Turn off the T.V. & stop buying newspapers.

Pobby

Hahahah Austin Allegro. I didn`t mention pensions. I was talking about my cash assets in fact.

Squish_21

Ur alright then mate, dont go worrying about anyone now will you.

Squish_21

Ur alright then mate, dont go worrying about anyone else now will you.

Dithering_Dad

Pobby wrote: »

Hahahah Austin Allegro. I didn`t mention pensions. I was talking about my cash assets in fact.

You didn't mention that you were talking about your cash assets.

Incidently, are all of your retirement savings outside of a traditional pension? While it is a good idea to have a combination of Cash ISA, S&S ISA, BTL and other investment vehicles for retirement income, it's generally advised to base these around the core of a traditional pension scheme.

Pobby

Thanks DD. That`s pretty much as I have done. We have been running pensions for over 30 years and like myself, my wife has a full pension in her own right plus serps. The only element we don`t have is buy to let. Now I wouldn`t want the hassle of it but I do know of very established land lords who have been in the game for years doing OK with it.

LittleMissAspie

I don't have a TV and I don't read newspapers

Petrol prices barely affect me, I drive less than 1000 miles a year. I don't buy public transport tickets either (cycle to work). I don't have a mortgage.

Very little of my money makes it into the retail sector though because I'm saving for a mortgage. A decent two-bed is currently 3-4 times our joint income (was more like 4-5 times) and it is taking us 3 years to save our deposit. 96% of my wages goes towards bills and savings. Yet if it wasn't for the credit crunch, we'd have had to save for much longer as well as get a much higher mortgage.

Dithering_Dad

Pobby wrote: »

Thanks DD. That`s pretty much as I have done. We have been running pensions for over 30 years and like myself, my wife has a full pension in her own right plus serps. The only element we don`t have is buy to let. Now I wouldn`t want the hassle of it but I do know of very established land lords who have been in the game for years doing OK with it.

I'm the same as you. I did wonder about adding a BTL to my retirement portfolio but also didn't fancy the hassle of it. I'm currently in the process of moving my stakeholder to a SIPP (including my Protected Rights), but holding off buying any funds just yet because I think the market is going to fall back again over the next few months.

My aim is to buy annuities for myself and Mrs Dither when we retire so that we have the security of a guaranteed income but also have ISA savings/investments as a supplimentary tax free income.

neverdespairgirl

PasturesNew wrote: »

Now my interest has been decimated (almost literally to the meaning of that word),

10% down? That's not too bad.

Thrugelmir

Without the current recession and credit crunch. You wouldn't be benefiting from a cheaper mortgage, fuel prices and shop prices. The price for this is being paid by the unfortunate souls (of whom there will be plenty rather than the few you mention) who have lost and yet to lose their jobs.

The worry must be that those still in gainful employment when the job cull finally ends will foot the bill. As higher taxes and higher interest rates impact on the economy. Shop prices will rise as the effects of a lower exchange rate impact on imports. Fuel prices rise as Opec cuts production to maintain their revenues.

Maybe by then your own job won't be so secure.

robsta_2

some valid points, but also a few who have missed the point.

Austin Allegro- yes, to a degree, we have talked ourselves into a recession, the same way we always create a full shortage the minute the news announces that there isn't going to be one, so don't panic buy.

Unfortunately it seems to be in the nature of us brits to have a panic attack the minute any suggestion of the status quo being upset is made.

Take Northern Rock for example- do you think they would have collapsed if everyone of its customers hadn't emptied every penny out of the bank in response to the announcement of a bit of trouble?

And i realise that petrol/mortgages/shop prices and down because of the recession, but my point was that anyone still in a job was effectively better off because of this, not worse off, so had no reason not to go about life as normal.

But whats the answer? So what if banks start lending again and house prices are coming down? How many first time buyers are going to buy a house when its uncertain if they will have a job in a months time? So what if the government decides to bail out business's small or large? If people don't start buying again its just prolonging the inevitable.

I bought my first house in June this year. And i am going about my life as normal, because a/ i've got to- the house is gutted and needs completely transforming before i can live in it, and b/ if i don't, i become someone who is fuelling the problem further.

To all those saving for their first home, well done and good luck, i know how hard it is. That is a perfectly normal, valid reason to save money. What i am talking about is the people who have got money and stopped spending for no other reason than that the word 'recession' has been mentioned.