Planning for Retirement

[randomshenans]

I'm only 34, not like I'm hitting that point anywhere soon, but recently I've got really into planning for retirement. Not like counting down the days, but I made sure previous pensions were accounted for, transferred into my current scheme. I'm contributing the max amount I can to that pension as well.

I've got my wife to contact the NHS pensions, as she worked there for about 7yrs before we left the UK, so want to find out what she has still there.

I don't want to get to retirement, be that 55-60-65 and not be able to have a good life and enjoy myself. I am not just starting, I've been paying in for some time but it's only now I've started properly adulting and looking into ways to maximise income in retirement.

I read online that so many people don't have a single pension, or very little which I think is utter madness. State pension in the UK is 167 a week or something like that...!

I'd love to know who else plans for this and what age you are? Would be an interesting poll in some way!

Or maybe I'm the only weirdo that likes to plan this ****!

 

[randomshenans]

Glad I'm not the only one thinking about this!

We don't own our family home here currently, and that's on the 5yr plan to sort out, but we want to find the right thing, which is hard to do when we know where we want to live, so it's a waiting game really. At the same time we bought an apartment in the alps when we moved over here, only a small 1 bed place, but paid that off in March of this year, so that's a bonus. We are looking to see if we can purchase another 2 bedroom apartment near where we live and viewed one today. Would be for investment of course, as I know we aren't paying for a family home and building that as an asset so want to make sure I am somewhere else.

 

[randomshenans]

Probably grow weed in my greenhouse or something.

Sounds like a plan though.

 

[randomshenans]

Do you have children? My brother set up pensions for his children as soon as they were born.

Oh wow didn't know you could even do that. Yea I have 3.

 

[randomshenans]

I just got an updated statement through from my company based on my 2% over payment and based on my previous pot being transferred. Based on current income etc. I should retire with a 68k (CHF, so 57,5k GBP) a year pension and about 210k CHF (177k GBP) payment chunk, which isn't too bad! One reason I really like paying social contributions in Switzerland means that I get a Swiss state pension. I did my calculations and as a couple, we are maxed at 3556 CHF a month state pension (3k GBP).

We've also started some investments, which should end up as a nice pot come retirement. They ramp up past 40, so another 5yrs which then should give me a nice pot to clear mortgage, or mortgages, depending on how I get on with buying other properties along the way.

I didn't even consider inheritance to be honest. My mum remarried, and he has 3 kids, so they have a house in the UK worth probably 750k? Which I'd get 25% of, as well as a chalet in the alps, which is worth about 800k, which I'd get 25% and also Mum has an apartment probably worth 250k with my sister, which I'd get 25% of, which I'm sure will annoy my sister haha - I have a real bond for the 2 houses though, as I grew up in one and the other I spend a lot of time at, so we've been trying to workout how our above investments could lead us to buy out others when the time came.
God knows about my dad; he remarried but they have no kids, so not sure what the will is setup like. He has a couple of houses in cornwall and a house in Spain. Hadn't even given it a thought to be honest, I focused really on my own things I can control.

as long as the house is paid for .. and you have a few £100 a week spare cash i wouldn't bother so much ..
your going to be doing less on average after 65-70 anyway ..a few trips looking after grand kids ..
and thats if you get to 70 .. which if things continue down the road we are on most wont ..

Nah man, I'll pack in earlier and don't want a couple of hundred quid, I want to see the world more. Live! Not sit with and wait to frigging die at home.

 

[randomshenans]

Isn't everyone on here going to be a crypto and/or stock market millionaire?

I'll be going all in on every move I make until I retire, so it'll either be getting there in a lambo or a 1996 Nissan Micra.

 

[randomshenans]

I just got my pay rise through from work. Been in this job only since August last year, so wasn't really expecting much (I was a contractor prior for 10yrs so that rate ended up getting lower towards the end due to near/offshore workers) and it was something like 1% or something, but still! Sadly main thing I was thinking was "ooo this will increase my pension contributions too"

**** me I'm getting old.

 

[randomshenans]

A little bit annoyed my partner who is planning to take a pay cut is now hinting at more sharing of money.

My wife says this all the time "I might start working 80%" Errr no you bloody won't love. You're working 120% if anything!

I don't own a home. We would like to, but not found anything we want. It's a tough one as we skipped the whole ladder thing, so for us to "start" in a small flat and move up to a house as good as we rent now would be not something we'd want to do. Yet, if we want our dream home, it'll cost about 900k+ if we can even find the right opportunity. Luckily we have a flat paid off we can sell to put towards the house but I'm not too worried about not having a family home at 35.
It's a very English thing to have a home paid for and sorted by retirement, probably because of poor state pensions etc. you couldnt pay rent on a UK state pension, but you certainly could on a swiss one.

 

[randomshenans]

It's a shame.

I tell you what, this lockdown/ rona times has really been tough on couples, we've been really struggling on a lot of stuff and honestly spent a lot of it questioning the future and a lot comes down to work and money. It's like she wants all the nice things, she earns a decent salary but then also has a go at me buying anything (she bought 7 pairs of shoes in Feb...) and yet if I do anything, we just don't need it. Money/future plans and all of this with partners I find is the biggest challenge to really and I mean really align yourselves on. It's crazy hard I find. You think you're in sync but then you have certain convos and it leaves you like wtf?!

 

[randomshenans]

To be fair, you bought a taxi

It was a huge bone of contention I have to say... even though I bought it with the profit I made from selling advent calendars and selection boxes, so didn't even cost us anything!!

Bit similar. Her purchases for the house are apparently needed. Mine aren't, or less so. And I have to point out I organised and paid for invisible things like plastering etc.

I get 100% this. She wanted a new sofa, or house things, bowls that she wants, or god any other thing "for the house" that I couldn't give two ***** about... but they're for "us" and essential. They have messed up logic man. You have to try and play them at their own game and make them think things are their ideas

 

[randomshenans]

Is that modern? Seems wrong to me. I don't want my wife to have a different lifestyle to me because I earn more money...that seems absolutely nuts. I'm 31...we pool all our money and take an equal amount out for unquestioned spending.

Pretty much same here. I earn like double what she does and even if you did a split on outgoings, I'd still be well up on her disposable and that would suck.

 

[randomshenans]

Mine only shows me 60 - 65 but if I retire at 60 and continue to earn what I do now (which goes up about 1% a year without promotions anyway) at 60 I should have about 775k pension pot, with 120k GBP lump sum. If I hold out to 65 it's a good chunk more but by then lol don't think I'll want to be there!