Pensions... are they worth it?

dunstonh

but most folks are on low paid up here.

Im in the lowest paid county in the country. People seem to manage here. However, people are generally more frugal here as well.

It used to be said in Norfolk that when you retired you got a pay rise.

gadgetmind

johnaka wrote: »

the polish are the worst for this.

I love the Polish people. Well educated, polite, good engineers, great work ethic, what more could you want?

To be honest, the same applies to pretty much everyone we employ, and we're now having to pull people in from Croatia, Latvia, Greece, Italy, Portugal, Spain, Turkey, and may more countries.

We now have a mobile workforce right across the globe, and I for one think it's a great thing.

BobQ

johnaka wrote: »

Advances in medicine have this effect, so does automation of manual labour. maybe so Bobq but have you worked in manufacturing.??
I did for 8 years and its bl**dy hard work. your on the go all the time.head down !!!! up. and its worst in the summer months sweating like a clappers.
I've never know a job that has so many young workers having back problems.one guy worked there since he left school and by the time he was 36 he couldn't do it any more. his back was so worn out that the doctors said that he got a back of a 70 year old. he now has to wear a belt support and forced to retire.the doctors said if he carried on working he would end up in a wheel chair.
it was one of the most depressing job I've ever had.I hated it.
the welders jobs in there are the worst.
the gaffers were always winging.
if you got the required number out say 45 an hr and some young lad comes along bang out 60 an hr, then the gaffers put the target up to 60 an hr and it goes on like this.the youngn's then start to moan how hard it after a week! even though the old timers warn them.
the polish are the worst for this.
I'm not afraid of hard work but when it gets beyond reasonable then its to much.
once my mortgage paid off , I took my redundancy and never looked back.I'm one of the fortunate ones who can do good fabrication work.so I have enough work to keep me ticking over till pension time(4 years to go).
then I'll probably carry on doing what I'm doing but only when I feel like. wink.

its the youngers ones I feel sorry for.
my two sons have work pension's and my advise to them if they want to retire early say 60 is to put as much as they can afford.
it also depends on their pension contract as far retirement age go.

You are right that some forms of manual work are very physically demanding, I was just saying that jobs that endure over decades are generally easier today than they once were due to automation not that they are not still hard work. I have done manual work but only when I was under 25.

I also take your point about "keeping up with the youngsters". I recall my father working in a heavy manual job but in those days as he got older he was assigned to less demanding tasks. Of course that was in a time when unions were stronger and there was more tolerance. These days employers are probably keen to get rid of older workers who are seen as less productive.

TheSenSibleOne

BobQ wrote: »

Good luck with your strategy. If you are as financially competent as you think, you will no doubt enjoy a prosperous retirement. Its good to have ambition and a career plan but you seem a little naive

So the plan is to set something up with £35K? This would be what a roadside burger caravan? .

How much salary does a newly qualified chef get paid in the first 4-5 years. I assume your parents are paying for the wedding and the training course? You will have £500 to spare each month? Have you worked out a budget?

A pension is very well worth paying into at your age especially as you will probably be knackered when you retire by 40 years of early starts, late finishes, split shifts, hard graft, back problems and stress.:)

Im very financially competent I think, No debts, spend within my means etc etc.

The 35k is a guestimate to cover the first years set up costs, Bear in mind we will renting a place to start with e.g. initial rent of a restaurant, full refurb, initial staffing costs, from then we should have money coming in to at least cover costs until we become fully established in the area etc

Initial salary is around £9 an hour, so thats what at least £1k? Fiancee is on a similar wage so income = 2k per month less our expenses of ~£1k leaves at least £1k remaining so yes I think £500 is easily attainable.

No, we pay for absolutly everything by ourselves. We do not rely on anyone(unlike 90% of people my age), We have saved up for our wedding on our own and I will pay for my college course by myself.

I think I've covered everything from your reply

Thanks everyone for your replies, I do believe we will open an pension either at the end of this month or the next. I can't believe the power of cumulative interest! I remember studying it in school but it seems rediculous the diffrence it makes haha.

Thanks again guys, feel free to keep posting about my business strategy

R_P_W

I think you are being very optimistic to say you are going to rent a restaurant, fully refurbish it, staff it for £35k! Is that including buying stock? Electric? Gas? Insurance?

You have to be prepared to make a loss for a while after opening! When i mean a while im talking months maybe a couple of years! I dont think I have seen in your posts the type of restaurant you want to open - but it was have to be a very very basic budget one!

Have you done a proper business plan?

TheSenSibleOne

R_P_W wrote: »

I think you are being very optimistic to say you are going to rent a restaurant, fully refurbish it, staff it for £35k! Is that including buying stock? Electric? Gas? Insurance?

You have to be prepared to make a loss for a while after opening! When i mean a while im talking months maybe a couple of years! I dont think I have seen in your posts the type of restaurant you want to open - but it was have to be a very very basic budget one!

Have you done a proper business plan?

It will largely be a dessert/patisserie and coffee, everything made on site.

Rent in our local area for a half furbished restaurant is around £20k per year. £35k was a ballpark figure, we will open once we know we will be able to afford it.

No I havn't written out a business plan, alot can change in 3-5 years including rent rates etc etc. I don't expect to make a profit in the first 2 years, but I would have thought we could make enough to cover most costs

Thanks

Linton

TheSenSibleOne wrote: »

It will largely be a dessert/patisserie and coffee, everything made on site.

Rent in our local area for a half furbished restaurant is around £20k per year. £35k was a ballpark figure, we will open once we know we will be able to afford it.

No I havn't written out a business plan, alot can change in 3-5 years including rent rates etc etc. I don't expect to make a profit in the first 2 years, but I would have thought we could make enough to cover most costs

Thanks

Strongly suggest you do make an Excel business plan with the costs to you and income from each customer as parameters. At least you can check it makes sense on current prices - eg how many customers/day would you need to break even and would they fit in the space available. The highlighted phrase is a little loose to use as a basis for making financial decisions.

TheSenSibleOne

Linton wrote: »

Strongly suggest you do make an Excel business plan with the costs to you and income from each customer as parameters. At least you can check it makes sense on current prices - eg how many customers/day would you need to break even and would they fit in the space available. The highlighted phrase is a little loose to use as a basis for making financial decisions.

Basically I have done rough calculations relative to customers per day and average spend against standard costs (or at least what I think to be standard) rent, staffing, insurance, licences, stock, utilities etc etc. Have come out with around 3k profit, but obviously the first few months/years will be diffrent until we are fully established.

P.S. I do have a business A level (didn't think I mentioned that) so am slightly familiar with business plans, just havn't got round to doing one yet

Thank you for your replies