Originally Posted by hunterboy
What would you class as a decent pension at the age of 54?
Unless it's a serious 5 figure sum, I reckon most people would need to earn something on the side.
A note of caution. People sometimes forget that any personal income over £35,001 and less than £150k attracts 40% tax (
2011/12 figures). So, if for example your pension is £25,001, you will only see 60% of anything earned above £10k (on which you will be paying standard rate (20%) anyway). Then you have NI employee contributions at 12% (
2011/12 figures) to factor in.
What first appears to be a reasonably well-paying job may well end up with you working a 46-week year for not much more than the minimum wage.