And while I'm on the subject (see other thread!) could somebody out there please give me some sort of ball park figure as so how much I should think about putting aside now (aged 40) in order to have some sort of pension when I reach retirement age. I have not worked for a while now so am worried that I have left all this financial security for old age far too late and it's not going to happen now .....
Pensions continued ...
- Thread starter Rachelle
- Start date
Especially if we're all going to be asked to contribute £20,000 to our pot which is a figure I heard bandied about very recently. Good grief, the rich do really get richer while the rest of us are just asked to sit back and suffer. Can't any deficit in the pensions pot be made up out of bankers bonuses from the last two years? Just a thought ...
Sorry Rachelle, I don't have any advice. I'm in a similar situation, aged 38 with virtually nothing in place for my retirement. I have no idea how much I would be expected to put away each month to provide a comfortable retirement, but I'm pretty sure it would be way more than I could afford right now.
A lot of people seem to be investing in property as a retirement fund these days, which I know has faced a lot of criticism lately, but it is something I have thought about a few times. A small house purchased on a 20 year mortgage. Rent from tenants that would cover the mortgage repayments, and after 20 years when the mortgage is paid off the choice of a monthly income from rent or a lump sum from the sale of the property. I know it wouldn't be that simple and would be a lot of hard work and planning, but worth the thought, I think.
A lot of people seem to be investing in property as a retirement fund these days, which I know has faced a lot of criticism lately, but it is something I have thought about a few times. A small house purchased on a 20 year mortgage. Rent from tenants that would cover the mortgage repayments, and after 20 years when the mortgage is paid off the choice of a monthly income from rent or a lump sum from the sale of the property. I know it wouldn't be that simple and would be a lot of hard work and planning, but worth the thought, I think.
I think we were thinking that this house would be our retirement plan. A large house that we picked up for relative peanuts (although it doesn't feel like that at the moment) that we would then be able to downsize from. Or the plan was to just keep on doing properties up but then time and children and tiredness all get in the way. Let's keep going TracyG, something will come up. And if you have any other ideas first then let me know!
Sorry for replying to this late, I've been on holiday and only just been able to catch up on forums.
This is a pretty good calculator which will let you know how much you should save at your age
FT.com / Money / Pension Calculator
This is a pretty good calculator which will let you know how much you should save at your age
FT.com / Money / Pension Calculator
The advice in regard to pensions is to start saving as soon as is possible. Dont take the attitude that as i have not started for years it is too late.
Yes, you can calculate what is needed to be saved each month etc (roughly) to give a return you would like. However, if the monthly saving is beyond your means, dont be put off, still save.
Yes, you can calculate what is needed to be saved each month etc (roughly) to give a return you would like. However, if the monthly saving is beyond your means, dont be put off, still save.