Retirement plans...
Discussion
I'm in my mid-20's and already looking forward to (early) retirement.
Was talking about retirement with a colleague today and it got me thinking, how many 'young' people have considered their retirement? Do you have any plans or dreams as to what you might do? If so, have you set wheels in motion about how to go about affording your plans (Savings, pensions, etc)?
Same questions apply if you're a bit older too - when did you first start thinking about retirement and when did you start making financial provision for it?
Was talking about retirement with a colleague today and it got me thinking, how many 'young' people have considered their retirement? Do you have any plans or dreams as to what you might do? If so, have you set wheels in motion about how to go about affording your plans (Savings, pensions, etc)?
Same questions apply if you're a bit older too - when did you first start thinking about retirement and when did you start making financial provision for it?
I'm 26 and have a fairly clear plan. I intend to reduce to 4 days a week in my 30s, and drop another day 10 or so years later, leading nicely into retirement in my 60s.
Although having said that I'm not actually paying into a pension yet, I've spent the last couple of years moving between different public sector employers so it didn't seem quite worth it yet. I would like to get some kind of advice on retirement planning but I've not got round to it yet.
Although having said that I'm not actually paying into a pension yet, I've spent the last couple of years moving between different public sector employers so it didn't seem quite worth it yet. I would like to get some kind of advice on retirement planning but I've not got round to it yet.
Mazda Baiter said:
Penny-lope said:
36.....and predict I will be working up until I die 
That's a given.You are Scottish. You live in Scotland. You have a lower life expectancy.
Fact.
Have a nice day (no, really, statistically it could be your last.)
Mazda Baiter said:
Penny-lope said:
36.....and predict I will be working up until I die
That's a given.You are Scottish. You live in Scotland. You have a lower life expectancy.
Fact.
Have a nice day (no, really, statistically it could be your last.)
[alanpartridge]
“It's called cholestrol. Scottish people eat it.”
[/alanpartridge]
Edited by working class on Wednesday 23 June 22:37
working class said:
Mazda Baiter said:
Penny-lope said:
36.....and predict I will be working up until I die
That's a given.You are Scottish. You live in Scotland. You have a lower life expectancy.
Fact.
Have a nice day (no, really, statistically it could be your last.)
[alanpartridge]
“It's called cholestrol. Scottish people eat it.”
[/alanpartridge]
Edited by working class on Wednesday 23 June 22:37
)Has anyone ever given any thought to what level of net worth one needs to retire? I mean I guess it depends on what you want to do in your retirement, your lifestyle, but from the age of 50, as each decade goes by the amount you are probably likely to spend each month is bound to decrease? Your needs become simpler?
The thought of waiting until you are too old to enjoy stuff.. so the key seems to be to try and predict the tipping point at which point it's time to stop "putting in" and start "taking out".
Any thoughts? is there a model based upon average experience i.e. you'll need 100% of your net average income that you earn between 40-50 between 50-60; 80% between 60-70; 60% between 70-80 etc.. and if you live any longer then hopefully there is a bit left?
The thought of waiting until you are too old to enjoy stuff.. so the key seems to be to try and predict the tipping point at which point it's time to stop "putting in" and start "taking out".
Any thoughts? is there a model based upon average experience i.e. you'll need 100% of your net average income that you earn between 40-50 between 50-60; 80% between 60-70; 60% between 70-80 etc.. and if you live any longer then hopefully there is a bit left?
number2301 said:
I'm 26 and have a fairly clear plan. I intend to reduce to 4 days a week in my 30s, and drop another day 10 or so years later, leading nicely into retirement in my 60s.
Although having said that I'm not actually paying into a pension yet, I've spent the last couple of years moving between different public sector employers so it didn't seem quite worth it yet. I would like to get some kind of advice on retirement planning but I've not got round to it yet.
26, not started a pension. 4 years work, then 4 day week for 10 years, then 3 day week for 30 years and retire.Although having said that I'm not actually paying into a pension yet, I've spent the last couple of years moving between different public sector employers so it didn't seem quite worth it yet. I would like to get some kind of advice on retirement planning but I've not got round to it yet.
Time for a reality check, and serious planning, I think.
You've missed the housing boom, final salary pensions and the good times for pensions. Get some rich, elderly relatives....
number2301 said:
I'm 26 and have a fairly clear plan. I intend to reduce to 4 days a week in my 30s, and drop another day 10 or so years later, leading nicely into retirement in my 60s.
Although having said that I'm not actually paying into a pension yet, I've spent the last couple of years moving between different public sector employers so it didn't seem quite worth it yet. I would like to get some kind of advice on retirement planning but I've not got round to it yet.
Good luck with that...!Although having said that I'm not actually paying into a pension yet, I've spent the last couple of years moving between different public sector employers so it didn't seem quite worth it yet. I would like to get some kind of advice on retirement planning but I've not got round to it yet.
powelly said:
Has anyone ever given any thought to what level of net worth one needs to retire? I mean I guess it depends on what you want to do in your retirement, your lifestyle, but from the age of 50, as each decade goes by the amount you are probably likely to spend each month is bound to decrease? Your needs become simpler?
The thought of waiting until you are too old to enjoy stuff.. so the key seems to be to try and predict the tipping point at which point it's time to stop "putting in" and start "taking out".
Any thoughts? is there a model based upon average experience i.e. you'll need 100% of your net average income that you earn between 40-50 between 50-60; 80% between 60-70; 60% between 70-80 etc.. and if you live any longer then hopefully there is a bit left?
Its quite simple, you just need an IFA who will agree to shoot you in the head when your pension pot runs out, therefore meaning you never have to live in a cold living room with a blanket on your knee while a fat nurse pops round once a day to liquidize your veg and drain your commode.The thought of waiting until you are too old to enjoy stuff.. so the key seems to be to try and predict the tipping point at which point it's time to stop "putting in" and start "taking out".
Any thoughts? is there a model based upon average experience i.e. you'll need 100% of your net average income that you earn between 40-50 between 50-60; 80% between 60-70; 60% between 70-80 etc.. and if you live any longer then hopefully there is a bit left?
I think its refered to as a DD pension scheme (DD meaning defined death).
Dr.Doofenshmirtz said:
number2301 said:
I'm 26 and have a fairly clear plan. I intend to reduce to 4 days a week in my 30s, and drop another day 10 or so years later, leading nicely into retirement in my 60s.
Although having said that I'm not actually paying into a pension yet, I've spent the last couple of years moving between different public sector employers so it didn't seem quite worth it yet. I would like to get some kind of advice on retirement planning but I've not got round to it yet.
Good luck with that...!Although having said that I'm not actually paying into a pension yet, I've spent the last couple of years moving between different public sector employers so it didn't seem quite worth it yet. I would like to get some kind of advice on retirement planning but I've not got round to it yet.
SO supportive.
Don't really have an activity plan but financially I have put wheels in motion. I'm in my early twenties and am very lucky to work for an employer that contibutes 15% of my gross salary (in addition to my salary) into my pension.
Having said that, you'd have to assume that will get cut at some stage so will then contribute to maintain the level.
Remember, the earlier you start the cheaper your pension will be.
Worst case is you die young and someone close to you will hopefully buy a lambo with the proceeds!
Having said that, you'd have to assume that will get cut at some stage so will then contribute to maintain the level.
Remember, the earlier you start the cheaper your pension will be.
Worst case is you die young and someone close to you will hopefully buy a lambo with the proceeds!
I started my pension in my mid 20's and had expectations about what I needed in my pension and savings so that I could retire. If I had kept to those expectations I could probably have throttled back by now (now in my early 40's)....trouble is I am now in my early 40's with a young family and my expectations of what I want in life to be comfortable have changed.....oh and then there is education to possible pay for. You can never start saving early enough...I have started pensions for my kids, it's the only tax efficient saving I can do for them.
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