The "Save 12k in 2015' Thread!

black_taxi_2

im 53,its amazing when you hit 50 you start thing about old age pension,when it should of been 25.


I wish internet MSE was around when I was 25


anyway cant look back you are where you are


anyway I will only have state pension,but with investing/saving nest egg i will be comfortable,rather than rich or poor

enthusiasticsaver

lalman wrote: »

My strategy is slightly different. I am going down the investment property root as I am trying to build up a portfolio of 8 total. (only got 1 now and have a deposit for another ready). I also contribute into my work place pension scheme that invests in a life style stocks and shares... and I also own a couple of stocks for specific companies... but I don't buy and and even more rarely sell.

My outlook for the world is slightly different from most - I feel the west has too much debt (and governments to large a deficit) and interest rates have to stay low for longer than they have... that will just keep what the trend for the last 6 years going... i.e. higher asset prices... low savings rates...

It is just my outlook and I don't want anyone to follow my strategy unless you believe it too.

What age are you looking to retire at?

I am looking to retire at age 58.


I agree with you in that I think interest rates will have to stay low as there is still too much debt around. My husband has a lifestyle pension and that has actually done quite well even though it only started about 8 years ago and he also has a protected final salary pension which the company froze in 2006 but his benefits have been protected.


I am starting to invest in index trackers (not brave enough or willing to risk individual shares) and have opted for a Vanguard lifestrategy 60% acc fund to start with. I am also looking at maybe the Legal and General multi index and perhaps the HSBC tracker. Which funds have you gone for? I am starting with £250 per month in the Vanguard and then will aim to put in lump sums hopefully to max the ISA limit of £15k per year. That would be £60k over 4 years from now until the end of 2018 when we hope to leave. It would be difficult to invest much after then as we will not have as much disposable income once we leave work. How old are you and what age are you hoping to retire?

enthusiasticsaver

black_taxi wrote: »

im 53,its amazing when you hit 50 you start thing about old age pension,when it should of been 25.


I wish internet MSE was around when I was 25


anyway cant look back you are where you are


anyway I will only have state pension,but with investing/saving nest egg i will be comfortable,rather than rich or poor

You are so right and I only started looking at pensions after 50. We were helped financially a lot by my mum when my dad died at age 63 so have managed to get rid of our mortgage and build up a lump sum of savings although I would rather he had lived to a ripe old age obviously.


We have spent the last few years focusing on helping our daughters get on the housing ladder etc and my youngest particularly is a devout MSE follower so I am glad at age 27 she is learning lessons I did not until my 40s. That is the best inheritance I think you can give children that they learn to control money rather than it controlling you - something our governments should learn!!


At least you are debt free looking at retirement and will have a nest egg so well done for that. Are you planning to retire at state age then? 66 or 67 I presume if you are 53?

lalman

I like your strategy Enthusiasticsaver and think its nicely varied too. The fact you and your husband have these final salary/ good pensions, significant back up money as well as a strategy for moving forward I think is excellent.

I will eventually diversify what I do further but what I am attempting to do is leverage myself up slightly (for investment purposes) in the BTL area.

I am 28, coming up to 29.... so you have a few years on me yet! I don't think I will ever retire, but being financially independent is my aim... and I hope... and I know its unlikely to occur but I am going to try my best to do so... to hit that at the age of 40-45.

There are just so many variables out there... I hope to get married one day... how many kids will I have... will I be in employment for the whole time? will my partner be?

I agree knowledge and a frugal nature is the best inheritance you can give your kids :-)

Sugarplum634

Thanks for the advice, re how to use the challenge or not use it. I think as this is my first attempt at actively saving over a year, I'm going to count anything and everything I save whether I spend it or not. I'm on a very low income so I can't save thousands each year as I don't have them to save. For me saving the money to benefit myself now is important. I need a new kitchen and to fix the bathroom, so I can continue to live independently. It's not about saving for pensions or retirement. It's about living. Having money in the bank is one thing but saving FOR something and aquiring it seems equally valid.

Eco_Miser

enthusiasticsaver wrote: »

I have built up around £75k in cash isas (mostly in fixed ones which mature in 2017/8) and the stocks and shares isa I am focusing on now will hopefully not need to be touched until the cash isas have run out and I have started drawing on my pensions.

I would start drawing on the s&s isa, perhaps just taking the dividends as income, before the cash ISAs run out, unless you also have £thousands in other cash savings. You don't want to be forced to sell at a low point in the market cycle.

enthusiasticsaver

Eco_Miser wrote: »

I would start drawing on the s&s isa, perhaps just taking the dividends as income, before the cash ISAs run out, unless you also have £thousands in other cash savings. You don't want to be forced to sell at a low point in the market cycle.

Really? I was under the impression I should leave the investments in accumulation units as long as possible. I guess I could change them to income but our monthly pensions should allow us to live reasonably comfortably and our cash isas will be around £90k by then so with our pension lump sums (another £110k) I don't anticipate needing to draw on the investment portfolio until maybe 5-10 years after retirement. We need the cash isas/lump sums for a few big holidays and a new car as my husband has a company car at the moment so we will have to buy one we can both use and sell my little convertible.


My plan was to change the portfolio gradually to income units depending on market cycle.

slowlyfading

Spreadsheet and front page updated

nat21luv

lalman wrote: »

I am attempting to do is leverage myself up slightly (for investment purposes) in the BTL area.

I am 28, coming up to 29.... so you have a few years on me yet! I don't think I will ever retire, but being financially independent is my aim... and I hope... and I know its unlikely to occur but I am going to try my best to do so... to hit that at the age of 40-45.

There are just so many variables out there... I hope to get married one day... how many kids will I have... will I be in employment for the whole time? will my partner be?

I agree knowledge and a frugal nature is the best inheritance you can give your kids :-)

Snap, snap, snap aaaand snap! I could have written this.

[Deleted User]

Can I join please? My target will be £8000