People in their 30's - future financial plans?

Tom_Brine wrote: »

Thanks.

The sharesave scheme is a no lose situation. If the share price bombs I can take the cash. The plan will be to use the 4026 shares that I get access to in 2021 to either pay a huge chunk off of the mortgage, extend or improve the property, and or invest into my ISA in a different fund. Whatever happens the sharesave shares are in line for a quick sale when they mature.

The £150 a month of SIP shares will be kept long term, I have to hold them for 5 years for them to be able to be sold tax and NI free. I see them as a slow burner in the background, reinvesting the dividends and will take stock of the situation in 5-10 years time, thats assuming I am still working for the same company. I have another promotion/move in me yet.

Very similar position to me. I am putting mine aside for school fees but selling/diversifying when I can.

I 100% agree these share schemes are almost impossible to lose on given the tax advantages, dividend shares etc. The only difficulty is watching a paper profit go up in smoke really quickly!

ruperts wrote: »

It’s pointless comparing yourself to others anyway really as your preparedness for retirement depends entirely on your own retirement lifestyle expectations and how much it will cost. Some people want all the premium bells, whistles and status symbols, others are perfectly happy with none of that.

You can miss out the bolded word and it still be accurate. I make a large lifestyle sacrifice to pour cash into the pension (to the tune of £1000 cash at least pm). It's all about compromise.

Thanks for this thread. I turn 32 later this year and am trying to balance multiple goals, namely that I want to retire (or at least have the option to) at 55, I want to pay off the mortgage, and keep some money readily available for emergencies.

I'm given to believe that the pension rules are changing to track the state retirement age by 10 years which kyboshes the idea of being able to draw my company pension at 55 so I've started an S&S ISA which doesn't have the same tax benefits as a pension but gives me the flexibility to leave work before I can draw my pension.

I currently earn in the low 60s and contribute 10% into my employer's defined contribution pension scheme by salary sacrifice. My employer puts in 8%. Total pot size around £75k. I plan to put this up to 11% next year (banking on a pay rise in February; of course I have to pick my contribution level before I get told whether I get a pay rise or not. I went from 9% to 10% last year and then didn't get one!). Have about £20k in cash spread among regular savers and high interest current accounts. About £1600 in a S&S ISA at a reasonably high risk level. Mortgage approx £218k with a crazy London property value of around £400k.

I thought I was doing quite well till I read others' positions!

I'm basically stabbing around in the dark trying to meet all these goals and determining how much cash to put towards each. What I'm doing at the moment is a best guess but in trying to do better.

When I retire I'll probably look to move away from London which will also release some funds from the flat, assuming the north/south divide still exists - although I'm planning on having the mortgage paid off well before then.