Worried 25 year old

marklv

TMFTP wrote: »

Irrelevant question. THIS 25 year old IS thinking about it, and no-one mentioned having to make "hefty" contributions.

"Do nothing" is a LONG way from the "By all means, start a pension" stance you've U-turned into. You should frankly be ashamed that you've posted that as advice in a forum like this.

Don't lecture me windbag! I never said doing nothing. :mad: You are deliberately misinterpreting what I was trying to say.

jh2009

I think 20s is a great time to start, but with a combination of savings if you are on a low income.

The fact the poster posted in the first place suggests she is willing to fund a pension, just that she is confused how to start.

A big problem in this country is people in their 20s/30s putting off saving while they save for a house, have a family, save for a new kitchen, buy a new car,............. then suddenly, "oh !!!!!! im 62 and ive no pension......... i blame the government, i blame the pension industry!"

Anyway, Does the poster work work direct for her employer or with an agency? Might be worth checking firstly if either is willing to help (probably unlikely) or offers their own scheme. They can only say no. If they do and offer to pay anything in then thats probably the best option.

If that fails, and you've got to start one for yourself, work out what you're willing to save (you can save quite small amounts like £20 a month, and stop and atart contributions), then go to an IFA maybe (www.unbiased.co.uk to locate your nearest) and tell them you want to start a pension and see what they say. A bank or building society would offer a pension, but these products are generally not that good, and you'd be better speaking to an IFA.

www.thepensionsadvisoryservice.co.uk gives you info about pensions and might be worth a look. Its a good site for people who want to know more about how pensions work.

Any savings into a pension you make get tax relief as well, so assuming you pay tax at the basic rate, each £1 would only really cost you 80p. (this is where a pension contribution differs to a contribution to a savings account).

Remember that you cannot access anything in a pension until you are 55.

Lokolo

marklv wrote: »

I never implied not doing anything - merely pointing out that a pension should not necessarily be the top priority for someone of that age.

Really?

marklv wrote:

You're a puppy - stop worrying and enjoy your life. :rotfl: You have another 42-43 years of working life ahead of you, so there is no rush to think about retirement.

That to me says "Do nothing, don't worry about it, go out and enjoy life".

I don't think it's just me that read it that way either.

Although seeing now you obviously didn't mean it like that.

marklv

Lokolo wrote: »

Really?



That to me says "Do nothing, don't worry about it, go out and enjoy life".

I don't think it's just me that read it that way either.

Although seeing now you obviously didn't mean it like that.

I never said 'do nothing' - you obviously need an eyesight test. I was implying that with 40 years of working life remaining there was no need to worry, hence the 'enjoying life' bit. And all this is true.

Lokolo

marklv wrote: »

I never said 'do nothing' - you obviously need an eyesight test. I was implying that with 40 years of working life remaining there was no need to worry, hence the 'enjoying life' bit. And all this is true.

My eyesight is perfect.

seven-day-weekend

It would be nice if people would stop bickering and tell the OP how to start a Pension, as that is what she wants to do.

To the OP, I see Lokolo has given you some advice about State Pension and a link to a Stakeholder Pension. This is a good place to start.

You can have State Pension and other pensions, when you are retired, just in case you didn't know.

vaporate

lol

Let's be totally frank about this. How many people are going to have £100,000 in the bank for retirement? If I do I will bloomin hop it abroad and live it up in my final hours lol not in this dump.

Secondly, how many ppl are able to attain this amount? Extremely small.

Another thing, retirement age will change as the years go by. The last I heard, according to sky news, is that state pension is not available until you're 70 for men. Or 68? Can't remember which. That is if you survive.

I saw a ad in the Kent Messenger paper detailing the death of my old school teacher at age 58, yes cancer. I was darn shocked and upset as I respected this guy alot.

My advice? Save all that you can but enjoy life at a reasonable level when you can. 100k is too daunting, if achieveable. Every situation is different.

miss_independent

I'm in the same boat as the OP! I think it is a good idea to start saving for retirement now, rather than waiting until its too late and I had no idea you could start a pension on just £20 a month, I can't afford much as I'm self-employed but £20 I can manage! I will watch this thread with interest, the way I look at it is, I don't drink, I don't smoke and I'm single at the moment, so even though I don't make much I don't spend alot either, why not start saving for my future?

vaporate

miss_independent wrote: »

I'm in the same boat as the OP! I think it is a good idea to start saving for retirement now, rather than waiting until its too late and I had no idea you could start a pension on just £20 a month, I can't afford much as I'm self-employed but £20 I can manage! I will watch this thread with interest, the way I look at it is, I don't drink, I don't smoke and I'm single at the moment, so even though I don't make much I don't spend alot either, why not start saving for my future?

I'm currently saving where possible but I wouldn't worry over what is out of your hands.

Lokolo

miss_independent wrote: »

I'm in the same boat as the OP! I think it is a good idea to start saving for retirement now, rather than waiting until its too late and I had no idea you could start a pension on just £20 a month, I can't afford much as I'm self-employed but £20 I can manage! I will watch this thread with interest, the way I look at it is, I don't drink, I don't smoke and I'm single at the moment, so even though I don't make much I don't spend alot either, why not start saving for my future?

What are you doing? Company pension? Stakeholder? Private?