Retirement

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Marty Moose said:
Wish i could do it now. The thought of grinding out another 35 years or whatever i have left fills me with absolute dread. Having said that, by the time i get anywhere near retirement age no doubt we will have been fucked over multiple times by an unsustainable aged populace to support and pensions won't be worth piss all. You'll get people grafting till they drop, one day jeff doesn't come into the office because he's gone in the night etc
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Like now, you mean. That’s how it is for many. Never mind, one tory lord has suggested we all do voluntary work for our pensions.
 
taylost3 said:
Do you invest this or put it in a standard savings account?

If all goes to plan I should be comfortably retired by 45 currently 34. We invest about 1200 a month, the mortgage should be paid off in 4 years then we can increase our investment to 2k+. With a decent return on my stock and shares ISA of 5% over the next 11 we should have enough to return us about


Vanguard lifestyle fund is what I use, you invest under your ISA wrapper up to 20k a year so no tax either.
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Did a IFA set it up for you or just DIY and do you choose funds or risk? cheers
 
Bob Fleming said:
Will be applying for a new mortgage shortly. 25 years will take me to 68.

Got a bit of a pot but not enough and need to start investing it but have to get this next house purchase out of the way.
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I'll be mortgage free in 4 years at 45, unfortunately we need another bedroom for the little one so we need to assess our options on what to do - currently looking at exploiting the students here and buying another kip, rent it out as a student share and using the rental income off both to service the new one we'll get over 15 year. Equals debt free completely by 60 and a canny start in life for the kids
 
Lambchops said:
I'll be mortgage free in 4 years at 45, unfortunately we need another bedroom for the little one so we need to assess our options on what to do - currently looking at exploiting the students here and buying another kip, rent it out as a student share and using the rental income off both to service the new one we'll get over 15 year. Equals debt free completely by 60 and a canny start in life for the kids
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Aye we were thinking of paying ours off now. Going to get this next house and do some pretty major extensions and renovations. Which will create a very good asset down the line. But we'll stay in it for a long time. Then sell the current place and invest that. Should plans come together I should be able to pay off and retire well before 68 and have assets to keep us going and give the kids a start.
I've a small pension pot too that I had to pay in to but would prefer to be in control myself so make my own retirement money. Could all go tits up of course.
 
Bob Fleming said:
Aye we were thinking of paying ours off now. Going to get this next house and do some pretty major extensions and renovations. Which will create a very good asset down the line. But we'll stay in it for a long time. Then sell the current place and invest that. Should plans come together I should be able to pay off and retire well before 68 and have assets to keep us going and give the kids a start.
I've a small pension pot too that I had to pay in to but would prefer to be in control myself so make my own retirement money. Could all go tits up of course.
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Aye, all great plans and that :lol:
 
Lambchops said:
I'll be mortgage free in 4 years at 45, unfortunately we need another bedroom for the little one so we need to assess our options on what to do - currently looking at exploiting the students here and buying another kip, rent it out as a student share and using the rental income off both to service the new one we'll get over 15 year. Equals debt free completely by 60 and a canny start in life for the kids
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I was debt free for years mate. Unfortunately, the Mrs. decided we needed to 'downsize' to a 4 bed bungalow for the two of us and my liquid assets wouldn't stretch. Top tip: Personal loans work out cheaper than mortgages if you are prepared to lie about what you want the money for.
 
The Butcher said:
Did a IFA set it up for you or just DIY and do you choose funds or risk? cheers
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I did it myself. They have 5 Lifestyle funds I think ranging from 20% to 100% equities. You don't choose the funds it's a passive investment so the markets you invest in are chosen for you. Mines the 80% just checked its returned 10.89% this year if I'm reading it right.
 
Stepover said:
Off to Portugal? They’ll let you take your private pension tax free for 10 year; as a sweetener to attract folk in.

Me and the Mrs have an offset mortgage and are fortunate enough to be earning decent money to be saving quite aggressively.

We could probably make more investing it but the idea of being mortgage free is appealing - we are trying to get mortgage free within 3 years (I’ll be 40).

We’ll then have a decade to maximise our savings - via the savings in outgoings and hopefully continuing to deliver work wise. I’ve always been of the view that the state pension will not exist in its present form and it will end up means tested, by the time we get there - so we need to provide for ourselves.

If we can do that at 50 should be able to either slow down or do less; the kids will have a nice lumper in their ISAs to get them started and we can downsize and either access the capital (fund us to 57 when we can get at our pensions) or split time between the U.K. and somewhere warmer.

Plenty of golf, learn a language, travel. Happy days.
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Sounds like a canny plan that, good luck with it.
 
Slatz63 said:
Intrigued by your post.

I'm now looking at Lustica Bay for a holiday and potential retirement venue.

They need to hurry up with the golf course though.
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I'm looking at the Bay Of Kotor too but on the other side. I've spotted a great 4 bedroom place in Bijela for £105k. The scenery is amazing!
 
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Posted this on the other thread but probably better placed here.

Me and the missus are both 39, no mortgage however I have no pension, she has a small civil service pension that under current forecast will throw up a lumper of 40k and an annual £15k ish at 65.

We’ve a rental property thats owned outright in a good location and its a lovely house. The rent from that can cover most of our monthly living costs. We’ll sit on that until we’re mid to late 40s and sell it to bring in a lump sum. Once that’s depleted, mid 50s we’ll look to sell our family home and downsize, replenish the pot again.

All of the above god willing. Life changes. Realise we’re in a fortunate position but we worked damn hard for it.
 
Dun Scathach said:
Posted this on the other thread but probably better placed here.

Me and the missus are both 39, no mortgage however I have no pension, she has a small civil service pension that under current forecast will throw up a lumper of 40k and an annual £15k ish at 65.

We’ve a rental property thats owned outright in a good location and its a lovely house. The rent from that can cover most of our monthly living costs. We’ll sit on that until we’re mid to late 40s and sell it to bring in a lump sum. Once that’s depleted, mid 50s we’ll look to sell our family home and downsize, replenish the pot again.

All of the above god willing. Life changes. Realise we’re in a fortunate position but we worked damn hard for it.
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When I left my job of 23 years my employer brought in a financial advisor to talk to us about pensions. He couldn't stress enough that it makes more sense to take your pension early at 55 if it's allowed by the scheme.

The rather morbid reason given is that you'll take a 24% hit on the monthly return but life expectancy is only about 75. Take it at 55 and you have 76% for 20 years as opposed to 100% for 10 (less if you're a bloke and can only retire at 68.) Do the maths; you earn more by taking it early.
 
Slippery Jim said:
When I left my job of 23 years my employer brought in a financial advisor to talk to us about pensions. He couldn't stress enough that it makes more sense to take your pension early at 55 if it's allowed by the scheme.

The rather morbid reason given is that you'll take a 24% hit on the monthly return but life expectancy is only about 75. Take it at 55 and you have 76% for 20 years as opposed to 100% for 10 (less if you're a bloke and can only retire at 68.) Do the maths; you earn more by taking it early.
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Not sure if that’s an option for my wife. I guess it would be but going off the annual statement those figures apply at 65. It seems a decent enough pension scheme.

With savings and provisions for the kids, and taking into account property, we should be able to make it through a comfortable retirement.

There’s also the chance that I might work again, I’m only 39. If I do, everything will be about savings. Not necessarily a pension scheme but then again, who knows.
 
Slippery Jim said:
When I left my job of 23 years my employer brought in a financial advisor to talk to us about pensions. He couldn't stress enough that it makes more sense to take your pension early at 55 if it's allowed by the scheme.

The rather morbid reason given is that you'll take a 24% hit on the monthly return but life expectancy is only about 75. Take it at 55 and you have 76% for 20 years as opposed to 100% for 10 (less if you're a bloke and can only retire at 68.) Do the maths; you earn more by taking it early.
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EXACTLY. I took mine at 43 with this exact formulae.
I’ve had nearly 150k from it to date in ten years.
 
Dun Scathach said:
Not sure if that’s an option for my wife. I guess it would be but going off the annual statement those figures apply at 65. It seems a decent enough pension scheme.

With savings and provisions for the kids, and taking into account property, we should be able to make it through a comfortable retirement.

There’s also the chance that I might work again, I’m only 39. If I do, everything will be about savings. Not necessarily a pension scheme but then again, who knows.
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I think it's more than likely that taking it early would be available for your wife if it's a civil service pension. The amount quoted on your pension statement is worked out on how much the pot would be worth now, not at 65; they can't predict what the pot will be worth in the future so they have to use current figures. Also, any figures her pension provider gives is purely based on their scheme. You can earn a hell of a lot more by transferring the pot into a different scheme like a guaranteed annuity.

Have a look at Pension Wise | 50 or over? | Get to know your options They have lots of very useful advice on there.
 

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