JohnfromUK Posted March 31, 2023 Report Share Posted March 31, 2023 29 minutes ago, Bigbob said: So is it worth saving up and getting a private pension for your old age ? First, everyone's circumstances (and when they want/need to retire and what they want to have/do in retirement) are different - so there is no 'one size fits all' answer. Second, as I said above any detailed planning is impossible as the Gov't (both types) continually change the rules, move the goalposts and prevent a proper 'low risk' structured approach throughout a working life. Quote Link to comment Share on other sites More sharing options...
oowee Posted March 31, 2023 Report Share Posted March 31, 2023 42 minutes ago, JohnfromUK said: First, everyone's circumstances (and when they want/need to retire and what they want to have/do in retirement) are different - so there is no 'one size fits all' answer. Second, as I said above any detailed planning is impossible as the Gov't (both types) continually change the rules, move the goalposts and prevent a proper 'low risk' structured approach throughout a working life. My wife is set to retire in 3 weeks at the age of 47. She has been planning and saving for it for years. The recent uplift in the annual allowance will come in handy for her final payoff and was an unexpected bonus. Your right about it all being a bit of a lottery. I just hope we don't end up in a massive argument when we spend the next few years on the boat 😁 Quote Link to comment Share on other sites More sharing options...
JohnfromUK Posted March 31, 2023 Report Share Posted March 31, 2023 Just now, oowee said: My wife is set to retire in 3 weeks at the age of 47. She has been planning and saving for it for years. The recent uplift in the annual allowance will come in handy for her final payoff and was an unexpected bonus. Your right about it all being a bit of a lottery. I just hope we don't end up in a massive argument when we spend the next few years on the boat 😁 I planned mine (to be financially able to retire at 60) based on a (roughly 50/50) split between ISA and Pension Plan, so covered both bases there and started before I was 30 (I'm 65 now, soon 66). I also had 2 old legacy (and fairly modest) final salary pensions kicking in at age 65 with so called 'guaranteed minimum pension' elements. These are a good start, but not index linked in my case. In practice there were various ups and downs along the way (gov't rule changes/raids, 2008 financial events etc.) I ended up taking (semi voluntary) early retirement at just a few months short of 60. Since then, the ISA provided (adequate but not generous) income from dividends (i.e. no selling) until I was 65, then was joined by the final salary pensions last year and by the state pension this year. I have yet to start drawing in any way from my main Pension Plan - so in effect all has worked meeting 'the target' with room to spare. Good luck with your wife's retirement. Boats are not for me - I get seasick at the sight of anything larger than a bath. Quote Link to comment Share on other sites More sharing options...
Wilts#Dave Posted March 31, 2023 Report Share Posted March 31, 2023 2 hours ago, oowee said: My wife is set to retire in 3 weeks at the age of 47. She has been planning and saving for it for years. The recent uplift in the annual allowance will come in handy for her final payoff and was an unexpected bonus. Your right about it all being a bit of a lottery. I just hope we don't end up in a massive argument when we spend the next few years on the boat 😁 It’s a hard life eh, I’m sure you’ll manage though 😂! Enjoy, not many get to retire at 47, saving or no saving. Quote Link to comment Share on other sites More sharing options...
oowee Posted March 31, 2023 Report Share Posted March 31, 2023 23 minutes ago, Wilts#Dave said: It’s a hard life eh, I’m sure you’ll manage though 😂! Enjoy, not many get to retire at 47, saving or no saving. I know many that could but won't as work is what defines them. It's easy to get used to a standard of living that is driven by income which makes a hard habit to break. How many of us can resist that upgraded motor, phone, shotgun or whatever it is 🤔 We have been very fortunate. Quote Link to comment Share on other sites More sharing options...
Wilts#Dave Posted March 31, 2023 Report Share Posted March 31, 2023 (edited) 7 hours ago, oowee said: I know many that could but won't as work is what defines them. It's easy to get used to a standard of living that is driven by income which makes a hard habit to break. How many of us can resist that upgraded motor, phone, shotgun or whatever it is 🤔 We have been very fortunate. I guess at that low an age not many people would swap a good standard of living by working for a lesser standard but not having to ‘work’ as such, and why would you? I’m guessing that’s not the category you’re in and will still be affording the luxuries you’re accustomed to, as there’s hopefully 40 plus years left to enjoy at 47. Money (having plenty of it) definitely gives you lots of choices in life, which I don’t think gets drilled into young people enough….who then expect everything handed to them on a plate without putting the graft in whatever path you choose to go down, and then complain they can’t afford x or y. It’s a tough one as you never know people’s backgrounds/ starts in life, lots of privileged people out there that have had lots of help and very different starts etc to others but ultimately a large amount of successful people put in a lot of hard work to get there! I for one wish I’d had much better financial advice from a young age, and will endeavour to steer my kids onto the right path sooner than I managed to get on it! Edited March 31, 2023 by Wilts#Dave Quote Link to comment Share on other sites More sharing options...
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