[Closed] Who's got a good plan for retirement / pension?

I'm going to work till I die, at this rate.

if you;re mid 40s, the boat sailed 20 years ago.

Retire at 55, rob a bank, move to South of Spain.

What could possibly go wrong?

Retire at 58 on full final salary pension

Retire at 58 on full final salary pension

I had one of those, it was under water, with a guarantee for the company to make up the shortfall. Then the company folded with billion $ debts and not a lot of assets......

Oh well, that's one pension down the drain!

I married a teacher, so I thought I had it sorted... not so sure now...

I'm going to be a slum landlord!

Ive already retired at 37. As long as I can keep the wife working for the next 50 years Im going to be fine.

Pimp some ho's, sell some drugs, rule the hood.
Snoop Qwerty.

im 26

been paying into a pot for a couple years now through work - with an external company doing the admin

just got new terms through - currently pay 3% of basic and get 3% of basic from the company.

new terms have 4 tiers and i intend to put half of what i was paying on my student loans into my pension - i pay in 6% of my basic and i get 10% from the company into my pot.

while the other half will add onto what i already overpay into my mortgage.

being mortgage free is my plan for retirement/pension. the companys pensions a sideline that will make things comfy if it survives.....

Statistically, I should win the lottery sometime in the next 30 years, so I'm relying on that for retirement and running up the credit cards quite happily now.

I'm 23 so no idea, like the idea of going all 'dick proneke' though

im 26

showbiz age?

Im 34 now, mortgage done by the time I am 50, kids through uni by the time I'm 52 (hopefully), Plan to finish working by 55. Then plan to run a campsite for few years to keep things ticking over until pension kicks in.

I'll only work beyond 60 if I want to, not to because I have to (again, hopefully)

I retired when I was 42-9 years ago to southern Spain where we have a cottage that we rent out for holidays.Got fed up with being taxed to death by the labour government.Idylic life here riding 2 mountain bikes,3 motorbikes and 2 horses.We live quite comfortably on about £15k a year and want for very little to be honest.You have to have sufficient funds behind you as too many spend all their money on a dream home and do not leave enough to live on.

told you before bruce. i was a teenager when biffy clyro came around hence it was ok for me to be at their gig last week 😉

just over 6yrs til I get mine(hopefully) now paying just over 13% of my monthly pay into it thanks to the latest gov increase an extra £39.47 a month.

<edit> no excuse to text like one tho <edit>

touche'

29 here.

Pension for the last 10 years and hope to pay off the mortgage by the time I'm 40. Not sure I'll ever retire if I can help it though. I plan to spend less and less time working until I get to a level where I can cover all bills, travel a lot and work when I have to.

Is taking up extreme wingsuit base jumping if I make it to 70 considered a good plan for retirement?

I've got nowt, and no prospect of getting a decent pension really - my only hope is that I'll have paid off my mortgage by then and that the police will never suspect the elderly of selling crack.

So for those of us in our twenties, working in the private sector, what do people reckon is the most sensible approach to saving for retirement? Every time I look at private pensions I come away with the impression I'd probably be better off stuffing cash under the mattress.

Looking at the state/cost of care of the elderly and how the graphs of life expectancy and quality of life seemed to cross a long time ago, I've already told my wife that provided I can afford a one way ticket to a Swiss clinic then there's no need for pension provision for the X years that medical science will be able to keep me alive for in the years to come beyond the point my body/mind are useful.

House will be paid off in under 10 years at current progress (currently 36) which will be a nest egg for the kids and via various private pensions there will be enough keep me in coke and hookers until I decide it's time for the one-way-trip-to-the-land-of-cuckoo-clocks-and-cheese.

Every time I look at private pensions I come away with the impression I'd probably be better off stuffing cash under the mattress.

I am a qualified pension person and that is absolutely the best plan possible.

I have now changed my plan, it mainly involves finding out where Lemonysam lives and looking under his mattress!

Aha! The jokes on you, I move house this week and got rid of my mattress yesterday. The cash is now in my biscuit tin.

The cash is now in [s]my biscuit tin[/s] landfill.

😆

So for those of us in our twenties, working in the private sector

HA, HA, HA - there will be no retirement for you, they'll work you until you die/dementia sets in/customers complain about your incontinence/it's all privatised!!!

EDIT: OH, private, ignore the above, I traded pubic.

OH, private, ignore the above, I traded pubic.

close...

just turned fiveoh.. the govts upped the age i can have a state pension till i m 68.. so cant count on that.. so i have a couple of small private pots circa 15kpa in total that i m going to take with lump sums at 55 and use the couple of terraces and bungalow that we have grossing 1800 pcm at the mo. to keep us ticking over.. planning on retirement full time to north yorks when im 60 mrs has a half decent company pension scheduled to give her 16k pa at 58 so if we spend little and live a little we should.. be okay..

shud have thought about this at 17 though my mate tom (50) left work two years ago with 4 times his basic salary as a lump sum and 2/3 final salary index linked for life..

My private pension statement came through the other day. I'll be getting about 1500 quid a year when I retire.

I shall live like a king!

My pension is with the big dog - Universities Superannunation Scheme. What that will look like in 30 years time God knows - hopefuly still here. We'd probably have bigger things to worry about than pensions if USS falls over, tbh.

British Rail/network rail final salary pension, 37 and been on since 16, will get out when I've paid my 40 years in.. Less than 10 years left on my mortgage too.

i've come to the conclusion that the only really good reason to pay into any pension scheme that you do not personnally manage is for the "minimisation" of your taxable liability. The actual pension scheme is pretty much just the same as a "high" rate bank account..........

I have a couple of pensions which may bring in a reasonable monthly amount. I also have two properties I rent out so that also gives me a reasonable monthly income. When I want to retire properly I will sell both properties.

My targets:

1)Pay off my mortgage in house I like
2)Build up pension pot (SIPP)
3)Hope that pension pot becomes enough to live on by the time I want to retire....

My dad worked all his life in the Royal Navy and for a hospital, paying into several pensions. My parents dreamed of retirement in Spain, then he died of Cancer at age 52. Nice! I have a pension of course but it makes you wonder.

My retirement plan is to ride my bike every single ****ing day, at dawn and then go to the pub for lunch!

I started paying into our company pension scheme when I was 18 (38 years ago) it was valuable beer money at the time, but I'm glad I did now, 2 more years till I finish paying in, and if anything happens to me (I've just finished a course of Chemo/Radiotherapy for cancer) the wife gets around £250k.

Self employed so no help from my employer. I'm putting any spare cash into an isa and paying off the mortgage. No idea if this is a 'good' plan.

My dad worked all his life in the Royal Navy and for a hospital, paying into several pensions. My parents dreamed of retirement in Spain, then he died of Cancer at age 52.

My worst nightmare..

43 mortgage free, private pension since 17, which is not worth as much as you would think.

Bit like kinda666 earlier with BR/Network final salary pension. I left 2.5 years ago at 51 and have enough to live on. Its great, off for a 2 or 3 day ride tomorrow!

Would have been tough if I had to pay for it all myself. I did save in share ISA's and bought a BTL house 14 years ago to help.

I have a private pension. I'm in my 40's with a sales manager job paying a half decent wage. My company matches my pension contributions, which i think are 6% of my salary. The company I work for provides access to a private pension adviser, and every 6 months I move money between different investment funds in my pension, to try to maximise the return.

I've been told that my current pension should be paying me about £30k per year when I retire, providing my fund makes a return of about 5-7% per year, which is what it makes most years. Achieving a decent growth means moving your money around from time to time, but I'm a total financial idiot, so if I can do it, anyone can (with help from the adviser of course).

39, renting, i do have 12/60ths final salary which i don't know what it will be when i need it. Plan this year is to buy a house, if i can get a bank to lend me the money, and sort out a new pension.

Hopefully that will be enough to [u]survive[/u] when i am older....

I'm lucky enough to have a final salary pension with work plus 3 others that I contributed since my 20's (I'm now 50) - also, after losing my parents I invested my inheritance in some valuable purchases. Wished I had bought property instead though!

My Dad was a tosser , but did make me take out a pension at 17 when i started work. TBH I would have been tens of thousands of pounds better off if i had paid a small amount more into a savings account as a deposit for a house . Probably could have got something mid eighties and cashed in on the ridiculous gains since then.

Got 20K with Scot Mutual, and 15K with Equitable life ( IL funds not GAR /With profit) Pay £90 a month into these. Took out the Equitable in 89 I think, Scot M in 87.

Worth bugger all , I think I will net about £100 a month when i retire, but with no mtg now can save alot more.

If your in your 20's your ****ed . Cant save for a deposit , rents are high , old folks living for longer so no nice inheritance coming your way , and any of that has been used up in long term care home fees anyway.

26, no pension, I've got 29 years left on my mortgage and I'm self employed. Retirement, lol.....we'll look back on that as a quaint thing of the past by the time I reach my sixties. Not saving anything-we currently have no kids and spend most of our disposable income. I guess things will change over the next decade for us, but I'm not worrying too much about what happens to me in the arse end of my life.

http://monevator.com/how-to-retirement-plan/

Bought a place in Alicante region year and half back but
certainly made me think how cheep it is to live there.

We have on property in London and about to finish the mortgage and rent that and then buy
another and convert/flatten the garage and build a 1 bedroom bungalow and
rent that out. to maximise on rental until parents want to move into it.

But looks like a move to Spain is on the cards as its cheaper and a better climate
and only 2hr 30 mins flight back to london

Police pension, which is going to end up being a mix of final salary and career average schemes. Should be enough to live off and mortgage will be paid off before then. Costing something like 13% a month though.

32 and nothing. That what working hard, getting educated and sacrificing fun get you. Yay!

This is just another dick slapping thread isn't it?

my dick is too small to slap.

Oh someone's ****ed up their finances and is going to be working till their dead.

Obviously have an NHS pension, though OT sure where that's going. Glad I was too busy (read:lazy) to buy added years....
Also have a stakeholder pension, which seems to bubble along on the back burner...will probably add the extra from what the added NHS years would have cost, into that, at some point.

My plan is to pop a bit of cash into houses - accept the tax liability from the 'extra income' (even if rent = mortgage, still ave to pay tax on anything above the interest payment), and after 25 or so years, they become yours, which then provide rental or lump sum income. Or I'll probably transfer them into current/future children's names so there's no tax to pay on rental income, and use that to fund their university....buy some student digs for them, and there's another cost sorted....

Or, buy a really fast bike, aim to get all my local KoMs, then die mashed up against a tree in a pile of sweaty lactate....

DrP

Just waiting for the oldies to die so I can retire...
Actually inheritance is a massive issue, with the Government wanting 40% after the first £325k. So if you're oldies are thinking of giving you a wedge when they kick the bucket, get them to do it now! If they give you the money within 7 years prior to their demise the rules still apply, so even more reason for them to share the love/cash ASAP!
You might not want to cut and paste this response in an e-mail to them though...

I thought I had mine sorted, I've got 16 years of pension paid into fire service at 300 a month, it's going up by about another 20 a month from this month and another 50 a month from next April, recent forecast has shown that despite having to now work an extra 6.5 years I will get around 1/4 of the lump Sum I was promised and less per month 🙁

What I've paid in is protected (if worth naff all can be deemed as protected) as long as I stay in the new scheme but if leave it I'm screwed and it appears they are trying to price us out of it , and the new scheme is actually only better than putting it under the bed if I survive past 87 years old .

Dog****

i'm paying into one of those public sector pensions, which means i'll be working till i'm 75, to get 4-tenths of f***-all.

If your in your 20's your ****ed

what about those in their 0's, 10's, and 30's?

oh yeah, they're screwed too.

Bloke who lives over the road from me was a very successful professional photographer, retired at 45 with three houses owned outright, one he lives in and two he rents out. Travels the world for half the year, the other half he comes back and potters around on his allotment and does a bit of odd jobing (inc helping me dig the Workshop foundations). Nice life if you can get it!

Decent company pension (I pay 3%, they pay 22%), company share scheme (currently buy 1 get 3), a flat to rent out once we find somewhere else to live, and wife with a final salary scheme. I don't expect to be retiring early, but it should at least be comfortable.

I'd really like some advice on what's the best option...overpay your mortgae or pay into pension ?

i'm paying into one of those public sector pensions, which means i'll be working till i'm 75, to get 4-tenths of f***-all.

Really?

Firestarter

Whats your % contribution to the scheme compared with your employers?

They planned for retirement in very early stages and started to save money for future rather to spend today

they're called Germans.

Pissing everything you have, and more, up the wall on consumerist tat is the British way. It's what Thatcher would have wanted 😉

surfer - Member

i'm paying into one of those public sector pensions, which means i'll be working till i'm 75, to get 4-tenths of f***-all.

Really?

right now, my retirement age is 70, i think ? - which is irrelevant, it keeps changing, and changing in an upwards direction. It started off being based on Xyears service divided by 60, but now it's 80, and soon it'll be 100

so yes, really.

(as someone else says up there ^, it seems as though there's an effort being made to price us out of it)

D28boy - Member

I'd really like some advice on what's the best option...overpay your mortgae or pay into pension ?

save up a bit, and for your 60th birthday buy a superbike and a DNR tattoo.

right now, my retirement age is 70, i think ? - which is irrelevant, it keeps changing, and changing in an upwards direction.

I understood the state pension age is 68. How do you calculate 70? Of course you can continue to work after this date as long as your employer has no objection.
Unless you mean you are estimating an income and have projected a date to achieve it?
I assume it is a final salary scheme from your edit?

I'm comfortably on track to leave the country by the age of 50, buy a nice house in rural France with some gites to rent out and a fishing lake where I can spend the rest of my days quite happily catching large carp, eating cheese and drinking wine (aka, living the dream).

17 years to go...

D28boy - Member

I'd really like some advice on what's the best option...overpay your mortgae or pay into pension ?

save up a bit, and for your 60th birthday buy a superbike and a DNR tattoo.

Thanx most helpful....Not

The answer is "it depends"

If your employer is willing to match or beat your contributions then even a relatively bad pension is good value given it is a tax free investment, even one of those terrible public sector ones 🙄
If you have no matching contributions then an ISA may be better as it provides guaranteed tax free income later and if you are fortunate enough to earn income in your retirement over the tax threshold then you can have an income from this untouched.

I dont expect a large income in retirement but I have several pensions, one of which which give a nice income from a final salary scheme.
I intend to take a chunk out at 55 to reinvest in a way that gives me tax free income when I retire late.
I also have some ISA investment in various cash and investments.
I havent beat myself up paying off my mortgage and at this rate it will be paid off comfortably in less than ten years. The house is worth a reasonable amount and is a nice size.
I have spent the last 15+ years bringing two kids up and hopefully will be supporting them through university. We have also had as many skiing/summer/camping/w/ends away as I can fit in based on the understanding that "I will be a long time dead"

Hope to have enough to live on and retire about 65. A bit earlier would be nice.

Private pension with company contributions, not final salary. I'll be quite poor if I get old. But based on my family track-record, I wont make it to retirement age, so the pension is just insurance in case I do.

i'm not sure exactly what my plan is...

i'm 30 and self-employed. never had an employers pension, but my old man and his brother have always told/encouraged me to save, so i did. have got about 60K in savings, about 50/50 pension/savings (ISA).

folks have already given their house over to my sister and me.

sounds bad, but as and when mum and dad pop thier clogs my sister and i will get a decent lump sum each (assuming my sister doesn't start having babies and therefore her brood getting more 🙂 ). same for the GF. her folks have their own place.

one thing that am i sure of though.... i will not be working till i'm 65 and i will not be kicking around northern europe during my retirement - far too cold and not sure i want to be forking out X-thousand a year on heating bills.

I'm 40, I started paying into our company scheme when I was 35, probably far too late but they do put in the same as me (5% each) so at least i'll end up with double what I put in!

We have a huge scary Mortgage at the moment (£240k - runs until i'm 70!) but it is just a temporary measure as we needed to raise some funds to develop, and add value to our house.
Next year we'll re-mortgage and shorten the terms. We'll keep doing the same, and try to overpay a little bit aswell.
I'll be early 50's when my kids leave school so would like to be in a position to help them out if I can.

My wife is a teacher, and although her pension won't be anywhere near as good as she thought it would be when she started, between us we should be OK when we retire.
I'd like to pack in work when i'm 62 (if not earlier) as my wife is 2.5 years younger, and I don't want her to have to work passed 60.
My parents don't own a house, and my in-laws are unlikely to leave us very much (long story) so it is down to us to look after ourselves.

Personally I've never got the idea of working towards the pension finish line in life. There is so much life to be lived before you get old.

I've never paid into a pension plan.
Aim to keep investing in and building my business. Get it to the place where the work life balance is favourable.
In time I hope to not so much retire, but keep working. But work in a way that suits me.

As someone who gets bored approximately 17.39 seconds after finishing doing something previously, retirement sounds like Hell!! 😉

surfer - Member

I understood the state pension age is 68. How do you calculate 70?

it seems to change (upwards) every 5 minutes, it's 68 now, will it still be 68 in ... er ... 33 years? - i doubt it.

I assume it is a final salary scheme from your edit?

it was, not any more.

Surfer currently I pay 13.2 and they pay 13.8 but as of next year I'll pay 15 and they will pay 12, tho they have also explained that depending on the pull out rate of members in the new scheme then our payments may well have to go up but theirs will never increase,

I can currently withdraw to a different scheme and my current cash figure is 106k. But I'm led to believe altho ours has gone to the dogs their isn't much better out there, but much more increases and I'll have to jack it I'm anyway 🙁

Having started this thread, it's kinda reassuring to hear a range of 'plans' or not ... I sometimes think I have a plan for me and my family, and then realise I don't really know what I'm on about, so ignore it. But based on this thread, we're worse planned than some, and maybe a wee bit better than some (assuming gov't doesn't make drastic changes on tax, pensions, properties, inheritance etc). Makes me feel a bit better 😯

I have got to 55 retirement final salary but have good easy job offer so I intend carrying on working for a bit longer. Will get some more pension and state pension at 66. Enjoy the work and its easy money really. Dont think there is any one answer to this but not having a plan is planning to fail.

40 here. current plan is to put as much as I need to into the company pension to maximise the company contribution (me 6% + 7% from them) and not a penny more.
any spare cash goes on mortgage reduction with the aim of paying that off as soon as possible.

god knows when ill retire, wife is a teacher but after a number of years part time she isnt going to get a fortune (unless she goes full again). We wont be minted but as long as we are mortgage free it should be okay.