Am I paying enough in???

Procrastinator333

Starbrite wrote: »

Work pay £100 a mth at the moment in each mth...

So if I put £320 a mth in after xmas, as thats when £200 a mth will become freed up... that along with the tax man bit and works £100 I should be ok ish? as long as I keep this up forever and add any "extra" monies ie bouns, and lotto win...

What happens when I have kids? if I was to have any? (not decided yet and need to find a man!!!!)

Not actually looked into what I will get state pension wise as I don't think there will be anything left in the pot when I get there, and if there is, lets be honest it isn't much is it!

I guess I'm doing better than some and a whole lot worse than others... It's not really something you talk about with your peers so you know what a normal amount to pay in is..

Thanks for you help everyone

Sounds like a good plan to me. Though keep in mind, those projections usually assume you increase your contributions year on year. So you can't just start paying that amount in and leave it flat for the next 25 years.

If you do have kids, then I would assume you would get married etc. In which case, you would need to revisit your planning as it should really be a joint plan - though always be sure to have something in your own name.

£320 is a decent contribution, keep that up as a % of your income and you will be doing very well - better than most people.

Also, keep in mind, you won't need so much by the time you get to retirement. Chances are you will own your own house - so no rent or mortgage. No longer working - so no commuting costs. Various savings for OAPs.

Congrats for deciding to act on this. It will look painful seeing that come of your wageslip each month - to start with. Then hopefully you will forget about it. And keep it up and you have a reasonably comfortable retirement to look forward to. Much better than the beans on toast and fear of topping up another £10 on the pre pay electricity meter that many have ahead of them.

Starbrite

Sweet all sorted, off to amended my DD up to 150 and 350 after NYE and then an increase each year

I guess if when I meet a man and go down the kid road I'll be back asking you all about Joint pensions... Unless I find a rich one and get him to keep up my 350 (+ inflation %) payments! And yes i've been told ever since I can remember to keep some things in your own name....

Thanks once again for all your help and advice.....

atush

Wont ned a joint pension, just to both keep paying into pensions. And dont' need to marry Up, just marry someone who had the foresight to have a pension.

In any case, I don't remember we covered all your finances as per savings. Aside from a pension you do need 3-6 months spending/salary in cash and if you don't have it, do that before whacking up your pension all the way. And also, after that, you can also take a two prong (orn infact 3 with cash) approach and save into ISAs alongside of your pension as htis money can be used for housing and other life expenses/investments along the way before age 55.

Starbrite

Oh dear another request on my already long list of to have's for future hubby! List seems to get longer not shorter, Never thought about asking what pension they have in place, Can you imagine the 1st date, so what pension, savings and job do you have? I get told of by my friends for asking the blokes I date what jobs and how much they earn questions, they will love this new question!!!

Hmm my savings well it's all tied up otherwise gets spent and I'm trying to save for a deposit for a home..... The 3 prong theory is defiantly a juggling act.....

atush

Starbrite wrote: »

Oh dear another request on my already long list of to have's for future hubby! List seems to get longer not shorter, Never thought about asking what pension they have in place, Can you imagine the 1st date, so what pension, savings and job do you have? I get told of by my friends for asking the blokes I date what jobs and how much they earn questions, they will love this new question!!!

Hmm my savings well it's all tied up otherwise gets spent and I'm trying to save for a deposit for a home..... The 3 prong theory is defiantly a juggling act.....

Should never come up on the first/third date, but should come up later when the relationship is getting more serious and before you move in togethter etc. Many people get to this stage and move in, then later find their nrew partner is up to their eyeballs in debt when the red letters start arriving.

I hardly think it is a non starter, but would suggest any partner worth their salt would take of the need to at least start one.

One of the worst things you can do (apart from taking up with someone already married ;-) is to fall in love with someone who is awful with money. People on lower salaries can be good with money and people on large ones can be cr*p with it. Something to bear in mind if you are tying yourself to someone forever.

gadgetmind

Starbrite wrote: »

Never thought about asking what pension they have in place

You also need to ask about asset allocation.

Starbrite

atush wrote: »

Should never come up on the first/third date, but should come up later when the relationship is getting more serious and before you move in togethter etc. Many people get to this stage and move in, then later find their nrew partner is up to their eyeballs in debt when the red letters start arriving.

I hardly think it is a non starter, but would suggest any partner worth their salt would take of the need to at least start one.

One of the worst things you can do (apart from taking up with someone already married ;-) is to fall in love with someone who is awful with money. People on lower salaries can be good with money and people on large ones can be cr*p with it. Something to bear in mind if you are tying yourself to someone forever.

Was a joke about the 1st date bit I'm terrible there is a bloke who wants to take me out at the moment and I won't go out with him because his a manager of Kwik Fit! aside from the fact he is seperated and has 3 kids... I mean what sort of life will he be able to provide?

And yes I have gone out with blokes with more debt than me in the past, I've learnt from my mistakes one ex lost his job wouldn't get of his !!!! to find another job expected me to pay for everything, I was 21 at the time needless to say his my ex!!

Asset allocation... Oh my google is required.. But hey least I'd look like I have half a brain when this convo comes about

Thanks everyone I feel like i can breathe once more, will revaule my pension pot next yr and get as much as possible saved, Also mentioned this to some of my younger friends and they are giving me the yes you are old jokes...

atush

Yes, you are doing some grown up thinking lol. And your friends aren't. IT will you laughing later when they are in debt and scrabbling around;-)

No one says you have to marry mr Quick Fit but surely you can go ona date or two ;-) I dated a whole lot of guys before I chose one lol.

Starbrite

atush wrote: »

Yes, you are doing some grown up thinking lol. And your friends aren't. IT will you laughing later when they are in debt and scrabbling around;-)

No one says you have to marry mr Quick Fit but surely you can go ona date or two ;-) I dated a whole lot of guys before I chose one lol.

I'll be the rich oap in the nursing home having races with my friends in our wheelchairs/zimer frames

Hmm Mr Kwik fit, well tbh I don't fancy him or like his mind set, He thinks he is always right and when I have proved him wrong he didn't like it.... I should start a blog about my bad dates... and charge people to read it, world domination here I come.....

atush

Starbrite wrote: »

I'll be the rich oap in the nursing home having races with my friends in our wheelchairs/zimer frames

Hmm Mr Kwik fit, well tbh I don't fancy him or like his mind set, He thinks he is always right and when I have proved him wrong he didn't like it.... I should start a blog about my bad dates... and charge people to read it, world domination here I come.....

Well if you do't fancy him, leave him be. No point in wasting your time.

Good luck with your new grown up attitude ;-)