Retiring at 59 with 38 years service

[scoobydo79]

Please has anyone done it? What kind of money does the pension pay a year ? Do You manage ok? I thinking about it . I’ve cleared my mortgage and have no significant debts. Any help appreciated.

[RobertT]

A question that's asked frequently and one that can't be answered with any degree of accuracy, due to everyone being different.

Your first port of call for your pension amounts is your annual statements, they will tell you what you can expect at 60 & 65. So simply take of 5% for each year you want to take them before NRA. In your case that will obviously be 5% for NRA60 and 30% for NRA65.

For a more detailed and accurate amount, get a quote from the pensions people.

Both the RMPP and RMSPS websites have info and video tutorials to help you understand both RM pensions and how your finances can change after work.

https://www.royalmailpensionplan.co.uk/
https://www.royalmailsps.co.uk/

[mags999]

i would say around 140 t0 150 per week and around 45 grand lumper maybe a bit more if you take it now my nr 60 lumper was 33 grand at 55 havent taken the nra 65 yet plus you have dcbs lumper as well

[NorthernBoy]

Please has anyone done it? What kind of money does the pension pay a year ? Do You manage ok? I thinking about it . I’ve cleared my mortgage and have no significant debts. Any help appreciated.

You need to workout ‘your number’ which is how much you need per month to live the lifestyle you want. Everyone else’s finances are not relevant as we all lead different lifestyles.

Once you know your number, look at all your income sources and see how they compare.

Good luck with whatever you decide to do.

[PostBoxer]

i would say around 140 t0 150 per week and around 45 grand lumper maybe a bit more if you take it now my nr 60 lumper was 33 grand at 55 havent taken the nra 65 yet plus you have dcbs lumper as well

£150 per week seems really low for 38 years service.

[scoobydo79]

i would say around 140 t0 150 per week and around 45 grand lumper maybe a bit more if you take it now my nr 60 lumper was 33 grand at 55 havent taken the nra 65 yet plus you have dcbs lumper as well

£150 per week seems really low for 38 years service.

That’s what I thought.

[Jefferson Starfish]

i would say around 140 t0 150 per week and around 45 grand lumper maybe a bit more if you take it now my nr 60 lumper was 33 grand at 55 havent taken the nra 65 yet plus you have dcbs lumper as well

£150 per week seems really low for 38 years service.

That’s what I thought.

So how does it compare to your statements?

[scoobydo79]

i would say around 140 t0 150 per week and around 45 grand lumper maybe a bit more if you take it now my nr 60 lumper was 33 grand at 55 havent taken the nra 65 yet plus you have dcbs lumper as well

£150 per week seems really low for 38 years service.

That’s what I thought.

So how does it compare to your statements?

mags999 is quite right at £150 per week by the look of it

[PostBoxer]

i would say around 140 t0 150 per week and around 45 grand lumper maybe a bit more if you take it now my nr 60 lumper was 33 grand at 55 havent taken the nra 65 yet plus you have dcbs lumper as well

£150 per week seems really low for 38 years service.

That’s what I thought.

So how does it compare to your statements?

mags999 is quite right at £150 per week by the look of it

There’s not many people who could afford to retire on that, I think I keep pounding the streets till I’m 90 in that case.

[fly-catchers]

A friend of mine who retired at 61 with 45 years service gets about £172 a week from his NRA60 pension. He is in section B and did take the full 25% tax free lump sum as well. That was about £59000.

[NWpostie]

You would have to use the lump sum to tide you over until state pension age, assuming you retire at 60 and split £59,000 over 7 years which would be £8,428 then split over 52 weeks making £162 a week roughly combined with £172 a week = £334, once you reach state pension age assuming you have paid all your stamps this is can replace it with £179 state pension making a total of £351.

Assuming of course your lump sum is not swallowed up by clearing mortgages and debts.

I would suggest building up AVC and cash saving in addition to your pension.

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The above can be modified using the bench mark of £150 a week and £45,000 lump sum to arrive at a figure particular to your own circumstance and work from it.

[fly-catchers]

My friend has already spent most of his £59000 on a new car and a few other items! Now he's grumbling about how tight his pension is!