Who's got a good plan for retirement / pension?
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…..Posted 4 years agofranksinatraSubscriber
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)Posted 4 years agobhmartinMember
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.Posted 4 years agoMrGrimMember
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.Posted 4 years agogrumMember
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.Posted 4 years ago
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.Posted 4 years agobristolbikerMember
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.Posted 4 years agofranksinatraSubscriber
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!Posted 4 years agoqwertyMember
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.Posted 4 years agototalshellSubscriber
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..Posted 4 years agoAusMember
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!Posted 4 years agomaxtorqueMember
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……….Posted 4 years agojekkylMember
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!Posted 4 years agoDibbsMember
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.Posted 4 years agoflipMember
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.Posted 4 years agoBlackhoundSubscriber
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.Posted 4 years agojohnheSubscriber
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).Posted 4 years ago
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