Soldato
- Joined
- 30 Sep 2005
- Posts
- 16,553
We'll I guess this thread has kinda been triggered by the other one regarding life at 40.
Yesterday I had my annual pension letter through the door telling me what to expect at retirement. Damn! it really got me thinking.
Now when I do retire, things like loans and mortgage will be paid off so I'll have a lot less debt, but my pension is the only thing I'll have until death.....which hopefully won't be soon after retirement. If I'm retired for 20-30 years, that's a long time to live with little money.
So how much would be considered enough to have a decent life in your twilight years?
The one thing I don't want to be saying when I'm 70, is "if only I'd saved more". Then again, I need money now to actually enjoy my younger years. We have a family, so spending money on kids clothes, days out, the odd holiday etc etc is good for them as well as us. My kids want good memories of growing up.
You can assume that 30 years from now, things will be more expensive. If we look back 30 years ago people earnt less and houses were cheaper. If my predicted pension seems low now, what on earth is it going to look like in 30 years time!
So how much is enough? and how much are you putting away? I guess millions are in the same boat. Everyone wants to save more, but little money left over at the end of each month to do so.
My company matches up to 5% and I am putting away 5%. In a years time when I hit 40 a loan we have will be paid off with something else and I plan to double my contribution. Even then, my monthly pension looks low at what will be £400 a month. Add state pension and it's not a lot....or is it?
I have a second pension from my old job and thinking about moving that into my current one. It was only going for about 2-3 years so probably worthwhile moving it.
Yesterday I had my annual pension letter through the door telling me what to expect at retirement. Damn! it really got me thinking.
Now when I do retire, things like loans and mortgage will be paid off so I'll have a lot less debt, but my pension is the only thing I'll have until death.....which hopefully won't be soon after retirement. If I'm retired for 20-30 years, that's a long time to live with little money.
So how much would be considered enough to have a decent life in your twilight years?
The one thing I don't want to be saying when I'm 70, is "if only I'd saved more". Then again, I need money now to actually enjoy my younger years. We have a family, so spending money on kids clothes, days out, the odd holiday etc etc is good for them as well as us. My kids want good memories of growing up.
You can assume that 30 years from now, things will be more expensive. If we look back 30 years ago people earnt less and houses were cheaper. If my predicted pension seems low now, what on earth is it going to look like in 30 years time!
So how much is enough? and how much are you putting away? I guess millions are in the same boat. Everyone wants to save more, but little money left over at the end of each month to do so.
My company matches up to 5% and I am putting away 5%. In a years time when I hit 40 a loan we have will be paid off with something else and I plan to double my contribution. Even then, my monthly pension looks low at what will be £400 a month. Add state pension and it's not a lot....or is it?
I have a second pension from my old job and thinking about moving that into my current one. It was only going for about 2-3 years so probably worthwhile moving it.
