Pensions advice... - anyone got one?!!

[theanalyst]

As above really. Had a nasty thought the other night when I was out with some 'employed' people who were harping on about their pensions and that they would have to tighten the belt etc...!
As I'm only currently in my thirties (mid) I have put it off with the 'oh I've got ages yet' but now I have realised I haven't really!! I was thinking about how knackered I will be by the time Im 60 at this rate, and I am going to get a pension sorted asap and put as much in it as I can, even though I probably wont end up with that much when I retire, it will be better than nought!

All advice appreciated, like which type to go for , am I best starting a limited company or staying as sole trader, and so on.
cheers

 

[nicro3]

Hi have a look at plumbing pensions Uk. If you set up as ltd company it could work or if you work for a participating company. I have slagged off this scheme on this forum many times for its silly rules but it is a good scheme. I put in from 1977-1998 and I have got a reasonable out look, but it has not let me contribute when working for myself or a non contributing firm.

 

[Blake]

Depends on your age and how much you can put in each month to give you a decent pension. Failing that, try and buy a property to rent out which will be mortgage free in 25 yrs or less and provide you with an income to run alongside state pension if it exists by then.

Your knees will still be knackered regardless 🙂

 

[hammers4spanner]

I looked into a pension last year and got alsort of different opinions so ended up baffled confused and still no pension !! Decided house i am currently in will be my pension and by looks of things could be going VAT registered so that be a good way of saving money but everyone has different circumstances .

On another note my mother says saving is the best bet as my father never got the outcome of his pension that he should have .

 

[mfgs]

My plan is to be a millionaire and not need a pension.

 

[zeebeedee]

Retirement freaks me out! I have no plan in place at all. Maybe that can be my New Years resolution that won't get stuck too ;-)

 

[Rickster123]

I'm planning on being dead by 55-60. Until then I shall smoke and drink as my pension plan.

 

[dancinplumba]

I'm planning on being dead by 55-60. Until then I shall smoke and drink as my pension plan.

me too, only a couple of years to go now 🙂

 

[Rickster123]

me too, only a couple of years to go now 🙂

Who want to be old sitting in your own poo and eating soup every day. Not knowing when you need to pee until its to late?! No for me. Plus every minute of every day with my mrs... I'd hang myself in a fortnight!

 

[dancinplumba]

Who want to be old sitting in your own poo and eating soup every day. Not knowing when you need to pee until its to late?! No for me. Plus every minute of every day with my mrs... I'd hang myself in a fortnight!

time to get rid, shall we plan her demise ?

 

[Rickster123]

time to get rid, shall we plan her demise ?

I already have a cunning plan! I'm "digging a pond" as we speak!

 

[dancinplumba]

I already have a cunning plan! I'm "digging a pond" as we speak!

good job we are in the arms, i wont tell anyone if you don't :wink_smile:

 

[Rickster123]

good job we are in the arms, i wont tell anyone if you don't :wink_smile:

The trouble is occasionally she make me steak and chips and it just buys her more time!

 

[dancinplumba]

The trouble is occasionally she make me steak and chips and it just buys her more time!

you could get zeb to do that for, he lokes cooking and will even put a dress on for you :tounge_smile:

 

[Rickster123]

you could get zeb to do that for, he lokes cooking and will even put a dress on for you :tounge_smile:

No villa Tom has him booked for the foreseeable future!

 

[Leo21]

My pensions going to be disability because of my knackered knees. Probably like everyone else on here.

 

[hammers4spanner]

That wont get you a pension am afraid you need an illness e.g allergic to work

 

[dancinplumba]

My pensions going to be disability because of my knackered knees. Probably like everyone else on here.

get some new ones

 

[REDSAW]

take this on board or not!!! only 1 in 3 will live to claim what they have put into their pension...
the money you put in now goes to those who draw it now, not you!!.

my advice, put your money into the Swiss diamond exchange. your return is guaranteed at something like 7.5% and has never dropped. dont tell everyone....

 

[markinaark]

here my twupence worth,
i started a pension when around 20 ish . then started another 2 small ones
so had 3 pensions going at the same time not much going into them by the way,
after 27 years of contributing in , even when things where really tight.
over the last few years they have been decimated.
ie contributions put in over the years have been halved. and some cases quartered.
although one of them has held its own ie put 15 k in and still only 15 k in it.
leaving aside deflation etc. i dont think they are all they are promised,
probably would have been better putting the first two into a jam jar,under me bed. would still have what i put in. although worth less.
i really think go for savings with the most tax efficent base. ie post office can do good deals at times.
as have only got another 12 years or so to retirement and cant see those pension getting back up to the level of even the amounts i put in.
so at present have scrapped contributing two the two that are not holding their own , still going with the best??? one, although it poor performance..
and saving in the post office.
just a word of warning .when thinking about pension .
go with our own , as you are probaly the best to look after your own money, and not professionals ie pensions experts whom have their own agenda and a book load of poor excuses.
dereck

 

[Ray Stafford]

you are probaly the best to look after your own money, and not professionals ie pensions experts whom have their own agenda and a book load of poor excuses.
dereck

Amen to that!

 

[peteheat]

Looked at them for years even started a few and let them go, my way is property although down at the moment I didn't buy in the days of stupidity so I'm still ahead.

My take on pension funds is are they are for gamblers except you get no say in which horse is backed and the fund managers get paid to lay the bets whether they win or lose.

You need to be looking at a fund well in excess of a million to give a liveable return, another issue I had is when you die the fund dies with you, not a good investment IMHO.

By all means ahead, for me the best way is to invest in something I have control over.

Not for everyone but in my uncertain financial world it suits me.