Financial Planning for Retirement - where are you?

Don't earn enough to put anything much aside for a pension. When living with a partner and you're both working these are things you can afford. As a singleton, keeping a couple of k in the bank for an emergency is about all I can stretch to.
I don't have much of a social life as it is, so I'm not ******* my earnings away on booze. I'm ******* it away on things like keeping a roof over my head and the heating on this winter.

I kindof think that by the time I'm old enough to retire the world ain't going to be a place I'll want to have much to do with anyway.
 
D.P. said:
Does this include all financial assets such as savings, ISAs, pensions, stocks, equity in houses and property?

IF so I am well on track, if it is savings sat in an account somewhere then I'm at about half net salary.
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Only those you're planning to sell when retired obviously, otherwise you have no way of releasing that equity.
 
I'm retired (age 36) and my income is £18k a year approx depending on share yield, dividends etc. This is roughly 40% of what I earnt prior to retiring and the investment pot is approx £225k with a yield of around 8% a year. Happy with that.

Currently doing a BSc (Hons) degree in Interactive Media Desgn.
 
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Why are you class yourself as retired aged 36 with an income like that? :confused:

Surely you are unemployed (i dont mean that negatively, but as a definition), not retired.
 
Jez said:
Why are you class yourself as retired aged 36 with an income like that? :confused:

Surely you are unemployed (i dont mean that negatively, but as a definition), not retired.
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Why shouldn't he? If his income from investments or whatever covers his living expenses such that he doesn't have to work to service them and thus dosent, he's retired.

I plan on saving nothing - the state can look after me.
 
amigafan2003 said:
I'm retired (age 36) and my income is £18k a year approx depending on share yield, dividends etc. This is roughly 40% of what I earnt prior to retiring and the investment pot is approx £225k with a yield of around 8% a year. Happy with that.

Currently doing a BSc (Hons) degree in Interactive Media Desgn.
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It's your life but I think it is insane retiring on that income.
 
34 and not even started paying into one yet! :-/ bar 6 months when I was made redundant I've worked none stop since I turned 16 but never really thought about it until now.
 
platypus said:
What you actually mean is that the ageing and increasing population means it's no longer possible to sustain these incredibley generous pensions. Your investment could go up as well as down.

Being in the public sector does not make you special. And it sure as hell should not make you immune to the market conditions that affect the rest of us.
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This is not always the case.
Certainly not with the current batch of pensions.
Some of us have always been on reasonable contribution, average salary schemes, which covered themselves in the past and will continue to do so, but we've seen our rates increase.
Others, also in the public sector, were on zero % contribution or 1% contribution final salary schemes. These were always abundantly lathered in insane madness, and should never have seen the light of day, but I bet NONE of them are yet paying 13.5% or more in contributions for an average salary scheme.

Not all schemes were the same.
 
Jez said:
Why are you class yourself as retired aged 36 with an income like that? :confused:

Surely you are unemployed (i dont mean that negatively, but as a definition), not retired.
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Nope - retired - as in never intending nor never needing to work again for financial reasons. £18k is more than adequate with no mortgage and no debts. a lot of people don't even earn £18k a year when in employment and manage just fine. Plus when I get to 60 I can draw on my workplace pension (which is another £6k) then there is the state pension @ 68 (or whetever they change it to) so that's another £8k. So, without adjusting for inflation, I'll be drawing £35k at least at state pension age - should be more than that though as the investment pot grows over time (I'm not drawing down 100% of the return) and whatever equity release scheme on my house brings in.

mpledge52 said:
Only those you're planning to sell when retired obviously, otherwise you have no way of releasing that equity.
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http://www.which.co.uk/money/retirement/guides/equity-release-explained/
 
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panthro said:
Agreed; when you go from earning a good wage, to earning a fraction of it suddenly, no matter what stage of life you are at, it would take a lot of adjustment, which is a position I don't want to find myself in.
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Happened to me twice and it's horrible, things are good at present but i am well aware these dark days can show up again.
I mention a few times to the swag heads on here who gloat about their smart jobs and wealth that you are not untouchable in life.

:)
 
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