The "Save 12k in 2015' Thread!

alicaurusrex

This sounds great! I am going to be realistic and aim for £6k (£500 per month... that's not too bonkers, is it?!). Looking forward to it!

youngmummy

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

:rotfl:

i was looking into pensions the other day ... private ones ... im no where near old enough apparently to start contributing ... me and my partner are 22

i also looked into the funeral things where you pay for it before you die leaving your family nothing to worry about .. im not old enough for that either :cool:

this is what happens when you become a mother at 16, you try and prepare you and your family for every eventuality and you can't

:A

lalman

Youngmummy (I miss read that as yummymummy - you know where my mind is this morning!). You are never to young to start a pension and I actually recommend you start the earlier you can... so at 22 that's even better... especially when you factor in compound interest for say 40 years!!! Correct me if I am wrong someone but if you start saving half of your age (so 11% of your salary towards pension in your case) it will be easier in the long run... but obviously 11% can be tough.

Enthusiasticsaver I have to disagree with the advice Eco Miser has given you... im not saying the advice is wrong but what I would recommend is put the question in the forum itself and see what responses you get... but I haven't heard about what he/ she said...

nat21luv... how far along are you with the strategy?

girlatplay

youngmummy I started a pension for my DD in April 2013. She was 12 (now 14). I only pay in a small amount per month. I don't think it is too early. I have told her that I will pay into it until she starts working and then she has to pay into it from her salary. By the time that happens, auto enrolment will be in so she can rethink things then but at least I know the ball is rolling.

Gem-gem

Hello,
Can I please join? My target is £7500.00

Eco_Miser

lalman wrote: »

Enthusiasticsaver I have to disagree with the advice Eco Miser has given you... im not saying the advice is wrong but what I would recommend is put the question in the forum itself and see what responses you get... but I haven't heard about what he/ she said...

What advice? I don't give advice, I merely said what I would do, and have done, namely not wait until my cash has run out before starting to draw an income from the S&S ISA.

Certainly asking the question in a new thread would get more, and possibly better, answers than embedded in this thread

enthusiasticsaver wrote: »

Really? I was under the impression I should leave the investments in accumulation units as long as possible.

As long as sensible. It would be possible to leave the investments in accumulation units forever.

Please note that I did not say 'Start drawing now', but 'start drawing before the cash ISAs run out'.

enthusiasticsaver wrote: »

I guess I could change them to income but our monthly pensions should allow us to live reasonably comfortably

So if you're living comfortably on your pensions, what do you want the ISAs for? Just asking, because if it's not for a regular income, the planning considerations are different.

enthusiasticsaver wrote: »

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.

So you will in fact have thousands in other cash reserves, so depleting the cash ISA doesn't matter so much.

enthusiasticsaver wrote: »

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.

So you were in fact planning on starting to draw an income from the S&S ISA before your cash ran out, although you said

enthusiasticsaver wrote: »

the stocks and shares isa I am focusing on now will hopefully not need to be touched until the cash isas have run out

My comments were based on that.

maria3104

Hi

I started my private pension at 20. Have always put in at least 10% of my income. It is never too early. I now contribute for 5 others and am about to start a GS pension fund. IT IS NEVER TOO EARLY.

30 years later I could kiss the old lady who strongly advised me to take care of my own pension. Sadly dead these many years.

s1ipmatt

Hello,
Can I please join? My target is £2500.00

Merrylegs1

Hello, just found this thread and would like to join in please- with a total of £5000. I'm hoping for more but currently work and therefore finances are in the air a bit.
The money will be put in my house deposit fund.
Merry x

edinburgher

im no where near old enough apparently to start contributing ... me and my partner are 22

Another fan of pensions here, I was paying into one by the time I was your age, so was my (now) wife. The earlier you start, the earlier you finish! That said, I really don't think pensions for children are a good idea, thinking of the many costs they'll face on the way to that glorious day when they can take their boots off

Ps. Oh Lord - I just say 'by the time I was your age' - I'm 31