Retirement

[ppentertainments]

What provisions, if any, have you made for retirement ???

It's the one thing self emplyed persons overlook apparantely.

I own a second home (Mother in laws actually) which we bought off the council but she lives in it, a third home which is rented out and a frozen company pension. Apart from this there is nothing.

Really must think about investing / saving I thing - will never retire at 40 at this rate ;)

[Tony Scott]

...I own a second home (Mother in laws actually) which we bought off the council but she lives in it, a third home which is rented out and a frozen company pension. Apart from this there is nothing.




I'd say with two houses to cash in when the time comes you will be ok....or am I missing something??

I have a Nationwide Stakeholder pension, opted out of serps for 20yrs with AIG(UK) and have now gone back into the state pension.
I will be ploughing money into the Nationwide thing as time goes on but it's not easy at the moment with having a such a huge Mortgage. :)

[ppentertainments]

I'd say with two houses to cash in when the time comes you will be ok....or am I missing something??


Depends how long mother-in-law hangs on ;) :D :D

Tbh my mortgage for the house we live in is interest only and plan to use one of the houses to pay for this one when the prices increase.

Backward way to do it maybe :confused:

[Solitaire Events Ltd]

I have some magic beans.....

[ppentertainments]

I have some magic beans.....
Plant them next to the end of the rainbow :D

[rob1963]

What provisions, if any, have you made for retirement ???

I'll receive my bank pension when I'm 60, which will be enough to live on.

I've cleared all my debts & have everything I need, so when I've bought a new van this summer, I'll start saving for my retirement.

I need to save enough to live on until I'm 60, so it looks like I'll be able to completely retire from discos & quiz nights when I'm 50...in about 5 years time.

I then plan to have some holidays (to make up for 10 years of not having any).

Australia, South Africa & the USA are all high on my list.

[ppentertainments]

I'll receive my bank pension when I'm 60, which will be enough to live on.

I've cleared all my debts & have everything I need, so when I've bought a new van this summer, I'll start saving for my retirement.

I need to save enough to live on until I'm 60, so it looks like I'll be able to completely retire from discos & quiz nights when I'm 50...in about 5 years time.

I then plan to have some holidays (to make up for 10 years of not having any).

Australia, South Africa & the USA are all high on my list.

You must not spend much if you can save 10 years spending money in 5 years :confused:

[Daryll]

I have a local government pension and a small private one.
I can now retire debt free when I`me 96 , just enough time to buy a spade, dig a hole and listen for the footsteps of the reaper :D :D :D .

Daryll

[rob1963]

You must not spend much if you can save 10 years spending money in 5 years :confused:

Well, I have no debts, nobody else to support & without any business expenses I'll probably be able to live on less money in a month than most people need in a week.

[DeckstarDeluxe]

I know this might shock and surprise people but i havent saved a single penny and nor intend to any time soon! Does anyone have any faith in these schemes?

[Penfold42]

Well ....in the late 90's my friend (Nick Leeson) and I had a bit of a side line going....only he got caught......:D :D :D :D :D :D :D :D :D

[rob1963]

I know this might shock and surprise people but i havent saved a single penny and nor intend to any time soon!

I don't blame you, as you're still very young, and I wasn't thinking about retirement at your age either.

Don't put it off too long, though...because the sooner you start, the sooner you'll be able to retire!

[ppentertainments]

I know this might shock and surprise people but i havent saved a single penny and nor intend to any time soon! Does anyone have any faith in these schemes?

That's why I have invested in property. (sounds posh :D ). I know what you are saying and I think the way things are there is no guarantees solution to retirement savings - except have loads of clever kids who can support you :D

[Tony Scott]

.....I think the way things are there is no guarantees solution to retirement savings - except have loads of clever kids who can support you :D

If they are that clever they'll probably end up in Austrailia or Canada and won't look back! :D

[[email protected]]

i've had a private pension on the go since i was 18, only put about £60 a month into it & we rent out our old house, that one's on interest only so hope to reduce that mortgage at some point in the future (at the mo, the rent's just about servicing the mortgage / other bills). And before i retire i'd like to get another rental property, between those and my small pension we should be alright, (i hope)!

[rob1963]

I'm quite surprised that only about 6 people have answered the question in this thread.

I wonder whether the rest just don't want to disclose their pension arrangements...or whether they don't have any & don't want to admit the fact.

:shrug:

[Javlingames]

No savings at present and no plans to retire just yet from DJ'ing, my biggest investment is my house, I got my mortgage when I was 20 so will be paid off when im 45, so im hoping that will be a big weight of my shoulders when ive finished paying that. I realise I do need to start saving soon though

[Vectis]

Various bits & pieces in company pensions accrued over the years - probably about 20 years worth all told - really should see about getting them all put in one pot once the financial mess is resolved - it's probably a good idea keeping lots of small pots at the moment :o

Also did the serps opt-out-then-opt-back-in thing that someone else mentioned :p

Finally I do have a small personal pension that's on hold for a year whilst I move from being someone's puppet to being self-sufficient :D

Will own this house outright plus a half share in another when D-day comes so all in all I'm not too worried.

[Shakermaker Promotions]

I've had pensions and to be honest, I haven't paid anything into them since I went self employed so they are frozen.

[ppentertainments]

I'm quite surprised that only about 6 people have answered the question in this thread.

I wonder whether the rest just don't want to disclose their pension arrangements...or whether they don't have any & don't want to admit the fact.

:shrug:

I must admit it is something which I have put on hold. Luckily I have a little property but there always seems to be something else to spend the money on. I think this is going to be a big problem in the future as by the time I retire, the state pension will hardly be worth having IMO. :(

[wensleydale]

I know this might shock and surprise people but i havent saved a single penny and nor intend to any time soon! Does anyone have any faith in these schemes?

at the risk of sounding like your dad thats not the wisest view to take.
even if you dont think pensions are the right way to do it you will need to fund retirement at some stage, and even though it may seem like a long way off its amazing the difference starting at 20 rather than 30 makes.

its also wise to spread it around a little at the moment as a few people have mentioned- xx% in instant access accounts, xx% in fixed rate accounts, xx% in shares.

The shares option may actually be a good option for someone who is looking long term if you go for a tracker of some kind.

i'm turning into quite a finance geek at the moment.

[rob1963]

by the time I retire, the state pension will hardly be worth having IMO. :(

It's hardly worth having NOW!


at the risk of sounding like your dad thats not the wisest view to take.
even if you dont think pensions are the right way to do it you will need to fund retirement at some stage, and even though it may seem like a long way off its amazing the difference starting at 20 rather than 30 makes.

Wise words Rich.

By the time Deckstar retires, the state pension won't be paid until you're 68, so if he wants to work until then & then try living on the equivilent of about £90 a week, then good luck to him...because he'll need it!

:shrug:

[nigelwright7557]

I have a full time job to look after the basic pension.

I run two small businesses and they pay towards another pension.

[501damian501]

I wish to retire at 40 only if i have a son to take over the business, untill then, its GO GO GO!

so ive got 20years to have a son and get him trained up :eek:

SARAH WHERE ARE YOU :D :D!


at the risk of sounding like your dad thats not the wisest view to take.
even if you dont think pensions are the right way to do it you will need to fund retirement at some stage, and even though it may seem like a long way off its amazing the difference starting at 20 rather than 30 makes.

its also wise to spread it around a little at the moment as a few people have mentioned- xx% in instant access accounts, xx% in fixed rate accounts, xx% in shares.

The shares option may actually be a good option for someone who is looking long term if you go for a tracker of some kind.

i'm turning into quite a finance geek at the moment.

and what happens if the bank crashes and you loose your money ?

[DeckstarDeluxe]

If i had faith in these products you mentioned i would properly be more inclined to start saving. Im, against my better judgement want to live my life now and not when im too old to do anything meaningful with it!

Im lucky however that my parents have paid off their house and have already said it will go to me so in a way i have that to "look forward to" so its not all bad.

[wensleydale]

If i had faith in these products you mentioned i would properly be more inclined to start saving. Im, against my better judgement want to live my life now and not when im too old to do anything meaningful with it!

Im lucky however that my parents have paid off their house and have already said it will go to me so in a way i have that to "look forward to" so its not all bad.


and what happens if the bank crashes and you loose your money ?
if the bank crashes you are covered by the government saving protections scheme.
if the government crashes then we are really in trouble.

that's why i said to spread it around and try shares, bank products and other investments so you are less exposed to one particular area.
It could also include property or more unusual things that may be particularly cheap at the moment - a classic car for example which you can enjoy at the same time.


the current situation is unique in most of our lifetimes because of the severity of it, but having said that recessions always bring opportunities- some companies go bust and some will pick up their business. There's also a saying that if you can start a business in a recession you'll do very well in good times.

You're entitled to your view but I suspect there might be some people on here who think "I wish I'd started saving a little earlier when I was younger".

[rob1963]

if the bank crashes you are covered by the government saving protections scheme.

Indeed.

I believe you are covered for up to £30k per bank (or bank group) so if you have more than this in savings & investments, you simply need to spread it around.

[Solitaire Events Ltd]

Indeed.

I believe you are covered for up to £30k per bank (or bank group) so if you have more than this in savings & investments, you simply need to spread it around.

I seem to remember it was £50K Rob or did they change it or am I thinking of something else?

[Vectis]

I seem to remember it was £50K Rob or did they change it or am I thinking of something else?

Yep - it was recently increased to 50k per bank - not per account - and only applies to savings and certain investment schemes - not necessarily all pension schemes - so be careful.

Because there's been a lot of banks and bank assets changing hands lately I found this article (http://www.moneyfacts.co.uk/article/who-owns-whom-listings.aspx) very useful recently. Apart from the "who owns who" aspect, I see some of the financial 'institutions' are limited companies!!!

[Twinspin]

Another 14 and a half years till im 40. Im approaching 26 in august. But still no plans to retire at 40.

[501damian501]

Indeed.

I believe you are covered for up to £30k per bank (or bank group) so if you have more than this in savings & investments, you simply need to spread it around.

its 30k or 50k, but i think its 50k, it better be :D

[wensleydale]

its 30k or 50k, but i think its 50k, it better be :D

its now £50k or double if its a joint account.
per group rather than "high street bank" name so check different ones arent part of the same group.
does not apply to all products that banks offer though.

[DeckstarDeluxe]

Another 14 and a half years till im 40. Im approaching 26 in august. But still no plans to retire at 40.

WHy on earth would you want to retire at 40 anyways? Personally i cant see the point in living like a hermit to save money now so you can rot in chair at an earlier age?

As for the govenment protecting your assests in the bank............. I think i trust the banks more.......

[wensleydale]

WHy on earth would you want to retire at 40 anyways? Personally i cant see the point in living like a hermit to save money now so you can rot in chair at an earlier age?

As for the govenment protecting your assests in the bank............. I think i trust the banks more.......

i think your missing the point of retirement- it doesnt mean you have to act old- just that you dont have to work any more.

[rob1963]

Why on earth would you want to retire at 40 anyways? Personally i cant see the point in living like a hermit to save money now so you can rot in chair at an earlier age?


i think your missing the point of retirement- it doesnt mean you have to act old- just that you dont have to work any more.

Well said, Rich.

Deckstar - I think the reason why people might want to retire at 40 is because they'd rather have longer to spend with their families, hobbies, interests, travelling etc rather than working until they're 65, by which time they might not be healthy enough to do some of those same things as well as they'd like.

Retiring early doesn't mean you'll "rot in a chair" as you put it...

...just the opposite, in fact!

[ppentertainments]

Well said, Rich.

Deckstar - I think the reason why people might want to retire at 40 is because they'd rather have longer to spend with their families, hobbies, interests, travelling etc rather than working until they're 65, by which time they might not be healthy enough to do some of those same things as well as they'd like.

Retiring early doesn't mean you'll "rot in a chair" as you put it...

...just the opposite, in fact!

I agree. There is nothing wrong with being ABLE to retire early. This will then free up your choices. I would love to have the option of retiring early then carry on doing whatever I want, when I want.

[Solitaire Events Ltd]

......and the Friday award for the most clueless post goes to......:sj:

[501damian501]

WHy on earth would you want to retire at 40 anyways? Personally i cant see the point in living like a hermit to save money now so you can rot in chair at an earlier age?

As for the govenment protecting your assests in the bank............. I think i trust the banks more.......

so i can see my children live and work the business... plus make up for all them holidays ive missed over the last lets say 10years..., You honestly think i want to be lugging speakers about at 40, think agian :D , i think 40 is a good age to retire, it gives me about 19 and a half years to get stuff upto the standard,

answer this mr deckstar, whats the point of building a business just to see it go to :Censored: ?

[rob1963]

......and the Friday award for the most clueless post goes to......:sj:

Indeed!

:shrug: