Off-Topic Retirement Planning ?

Discussion in 'Off-Topic Chat' started by Ichiban, Sunday 22nd Dec, 2013.

  1. Ichiban Founder Staff Team

    England CJ Leeds
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    As the title suggest this is one topic a lot of us skirt around the edges and some of quite frankly ignore it saying we will cross that bridge when we cross it.

    We all have been warned our generation from the 60-70 will not have enough to see us through retirement and the state pension will not be sufficient unless they have sufficient inheritance from our parents.

    Now here is the dilemma for this era and the new generation, we all know is the modern ages of the Big C and now the Big D a large portion of us will be hit by this disease.. do we live our lives as our dreams dedicates?

    Or do we spend our lives " live for today and don't think for tomorrow" and fall back on statistics that drinking smoking the Big C the Big D will get you either way.. or save for the rainy day and live your life planning for things you wanted to do when you retire?
     
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  2. candobill Valued Contributor ★ ★ ★ ☆ ☆

    way I see it is if you live your life and enjoy it then no complaints when you are old and skint but if you spend your life saving for a rainy day then don't get to see the rainy day that's a bummer as somebody else will say oh what a shame and spend what you saved for your rainy day. so keep enough for a small shower and use the rest before the rain comes :Happy::Happy:
     
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  3. Ichiban Founder Staff Team

    England CJ Leeds
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    The flip side is as you were fit and well you lived the life of a king and now you don't have the means would that bring depression along with it ..provided you are strong minded and your life is not measured by your possessions and a materialistic mainframe?
     
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  4. RobB Expert Advisor ★ ★ ★ ★ ★

    Whoa guys it's Xmas too heavy!!!!!
     
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  5. candobill Valued Contributor ★ ★ ★ ☆ ☆

    if I ever thought that I had not done the things needed to take care of the future, when I have nothing to do I would be (as we say up here black burning ashamed) I was maybe lucky as my old dad always said to me to join a pension as soon as you can. I listened to my dad :Happy::Happy:
     
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  6. Ichiban Founder Staff Team

    England CJ Leeds
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    #

    hahahahah one fish hooked.
     
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  7. candobill Valued Contributor ★ ★ ★ ☆ ☆

    I hope all the young ones on here do the same as I did but its hard to see your wage packet with more deductions when you are young its only when its too late and life is a struggle it hits you. been telling my kids that and they have listened and maybe they won't have to work till they are 70 :Happy::Happy:
     
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  8. Ichiban Founder Staff Team

    England CJ Leeds
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    The timing of this thread was not appropriate during Christmas time .. My bad..:telloff:now that the hangover if over all the bills are paid now its time to revive this thread.

    so get your points across.
     
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  9. RobB Expert Advisor ★ ★ ★ ★ ★

    Whoa it's still too heavy!!!!!




    But our house is our pension probably. That and any possible inheritance.
     
  10. candobill Valued Contributor ★ ★ ★ ☆ ☆

    the way I started my pension plan was in a job with an index linked one, I had 20 years with that and had bonuses added through the pension being so successful. I then had 15 years of two more pensions as self-employed and company, both of which are paying out now (for the last 3 YEARS) the index linked one is a big one and I could take it now but it would be a reduced payment so I will wait another 2 years and sit back enjoy the benefits that I was lucky enough to prepared for simply by listening to my old dad. my mortgage is also paid and that's what the kids will get when I finish spending the rest :Happy::Happy:
     
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  11. Doc Expert Advisor ★ ★ ★ ★ ★

    Matt Peterborough
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    The whole dynamic of saving for pensions is changing. In the old days it was buy a house (when prices were affordable) and put into the company final salary pensions scheme as soon as you could and almost be guaranteed to get a decent pay out when you retired. Now young people in their 20's want to go out and enjoy their earnings. Most don't even consider starting to save until their late 20's when they want a deposit on a house let alone think of a pension. They then spend so much on paying off a huge mortgage that they can't afford to put as much, if any, into a pension as they would like to. With the way pensions are going there is so much speculation about their eventual diminishing value that I believe young people are being turned off them in favour of things such as mortgages which is more the here and now expenses than paying into something which may give you an unknown return in 40 years. Were expected to be the first generation who won't pass an inheritance to our children because our cost of living into our increasing old age will use up all our savings.
     
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  12. Chunkylover53 Expert Advisor ★ ★ ★ ★ ★

    I obviously haven't got any plans regarding retirement but I'm somewhat surprised nobody has based their retirement plan depending on what their kids are gonna end up doing - assuming their 15/16+ then they'll have some sort of idea about what line of industry they want to enter and their earnings potential? If you got a kid who's smashing their GCSEs + A levels then chances are they'll earn a fair sum when they graduate assuming they've done a strong subject or are in general excellent at what they do. Then surely you got some fallback or you could even use their earning potential as your rainy day fund. Food for thought?
     
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  13. Mike c Valued Contributor ★ ★ ★ ☆ ☆

    United Kingdom Mike Telford
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    Pension is a sore word in our household. My wife has been unlucky in her career , being made redundant from a number of companies, a number of which went out of existence taking their pension funds with them. This year she is reaching the age she should retire at but thanks to the previous government ( and to a lesser extent, this one) she has to work a further 6 years before receiving her state pension. She is one of around 30000 women born in the year where the age moved to 66.
    It is really annoying to her when she hears that there are a million young people who cannot find a job when she would willingly take retirement if she could collect her pension. It is fortunate that I have earned a good pension which will help my state pension when I finally hang up my working togs.
    Mike c
     
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  14. Ichiban Founder Staff Team

    England CJ Leeds
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    One way is constantly start to believe you will be a lottery winner and it will happen.. that what happened to the Car mechanic from Surrey.. be sure to play it thou..LOL got to be in it to win it.

    But seriously what are other realistic method of have a honey pot other than pensions.
     
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  15. Nels Moderator Staff Team

    CJ, only just seen this thread.
    It is an essential topic, but so, so compicated, as it depends on each individual's circumstances.
    Yes, we should all have a retirement plan for the future and do our utmost to ensure our children do too.

    Many of us grew up in a time when working hard, doing the right thing and saving for the future was correct.
    The trouble is, it's all changed now.

    Spending it all now and relying on the State to look after you in the futer only adds to the mess the country is in, not to mention very risky.
    Saving and owning your own house isn't any better. If you need to go into a Care Home (Assuming you want/need to be in one of those places) in later life, you will have to sell your house to pay for it. Then there's nothing to leave your children.

    There is a balance for each of us.

    Aswell as a pension, ISA's, but keep moving them around when the rates drop!

    I believe Retirement Planning is essential.
    The earlier you start, the better.
    It is never too late to start.

    I'm happy for the couple that won the £108m. Jealous as hell, yes. But still happy for them
    They've got their RP sorted.

    Too much thinking hurts my brain cell.
    Time for a cup of tea

    JD
     
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  16. Chunkylover53 Expert Advisor ★ ★ ★ ★ ★

    Properties, properties, properties. Just buy them - rent them at hopefully the same/more than monthly mortgage then release the equity/sell depending on the market price come retirement.
     
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  17. Nels Moderator Staff Team

    Agree totally about property... if you've got the £'s
    Looks like Osborne's done something positive for pensions and annuities !
     
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  18. Chunkylover53 Expert Advisor ★ ★ ★ ★ ★

    In this economy with the availability of 90% LTV ratio mortgages and still historically low interest rates you don't need much of a deposit to buy a property. If anything it's going to get harder as time goes on with increasing prices and the expected interest rate increase.
     
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  19. PeteMM Premium Member Club Supporter

    Northern Ireland Pete Belfast, UK
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    Pensions aren;t worth the paper they are written on unless dealing with a proper investor working on your behalf.

    Property will slowly rise, but unfortunately I pissed all my money up a wall a few years back so massively struggling now and no chance of getting on the property ladder just yet.

    I personally am asset rich (outside of property) but cash poor. I rarely buy crap and as such should I ever be stuck for a few quid I will always have something of value around me that can be shifted quickly to cover any bills.

    I will be spending my life building up as many valuable assets as possible, whether it's watches, cars, tools, workshop equipment it doesn't matter. When the requirement for money is high enough it is a very very efficient way of getting your money back from the years of spending.

    As for lottery win. I would give a testicle to have that sum of money available to me. A very quick wish list on a metal tooling site this morning came to £30k before getting into detail.

    I want the right property, i want to send my kid to the best school I can (man maths) afford, I want a nice workshop and enough space for the cars and toys I will build over the years. i want to be able to provide my kid with the right tool under it's ass to win any motorsport event it wishes to enter, an option I never had. But it all has to be paid for, and unfortunately at the minute, that seems to require a boring 9-5 job to float myself, it also gives me evenings and weekends to work on the dream as stated above. We shall see what happens though, but I don;t think anything I am asking for is unrealistic seeing as I have no debt, no finance and aside from a mortgage do not wish to have any either.
     
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  20. Mike c Valued Contributor ★ ★ ★ ☆ ☆

    United Kingdom Mike Telford
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    I have worked for 47 years , a lot of those years doing part time working as well and never claimed a penny in benefits. I was caught up in in the 17.5% mortgage trap for a number of years which really hurt the finances. I finally finished paying the mortgage a few years ago which helped a lot. I have done the lottery and never missed a week since it started and never won any more than £100.
    How I wish I had just saved the money and invested it ! Mind you, I still do it Lol.
    Mike c