January 25, 20206 yr 1 hour ago, Winchester White said: Seriously, how much are some of you lot looking at receiving a year in your old age? I'd be happy to be mortgage free and enough to live without money worries. Looking at £3k per month with the odd lump sum every couple of years. That includes about £1k per month for the mortgage. No point paying off mortgage as we are only paying 1%.
January 25, 20206 yr 29 minutes ago, Ani said: Looking at £3k per month with the odd lump sum every couple of years. That includes about £1k per month for the mortgage. No point paying off mortgage as we are only paying 1%. Fair fucks to you pal, that is way more than most earn a month working a good job.
January 25, 20206 yr 45 minutes ago, Ani said: Looking at £3k per month with the odd lump sum every couple of years. That includes about £1k per month for the mortgage. No point paying off mortgage as we are only paying 1%. I paid off my mortgage as soon as the lump sum cleared. My previous mortgage payments roughly equalled the drop in income between work and retired so I became better off by the lack of work travel.
January 25, 20206 yr 44 minutes ago, Winchester White said: Fair fucks to you pal, that is way more than most earn a month working a good job. That is before tax. Need to do some juggling to see what I can get out. Will only take it monthly so rest is hopefully growing still.
January 25, 20206 yr 29 minutes ago, MickyD said: I paid off my mortgage as soon as the lump sum cleared. My previous mortgage payments roughly equalled the drop in income between work and retired so I became better off by the lack of work travel. The mortgage is about £150k. So costs us £1500 per year in interest. We pay £12k but that is mainly reducing the balance. At some point when the balance has dropped we will take a lump sum but at the moment the £150k invested should grow a lot more than £1500. So our pot is getting bigger quicker. For us it is more about the long term pot than monthly surplus income. (If that makes sense).
January 26, 20206 yr 1 hour ago, Winchester White said: Fair fucks to you pal, that is way more than most earn a month working a good job. Completely with you a mortgage is irrelevant at 1% no need to pay it off, very different when it was 10-15% chuck the money into a pension instead.
January 26, 20206 yr 1 minute ago, Casino said: Keep your mortgages Mortgage free is lovely Just lovely Each too their own, prefer chucking £500 from my wage into Pension pot which multiplies to nearly 1k each month, but if you can pay off mortgage and chuck in pension pot then even better.
January 26, 20206 yr 17 minutes ago, Casino said: Keep your mortgages Mortgage free is lovely Just lovely I would much rather not have a mortgage. But the choice is pay 1% to borrow £150k. Which is then invested and earning say 4% per annum. So £4.5k better off.
January 26, 20206 yr Said before but I have a final salary pension which will get me 20k+ a year plus I am paying in 1k a month between myself and my New employer into my current scheme. I reckon I’ve got 18 years working left so should get a Decent pot built. I’m also putting my annual bonuses into my pension from next year as well which will make a huge difference as that will be more than my annual contributions so probably 25/30k per year going into my pot I would like to have as much as possible in my pension so I can enjoy my retirement
January 26, 20206 yr By the looks to play catch up I’m going to have to make some cut backs going forward plus side we don’t have a mortgage but with kids 10 & 13 there’s no let up for a while
January 26, 20206 yr I’m retiring very very soon. I’m mortgage free & got £1M (sounds a lot but has to last a lifetime, so it isn’t) in my pension pot, in addition to circa £200K in “cash”. The “cash/investments” will last me approx 4/5 years by which time I can access my pension aged 55. 2019 has been a fantastic year for investing but I really cannot see the DOW keep ploughing on as it has been now for years. The key of course is to start putting into your pension pot as young as possible.
January 26, 20206 yr I took my final salary pension at 50 when I was made redundant so a much reduced pension than it would have been if i'd waited until I was 65 but it's still 5 figures. I wanted to invest in property so I used the lump sum and £250k we had already saved into buying 11 properties which will give us a great income into our old age plus we have doubled our equity in the last 7 years. I worked full time for a bakery in Northwich until I was 54 and took advantage of the salary sacrifice scheme and invested the maximum allowed for the last 2 years for a rainy day fund. Now I just consult with a couple of companies advising on Sales and Marketing strategies but will hang my boots up for good at some point this year.
January 26, 20206 yr 8 hours ago, Escobarp said: Said before but I have a final salary pension which will get me 20k+ a year plus I am paying in 1k a month between myself and my New employer into my current scheme. I reckon I’ve got 18 years working left so should get a Decent pot built. I’m also putting my annual bonuses into my pension from next year as well which will make a huge difference as that will be more than my annual contributions so probably 25/30k per year going into my pot I would like to have as much as possible in my pension so I can enjoy my retirement Might be worth getting advice. Assume your employer will not be paying extra contributions on the bonus ? Might be better putting that into a separate fund ? Employer schemes have a reputation of not being aggressively managed so you won’t get the best growth. Not sure how you do it avoiding the tax.
January 26, 20206 yr 10 minutes ago, Ani said: Might be worth getting advice. Assume your employer will not be paying extra contributions on the bonus ? Might be better putting that into a separate fund ? Employer schemes have a reputation of not being aggressively managed so you won’t get the best growth. Not sure how you do it avoiding the tax. Thanks mate. Yeah it’s something I’ve thought about. Currently my employers double match my contribution on the first 5% I put in they put an additional 10% in. Anythjng else such as bonus is just me Adding my own money to the pot. pensions are a minefield And I have no real idea about them. Just been shoving as much in to get the max out of my employer. Shoving bonuses in saves me the tax which is a fairly significant number when all is said and done . Might give @boltondiver a shout see what he can do or can he recommend someone.
January 27, 20206 yr Pensions dont have to be a minefield 1 Most of them you can now access online and change your funds as most are linked to the fts 100 they could get one hell of a hit this coming month or so. I am by no means a expert on pensions but my advice would be to move all now to low risk funds and sit tight until at least Easter
February 24, 20206 yr Well, that fts 100 hit that I said could come within a month arrived today. Changed any investment I had in equities and put it in money [very low risk] Can only see the fts going down until this virus subsides.
February 24, 20206 yr On 26/01/2020 at 09:24, Ani said: I would much rather not have a mortgage. But the choice is pay 1% to borrow £150k. Which is then invested and earning say 4% per annum. So £4.5k better off. Aye Mortgages at 1% to 2% are almost free money! You really are giving cash away paying your mortgage off over pensions, especially if your paying 40% tax example - you’ve got £6k spare at year end, pay it off your mortgage and save yourself £100 a year in interest. Pay it into a pension and it becomes £10k immediately (with the tax back), then it should grow by at least £500 a year even in a steady fund. I recon for every £1 you pay off your mortgage early (vs a pension), you’ve put another £1 in the bin When you hit 55 you can draw some down tax free and pay off your mortgage then if you want
February 24, 20206 yr 1 hour ago, birch-chorley said: Aye Mortgages at 1% to 2% are almost free money! You really are giving cash away paying your mortgage off over pensions, especially if your paying 40% tax example - you’ve got £6k spare at year end, pay it off your mortgage and save yourself £100 a year in interest. Pay it into a pension and it becomes £10k immediately (with the tax back), then it should grow by at least £500 a year even in a steady fund. I recon for every £1 you pay off your mortgage early (vs a pension), you’ve put another £1 in the bin When you hit 55 you can draw some down tax free and pay off your mortgage then if you want You can also ask your company to chuck in National insurance, I paid in my yearly bonus this month and the NI was 1k. Edited February 24, 20206 yr by Mounts Kipper
February 25, 20206 yr 21 hours ago, masi 51 said: Well, that fts 100 hit that I said could come within a month arrived today. Changed any investment I had in equities and put it in money [very low risk] Can only see the fts going down until this virus subsides. Yep. Cost me £12k yesterday. That is not as bad as it could have been. Important people get good advice on this do it suits their circumstances.
February 25, 20206 yr 17 hours ago, Mounts Kipper said: You can also ask your company to chuck in National insurance, I paid in my yearly bonus this month and the NI was 1k. Isn’t there some rule around NI that means you don’t get your full state Pension? Not sure if it’s what your saying or if it’s relevant for people who work in the public sector and are set to get a defined salary Pension
February 25, 20206 yr Just now, birch-chorley said: Isn’t there some rule around NI that means you don’t get your full state Pension? Not sure if it’s what your saying or if it’s relevant for people who work in the public sector and are set to get a defined salary Pension It depends on how much you have paid life-time. I have already maxed out so paying more does not increase my pension. I think this is the site where you check. https://www.gov.uk/check-national-insurance-record Again get advice.
February 25, 20206 yr 21 minutes ago, Ani said: It depends on how much you have paid life-time. I have already maxed out so paying more does not increase my pension. I think this is the site where you check. https://www.gov.uk/check-national-insurance-record Again get advice. Same here I’ve paid it for over 35 years. I think it’s the employers contribution that’s paid into my pension, they have to agree to do it though. Edited February 25, 20206 yr by Mounts Kipper
February 25, 20206 yr Sounds like some people on here have decent pensions, mines is ticking along quite nicely at the minute, but nowhere near the levels of some on here. I do know plenty of folk who either don't have a pension, or have two parts of fuck all, and I'd imagine there are a lot of people like that in the real world - are we heading for a period in the next 20 or 30 years where the country is full of pensioners/retired folk who don't have a pot to piss in? I worry that's going to happen
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