then I 'copied and pasted' the article for all my friends at pprune!!
Cash clinic: flight director keeps feet on ground over retirement plans
(Filed: 02/10/2004)
Mother wants to maximise savings and provide financial security for her two daughters before giving up work in five years' time, writes Harriet Meyer
With five years to go until she will stop working, Tineke Tilstra, 55, is keen to maximise her savings in time for retirement.
Mrs Tilstra, from Sunningdale, Berkshire, has worked for British Airways as a cabin service director since she arrived in England from Amsterdam, her birthplace, in 1969. She was 20 years old.
Although she can retire now, Mrs Tilstra, a divorcee, enjoys her job so much she has decided to continue working until she is 60. She said: "It is British Airways' policy that flight crew can retire at 55, but a lot don't want to go.
"I have crystalised my final salary pension, which I contributed to for 35 years, and am happy with it as I have been told I can expect to receive £27,000 a year from age 60." However, she still pays £10 a month in additional voluntary contributions [AVCs], which are currently worth £32,000.
She said: "Once I am 60 I will buy an annuity with the AVCs, but I am not sure which one to get." With her savings and state pension entitlement on top of her company pension, Mrs Tilstra is confident she will have enough to provide for a comfortable retirement, although she is keen to be reassured on this point.
Along with sums in various savings accounts, including £25,000 in an ING Direct savings account, in which she deposits £500 a month, Mrs Tilstra has her home to consider. She bought her four-bedroom home for £186,000 in 1994 and, after some improvements, it is now worth around £480,000.