You don’t need your friends to be retired as I’ve lots of friends who have no issue finding time to do stuff when in work. Depends more on the journey your career takes I feel and if you are able to control when and how you work. I’ve a few mates who retired from 30’s onwards.
How much do you need for comfortable existence in retirement.
- Thread starter newbiejim
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Oh **** off with this nonsense. There's enough off it in the GPU subforum.
Gambling on crypto is gambling, and anyone who bets their future prosperity on Bitcoin is an idiot.
Sorry, back to the more sensible discussion
I’m sure at some point in your life an investment plan or pension fund you have will own bitcoin. You will be exposed to it in some way
Soldato
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Index funds as a body of future investment is also the same. Accept blockchain will become a standard for many things, it's just a matter of time.
You can call people idiots all you want, but it just shows ignorance more than anything. How are you retirement plans going?
Man of Honour
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That's not a problem really, in reality a lot of my friends are spread around the world - so it's not as if I get to physically hang out with them that often. I still have a reasonable number in the UK, but again, I don't "hang out" with them that regularly - family comes first (I'd choose spending time with my wife and kids over necessarily a night out with friends), then work takes up a lot of my time too. I don't have that many close friends, maybe a few dozen that's about it. The rest are more "acquaintances" or nice people I see from time to time. Most of our social circle are based around our children's friends and their parents.
Also, as you age, you make new friends on the journey of life - in fact I make new friends nearly every year - sure they wouldn't be life long friends, but it would be very unlikely for me to have no one to be around.
Just because other people aren't retired, it doesn't preclude friendships from thriving or making new friends either. Having more time to myself is something I'd love. I do a lot of volunteering now, spend all my time with my kids (which I love, why have children if you don't spend time with them?), and work. I'd love to focus on more of my hobbies, and spend more time learning and so on - so for me retirement is a time I can do a bit of "me" time.
I'm not suggesting your challenge is wrong, but your theory doesn't apply to me, then again everyone's circumstances are completely different, applying a unilateral rule or statement is unwise. Though I appreciate what you're saying, however they are based off your values, behaviours and your own circumstances.
I would have zero trouble filling my days with hobbies, seeing friends, DIY, travelling, gardening, voluntary work etc.
I find it weird when people don't have hobbies or things they like to do outside of watching TV and seeing friends.
I find it weird when people don't have hobbies or things they like to do outside of watching TV and seeing friends.
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Unfortunately his dad was given a clean bill of health for another year
Caporegime
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He's planning on outliving his parents to finally own a home. His retirement should be fine given he's had zero rent, council tax or utilities to pay his whole life
Caporegime
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Unfortunately his dad was given a clean bill of health for another year
Lmao
The guy I quoted basically said, "Look at Bitcoin for massive returns." Not blockchain. Bitcoin. In return I said anyone who gambles their future prosperity on Bitcoin is an idiot. People have already done this and lost their life savings, btw.
Now I don't like any crypto, but Bitcoin esp has seen many, many people make losses of many thousands of pounds.
Investing directly into Bitcoin is a particularly risky gamble and many people including notable investors would say/have said not to do it. You never know if you're "buying the dip" or "buying the crash". Bitcoin is massively volatile. It's lost thousands in the last couple days alone. Regulation is coming, it's actively in the works right now.
Whole countries have decided to ban it or aspects of it. Most recently, Sweden has asked the entire EU to ban Bitcoin mining. This thing isn't exactly "legit".
Anyway, there's a whole sodding crypto forum for this nonsense, so please don't evangelise crypto and Bitcoin everywhere else. Thanks.
Soldato
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I`m 61 in December, acutely aware of the egg timer running down
In short, how much per month would give a comfortable/non breadline existence (assuming no indulgent foreign holidays, pretty much just a regular existence, no mortgage to pay & circa £400 a month static outgoings.
My current thinking is £1500 a month, which is achievable for me. Is this reasonable?
did a quick search and found:
"For the average single in the UK, £20,200 per year will be enough to live a moderate lifestyle during retirement or £33,000 to live comfortably."
i've had a pension for quite a few years but never added anything other than the minimum required amount. have now started putting more into it in the hopes i can get to a moderate lifestyle retirement.
Soldato
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You literally have no idea what you're talking about.
Soldato
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Really? Anything in particular you disagree with? I thought a lot of what @FoxEye said was common sense especially when it comes to people risking their savings trying to make a quick buck on crypto.
Do you want me to carry on? I could talk about how the completely unregulated (at this time) crypto markets are rife with wash trading, spoofing, etc. Activities that were rife on stock markets until they regulated to make them illegal.
I could talk about Paulo's Tether Printer that props up the price of Bitcoin with completely unbacked "stablecoins". How they keep failing to complete their audits as mandated by the NYAG and others. How they went from saying Tether is backed 1:1 by USD to now saying it's about 7% backed by USD, and the rest is ??? How there is insufficient liquidity for everybody who owns crypto to convert back to fiat, and how a rush on crypto would lead to many people losing everything.
Etc, etc.
I could point to all the Reddit groups for trading communities and legal and tech communities that have repeatedly debunked Bitcoin as a Ponzi and a scam...
But I know crypto bros would ignore all of that, because it's part Ponzi part cult at this point.
Buyer beware.
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To be fair to FoxEye, I think his general analysis is pretty fair. Until it is state-backed then bitcoin is always going to be a very risky pension investment...
Soldato
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All of it.
Those looking to make a "quick buck" and buy and then prematurely sell, will lose money. If your index fund drops 25% in a year you'd not sell, it's a longterm investment vehicle for me.
The fact is, if you bought at any point in any year from 2012 - 2021, you'd be up significantly. There are 21m BTC in the world, that's it. I'm not saying people haven't lost money, but people lose money all the time investing poorly. That's not the fault of the vehicle, it's the people.
El Salvador has made it their currency for the country. More people have BTC wallets than bank accounts. The mayor of Miami is taking his salary in BTC. He's allowing residents to pay their taxes in BTC as well. The New York mayor is taking his salary in BTC as well. But yea, it's being "banned by countries".
Blockchain creates more transparency. It's not there but it's coming. It cuts out the greedy companies taking huge profits from customers.
There is a lot of ****. There are a lot of scammy projects. There is a lot of risk in some projects.
Would I put all my pension/ future and current investments into any crypto? Of course not. Would I have it as a part of it? Hell yes I would. I think you'd be remiss not to at this point. I have money across many investment vehicles and continue to strive to diversify as much as possible. That spreads a lot of risk. But pensions aren't guaranteed at all... My dad has a Carrillion pension (was supposed to be very good) but they went under and took the pension with it. The one vehicle he relied on to retire as low risk and now the government is who pays his pension, and it's not what it was, it's a small part as compensation.
Diversification of your retirement investments is key. Nothing is guaranteed. Other than your death.
Bitcoin is one of the most solid of crypto offerings. There are a lot more volatile. Those people, if they bought at any point in the past and still had it, would not have made any losses at all. The contrary.
Those looking to make a "quick buck" and buy and then prematurely sell, will lose money. If your index fund drops 25% in a year you'd not sell, it's a longterm investment vehicle for me.
The fact is, if you bought at any point in any year from 2012 - 2021, you'd be up significantly. There are 21m BTC in the world, that's it. I'm not saying people haven't lost money, but people lose money all the time investing poorly. That's not the fault of the vehicle, it's the people.
Wrong. Mining is being banned in the way it's done from an environmental point of view. This is also a bit ridiculous as the printing and manufacturing of money yearly produces way more carbon than BTC mining, but whatever, make it cleaner, sure. That's what the issue is. Countries are NOT banning the use. The opposite.
El Salvador has made it their currency for the country. More people have BTC wallets than bank accounts. The mayor of Miami is taking his salary in BTC. He's allowing residents to pay their taxes in BTC as well. The New York mayor is taking his salary in BTC as well. But yea, it's being "banned by countries".
How much do you understand the current financial system? Talk about trading, look at how many stock holdings the US government has right now.
Blockchain creates more transparency. It's not there but it's coming. It cuts out the greedy companies taking huge profits from customers.
There is a lot of ****. There are a lot of scammy projects. There is a lot of risk in some projects.
Would I put all my pension/ future and current investments into any crypto? Of course not. Would I have it as a part of it? Hell yes I would. I think you'd be remiss not to at this point. I have money across many investment vehicles and continue to strive to diversify as much as possible. That spreads a lot of risk. But pensions aren't guaranteed at all... My dad has a Carrillion pension (was supposed to be very good) but they went under and took the pension with it. The one vehicle he relied on to retire as low risk and now the government is who pays his pension, and it's not what it was, it's a small part as compensation.
Diversification of your retirement investments is key. Nothing is guaranteed. Other than your death.
@randomshenans We will literally not agree on anything and I think the thread has been derailed enough. People who want to look into Bitcoin should be aware that there are two sides to the story. The evangelists and the people saying, "Look a bit harder beneath the surface and see if it's really something you want to involve yourself with."
And yes, there are some high-profile evangelists like the Mayor of NYC. There are also high-profile investors and others saying, "Stay the hell away from that!"
And yes, there are some high-profile evangelists like the Mayor of NYC. There are also high-profile investors and others saying, "Stay the hell away from that!"
Soldato
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Enjoy retirement
Well, depending on how old you are that is very doable, especially as pretty much half of that 'moderate' figure will come from the state pension.
I'm a man of simple pleasures and I don't think I'll need a fortune to enjoy my retirement - if I ever get to retire.Enjoy retirement
I don't feel the need to take big risks for big potential rewards. That's just me.
I also think most of us are going to have to get used with being happy with less in future. I don't see how we can square the need for massively reduced environmental impact with the same level of consumerism, waste and over-indulgence we all enjoy (?) today.