elantan's diary

Snaggles

Hi El!

Sorry I haven't been about much - happy belated birthday and I'm glad you enjoyed the camping.

Arrgghhh, pensions, I really need to sprt mine out, but it's yet another thing that I will 'sort out once we are debt free'...lol.

Problem is, I just seem to keep on getting older...:rolleyes:

hypno06

Mine is usually on scraps of paper, but due to my new improved burst of organisation that I am trying desperately to attain, I have moved on to an A4 pad!! I am hoping to get a nice A4 notebook sometime this week to use so that it looks nice, even though what is inside may be a bit of a nightmare!!!

elantan

thanks snaggles i havnt been on an awful lot recently either to be honest have been busy working etc ...and you have the best excuse there is baby Natasha has got to be more interesting as well as more important than mse ...no-one could blame you for wanting to spend every minute with her...pensions however ...i went to the pensions board a while ago looking for advice and there are a few that really know what they are talking about ...(well atleast i think they do i couldnt understand a thing) ...but i got lost almost immediately and then i think i should get the debt sorted first cause that is more important (and it is) but then i panic (probably due to it being my birthday last week) and i think how am i gonna survive when i retire will i be eating mouldy bread sourrounded by a dozen cats (it's funny how your head thinks of these things at night) or having a decent standard of living ...and what if i dont make it to retirement then i have paid all that money into something someone else gets to spend and i went without for them to spend it ...ignore me i will calm down soon

elantan

i think the A4 pad idea is sound hypno....it keeps it all together in the one place...i'm gonna go and look for something i can use me thinks

elantan

does anyone want my son? hubby took him into glasgow as he had a gig to play.. had him in there for 5pm through rush hour traffic etc...son was insisting he had to be in there for 5 pm only to find out the place doesnt open till 6.30 for the sound checks finally the guy came to let them in for the sound check only to find out they it's an over 18's club.. son is only 16 so he wont get to play hubby is going nuts (understandably) i had arranged to borrow someones car as i need to get to my second job (should've been at my first job over an hour ago but no-one has picked me up yet) and back again in the morning children who would have em

ZTD

elantan wrote: »

i think how am i gonna survive when i retire will i be eating mouldy bread sourrounded by a dozen cats (it's funny how your head thinks of these things at night) or having a decent standard of living

Well Gorgeous, you've got to think of what a pension actually is, and how it works for you. You pay in to it, and after a while you start to get money out of it.

How much money you get out is the yield. My dad gets approx 5% per annum out of it, so really simplifying the maths, that means he will have to wait 20 years after retirement before he gets out what he's paid into it. Given a retirement age of 68, it means you/me will be 88 before we get out all the money we've paid in.

However, there is the other danger of any slight income you may have, wiping out your entitlement to benefits. The poorest pensioners are those with a private pension. Not enough to live on, but too rich to have things provided.

So you may actually end up paying in order the receive the priviledge of being surrounded by bread and eating mouldy cats.

Snaggles

I'm going to use that as my excuse for not sorting out my pension in future! :T :T

ZTD

Snaggles wrote: »

I'm going to use that as my excuse for not sorting out my pension in future! :T :T

IF you're not going to have a pension, you'll still need savings. Savings have the advantage that you can use them for any purpose, and they can be removed for any purpose at any time.

se999

ZTD wrote: »

IF you're not going to have a pension, you'll still need savings. Savings have the advantage that you can use them for any purpose, and they can be removed for any purpose at any time.

Does this mean you're a potential ISA fan?

OK you can't reinvest if you withdraw, but they are tax free.

Snaggles

Savings? Sorry, what are those again?? :rolleyes:

(ps - Zed, I've seen your questions on my thread and I am going to answer them, I'm not ignoring you - just been feeling too fed up to tackle anything for the last few days, sorry)