retirement plan, starting with property

want2bmortgage3

Not necessarily, what I am saying is I don't want to just work my whole healthy life and stay in one career. I'd rather have a few breaks while I'm younger, then not worry about having loads of money at the end of the day. I guess this could still be achieved by either renting and saving, or buying and using an estate agent to rent out my property when I decided to go away somewhere? I don't see how this would ruin the benefits system?

R_P_W

want2bmortgage3 wrote: »

Not necessarily, what I am saying is I don't want to just work my whole healthy life and stay in one career. I'd rather have a few breaks while I'm younger, then not worry about having loads of money at the end of the day. I guess this could still be achieved by either renting and saving, or buying and using an estate agent to rent out my property when I decided to go away somewhere? I don't see how this would ruin the benefits system?

Nice idea. However, surely being 31 you realise the realities of life?!

Of course no one WANTS to slog for 40 years+ but what is the real alternative?

Choosing not to FACE UP to paying into a pension is something you will regret when you do come to retire and have sod all to live on.

want2bmortgage3

this article resonates with me:

http://www.telegraph.co.uk/finance/personalfinance/9741893/Pensions-will-not-exist-by-2050-expert-warns.html

somethingcorporate

want2bmortgage3 wrote: »

this article resonates with me:

http://www.telegraph.co.uk/finance/personalfinance/9741893/Pensions-will-not-exist-by-2050-expert-warns.html

The problem with having access to any savings for retirement money makes it far, far, far more likely you will have far less available when you want to retire, which means you won't be able to retire!

If you are happy to work well into your 70s just to afford to live then taking such a foolhardy approach is perhaps a good idea. If you want to have a comfortable retirement the earlier you start the easier it is.

Don't get me wrong, it is a sacrifice that costs my household £1200+ a month in net cash that we could live a very lavish lifestyle on but we are putting into our pensions at a young age (28yo) so we can have a comfortable life when we no longer work, which will be sooner as we'll have the funds to fall back on!

marathonic

I find the whole "private pensions will not exist" very unusual. I've read many articles about state pension disappearing but this is the first about private pensions.

If the financial education that's being promised for schools comes into affect and is of a high quality, people entering the workforce are more likely to sacrifice a portion of their salary to a pension from the very first paycheck and, therefore, never miss it.

A lot of the older people have lived through pension scandals and so on and are, therefore, not doing a very good job of educating the youth. And with regards to people tarring all pensions with the one brush with regards to charges, I pay 0.3% on my workplace pension - much less than what I'd pay in an ISA.

atush

the whole 'i am depressed so can't think of saving for retirement' thing smacks a bit of immaturity to me.

the travelling in a tent thing, you should have done in your twenties. Over 30 you should at least consider being financially grown up? You can, as I did, save and contiunue to have fun in your 30s/40's/50's etc.

Or you can whine about it and bury your head in t he sand and GUARANTEE you will have a poor retirement by not saving for one.

tanith

I'm already retired with a small pension on top of my (not quite full) state pension and trust me when I say I wouldn't want to survive without the extra my NHS Pension brings me in per month. OH is still working at the moment and we still have a mortgage which finishes when he retires but if I were alone I would have enough to live but I'm sure my car would have to go and maybe I could afford a cheap holiday.. I wish I'd saved more but I thank goodness for the little extra I do have coming per month.

ozzage

want2bmortgage3 wrote: »

I'm 31. Why does life have to be like this? Once we start working and buy a property, living by fear. Fear of losing our property, fear of retiring with nothing. Why do we have to retire? Who looks forward to this? To me, it's too far away. It's depressing to think about. I can't bring myself to think about or pay into a pension! I can't work solidly for the next 20 years. I think after a few more years I want a break, just travel on the cheap, with a tent. I am not afraid to do this. Probably a reason I'll not have kids, I can't face responsibility! Am I alone?

You need a balance.

Since I turned 25, I've moved country twice, travelled for 3+ months at a time several times and done an "on the cheap" world trip for a year (that was at age 36!) Plus untold "normal" holidays for a few weeks here and there. I found 36 a good age to take a year off and clear my head (and luckily my other half is of a similar mindset)

On the other hand, I have a good career in IT which I can do anywhere in the world and I work hard and do a good job when I'm working (except right now, when I'm posting on MSE :P).

Other people have different circumstances, but the end result is the same. You choose your own life and if it's boring and depressing it's only because you chose to make it that way!

Re retirement: I love my job but I still can't wait to retire!

tony4147

You HAVE to plan for the future, I wouldn't want to be relying on the state pension. I've worked so far for 34 years and will probably work another 15/17 making 49/51 years in total, believe me the last thing I want to do is sell my house etc in order to make up the state pension just to live.
I want to be able to go on holidays etc change my car every couple of years, not sit in a house when I'm retired not been able to afford to go out etc, worked too long and hard to have a retirement like that.