Financial Planning for Retirement - where are you?

I put in 7%, company puts in 14%, should have about 10x my current salary when I retire.

Probably have a lot more than that when I get mortgage free in a few years time.
 
Mr Badger said:
Unfortunately that's not necessarily true. Personally I would always rather have my own money than rely on the state. However, those with smaller nest eggs and pensions may end up in that irritating situation where they have just enough not to qualify for various state benefits that they would have got if they hadn't saved anything at all.
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My wife's aunt (her mum's sister) saved all her life and when she moved into council bungalow had to pay for everything. Her sister (wife's mum) moved into the bungalow opposite, had no savings and gets most of it paid for by the state.

That's just one example. Many of my family work in care homes and it's a common theme. Why bother saving? Just spend it!
 
I have no idea how much is in my pension pot, can't remember the figure when i received my letter, but i'm paying £75 a week into mine, and the company i work for put in £50 on top.

I'm 24, hopefully i can keep this up, i want to be retired at 50, i also have a lot of savings which i'm putting aside every week.
 
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Without going into specific, I think we are doing well (30 and 26) with substantial current equity, good amount of cash and decent pensions, and with our next house budget that is not far off £1m. Part of this is luck I guess. The flat I bought in 2010 is worth double now (already sold now), which made it possible.

Aim is to buy more property etc, so at retirement there's not just a pension but a decent portfolio of properties/good equity.
 
My online pension forecaster tells me I should have a pension pot of £1.1m in 30 years time when I'm 65. With compound interest and the amount I'm putting away I suppose thats achievable.

Although what inflation will do to this amount, what annuity rates will be then and if the government launches another raid on pensions mean that a comfortable retirement is not guaranteed. No wonder so many people are looking at buy-to-let in order to provide a more secure retirement income, I'll certainly be looking to invest in that when I get my mortgage paid off.
 
:D
Mr Badger said:
That box doesn't come free you know: http://www.bbc.co.uk/news/uk-politics-30392982
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Cardboard ones are quite reasonable. When the time comes it is not like I am going to be offended.

If things look like they are getting that bad I will hoard some empty boxes from Tesco and do a DIY job.

Great isn't it, Politicians moaning about food banks with food poverty, energy and heating poverty and now when you pop your clogs they are still moaning about the cost. :D

Reminds me of that Italian village where the cemetery became over full. The mayor passed a law making it illegal for people to die before a new one was built. Needless to say with Italy's financial situation there was a few lawbreakers before it was completed.

http://www.thestar.com/news/world/2012/03/13/italian_village_makes_it_illegal_to_die.html
 
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My company contributes 20% of my salary to my pension, I currently put in 0% but will up that in the future. Also aiming to have paid off my mortgage by the time I retire as well, so hopefully should be in a good place!
 
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... 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.... Plus when I get to 50 I can draw on my workplace pension (which is another £9k) 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.
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How have you managed to retire and still earn 18K per annum at the age of 36... ah I see now but what if those investments reduce in return?

I have to say I'm impressed that you had the reservation to invest so early in your career and the will power to cut down on your living costs and not live lavishly on what you could have earned. Well done!
 
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Im 37, and whilst im on a decent salary, family life and past debts mean my future is poor in terms of saving and pension. My debts will be paid off by the time im 39, freeing up around £600 per month, which will either go onto my pension or a property. Ive left it really late but hopefully i should get myself sorted now.
 
trentlad said:
ah I see now but what if those investments reduce in return?
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Same as any retiree does to build a little income - stack shelves at Asda :-) All joking aside, I'd freelance in Web Development, but I can't see the need. Might do a few bits here and there anyway just as a hobby - I'll have a degree in the field within three years after all :-)

I have to say I'm impressed that you had the reservation to invest so early in your career and the will power to cut down on your living costs and not live lavishly on what you could have earned. Well done!
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It was hard - doubling mortgage payments, not going on lavish holidays when my friends were, not seeing a take away meal or meal out for 5 years etc. But now I'm here, with all the time in the world to do whatever I like and I wouldn't do anything differently. No one ever puts on thier tombstone "I wish I spent more time at the office".
 
Been paying into a pension from 18 years of age (39 now) paid a lump of my house mortgage this year as I sold another property...

Would like to buy another rental place to be honest, we shall see
 
I've not made a determinable effort to 'save' for retirement. Which is quite ironic since I'm running my own company and paying into my employees' retirement accounts. Or Kiwisaver as we call it here.

If things keep going the way they are now. I'm done at 45 anyway. So here's to hoping!
 
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