Saving for retirement Page 2

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  • TheSaint 9 Jan 2014 13:29:28 14,412 posts
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    Having a play around with this it's quite scary how much overpaying your mortgage can save you:

    http://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator
  • kalel 9 Jan 2014 13:32:04 87,689 posts
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    TheSaint wrote:
    Having a play around with this it's quite scary how much overpaying your mortgage can save you:

    http://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator
    I was going to say, even if you're going to get another bigger mortgage, the more you pay off the better off you'll be then.
  • Load_2.0 9 Jan 2014 13:34:08 19,279 posts
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    I am pretty sure any savings I put aside for the few years I might get post 70 will be swallowed up by inflation, taxes, ponzi scheme, nazi's or muslims.

    All I need for my future is a shitty state pension cheque and high end PC and a VR headset.

    The grandkids can go spend time on the mothers side.
  • Alastair 9 Jan 2014 13:34:20 15,758 posts
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    Yep, I used that same calculator and we now overpay the max amount per month (500). Might not seem much against a 190K mortgage but over the 5 year term it makes a big difference.
  • mrpon 9 Jan 2014 13:34:30 28,921 posts
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    If I invested the full monthly amount into my daughters trust fund she would get a six figure sum come 18. That I don't have any control over.

    ...

    Fuck that!!

    Give yourself 5 or gig, you're worth it.

  • Deckard1 9 Jan 2014 13:35:56 27,989 posts
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    Daughter eh?
  • TheSaint 9 Jan 2014 13:37:03 14,412 posts
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    Yeah I can appreciate it's a good long term thing to do. Mainly it's just the mental thing that it seemed so huge when we took it out and now it finally seems to be visibly dropping. Going to be depressing to see it shoot back up again.
  • Load_2.0 9 Jan 2014 13:37:53 19,279 posts
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    Deckard1 wrote:
    Daughter eh?
    Wealthy daughter.
  • Trowel 9 Jan 2014 13:39:19 17,763 posts
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    TheSaint wrote:
    Now I work for a small company (less than ten of us) that doesn't have any formalised pension scheme so I'm going to have to sort it out on my own.
    I work in the industry so can give a little help (though have to be careful that it doesn't come across as advice etc.).

    First thing to check, your company will almost certainly have to offer you automatic enrolment into a workplace pension scheme soon. Best to speak to whoever handles your HR about it:

    https://www.gov.uk/workplace-pensions-employers

    Edited by Trowel at 13:39:37 09-01-2014
  • mrpon 9 Jan 2014 13:41:36 28,921 posts
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    Load_2.0 wrote:
    Deckard1 wrote:
    Daughter eh?
    Wealthy daughter.
    Two in fact, decisions decisions.

    That's their name btw.

    Edited by mrpon at 13:42:05 09-01-2014

    Give yourself 5 or gig, you're worth it.

  • Flying_Pig 9 Jan 2014 13:43:00 11,002 posts
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    Pensions are a scary, scary matter. Unless you have a cushy public sector one, you really need to be paying as much as possible into one as early as you can to ensure you can buy decent annuity once you retire.

    Given that people are now living 20-30 years beyond retirement, and you might work for 40 years, you need to be paying a lot into your pension over your working life to ensure your income is half decent once you retire.

    I'm currently paying more than 500 a month into my work defined contribution scheme, and am worried that even that's not enough.
  • TheSaint 9 Jan 2014 13:44:07 14,412 posts
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    Trowel wrote:
    TheSaint wrote:
    Now I work for a small company (less than ten of us) that doesn't have any formalised pension scheme so I'm going to have to sort it out on my own.
    I work in the industry so can give a little help (though have to be careful that it doesn't come across as advice etc.).

    First thing to check, your company will almost certainly have to offer you automatic enrolment into a workplace pension scheme soon. Best to speak to whoever handles your HR about it:

    https://www.gov.uk/workplace-pensions-employers
    Thanks, from that link it looks like a company of our size won't start until 2017.
  • kalel 9 Jan 2014 13:45:06 87,689 posts
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    Can always just murder a tramp when you get to retirement and spend your last few years in prison. They're basically holiday camps these days etc.
  • Nazo 9 Jan 2014 13:46:07 356 posts
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    I went to see a financial advisor recently and he reckoned to have a decent pension I'd need to put in 1000 per month. Yikes.
  • glaeken 9 Jan 2014 13:48:01 11,175 posts
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    I am currently considering a buy to let as my retirement plan. I figure if I have paid off the mortgage on it by retirement time it will give me an additional 1000 or so a month in income which seems Ok. The real git at the moment though is saving enough for a deposit as buy to let mortgages at the moment all seem to require a 25% deposit.

    Edited by glaeken at 13:49:46 09-01-2014
  • sherpa1984 9 Jan 2014 13:57:39 248 posts
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    Youthist wrote:
    sherpa1984 wrote:
    Been paying into the NHS pension for about 6 years. Swines in the public complaining it was too good (Oi! It's not like there's lots of perks in the NHS- average pay, bad shifts, circumventing EU employment laws, no bonuses, frozen pay rises so we earn less every year due to inflation) mean it's not so gold-plated. I think I have to work to 67 (will be in the 70s by the time I get there) and my contribution is close to 10%.

    I better live to 100+.

    (Turned 29 in December)
    DM can help you fuck the NHS over (and us, indirectly) if you need advice.
    By DM do you mean David Miliband or have I got that wrong? 'Cos I'm not sure he's got any swing since he left politics + the NHS is labour's pride and joy; I'll be voting Labour even though I'm right-wing. 'Tories doing a chop-shop job on the NHS!

    Wait this was about pensions. Sorry!
  • Chopsen 9 Jan 2014 13:59:42 15,998 posts
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    Thing is, even with all the fucking about they've done with the NHS pension, it's *still* a much better pension than most people are going to get in the private sector.
  • TheMayorOfJugs 9 Jan 2014 14:02:06 3,538 posts
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    sherpa1984 wrote:
    Youthist wrote:
    sherpa1984 wrote:
    Been paying into the NHS pension for about 6 years. Swines in the public complaining it was too good (Oi! It's not like there's lots of perks in the NHS- average pay, bad shifts, circumventing EU employment laws, no bonuses, frozen pay rises so we earn less every year due to inflation) mean it's not so gold-plated. I think I have to work to 67 (will be in the 70s by the time I get there) and my contribution is close to 10%.

    I better live to 100+.

    (Turned 29 in December)
    DM can help you fuck the NHS over (and us, indirectly) if you need advice.
    By DM do you mean David Miliband or have I got that wrong? 'Cos I'm not sure he's got any swing since he left politics + the NHS is labour's pride and joy; I'll be voting Labour even though I'm right-wing. 'Tories doing a chop-shop job on the NHS!

    Wait this was about pensions. Sorry!
    Think he means Spermdangler

    Edited by TheMayorOfJugs at 14:02:24 09-01-2014
  • sherpa1984 9 Jan 2014 14:04:24 248 posts
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    Chopsen wrote:
    Thing is, even with all the fucking about they've done with the NHS pension, it's *still* a much better pension than most people are going to get in the private sector.
    It's true! But it is *the* reason for going into the NHS now. You don't go in for job security or advancement anymore.

    I spent 3 years completing a portfolio for a specialist diploma to get the natural promotion-progression in my job. After finishing it and passing the 12 oral exams the boss turned around at the end and said there's no money for the promotion.

    Suffice to say I don't work in that hospital anymore; my ex-colleagues are currently having to reapply for their jobs having been told there's no room for all of them anymore.

    Public used to be cushier than private but now it's six of one, half a dozen of the other. Pros and cons to both.

    Edited by sherpa1984 at 14:06:01 09-01-2014
  • rudedudejude 9 Jan 2014 14:05:44 2,178 posts
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    Any savings you have will probably just get swallowed up for your care when you go bonkers in later life anyway?

    Interested in this though, almost same situ. as the OP in terms of what to do and what to bother doing. Saving 500 odd a month though it just not going to happen though...unless you are on a serious whack or have no outgoings.

    I was also a bit unsure about the default one coming in. From what I've seen this is a 9% contribution so we get a little extra payout once we hit the retirement age, which will probably be ~75 by the time we get there.
  • Whizzo 9 Jan 2014 14:07:43 43,127 posts
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    I could have done without the large hike in my NHS pension contribution a while back but I'm not too unhappy.

    The government tried to get people to change their NHS pension terms again about 12 months ago but reading the small print made it obvious it wasn't a great idea.

    This space left intentionally blank.

  • Dougs 9 Jan 2014 14:44:00 67,734 posts
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    Public Sector pension here too. Not in a position to overpay on my mortgage just yet (wife only working 15 hours a week, low wage at that), plan has always been to overpay once kids are in school full time, and then use my lump sum to pay off the (vast majority) of the mortgage. Just need to cling on for another 15-20 years....
  • LeoliansBro 9 Jan 2014 14:50:11 44,246 posts
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    Just reading actuarial estimates for pension lifespans and they assume men will live until 90.0 years and women for 91.3 years.

    Even based on medical advances (these are for 2032 retirees) it seems high.

    LB, you really are a massive geek.

  • Dougs 9 Jan 2014 14:53:26 67,734 posts
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    Especially considering those due to retire around then (myself included if I get my way) will have led a much more, errrm, full life than those who retired a few decades ago.
  • Nexus_6 9 Jan 2014 14:58:30 3,878 posts
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    kalel wrote:
    Alastair wrote:
    It's been possible to buy stocks and shares ISAs for years. Are you talking about something different?
    Yeah, I probably only think it's new because it's only something I recently discovered.
    Stocks and Shares ISAs are a great discovery mind you. Amount you can put in each year is higher that a normal ISA, and the gains are generally much better.

    In saying that, I would say S+S are for the longer term type investments, to balance out risk. I set one up back in 2008/2009 and watched in horror as it lost a couple of grand in a matter of a month or 2, but after that its growth was generally up month on month. I took a load out as part deposit for the house, and the remaining money is now growing again quite nicely.

    Alongside that my normal ISA is....moribund.

    Thing to keep in mind is you can actually lose money with S+S


    EDIT - just read that it seems to be something different from what I was thinking, but I havent paid any tax on mine of any type. Dont know enough about it....

    Edited by Nexus_6 at 15:03:07 09-01-2014
  • Chopsen 9 Jan 2014 15:24:37 15,998 posts
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    People are actually *living* longer now, and it seems like a trend. Previously (from industrial revolution etc onwards) the increase in life expectancy was largely entirely down to falling infant mortality. Recently it been down to people living longer.

    *Lots* of people IME experience are living well in to their 80s and being relatively fit today.
  • TheSaint 9 Jan 2014 15:29:15 14,412 posts
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    Reassuring to know that many on here are as disorganised as me at least.
  • midnight_walker 9 Jan 2014 15:31:30 1,990 posts
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    I'm going to be found frozen to death in my house because I couldn't afford to pay the winter fuel bills. I can't afford any kind of pension at the moment and I don't see that changing for at least another 10 years. Sigh.
  • Deleted user 9 January 2014 15:39:56
    For someone who onlys has a current account, with a few bob in , whats the best way to save money? Do i open a savings account, or go for an ISA? It kind of makes sense to put some money away now and again.
  • Alastair 9 Jan 2014 15:41:44 15,758 posts
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    ISA for deffo as it's tax-free.
    And you can transfer it over into a new one each year.
    Read the ISA guide on MoneySaveingExpert.com
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