additional income till my state pension.
I also do not have a mortgage.
So I hope to not have to work, but whatever happens I am leaving RM at 60, having done over 40 years then, that will be enough for me.
If Inflation rips, I may have to get a part time job elsewhere, but I will never be back as an angard employee or Christmas casual.

Are you living or existing on Royal Mail pension ?

23 Oct 2018, 14:18

I planned for years to leave early. We paid our mortgage off nearly 10 years ago. Taking a 15 year term instead of the usual 25+. And saved a lot.

My missus receives a company pension too. She also took early retirement. With our combined pensions we have a generous income. When I took VR (at 54). We cleared the decks. So, our monthly outgoings are nothing compared to when I was working. I have taken both my pensions 60+65. Plus the maximum lump sum. I had an nice AVC too. I wanted to commute it to a higher monthly pension. But, for the modest increase it would have taken 41 years to break even. So, at 96 I'll either not be here - or in care - I do not know!

Should anything happen to either of us 50% of each others pension would carry on. We now have no dependants. When I took VR. I wanted to wait a little. But, I was informed I would be the last to go this route. I still am.

We have not touched the lump sums. Or 70% of the VR. We have a nice life. Newish car. Minimal outgoings. My only indulgence is looking for another motorbike. We currently are in limbo, as we have an elderly pet. When he crosses rainbow bridge. We do plan to do a lot of travelling. The interest from the lump sums pays for two UK holidays a year.

Long term we do live in a bungalow now, but, we would like to downsize from what we have now. Thus releasing some further equity to continue travelling.

Who knows whats round the corner. I had to jump as the shifts patterns were killing me. I do occasionally bump into ex colleagues - they all remark how healthy I look. And I mutter under my breath how dreadful they look. That's shift patterns for you.

I did renew my digital tacho when it expired. Just in case I ever wanted to work part-time. My CPC expires next year. Once that goes. That's it.

It's not for everyone taking early retirement. Oh. And you need hobbies. Nurture your interests. I did. The double garage/mancave certainly helps...

Good luck if you are thinking of doing it. Life is for living. Your are only here once.

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