I'm 42, No pension, will I die in a puddle of my own S#it
Discussion
DonkeyApple said:
dvs_dave said:
That right there is the flaw in your plan and why it won't work. Any wise financial plans you have in place prior to this will simply be blown out of the water and you won't see it coming.
I'm sure everyone here will be in agreement with me, but it's funny how women all of a sudden gain huge motivation to spend 10x more money than they contribute as soon as you're living together.
And don't get me started as to when you're engaged/married and there is a wedding to plan for. They think money just appears in the bank for the sole purpose of being spent on frivolities, without the meerest hint of consideration for your long term financial future together.
I was financially much better off as a single man.....just like every other man in the world.
Be warned, women are a much more expensive hobby than any car!
Where men go wrong is in exaggerating their income when they first meet their wife. The key is to halve your income when asked. It's all about managing expectations wisely. I'm sure everyone here will be in agreement with me, but it's funny how women all of a sudden gain huge motivation to spend 10x more money than they contribute as soon as you're living together.
And don't get me started as to when you're engaged/married and there is a wedding to plan for. They think money just appears in the bank for the sole purpose of being spent on frivolities, without the meerest hint of consideration for your long term financial future together.
I was financially much better off as a single man.....just like every other man in the world.
Be warned, women are a much more expensive hobby than any car!
In truth I an unsure that it is possible for the majority to earn enough to create a realistic pension in the UK now that government spending has become so onerous.
I am not making a political point just an observation.
Not one of the current political parties has the slightest intention of slashing the benefits budget. Without this personal income will be crippled in the UK. With energy and fuel still stratospheric and wages and earning potential severely reduced I think a worthwhile pension is unachievable for the majority.
We have a choice.
Continue as we are with millions of benefits claimants having no need to work in perpetuity or make the difficult decision to dismantle the largess of the current benefits system.
One or the other: to pretend we can have both is deluded.
I see no sign of the slightest fundamental reform on benefits.
Therefore the average individual cannot amass sufficient wealth to have a decent pension. The numbers simply will not work. Too many snouts in the trough.
Steffan said:
Not one of the current political parties has the slightest intention of slashing the benefits budget. Without this personal income will be crippled in the UK. With energy and fuel still stratospheric and wages and earning potential severely reduced I think a worthwhile pension is unachievable for the majority.
Sad but true.We should take the vote away from people not paying tax, and beef up the police to maintain the peace while they adjust.
The problem is socialists, who still like to think of the lazy and work-shy as 'needy'. Socialism is very strong in the UK/EU.
DonkeyApple said:
dvs_dave said:
That right there is the flaw in your plan and why it won't work. Any wise financial plans you have in place prior to this will simply be blown out of the water and you won't see it coming.
I'm sure everyone here will be in agreement with me, but it's funny how women all of a sudden gain huge motivation to spend 10x more money than they contribute as soon as you're living together.
And don't get me started as to when you're engaged/married and there is a wedding to plan for. They think money just appears in the bank for the sole purpose of being spent on frivolities, without the meerest hint of consideration for your long term financial future together.
I was financially much better off as a single man.....just like every other man in the world.
Be warned, women are a much more expensive hobby than any car!
Where men go wrong is in exaggerating their income when they first meet their wife. The key is to halve your income when asked. It's all about managing expectations wisely. I'm sure everyone here will be in agreement with me, but it's funny how women all of a sudden gain huge motivation to spend 10x more money than they contribute as soon as you're living together.
And don't get me started as to when you're engaged/married and there is a wedding to plan for. They think money just appears in the bank for the sole purpose of being spent on frivolities, without the meerest hint of consideration for your long term financial future together.
I was financially much better off as a single man.....just like every other man in the world.
Be warned, women are a much more expensive hobby than any car!
Double points if she is an only child.
badgers_back said:
DonkeyApple said:
dvs_dave said:
That right there is the flaw in your plan and why it won't work. Any wise financial plans you have in place prior to this will simply be blown out of the water and you won't see it coming.
I'm sure everyone here will be in agreement with me, but it's funny how women all of a sudden gain huge motivation to spend 10x more money than they contribute as soon as you're living together.
And don't get me started as to when you're engaged/married and there is a wedding to plan for. They think money just appears in the bank for the sole purpose of being spent on frivolities, without the meerest hint of consideration for your long term financial future together.
I was financially much better off as a single man.....just like every other man in the world.
Be warned, women are a much more expensive hobby than any car!
Where men go wrong is in exaggerating their income when they first meet their wife. The key is to halve your income when asked. It's all about managing expectations wisely. I'm sure everyone here will be in agreement with me, but it's funny how women all of a sudden gain huge motivation to spend 10x more money than they contribute as soon as you're living together.
And don't get me started as to when you're engaged/married and there is a wedding to plan for. They think money just appears in the bank for the sole purpose of being spent on frivolities, without the meerest hint of consideration for your long term financial future together.
I was financially much better off as a single man.....just like every other man in the world.
Be warned, women are a much more expensive hobby than any car!
Double points if she is an only child.
At the end of the day it is better to marry someone who is not a sponging a
hole with ideas and expectations above their station. 
And the safest way to achieve that is to not make out you are wealthier than you are. Infact the opposite. fid said:
People seem to take a very short-term view on pensions these days, yet they're long term investments. Quite perplexing.
Think property is the way to go? Get a property fund in your pension. Think gold is the way to go? Get a gold/metals fund in your pension. And enjoy the tax benefits and company contributions that come with them.
Lucky you.Think property is the way to go? Get a property fund in your pension. Think gold is the way to go? Get a gold/metals fund in your pension. And enjoy the tax benefits and company contributions that come with them.
Does anyone believe that any money 'promised' will actually appear in 30yrs+?
Even pensions are a risk, more so than ever.
The whole pensions industry is a joke in my view. The new NEST type scheme things appearing are going to put a squeeze on operators for their operating costs which is a good thing, but from what I can tell it's still tied to buying an annuity.
In which case it's not something you tangibly have in your hands and have to trust the mechanism will be there come your retirement to get your hands on it!
What will annuity rates be like in 30yrs? Global economic growth? A big world war wiping out most of the wealth? A massive pandemic that kills off a chunk of the population?
All these lovely things that cause massive disruption that are not used in stochastic projections, but as we have seen, do actually happen from time to time. Nice!
Dave
Even pensions are a risk, more so than ever.
The whole pensions industry is a joke in my view. The new NEST type scheme things appearing are going to put a squeeze on operators for their operating costs which is a good thing, but from what I can tell it's still tied to buying an annuity.
In which case it's not something you tangibly have in your hands and have to trust the mechanism will be there come your retirement to get your hands on it!
What will annuity rates be like in 30yrs? Global economic growth? A big world war wiping out most of the wealth? A massive pandemic that kills off a chunk of the population?
All these lovely things that cause massive disruption that are not used in stochastic projections, but as we have seen, do actually happen from time to time. Nice!
Dave
I'm 26, and consider that if I do get any form of state pension when I retire it will be a bonus.
As it is I have (with the missus) a 220k mortgage. We are overpaying a grand a month at the moment and when we remortage in 2.5 years this should be at about 190k or so - I hope. We will then probably trade up and buy a house which we will sit in for 25+ odd years which will probably saddle us with a mortgage of about 250k or so. Thats fine as we can pay that down quite a bit in the next few years so I'm not worried about that. I am not viewing the property I live in as a pension at all in any way.
As to pension, I have a good pension with work and even if I never get promoted again, I will retire on (in todays money) 30k a year (or thereabouts if I work until 65). I contribute 150 quid a month to that pension at the moment and my employer (can you guess who it is yet) contributes just under a grand. When the rules change in the future I think I'll have to pop in about another 100 quid a month - thats fine as well.
In the meanwhile in 18-24 months I will hopefully get a little buy to let at about 80k and put down 20%. This should rent for 550 a month or thereabouts. I wont bother to overpay this and will keep it on the tick until I retire then flog it. This will form part of our retirement planning as I hope to be in a position to retire when I am about 55. If I do that the pension will go down to about 25k a year.
I'm not banking on the state pension at all but I am lucky to be in the position whereby I have a superb pension.
As it is I have (with the missus) a 220k mortgage. We are overpaying a grand a month at the moment and when we remortage in 2.5 years this should be at about 190k or so - I hope. We will then probably trade up and buy a house which we will sit in for 25+ odd years which will probably saddle us with a mortgage of about 250k or so. Thats fine as we can pay that down quite a bit in the next few years so I'm not worried about that. I am not viewing the property I live in as a pension at all in any way.
As to pension, I have a good pension with work and even if I never get promoted again, I will retire on (in todays money) 30k a year (or thereabouts if I work until 65). I contribute 150 quid a month to that pension at the moment and my employer (can you guess who it is yet) contributes just under a grand. When the rules change in the future I think I'll have to pop in about another 100 quid a month - thats fine as well.
In the meanwhile in 18-24 months I will hopefully get a little buy to let at about 80k and put down 20%. This should rent for 550 a month or thereabouts. I wont bother to overpay this and will keep it on the tick until I retire then flog it. This will form part of our retirement planning as I hope to be in a position to retire when I am about 55. If I do that the pension will go down to about 25k a year.
I'm not banking on the state pension at all but I am lucky to be in the position whereby I have a superb pension.
You are a rare sub-30-year-old who appears to have got his financial s&it together in an impressive way. Just one caveat - if you want to retire at 55 you will have reasonable life expectancy of another 30 years. When you retire that 'young' you won't want to be doing nothing. Sitting on a beach gets boring after a fortnight and after a year of travel you'll yearn for your own bed and place that speaks your language. So the question arises, what are you going to do for the other 29 years? If you want to spend them in any kind of comfort you're going to need the future equivalent of around £50,000 PA (assuming the mortgage has been paid off). Instead of retiring at 55, I would humbly suggest having a goal of reaching a lump sum at 55 that will enable you to buy a small business that will generate an income for the rest of your life and which would give you something to do.
badgers_back said:
DonkeyApple said:
dvs_dave said:
That right there is the flaw in your plan and why it won't work. Any wise financial plans you have in place prior to this will simply be blown out of the water and you won't see it coming.
I'm sure everyone here will be in agreement with me, but it's funny how women all of a sudden gain huge motivation to spend 10x more money than they contribute as soon as you're living together.
And don't get me started as to when you're engaged/married and there is a wedding to plan for. They think money just appears in the bank for the sole purpose of being spent on frivolities, without the meerest hint of consideration for your long term financial future together.
I was financially much better off as a single man.....just like every other man in the world.
Be warned, women are a much more expensive hobby than any car!
Where men go wrong is in exaggerating their income when they first meet their wife. The key is to halve your income when asked. It's all about managing expectations wisely. I'm sure everyone here will be in agreement with me, but it's funny how women all of a sudden gain huge motivation to spend 10x more money than they contribute as soon as you're living together.
And don't get me started as to when you're engaged/married and there is a wedding to plan for. They think money just appears in the bank for the sole purpose of being spent on frivolities, without the meerest hint of consideration for your long term financial future together.
I was financially much better off as a single man.....just like every other man in the world.
Be warned, women are a much more expensive hobby than any car!
Double points if she is an only child.
I did not follow it. Five marriages later I still do not follow it. Cost me a fortune. But I have enjoyed myself. Not sure that is true of the girls.
Oh well?
princeperch said:
I'm 26, and consider that if I do get any form of state pension when I retire it will be a bonus.
As it is I have (with the missus) a 220k mortgage. We are overpaying a grand a month at the moment and when we remortage in 2.5 years this should be at about 190k or so - I hope. We will then probably trade up and buy a house which we will sit in for 25+ odd years which will probably saddle us with a mortgage of about 250k or so. Thats fine as we can pay that down quite a bit in the next few years so I'm not worried about that. I am not viewing the property I live in as a pension at all in any way.
As to pension, I have a good pension with work and even if I never get promoted again, I will retire on (in todays money) 30k a year (or thereabouts if I work until 65). I contribute 150 quid a month to that pension at the moment and my employer (can you guess who it is yet) contributes just under a grand. When the rules change in the future I think I'll have to pop in about another 100 quid a month - thats fine as well.
In the meanwhile in 18-24 months I will hopefully get a little buy to let at about 80k and put down 20%. This should rent for 550 a month or thereabouts. I wont bother to overpay this and will keep it on the tick until I retire then flog it. This will form part of our retirement planning as I hope to be in a position to retire when I am about 55. If I do that the pension will go down to about 25k a year.
I'm not banking on the state pension at all but I am lucky to be in the position whereby I have a superb pension.
I'm sure you're already aware that your position is well beyond the dreams of most people your age (and above). Setting aside your (likely) significantly above average income, enormous numbers of younger people are entering a world of work where pensions are either not offered at all, receive very little or no employer contributions and/or are money purchase schemes. Meanwhile receiving an education now costs a fortune to the recipient and property values have soared over the last twenty years meaning mortgages into the sixties will become quite common (if trends continue). Long term old age healthcare is an exponentially increasing cost (to UK Plc). Energy costs are unlikely to be this low in the future. Will disposable income levels allow suitable financial planning for the masses?As it is I have (with the missus) a 220k mortgage. We are overpaying a grand a month at the moment and when we remortage in 2.5 years this should be at about 190k or so - I hope. We will then probably trade up and buy a house which we will sit in for 25+ odd years which will probably saddle us with a mortgage of about 250k or so. Thats fine as we can pay that down quite a bit in the next few years so I'm not worried about that. I am not viewing the property I live in as a pension at all in any way.
As to pension, I have a good pension with work and even if I never get promoted again, I will retire on (in todays money) 30k a year (or thereabouts if I work until 65). I contribute 150 quid a month to that pension at the moment and my employer (can you guess who it is yet) contributes just under a grand. When the rules change in the future I think I'll have to pop in about another 100 quid a month - thats fine as well.
In the meanwhile in 18-24 months I will hopefully get a little buy to let at about 80k and put down 20%. This should rent for 550 a month or thereabouts. I wont bother to overpay this and will keep it on the tick until I retire then flog it. This will form part of our retirement planning as I hope to be in a position to retire when I am about 55. If I do that the pension will go down to about 25k a year.
I'm not banking on the state pension at all but I am lucky to be in the position whereby I have a superb pension.
There's a ticking timebomb in there somewhere.
Good luck to you, though.
princeperch said:
I will hopefully get a little buy to let at about 80k and put down 20%. This should rent for 550 a month or thereabouts.
Hang on. £80,000?Big fish - small pond!
And on the pension side do you really think you're going to stay with the same employer for 40 years? Dear lord.
princeperch said:
Ozzie Osmond said:
Hang on. £80,000?
Big fish - small pond!
And on the pension side do you really think you're going to stay with the same employer for 40 years? Dear lord.
unless they chuck me out I'm not going anywhere. Big fish - small pond!
And on the pension side do you really think you're going to stay with the same employer for 40 years? Dear lord.
audidoody said:
You are a rare sub-30-year-old who appears to have got his financial s&it together in an impressive way. Just one caveat - if you want to retire at 55 you will have reasonable life expectancy of another 30 years. When you retire that 'young' you won't want to be doing nothing. Sitting on a beach gets boring after a fortnight and after a year of travel you'll yearn for your own bed and place that speaks your language. So the question arises, what are you going to do for the other 29 years? If you want to spend them in any kind of comfort you're going to need the future equivalent of around £50,000 PA (assuming the mortgage has been paid off). Instead of retiring at 55, I would humbly suggest having a goal of reaching a lump sum at 55 that will enable you to buy a small business that will generate an income for the rest of your life and which would give you something to do.
well funny you should say that, in about 20yrs Ill have a nice business to sell. drop me a line in 2030 or resurect this thread. Ill still be on PHHehe, so many assumptions that the future will be a reflection of the last 50 years where growth and world stability have been relatively nice.
How about considering the 50 years before that? Two world wars, lots of advancements in technology, lots of natural disasters that killed lots of people.
All our 'pension' history has been filled with steady economics and a steady world state, and so we think pensions make sense to us today.
The baby boomers are starting to take their cut, people are living a lot longer, and we have a gap of people to pay for the pensions in the future.
We have a world economy on it's arse with no real growth booms to be seen on the horizon.
Good luck with that outlook, but it's a bit rose tinted in my view.
The last 50 years are nice to look at and copy/paste for the next 50 years, but that is a dangerous logic to follow!
Dave
How about considering the 50 years before that? Two world wars, lots of advancements in technology, lots of natural disasters that killed lots of people.
All our 'pension' history has been filled with steady economics and a steady world state, and so we think pensions make sense to us today.
The baby boomers are starting to take their cut, people are living a lot longer, and we have a gap of people to pay for the pensions in the future.
We have a world economy on it's arse with no real growth booms to be seen on the horizon.
Good luck with that outlook, but it's a bit rose tinted in my view.
The last 50 years are nice to look at and copy/paste for the next 50 years, but that is a dangerous logic to follow!
Dave
Balmoral Green said:
I'll just liquidate whatever assets I have, buy a motorhome and pootle around all over Europe, wintering somewhere warm. Food & diesel will be my only overheads. I don't know what Mrs BG will be doing
I like the sound of that plan, Warren. I'd probably go for buying a motorbike and staying at cheap hostels/volunteering in Asia then ship the bike to South America and carry on 
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