How to fall in love with saving money

mark55man

longleggedhair wrote: »

Hi both, thanks for your replies, I am in a public service one its the LGPS. I have looked into the scheme and if I was granted an ill health retirement it would only be for quite a small pension due to my low number of years service (5) although there is an uplift I think I would be lucky to have a pension from them of much more than 250 per month. Given why im saving to make up the difference!

atush regarding my levels of cash savings I do agree and most "new" money I invest each much goes into my Investment Trusts to try to reduce my cash, that said I have got most of the cash on deposit earning between 4-6% with about half of that in ISAs. I do like having a good cash buffer because of my health and for any market drops!

Im just another voice that finds having cash in the bank great security. No designer clothes or widescreen TV could ever mate the comfort I get from having savings behind me.

Be careful it is easy to misinterpret the rules even in cases of "straightforward" retirement and even more so when its complex as yours will be.

You may think and may even have been told by a local HR person that is the case, but it may be you asked the question in the wrong way - or applying through a different route or being made redundant - all these could make a difference.

I am sorry if you already have done so and are stating the best case - but I would seek advice from the pensions board (initially) and a pensions specialist (ultimately) asking about this

longleggedhair

HI Mark


I have studied the scheme rules quite in depth, and while it is difficult to plan exactly for my situation the nature of my health mean I could go another 10 years or might be too unwell tomorrow.


Work is now dragging me down and I find it very difficult and tiring but I want to go on as long as I can manage to. The advantage of the LGPS is that the ill health retirement is reasonably generous after about 10 years, and hopefully I will be able to put in many more years over that before my health prevents me continuing. But as #I say, it could be tomorrow, or I could be made redundant, who knows. Hence the cash buffer! Sounds bad but I would hate the thought of being trapped on low benefits so I want to be of independent means!


Tend not to ask too many questions at HR as they don't know about my health problem (I have HIV) so for obvious reasons I prefer to keep it to myself at this point, though it will eventually come out.

mark55man

I can see you are well informed so good luck with your plans.


My sympathy for your journey but with a PMA like that you should do OK

cathybird

longleggedhair wrote: »

Im just another voice that finds having cash in the bank great security. No designer clothes or widescreen TV could ever mate the comfort I get from having savings behind me.

Happily I haven't ever felt the temptation to splash out on designer clothes and while my telly is a reasonable size, it cost me nothing. Yay!

longleggedhair, your situation sounds potentially difficult but it sounds to me as though you have handled it as sensibly and carefully as you could.

Lomcevak

Blimey, 17 mile run out in high winds and pouring rain - now soaked and frozen. Wonder why I bother sometimes ... now back to trying to understand pensions :huh: :wall:

mark55man

Lomcevak wrote: »

Blimey, 17 mile run out in high winds and pouring rain - now soaked and frozen. Wonder why I bother sometimes ... now back to trying to understand pensions :huh: :wall:

A pension is like a marathon - you got to know what you are aiming for, and you got to stay the distance, and your performance depends on yourself and your reaction to outside events

cathybird

Lomcevak wrote: »

Blimey, 17 mile run out in high winds and pouring rain - now soaked and frozen. Wonder why I bother sometimes ... now back to trying to understand pensions :huh: :wall:

Think I ran for 17 minutes this morning ... does that count? :rotfl:Also some walking - the whole thing took 35 minutes ... actually the running was about 20 of it. Hopefully it was better than nothing, anyway.

Anyway, sounds like your training is well underway, Lomcevak - it was a horrible day to be out running, I must admit.

cathybird

mark88man wrote: »

A pension is like a marathon - you got to know what you are aiming for, and you got to stay the distance, and your performance depends on yourself and your reaction to outside events

My pension provisions appear to be turning into more of a sprint :mad::mad::mad:

mark55man

cathybird wrote: »

My pension provisions appear to be turning into more of a sprint :mad::mad::mad:

running shorter distances requires more intense effort which can be more difficult to sustain

cathybird

mark88man wrote: »

running shorter distances requires more intense effort which can be more difficult to sustain

Very probably, mark88man, but it has to be done, alas.