Who pays in to a pension?

[armyash]

Hi guys

Looking to start paying in to a pension, who does this?

Any recommendations?

Been paying £20 a week in to a junior isa for my daughter for about 18 months and really I should be doing something similar for myself or i'll be going to the bank with her on her 21st and asking for a lend 😀

Will look in to any recommendations and see what's best for me. By time i'm old enough to get a state pension it probably wont be a lot and I might not make it to then because the age will have been raised to 99.

31 years old now so if i can get some money tucked away my old age I might be ok.

Thanks

 

[rocketmanbkk]

It's a difficult one Ash.

I've asked the question also.

I'm just buying a flat to rent out but I've also got 10yr local government pension. Probably together they'll give me just enough.

The rule of thumb I was told is for every £5k of pension you need about £120k in a pension pot.

So, in my opinion you've gotta save £250 a month for 30'odd years.

I'm 45 so not possible as I'd need to save too much.

I also think different income streams is a good idea, some may disagree.

I'm no pension expert!

 

[Rickster123]

Nope. I'm gonna get a council house, a disabled car, a mobility scooter and plasma tvs on every wall. Then you can all pay for it!

 

[julesverne]

To be fair i think and i could well be wrong on this. pensions are only any good if you start paying into them in your early twenties.

i have 2 small pensions totalling around 7 years that are worth didly squat and at the age 43 a pension would be so expensive its not worth it. so my pension is me growing the business to such an extent that when i am 60/65 i will have minimal input into the business or none at all and it will have paid off my mortgage and support me and the missus in a comfortable lifestyle.

i always had the idea i would retire at 55 yrs but as i have got older realised that aint gonna happen.

 

[villa_tom]

I haven't got a pension yet, I'm 28 and will look into it soon.

Ive just bought my first house and am looking at trying to buy a flat to rent out as a pension instead.

Its something I will look at in the new year in more depth, at the minute my house is costing a fortune, but I've still saved another 14k since I bought my house last August.

Property is the future 😉

 

[cr0ft]

My pension is going to be using my business to pay lump sums off our mortgage. Aim is to have it gone within 6 years. Then I want to save up some cash to build new homes. That's my plan anyway. I wouldnt trust anyone other than me to sort out my retirement funds.

 

[Dotty]

I've got a couple.

Got my pension from BT, a private one and one through the SNIPEF scheme which my employer contributes 80% to.

Property is theft... Pierre-Joseph Proudhon

And as the aborigines say, land belongs to no one, we only borrow it for a little while...

 

[armyash]

I haven't got a pension yet, I'm 28 and will look into it soon.

Ive just bought my first house and am looking at trying to buy a flat to rent out as a pension instead.

Its something I will look at in the new year in more depth, at the minute my house is costing a fortune, but I've still saved another 14k since I bought my house last August.

Property is the future 😉

Good stuff villa_tom sounds like you have your head screwed on! We have the money waiting to put down on a house it's just finding the right one. I would love to have a few properties (wouldn't we all), once we move and I have put money to one side for my business to start up properly, priority will be trying to get another property.

Round where I live there are loads of letting agents, a lot of students round here so it's always going to be easy to find tenants. Most people I meet in my area who have money own properties I seem to find.

I will have some form of army pension and I think I have paid in to pensions at different jobs in the past but none of that will amount to much. Might pay for a posh holiday for us when we retire maybe. I don't expect to be living a life of luxury when i'm old but to be able to pay my bills and get about seeing family without stressing about money will be good enough.

 

[armyash]

Lots of good replies so far.

 

[Leo21]

Ash, go and see an independant financial advisor. I've just got an isa that's paying 5%

 

[townfanjon]

I have just bunged a load more in mine, main problem i can see, is when / what age do you start drawing it. Start drawing it to early and you run out , draw it to late and kids get it lol

 

[Leo21]

I have just bunged a load more in mine, main problem i can see, is when / what age do you start drawing it. Start drawing it to early and you run out , draw it to late and kids get it lol

Thats the same with rentals, you'll get £450 to £650 a month. Then there's void time, damages and maintenance. So less after these, and that's not enough income to retire on anyway.

 

[IDCHAPPY]

To be fair i think and i could well be wrong on this. pensions are only any good if you start paying into them in your early twenties.

i have 2 small pensions totalling around 7 years that are worth didly squat and at the age 43 a pension would be so expensive its not worth it. so my pension is me growing the business to such an extent that when i am 60/65 i will have minimal input into the business or none at all and it will have paid off my mortgage and support me and the missus in a comfortable lifestyle.

i always had the idea i would retire at 55 yrs but as i have got older realised that aint gonna happen.

I had that same dream too mate... i know it's crap too :lol:

 

[cr0ft]

You could always marry a rich woman lol!

 

[lame plumber]

got an RN and lea pension to come, tried a private pension for a while and actually lost money, not worth the paper its written on!!
Got some properties and yes you have voids and repairs and damage but you also have the capital value sitting there!! thats the most important bit that allows you options if need be as well as a nice £1k plus each month when they are full. Only problem is the Mrs who wants to sell the lot and get a house n fields for her nags 🙁

 

[armyash]

You could always marry a rich woman lol!

My girlfriend earns nearly double what I earn. My wages get saved for our house or spent on tools.

Not sure what i'd be doing if she decided to be a "full time mummy" like I see a lot girls putting as their profession on facebook. :banghead:

 

[lame plumber]

My girlfriend earns nearly double what I earn. My wages get saved for our house or spent on tools.

Not sure what i'd be doing if she decided to be a "full time mummy" like I see a lot girls putting as their profession on facebook. :banghead:

You'll be like all the married blokes I know 🙂

 

[Paulus]

I was fortunate to work in finance on a very good salary for 28 years and for most of that time I paid £1500 per month into a pension. I have recently decided to semi retire and have a fund value of £400,000 plus. My financial adviser has given me advice recently and I should be OK provided I pop my cloggs before age 90.

I haven't written this to show off, it is meant to give you some idea of the contributions you need to make to provide a reasonable pension income. I'm 59 by the way.

Pensions are a great way to save for retirement due to the tax breaks but it is also worth considering equity ISA's over the long term to provide tax-free cash at retirement.

If you have excess income and want to start saving go and see an Independant Financial Adviser, it will be time well spent.

I hope this helps.

 

[Rickster123]

I was fortunate to work in finance on a very good salary for 28 years and for most of that time I paid £1500 per month into a pension. I have recently decided to semi retire and have a fund value of £400,000 plus. My financial adviser has given me advice recently and I should be OK provided I pop my cloggs before age 90.

I haven't written this to show off, it is meant to give you some idea of the contributions you need to make to provide a reasonable pension income. I'm 59 by the way.

Pensions are a great way to save for retirement due to the tax breaks but it is also worth considering equity ISA's over the long term to provide tax-free cash at retirement.

If you have excess income and want to start saving go and see an Independant Financial Adviser, it will be time well spent.

I hope this helps.

Yes that helps. It gives me a warm feeling inside that when I'm eating my Asda value beans on toast for tea every night you'll be picking which cut of meat to have tonight! ​😉

 

[gasmanrob]

Don't knock it if I had to stay at home with my two I'd be in an early grave by 40. They are full on from 5:30 am till 7pm 7 days a week! If that's the job title she wants then she can have it.

as for pensions I've got a tiddly one worth £55 a year at the minute not sure what I can do with it as it's from BG need to seek advise on it really. By the time I retire the age will be 70-75 and seeing no one in my blood line has made it passed 77 I only need to survive 2 years with no income 😛arty:

 

[plumben]

If you can buy 2-3 houses to rent you can take additional loans out between them to buy a 4th,5th..... then you'll have something worth retiring on, or just sell them all when you retire, and top yourself when the money runs out

 

[armyash]

Don't knock it if I had to stay at home with my two I'd be in an early grave by 40. They are full on from 5:30 am till 7pm 7 days a week! If that's the job title she wants then she can have it.

as for pensions I've got a tiddly one worth £55 a year at the minute not sure what I can do with it as it's from BG need to seek advise on it really. By the time I retire the age will be 70-75 and seeing no one in my blood line has made it passed 77 I only need to survive 2 years with no income 😛arty:

When I have been at home with my daughter all day i have been more knackered than going to work, i couldn't do it every day. We both work and our daughter has been in nursery/school since she was 3 months old so we have been lucky that we have managed to go to work and escape that. It's the nursery staff i feel sorry for lol.

 

[gasmanrob]

When I have been at home with my daughter all day i have been more knackered than going to work, i couldn't do it every day. We both work and our daughter has been in nursery/school since she was 3 months old so we have been lucky that we have managed to go to work and escape that. It's the nursery staff i feel sorry for lol.

We did that with Thomas but when Christopher came along it worked out we'd be £200 a month worse off both of us working and neither getting to see the magical bits. So decided I'd work and do all the hours I could in order that we could be comfortable and at least one of us got to see the good stuff like first steps, words and developments

 

[lame plumber]

I was fortunate to work in finance on a very good salary for 28 years and for most of that time I paid £1500 per month into a pension. I have recently decided to semi retire and have a fund value of £400,000 plus. My financial adviser has given me advice recently and I should be OK provided I pop my cloggs before age 90.

I haven't written this to show off, it is meant to give you some idea of the contributions you need to make to provide a reasonable pension income. I'm 59 by the way.

Pensions are a great way to save for retirement due to the tax breaks but it is also worth considering equity ISA's over the long term to provide tax-free cash at retirement.

If you have excess income and want to start saving go and see an Independant Financial Adviser, it will be time well spent.

I hope this helps.

IFAs are on equal terms with bankers and estate agents imho along with those working in the finance sector leaching off others hard work with over priced fees as recently seen once again with massive charges of upto £3k a year for those releasing their pension pots. Hopefully those of us working for a living will outlast those who sat behind a desk leaching in commissions here there and everywhere, bugger all good being the richest one in the graveyard. omho

 

[Ermintrude]

I'm hoping to make ££££ on property investments and a lotto win. My scottish widows pension = waste of money