pensions

[ScoobyDoo{KEA}]

hi chaps just been looking at getting a personal pension,christ there are loads,bearing in mind my age and the fact i only want to put in about £40 quid a month what should i be looking at and where,oh im 40 btw i know im not going to get a huge monthly income but anything is better than just the state crap you get.

 

[inactionman]

£40 a month at 40, you'd be best off buying lottery tickets tbh , or more seriously just sticking it in an ISA.

I currently contribute 10% of my pre-tax income, which my employer then tops up with another 6%, and I'm 32.

 

[Sparx]

i stick 4% and my company put another 3% its not much but i have been in it since i was 20. so by the time i'm 65 it shouldnt be too bad

 

[taB]

Does your employer have a scheme? I put in about 5% of my salary a month and my work puts in 10% for 15% total over the year - not taxable afaik. Far better than a personal one except I have little control over what they invest in and the like. At 40 you're leaving it a bit late tbh, I'm 28.

Will try and find the graph that shows each year later you leave it you need to invest twice as much in it or something like that.

 

[taB]

Have a look at this thingy

 

[Scouse]

I'm 34, don't want one. I overpaid on my mortgage until it was gone. Lean years and all that... I'm gonna flog up and fuck off at some point...

...if the g/f keeps treating me like shit then a lot sooner than I expected

 

[taB]

I'm 34, don't want one. I overpaid on my mortgage until it was gone. Lean years and all that... I'm gonna flog up and fuck off at some point...

...if the g/f keeps treating me like shit then a lot sooner than I expected

That was pretty much how I felt about it till I realised my job would give me £100 for every £50 I put in, don't think I'd have done it otherwise.

 

[ScoobyDoo{KEA}]

what about a stakeholder pension you can get you employer to put into that and if you ever leave jobs you just keep putting your own contribution in as normal ,dont plan on staying in the company im at for long.anyone in a stakeholder? are they any good???also im saying im putting in£40m a month to start but that will rise .also i know i should have started one sooner but you're never to late ive got another 25 years work i hope in me yet,touch wood...

 

[gunner440]

also im saying im putting in£40m a month to start but that will rise

I don't think you need a pension!

 

[ScoobyDoo{KEA}]

I don't think you need a pension!

lol £40 a month i mean hehe.

 

[Tom]

At 40 years old you need to put a damn site more than £40 a month in.

 

[old.user4556]

At 40 years old you need to put a damn site more than £40 a month in.

What Tom says,

I'm 27 and pay in about £80 a month and the company I work for chucks in a fair chunk too and even I think I should be putting in more...

 

[mycenae]

I have an NHS pension, which started when I went full time in 2003. 8% of my wages are put straight into the pension and the NHS matches that....its a goodly chunk of my salary, and sometimes I get pissed off that I pay out so much towards it, but in the long run its a good thing. Also, as I've been in service over 5 years now....if I have to retire due to ill health, I'll get my pension (the measly amount that it would be) plus top ups from the NHS.

 

[gunner440]

What Tom says,

I'm 27 and pay in about £80 a month and the company I work for chucks in a fair chunk too and even I think I should be putting in more...

It depends. There are other ways to secure your 'financial' future. £80 a month isn't bad if you've got other investments etc.

£250 a month here which is matched by the company and I've still got a while to go until retirement. I think it's too small an amount but at the same time I don't want to put all my eggs in a single basket. I think a combination of that as well as my other investments will leave me secure (hopefully). How secure? How long is a piece of string?

The thing is all of these so called investments have a degree of risk attached to it and there's no telling if you'll even get a penny come retirement.

 

[Gumbo]

I don't have a pension, and at 32 unless I pay in a lot now there's not a huge amount of point in me having one.

Instead I am currently running a business which will very soon be 26% mine, and all things being equal should be 75% mine in a few years. I am doing so well with the business that in discussions with my bank manager we have agreed that I should keep my eyes open for a similar one, which is in a similar position to the way that this one was 18 months ago, and he'll sort out the finance to help me get it. (I've taken this one from projecting a 10k loss when I took it on to a 6k profit within 6 months, now looking at around a 40k profit for the first full year.)

Hopefully I'll find that business within a year or two. Do a similar job of turning it around, and then be on the lookout for a third.

Rather than a personal pension, I am focussing my efforts on building a portfolio of businesses which I will continue to draw remunaration from in retirement, or sell in order to invest lump sums to give me an income.

Should this all come off, and my income allows it and coincides with the now inevitable correction of the housing market, I intend to spread my investment into housing too. I won't be getting into the buy to let game at the moment, missed that boat by about 3 years.

In short, my efforts are on working for myself, to build my own pension in the form of my own firms, and bricks and mortar, rather than work for someone else and allow them to invest what I give to them for me.

It's higher risk, but also higher reward, and it is very rewarding to know that every day you go to work, every ounce of effort you put in, benefits yourself not just in the short term, but in the much longer term too.

 

[Sparx]

My uncle done the same thing, he now owns around 7 companies and doing very very well for himself

 

[old.user4556]

My mate has an interesting spin on this; he's decided he'll be dead, or not far off it by the time he's 65 so what's the point in a pension.

Morbid I know, but he does have a point.

BBC NEWS | UK | Scots life expectancy UK's lowest

 

[Will]

So instead of having a pension, he deep fries everything and doesn't do any exercise?

 

[Gumbo]

My dad died 2 weeks after his 65th birthday, so got half of one months state pension. He did have private pensions which covered mum ok, so it's not just about himself, but G does have half a point.

I figure to catch up now I'd need to be putting in a couple of hundred plus a month, with my employer (me) adding contributions too. Now if my employer (me) takes money from the pot to pay into my pension, then i will have to pay myself less to afford it.

Frankly I might aswell have an extra £300 or so a month in my pocket to make living now more comfortable and myself more equipped to carry out plan A above.

 

[old.user4556]

So instead of having a pension, he deep fries everything and doesn't do any exercise?

That's exactly what he does Will, and drinks copious amounts of alcohol with the occasional cigarette.

I wish I was joking.

 

[old.user4556]

My dad died 2 weeks after his 65th birthday, so got half of one months state pension. He did have private pensions which covered mum ok, so it's not just about himself, but G does have half a point.

I figure to catch up now I'd need to be putting in a couple of hundred plus a month, with my employer (me) adding contributions too. Now if my employer (me) takes money from the pot to pay into my pension, then i will have to pay myself less to afford it.

Frankly I might aswell have an extra £300 or so a month in my pocket to make living now more comfortable and myself more equipped to carry out plan A above.

All the best with it Gumbo, sounds like an awesome plan if it pans out well.

 

[Chilly]

Just dont let GAME get involved.

 

[Jonty]

Hi guys

Good luck Gumbo, I hope it works out!

I think this thread is a good idea since it does pay to know your options, although obviously always tailor your solution to your circumstnaces. Personally, I don't have much money and my company doesn't offer a pension plan, so I just have some savings in a high interest account, and some in various risk mutual funds with low fees.

Kind regards

 

[Darthshearer]

40 year old and nee pension. Tut Tut

 

[chipper]

its always a wise idea to consider your future after work yes you might kick the bucket on the other hand you might not living on the state pension is not idea because you get paid sod all from it its not livable on its own to maintain a property etc

also you have to remember that the pension scheme was introduced after the war to look after our veterans it was like a big national thank you and its just stuck eventually i can see it been discontinued so bascially what im sayin is the government dont look after you now chances are they aint gonna in 30 years time

if you retire at say 67 which is the case for alot of us 20 somethings assume your gonna live to 80 its a nice round figure after that your likely to need someone to wipe ya ass and change ya nappy. atm the current state pension is 87 quid a week for single people chances are youll want to bump that up to say 150-200 quid?

which leaves you to find 63-113 quid a week for 676 weeks thats a whopping 42,588 pounds you need to save

assume your 30 thats 37 years to save or 1924 weeks thats 22 quid a week basically which is not a lot 80 quid a month sees you bump up ya state pension by 63 quid

 

[Tom]

Personally I think we'll be retiring at 70-75. There are too many old people around now and in future for the retirement age to stay anywhere near 60/65.

I plan to get my house paid off first. I have a private pension but only stick £100 a month into it.

 

[Chilly]

Dont forget that the health of our nation is plunging at the moment. People are fatter, drunker, lazier and eating crapper food than ever and it doesnt look like better any time soon. This will have the affect that a lot of the current generation of 0-25s or so will die on average a bit younger. Obviously, this in no way affects you as an individual since statistics does not apply to single events.

 

[Tom]

Give over. Lifetime expectancy is rising, no chance of it dropping even with the fatties around.

 

[Trem]

I'm 34, don't want one. I overpaid on my mortgage until it was gone. Lean years and all that... I'm gonna flog up and fuck off at some point...

Pretty much exactly how I feel.

I paid my mortgage off last year thanks to relatives dying and when the time is right I will sell up and leave this god forsaken country.

 

[Munkey]

I'm only 20 and I've been looking at stuff like this since I was 18, dont want to be destitute when I'm older.

My plan? Hire an accountant, get him to do my tax returns, and get him to setup my pensions plans.

I find this stuff way too confusing. Hopefully I'll be in a better position when I decide to retire, and hopefully it'll mean I can retire even earlier.