Yeah, my lot double my contribution.
I’m hoping to retire at 60. Would love to move to Cornwall.
Yeah, my lot double my contribution.
Don't use it to pay uni fees (if the same system is still in place). I don't know which government set up this system, but a vast amount of it won't ever be paid directly by the students. They store up the debt, then only pay any back if their earnings go over a threshold. After 30 years it's written off, presumably the taxpayer will have to cover it (so all taxpayers, not just students).Mr. Dazzle wrote: ↑Mon Feb 01, 2021 9:57 pmIt should hopefully be kncoking on the door of £100k by the time she's 21.Asian Boss wrote: ↑Mon Feb 01, 2021 9:25 pm
On another note I also need to find £100-200k to put the kids through university,
If she turns out to be a goodun' she'll get a nice surprise.
I don't know where those numbers are worked from, but if I can put £170k into a pot now and then take a guaranteed £25k a year upon retirement, then show me where to sign up and I'll do it now and relax.
Yes...i know. How do you think I know?Horse wrote: ↑Mon Feb 01, 2021 10:57 pm Don't use it to pay uni fees (if the same system is still in place). I don't know which government set up this system, but a vast amount of it won't ever be paid directly by the students. They store up the debt, then only pay any back if their earnings go over a threshold. After 30 years it's written off, presumably the taxpayer will have to cover it (so all taxpayers, not just students).
That's essentially what a SIPP is, and what every company pension I've had is bar one....the remaining one is a gold plated final salary scheme.
Absolutely. Mine is certainly more than 'not much' it's also the only reason i'll be able to ever retire lol.Mr. Dazzle wrote: ↑Tue Feb 02, 2021 7:25 am I dunno why people are saying employer pensions are not worth much, my experience is very different. Employers at least match your savings if not more and you get tax relief on what you pay in. Massively better deal than just saving your own cash.
It will hopefully work out well. At the moment, I’m contributing about a bag a month so that’s mid 30k a year. I’ve had a pension since I was 21 with the NHS ( although not making those contributions all that time!).
I'd be happy enough stacking shelves in Tescos a couple of days a week.Yambo wrote: ↑Tue Feb 02, 2021 7:02 am
However, this Toxic Elderly person hopes all your pension wishes come true. Just remember, when you do eventually retire, you might want a hobby or two to see you through the day (not too expensive ones though), or of course a little job stacking shelves in Tesco's.
Great if you can get it, I'm just saying mine aren't worth much, by the time I am eligible for them they'll have been sitting there for thirty years and I'm not sure it was the best place for my money to sit.Mr. Dazzle wrote: ↑Tue Feb 02, 2021 7:25 am
Employer schemes may not be worth what they were in the final salary scheme days, but they're not affordable now. I dunno why people are saying employer pensions are not worth much, my experience is very different. Employers at least match your savings if not more and you get tax relief on what you pay in. Massively better deal than just saving your own cash.
When people were TUPED over from the NHS to the private sector in the early PPP days the private sector employer pension contribution was about 40% of their salary to maintain the same end pension payments, just the pension contribution bill alone was monstrous, obviously all recharged to the tax payer. Something often missed when people complain about PPP expenses.Docca wrote: ↑Tue Feb 02, 2021 7:34 am It will hopefully work out well. At the moment, I’m contributing about a bag a month so that’s mid 30k a year. I’ve had a pension since I was 21 with the NHS ( although not making those contributions all that time!).
I have to sign something this year and I’ll avoid paying something on account of I’m a clinician. I’m not sure how much or what that something is, I just saw ‘avoid’ so it’s getting signed
I'm really not sure what that aspect will bring but it was mentioned by Mrs Weeksy last night too. "what exactly are you going to do when you retire" and it's really a very good Qn. Summer, i know i'll have an e-bike and motorbike, they'll take up a chunk of the time, cruising round and enjoying it. But there's obviously a chunk of time where i've got bugger all to do other than sit on the sofa.Potter wrote: ↑Tue Feb 02, 2021 7:37 amI'd be happy enough stacking shelves in Tescos a couple of days a week.Yambo wrote: ↑Tue Feb 02, 2021 7:02 am
However, this Toxic Elderly person hopes all your pension wishes come true. Just remember, when you do eventually retire, you might want a hobby or two to see you through the day (not too expensive ones though), or of course a little job stacking shelves in Tesco's.
If I didn't have to then that would be great, but there are a lot worse situations to end up in.
Ultimately, if you have a half decent house paid for and you've got enough income to feed yourself and stay warm then you're doing better than many. If, on top of that, you've got some ace memories of having it large when you were young enough to enjoy life then you're probably doing better than most.
I suppose you don't know until you get there, to retirement I mean.weeksy wrote: ↑Tue Feb 02, 2021 7:57 am
I'm really not sure what that aspect will bring but it was mentioned by Mrs Weeksy last night too. "what exactly are you going to do when you retire" and it's really a very good Qn. Summer, i know i'll have an e-bike and motorbike, they'll take up a chunk of the time, cruising round and enjoying it. But there's obviously a chunk of time where i've got bugger all to do other than sit on the sofa.
There's thoughts of doing a Yorick type scenario, but Mrs Weeksy ain't fancying it and i can't see it being right for one of us to want to hit distant shores and one not, although i may be able to persuade her into a small place in Burgundy. But again, it's a question of "what do you do to pass the time". I'm seeing it as a small bicycle/motorbike business of some description, be that buying and selling or polishing and cleaning then buying and selling, i am not quite sure yet. But i don't see it being Tescos. Restoring 1990s bikes and 2000s bikes in 10 years time, i do see how there could be a market in that, so maybe that'll be the road to go down.
If we were to make something like Burgundy happen then it'd be things like guided bicycle tours on ebike of the vineyards, maybe doing 'FLASH' type biker haven tours/accomodation. That'd keep me busy i think, well, hopefully. I could do a weekend tour and a trip to Magny Cours, some of the roads round there are absolutely epic and property prices would mean i could stick another £200k into the pension fund instead. The more i think about it, the more viable it seems.
I hear you, but the problem is that Mrs Weeksy wants 'seasons'. I'll sit here without the benefit of foresight and say, i don't. But it could be one of those things you never really know until it happens, maybe i'd miss the greenery and the seasons if i lived on one of your islands, maybe the blackness of the terrain would drag me down, but you know something, i don't think it would actually. I think i'd be fine with it and happy doing the same sort of thing there of running bicycle trips and tours around some/all of them, maybe even a bit of island hopping trips with e-bikes and lunch on another island, then back for the evening...
Absolutely.... i don't believe i've held back at this stage, i've done my best and lived my pleasures as much as realistic within what i have available financially (and not ! )Potter wrote: ↑Tue Feb 02, 2021 8:09 amI suppose you don't know until you get there, to retirement I mean.weeksy wrote: ↑Tue Feb 02, 2021 7:57 am
I'm really not sure what that aspect will bring but it was mentioned by Mrs Weeksy last night too. "what exactly are you going to do when you retire" and it's really a very good Qn. Summer, i know i'll have an e-bike and motorbike, they'll take up a chunk of the time, cruising round and enjoying it. But there's obviously a chunk of time where i've got bugger all to do other than sit on the sofa.
There's thoughts of doing a Yorick type scenario, but Mrs Weeksy ain't fancying it and i can't see it being right for one of us to want to hit distant shores and one not, although i may be able to persuade her into a small place in Burgundy. But again, it's a question of "what do you do to pass the time". I'm seeing it as a small bicycle/motorbike business of some description, be that buying and selling or polishing and cleaning then buying and selling, i am not quite sure yet. But i don't see it being Tescos. Restoring 1990s bikes and 2000s bikes in 10 years time, i do see how there could be a market in that, so maybe that'll be the road to go down.
If we were to make something like Burgundy happen then it'd be things like guided bicycle tours on ebike of the vineyards, maybe doing 'FLASH' type biker haven tours/accomodation. That'd keep me busy i think, well, hopefully. I could do a weekend tour and a trip to Magny Cours, some of the roads round there are absolutely epic and property prices would mean i could stick another £200k into the pension fund instead. The more i think about it, the more viable it seems.
I've always had a plan of mainly living for today and so far I'm still happy with it.
I've never fancied living three-quarters of a life for sixty years on the strength of being able to go on a couple of extra holidays a year when I'm over sixty.
It would obviously be reckless to rock up at sixty without a pot to piss in, but I've known a fair few old people in my time and I never heard one of them genuinely regret not making more sacrifice when they were younger just so they had more money today, most (if not all) have wished they'd have lived a bit more when they could.
You have to have a workplace pension scheme for all employees now in the UK, although I'll grant thats a fairly recent law change.Potter wrote: ↑Tue Feb 02, 2021 7:45 am
Great if you can get it, I'm just saying mine aren't worth much, by the time I am eligible for them they'll have been sitting there for thirty years and I'm not sure it was the best place for my money to sit.