What are you going to live on when you retire?

Mbongwe

Old-Salt
providing that my Dad pops his clogs in the nearish future then selling the family terraced house will finance another apartment that I can rent out.

If he does kark it in the next year or two, I can even bank the money from the rental and buy another one for my retirement day -

@Ryder02 You're all heart, you big softy! :-D
 
I’m the same age as the OP and I think there are some definite heads in the sand where our generation is concerned, regarding our future.

Most of my mates and peers don’t even know how pensions work. It’s not something we were taught at school and when you get a job, the pension stuff is just another form you have to fill out.

I was having this conversation with SWMBO just today, what has muddied the waters for my generation is that when we were starting work we saw older relatives and their contemporaries retiring with final-salary pensions, in some cases having been paid a massive lump sum as a sweetener to take early retirement, and living in houses that had massively appreciated in value and all paid off thanks to the hyperinflation of the 1970s. I'm not saying that they didn't work hard in their careers, but there was a healthy dose of luck too, all of those things coming together. And that set the expectation for us and people haven't really internalised that with no more final salary pensions in the private sector, no more jobs for life anyway, house price inflation outstripping wage growth, etc, more and better planning is needed and you still probably won't do as well as them.
 
Last edited:

Hohenidoom

Old-Salt
Having got my pension statement the other day, it amounts to a mighty £38 a month. That said, I've got another 43 years till I can claim the veritable millions.
 
Both. She earns slightly more than me, but I get a better bonus that puts me ahead - so we split pretty much everything 50:50 - but due to her being one of them thar American types (as well as British) I tend to do most of the suggestions / getting stuff in my name as I know the system better, and she's cautious about hitting the thresholds that would cause the US to tax her into the 13th Century.

Edit: We're both pretty sensible with money...but I'm more sensible and don't buy shite.
Oh come now the tax burden hasn't gone up yet, but it soon will and I do wonder what will happen to folks like your wife who are a cash cow to be milked.

So in a nutshell she makes sure you have nice furniture and are not eating Ramen and drinking the equivalent of Keystone Light!
 

RBMK

LE
Book Reviewer
Having got my pension statement the other day, it amounts to a mighty £38 a month. That said, I've got another 43 years till I can claim the veritable millions.
Serious comment, put as much as you can afford into your pension now. I started out putting £200 per month in from 1990. I could have afforded more but bought a sports car instead :eek:

I wish I'd left the sports car for another 5 years and put £400 per month into my pension as I would be able to retire now instead of in 2 years.

If it's a company scheme, you may be able to do AVCs (additional voluntary contributions) and the company may even add a contribution to your AVCs. One of our customers allows their staff to do AVCs and will match their contributions up to £200 per month.
 
I plan to live off the earnings of my hoes.













Unfortunately I'm shit at gardening.
 
Why does anyone need to “time the markets” to make money trading? All you need to do is to be able to determine a trend, get in, get out and take a profit. As long as you take more profit than losses, you grow your fund.

Trading is no different to any other business activity; it’s all about execution. Having a plan, testing it at low risk and then exploiting once you know your plan works. Like anything else that make you money, there’s no substitute for hard work.
Or very good luck. Sadly I know a couple of mates who traded from home and lost a pile. for a credible/survivable retirement I would have thought the risk of a pandemic on your portfolio would bring on the heart attack pdq!
 
I was having this conversation with SWMBO just today, what has muddied the waters for my generation is that when we were starting work we saw older relatives and their contemporaries retiring with final-salary pensions, in some cases having been paid a massive lump sum as a sweetener to take early retirement, and living in houses that had massively appreciated in value and all paid off thanks to the hyperinflation of the 1970s. I'm not saying that they didn't work hard in their careers, but there was a healthy dose of luck too, all of those things coming together. And that set the expectation for us and people haven't really internalised that with no more final salary pensions in the private sector, no more jobs for life anyway, house price inflation outstripping wage growth, etc, more and better planning is needed and you still probably won't do as well as them.
Exactly this, we are the in-between generation.

The generation coming after us knows they are going to get feck-all squared, so will at least have time to prepare themselves, the generation before us got pretty nice retirement packages without much effort, we assumed we'd be getting something, without giving it much thought, until we hit our fifties and suddenly relaised there was nothing there.
 
I was medically discharged from the RAF about 18 months ago after a full career. I get my AFPS 75 pension, and additional War Pension for attributable injuries (and with that free prescriptions and a Disabled rail card). I could sit home and do nothing and get by on these handouts. But I know if I did I would be dead within a year or two (I'm in my 50s) - we have all seen that - those who dream to spend their days on the golf course who, a few months later, keel over in a carpark somewhere, dead. They always seems to be WOs, too.

I am working now, supporting a government department rolling out complex programmes. I WFH, starting at 0900 and finishing at about 1830. No commuting but occasionally have to travel to sites for 'fact finding'. The tax is a bit of a pain, but work gives me a reason to get out of bed in the morning and I enjoy engaging with people, albeit online at the moment. Meanwhile, I amass my Library, do a bit of writing and have got back into film photography after I was given a load of old cameras, and potter around the house doing odd jobs.

Do I miss the Services? Some of the work and the people - Yes - but not enough to go to the RAFA or Legion club (if any are left) to reminisce over a beer with people I don't know. I know I don't have the energy I once had and that my life expectancy isn't great but I could also be hit by a bus crossing the road...so I don't dwell on this stuff.

I look forward to getting out and about travelling once restrictions ease and will happily get a Covid passport or whatever (get second jab tomorrow!). And those who oppose them are a bunch of wet-pants who need to Man the F*&k up.

In JHQ there used to be a lottery on when retiring senior officers would peg it. Some of the Colonels, and star ranks used to depart swearing they would never work another day in their lives. A couple of them shuffled off their mortal coils within 12 months, I was told of one that lasted less than 6 months. Living life at 100mph, suddenly the brakes are applied and everything slows down to pottering around the garden is not healthy.

George Burns; he used to tell everyone he was too busy to retire and take it easy and was still working in his 90's. When I went to uni after the army in my 30's there were lots of people who used to come along once they had retired to get that degree they never got as a kid, some used to go on and do PhD's. Stay busy, keep it all ticking over and you can go on forever, well, sort of.

iu
 
I retired at 37 and live off the state. It’s great.
 

RedDinger

War Hero
In JHQ there used to be a lottery on when retiring senior officers would peg it. Some of the Colonels, and star ranks used to depart swearing they would never work another day in their lives. A couple of them shuffled off their mortal coils within 12 months, I was told of one that lasted less than 6 months. Living life at 100mph, suddenly the brakes are applied and everything slows down to pottering around the garden is not healthy.
I had heard all the stories of retirees lasting 10 mins, so before I handed in my notice, I turned to the forum to ask if people really regretted it. The overwhelming majority were loving it.

Not one person said they had died within weeks of retiring.
 

RBMK

LE
Book Reviewer
Most people I know who have retired are busier now than when they were working.

My mate Andy looks after his grandkids 2 days a week, volunteers at our local cricket club as a groundsman and does voluntary work for the Samaritans.
 

anglo

LE
I have been retired 18 years, I am a poor pensioner, as poor as a church mouse,
and if you've got any sense, that is what you will tell people.
 
I have been retired 18 years, I am a poor pensioner, as poor as a church mouse,
and if you've got any sense, that is what you will tell people.

I’m poorer than you.
 
I was planning to retire at 55 three years later I’m still working. Unfortunately for me the wife decided to lend our lad the majority of our savings to buy a house as she did not want him to have a mortgage and to help his business out. I most most peed off mainly because she thought I would not mind so did not bother to tell me. We hardly speak now as to my lad yes his business is doing well and he has a nice house but again we almost never speak. Having your retirement plans trash tends to put you in a bad mood.
 
If you've paid for someone to manage your funds downstream, and they've tanked like this, you may well have a claim against the adviser.

Did you pay any kind of trail fee? Have you had any review meetings / correspondence?
There was a change of company a couple of years back so I'm in touch with the current adviser about an FSCS claim, although progress seems a bit
slow.
 
Top