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I saw this statistic today: the UK pension in 2021 is £50,000. This means that most workers will have a pension of £50,000 when they retire. Of course, the average is not a good indicator, because it is likely that the average is pulled up by the rich. I believe the median will be lower.
If we spread the £55,900 over 25 years, this would mean a pension of £2,236 per year. £183 a month. This is not even enough to pay the utility bills. But fortunately, the mortgage should be paid off by the time I retire.
Pension is saved from a small part of your monthly salary, usually about 3% to 7%, and the company/employer will match it. For example, if you contribute 5%, the company will match 5%. So half of your pension may be paid/contributed by your employer.
It is said that the maximum pension limit in the UK is 1 million pounds. If it exceeds the limit, it is like a bottle of water being full and wasted. When you reach retirement age, you have the right to withdraw it in one lump sum, of which 20% is tax-free.
The condition of the British State Pension is that you need to work for 30 years and pay NI tax for 30 years. The state’s pension is not very large, about 180 pounds a week (this amount is estimated based on current purchasing power and will be constantly adjusted), and it can guarantee a living.
The salary package of a job must also include pension, but this should be uniformly stipulated/proportioned by the company. Pension is also your money, but you can’t withdraw it temporarily. The current retirement age in the UK is about 68 years old , if you pay for the insurance yourself, you can selectively work part-time and part-time after the age of 55. For example, you can work 3 days a week, and then the remaining 2 days of work will be paid by the pension.
Unless you have a strong financial acumen and can invest your money in more profitable areas, I still don’t recommend opt-out pensions (that is, not participating). When you are young, you should prepare more for your old age.
If you have multiple jobs, it is very likely that each pension is managed by a different pension management company. Then you can use Pension Bee to move all your pensions to one place for management , which is quite convenient.
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