Something that doesn't seem to get mentioned

StevieJ

Percy1983 wrote: »

Yes there is £40k houses in Oldham, no they aren't all worth that much.

The current house would be around £115k now.

Only teasing, I would love to live in Oldham, Uppermill preferably

Conrad

Really2 wrote: »

I know many on here think I am mad, but I am going for a cash retirement.

Not mad at all, I've know clients who've done this very sucessfuly.

One of them always says to me - "I go to bed and every night I get richer come rain or shine".

He uses some 20 different BS accounts, many taken out on fixed rate terms some years back.

One downside with this chap though is that he became utterly fixated by money like that Mr Man character counting his gold coins everyday. Something to do with seeing the balance rising everyday.

Really2

Conrad wrote: »

One downside with this chap though is that he became utterly fixated by money like that Mr Man character counting his gold coins everyday. Something to do with seeing the balance rising everyday.

Can't say I will do that, it's a means to an end.
I could go far harder at it and raise a bigger pot or retire earlier. But you need your fun I ain't living to retire. I will retire when I don't want to work.

StevieJ

chewmylegoff wrote: »

the only reason it's better to put it into an ISA is that you don't get forced to buy an annuity with it and you can draw down whatever you like. it definitely gives your more flexibility, but it doesn't result in you paying less tax, assuming equal returns from both.

There is also the fact that ISA income doesn't count towards the reduction in age related allowance (£1 for every £2 over £24k) although this advantage may disappear if age allowance and personal allowance are equalised in the future.

Snooze

Linton wrote: »

Let's hope that after working for another 30 years you are still thinking the same way and that your PC and internet skills will be of something of other than historical interest at that time.

I say let's hope because you wont have a choice.

Having been in the same sort of career, by investing in pensions and ISAs I was able to retire in my mid fities (only 20 years off for you) and now spend half the year on the canals, something I always wanted to do. And I dont miss those interminable meetings.

I have my own profitable business already, which is now managed by one of my staff while I get to sit on my !!!!! all day doing my own thing, so you could say I'm sort of semi-retired already.

While you had to wait until your mid 50s before being able to do the stuff you want, I've done most of the stuff I've wanted to do already, including owning my own property outright although in fairness that was mainly due to excellent timing of the purchase and sale of 2x BTLs last decade.

I fully appreciate that my situation is not the norm for someone of my age, but I still reckon that the lack of retirement fund provisions for young/middle aged people day will not automatically turn out to be the poverty stricken hell hole that a lot of doom-mongers on this thread are making it out to be. There are a whole range of income avenues available if you have a brain in your head and know how to use a PC. If you can use a computer now then you'll still be able to use a computer when you're 65, 70, 80, whatever.

ILW

Percy1983 wrote: »

My dad was a security guard and my mum was a part time checkout operator.

They couldn't buy their house with those jobs now.

Thought you were up north. If so they could.

chewmylegoff

my pension is my parents. when those thieving baby boomers pop their clogs i will be loaded. unless they selfishly check into a bupa care home of course.

ILW

chewmylegoff wrote: »

my pension is my parents. when those thieving baby boomers pop their clogs i will be loaded. unless they selfishly check into a bupa care home of course.

Or blow your inheritance on world cruises and flash cars.

RenovationMan

StevieJ wrote: »

There is also the fact that ISA income doesn't count towards the reduction in age related allowance (£1 for every £2 over £24k) although this advantage may disappear if age allowance and personal allowance are equalised in the future.

Plus you can always move an ISA into a pension when you're close to retirement if it looks favourable, but you can't do that in the other direction.

ukcarper

Percy1983 wrote: »

My dad was a security guard and my mum was a part time checkout operator.

They couldn't buy their house with those jobs now.

If you look at this average house price to average earnings graph you will see it goes up and down like a yo-yo so it depends when you buy and a few years either way can make a big difference.