Dr Unken B Ligerant
29th Jan 2005, 17:56
Writing only my third post, but have been a long time peruser of these pages.
My question is to anyone who has done the maths. Forgetting the golden handshake at 38/16 point and then the money paid annually until 55, how much would it cost to buy an equivalent pension in civvy street to be paid out from the age of 55( assume starting payment into a pension scheme from age 32) ? Is it worth staying in past 9 years of service (the point I am led to believe I will get some form of pension, albeit at 55/60) to an option point, or are the returns small for the extra years and not worth all the OOA and hassle and short notice, unscheduled time away from young family- time that I will never truly be able to retrieve?
Ultimately, I would want financial security for myself and family to old age (wouldn't we all) and it seems that my generation will suffer a huge pensions crisis, even more so than we are now seeing. But is the Air Force pension as good as it seems, or can you make the money up by getting out early and ( supposing one gets a job with a bigg(ish) airline) paying into a company scheme?
Many thanks in advance for any replies (I'll even chuckle at the abusive ones) and I understand that these things cannot be calculated without some objectivity being applied.
I also understand that, on first reading, I may well sound like some spoilt child. I hope that this is not the case; I still love my (primary) job and understand that there are many less fortunate than me who would sell their souls to do it. I have also made many firm friendships in my time with the Air Force and seen many places and experienced things I would not otherwise have done- for that I will always be grateful. But I cannot put my hand on my heart and say things are getting even slightly better. Even in the relatively short time that I have been in, the job has changed and there isn't as much fun to be had( I know there are forums aplenty on this matter), it's just that now seems like a bit of a crossroads in life for me and the question needed asking.:sad: :(
My question is to anyone who has done the maths. Forgetting the golden handshake at 38/16 point and then the money paid annually until 55, how much would it cost to buy an equivalent pension in civvy street to be paid out from the age of 55( assume starting payment into a pension scheme from age 32) ? Is it worth staying in past 9 years of service (the point I am led to believe I will get some form of pension, albeit at 55/60) to an option point, or are the returns small for the extra years and not worth all the OOA and hassle and short notice, unscheduled time away from young family- time that I will never truly be able to retrieve?
Ultimately, I would want financial security for myself and family to old age (wouldn't we all) and it seems that my generation will suffer a huge pensions crisis, even more so than we are now seeing. But is the Air Force pension as good as it seems, or can you make the money up by getting out early and ( supposing one gets a job with a bigg(ish) airline) paying into a company scheme?
Many thanks in advance for any replies (I'll even chuckle at the abusive ones) and I understand that these things cannot be calculated without some objectivity being applied.
I also understand that, on first reading, I may well sound like some spoilt child. I hope that this is not the case; I still love my (primary) job and understand that there are many less fortunate than me who would sell their souls to do it. I have also made many firm friendships in my time with the Air Force and seen many places and experienced things I would not otherwise have done- for that I will always be grateful. But I cannot put my hand on my heart and say things are getting even slightly better. Even in the relatively short time that I have been in, the job has changed and there isn't as much fun to be had( I know there are forums aplenty on this matter), it's just that now seems like a bit of a crossroads in life for me and the question needed asking.:sad: :(