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

Prompted by jondoh’s thread below, I often worry that I have no pension or big plan for future retirement. I’m mid 40’s and consciously paying off the mortgage to reduce debt down. Beyond that…?

So who’s got
(a) a pension they’ve confidence in or
(b) a foolproof retirement plan

and when did you start it (hoping I haven’t missed the boat!

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 my biscuit tin 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 **** 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).