Planning for Retirement

Efour · 20 Feb 2021 at 10:26

My new outlook is to save till im 65 if i make it that far then yolo it all on red or black or some short stock, if they still exist.

that way i can live comfortably or just kill myself.

Uther · 20 Feb 2021 at 10:39

Efour said:
My new outlook is to save till im 65 if i make it that far then yolo it all on red or black or some short stock, if they still exist.

that way i can live comfortably or just kill myself.

Don't they have a decent scheme in Sweden?

Bonjour · 20 Feb 2021 at 10:59

42. I've been paying into a local government pension scheme for 20+ years. Projected pension currently of around £30k/Yr plus a lump sum.

Mortgage will be paid off in about 13 years, so hoping to take early retirement then. Or at least semi-retirement.

Puzzled · 20 Feb 2021 at 11:04

Wonder if Covid has changed anyone's plans retirement wise, how something can just come out of nowhere and turn everything upside down. There have never been any guarantees that you'll make it to retirement age but events like this can change peoples perspective.

Who's going to cash in the pension early and buy a speedboat?

On other hand it might make you more cautious, people suffering with long covid and no savings / retirements funds could be completely screwed if they can't get back to work. Plus all those that have lost their jobs / businesses, going to be a lot of longterm plans that have gone out the window.

ivrytwr3 · 20 Feb 2021 at 11:08

Bonjour said:
42. I've been paying into a local government pension scheme for 20+ years. Projected pension currently of around £30k/Yr plus a lump sum.

Mortgage will be paid off in about 13 years, so hoping to take early retirement then. Or at least semi-retirement.

What age can you take that amount of pension? £30k pension? I would be gone as soon as that was payable

Efour · 20 Feb 2021 at 11:10

Uther said:
Don't they have a decent scheme in Sweden?

Probably. No idea if ill still be here in 30 years though.

Bonjour · 20 Feb 2021 at 11:13

ivrytwr3 said:
What age can you take that amount of pension? £30k pension? I would be gone as soon as that was payable

That's projected at retirement age, so 67. I'd like to retire a little before that probably, though.

LeeUK · 20 Feb 2021 at 11:40

As someone said above it's not always about saving for retirement but saving so you don't have to work. I'll never earn mega bucks to enable me to retire a rich pensioner in my early 50s, but what I would like to do is have enough saved by then so I can work less e.g. part time.

Mellowfellow · 20 Feb 2021 at 12:08

I have been hoping that I can retire to Ireland as I have family living there, best way to do it would be get a mortgage , pay it off over the years , sell the place and buy a place over there as they are cheaper on average and don't have a lot of jobs in that part of the country , I'll just have my state pension and whatever company or private pensions I have by then to live on .

Mellowfellow · 20 Feb 2021 at 12:21

LeeUK said:
I have a pension of 6 years from a previous employer and I recently went to transfer it to PensionBee. Got a letter from the current provider of the pension saying it was worth £xxx but if I carry out the transfer to PensionBee it will be worth just over half that amount. I'm just not clued up on pensions or what it means so I just cancelled the transfer and left it with the current provider.

Ive set up a Pension Bee account and was thinking of tracing all previous employments pensions and putting into it as I have a few that aren't really worth much . For some reason I cannot put my current employers pension into it while still paying in but I might ask the provider as it's not the employer themselves but a separate scheme .
You can also , as I have done , set up a certain amount to pay into direct debit for pension bee separately .

ivrytwr3 · 20 Feb 2021 at 12:33

Bonjour said:
That's projected at retirement age, so 67. I'd like to retire a little before that probably, though.

Ah! are you able to take earlier albeit with reduced pension?

I don't want to be working until 67, you also have to be healthy enough to enjoy the £££'s. My dad enjoyed his life, but really just enjoyed a meal out, a pint in the local WMC and one holiday a year - he died leaving a lot of cash in a bank account!

alexakasloth · 22 Feb 2021 at 13:17

I didn't take much interest in pensions in my early 20's, contributed a small amount into a workplace scheme but that was about it. A decade on, my current employers pension makes up for it though (1/47th DB) and I have started investing in my own as of last year.

AndyT · 22 Feb 2021 at 13:56

I've been looking at this recently myself too... The amount you need to invest is pretty alarming and something certainly worth reminding yourself of on a semi-regular basis. The AVIVA planner is nice and user-friendly.

https://www.direct.aviva.co.uk/myfuture/RetirementPlanner/AboutYou

I hope to work to around 60 (37 now) and try to go contracting or part-time consulting like many of the other grey-haired wisened old beardies in engineering.

"How's this supposed to work? Where's Barry, he'd know? Get him on the phone."
"He's retired"
"What do you mean he's retired? He's not allowed. Get him back part-time for twice what we used to pay him".

"....Hello, Barry speaking...... Ah... I was waiting for your call.... Yes, yes of course, that sounds very reasonable, see you next Tuesday."

Sharkhouse · 22 Feb 2021 at 14:01

27. Maximising my payments into my stocks and shares LISA for now. With 0 going into a work place pension. I'd prefer to manage it myself but have been told that's stupid before.
I was lucky enough to have some financially wise friends who prompted me to get started at 26. I know of some people who have been prepping since 18 but they were born into wealth and will be fine either way.
Still got a lot of learning to do but a long time to do it. Personally I'm aiming for a form of FIRE, preferably fat but I still got to come up with that profitable idea haha

Sharkhouse · 22 Feb 2021 at 14:03

Arsonist said:
Ultimately you need to focus on either compound interest in a good pension pot, or assets that have a certain guarantee of inflation.

Where is it even possible to find compound interest anymore?

dlockers · 22 Feb 2021 at 14:10

Sharkhouse said:
Where is it even possible to find compound interest anymore?

What?

Sharkhouse · 22 Feb 2021 at 14:12

dLockers said:
What?

I misread, my b

Martynt74 · 22 Feb 2021 at 14:22

Sharkhouse said:
27. Maximising my payments into my stocks and shares LISA for now. With 0 going into a work place pension. I'd prefer to manage it myself but have been told that's stupid before.
I was lucky enough to have some financially wise friends who prompted me to get started at 26. I know of some people who have been prepping since 18 but they were born into wealth and will be fine either way.
Still got a lot of learning to do but a long time to do it. Personally I'm aiming for a form of FIRE, preferably fat but I still got to come up with that profitable idea haha

That does seem foolish as you're missing the employers contributions.

I pay into my work one, and then transfer a balance out to my SIPP when it reaches a certain level as like you i prefer to keep a closer eye on it.

SaBBz · 22 Feb 2021 at 14:24

To ‘dodge’ the 40% tax band, I’m currently putting 28% into my pension, whilst my employer puts in 16%. Hopefully this puts me in good stead for the future, but I’ve seen some talk recently about a 20% tax cap on the reduction for pension contributions.

Martynt74 · 22 Feb 2021 at 14:25

SaBBz said:
To ‘dodge’ the 40% tax band, I’m currently putting 28% into my pension, whilst my employer puts in 16%. Hopefully this puts me in good stead for the future, but I’ve seen some talk recently about a 20% tax cap on the reduction for pension contributions.

Must say that i get jealous of some employer contributions in this thread. I get 5%