I really really want to be........mortgage free!

newgirly

Blimey, scary calculator! Although two thirds of your income seems a lot , with hopefully fully independent kids and no mortgage we will need a lot less surely?

hiddenshadow

newgirly wrote: »

Blimey, scary calculator! Although two thirds of your income seems a lot , with hopefully fully independent kids and no mortgage we will need a lot less surely?

That's the assumption we're operating on. So many factors can come into play: mortgage payoff, debt levels at retirement, planned expenses in retirement, etc. Also, our income (and expenses) are weighted for London whereas we plan to move out of London before (or at least when) we retire.

I prefer the calculators that allow you to customise more values (like actual income desired in retirement, not to mention stock market increase, rate of inflation, etc). That said, I suppose I'd also rather be scared into putting more away than less.

edinburgher

I know its naughty im 28 now ok iv had a busy last 3-5 years but have no really pension plan in place

One for you to sort out LIL, we're all busy, but time waits for no man!

Plenty of tax benefits to be had (there may also be ways to increase these by paying your pension through your business etc. This will depend on the legal status of your business though, so probably worth speaking to your accountant or similar.

shangaijimmy

I suppose we'd add in savings, investments and cash from down sizing. Still as hidden says shocks you into paying more. Also we actually live well below our earnings (if that makes sense) which is why we can afford to OP so much.

ourcornercottage

Today was good, nothing spent have made a loaf and our some apple slices in the dehydrator so they didn't go to waste. Tomorrow I'll have to shell out for parking so not a NSD unfortunately

Got a lovely free iPhone case in exchange for an Amaz0n review. It'll be a pleasure to do as its really nice

The weather here is awful, I managed to slip over in the garden so I'm gonna be really bruised tomorrow

Nothing much going on financially, I've managed to keep £210 of my personal spends so far this month and payday is Monday

Lexi-lu

Hello ourcornercottage,

Sorry to hear about your trip, I hope the bruising wont be too painful.

I am very impressed that you are starting a pension for miniocc, something he will really appreciate when he's older.

LL

Luckyinlife

Thanks for that OCC looks like i need to save 1k a month to get a 10k wage. which isnt going to happen currently so will come back to pension stuff when i feel i can contribute more to it grrrr

how you aint to bruised up after the fall

ourcornercottage

Lexi-lu wrote: »

Hello ourcornercottage,

Sorry to hear about your trip, I hope the bruising wont be too painful.

I am very impressed that you are starting a pension for miniocc, something he will really appreciate when he's older.

LL

Thanks Lexi-lu, my parents put aside nothing for me at all so I am not going to limit miniocc's life like mine has been.

I want if he want to go to Uni, not to be dependent upon working as much as I did to manage and then spent the next 5 years paying back the loans. A few years of not thinking about money and I am back on it again, worrying that Ive started too late to have a decent retirement.

The projection is about £140000 with a 5% return and 3% increase per year til hes 57. Its just that its such a long period of time that it compounds. I know 5% is hopeful but it gives an idea.

You might get the theme of the thread at the moment is that I am desperate to retire asap! I am only 41 but really don't want to work for another 26 years. The thought of it makes me shudder!

Anyhow back to now, today I have been off work as the bruises were indeed big, I have an achy right leg and left shoulder. I really don't know quite how that happened.

I have been offered a bunch of stuff to review all of which is fab, I feel very lucky today about this. I'm sure it won't go on for long but make hay while the sun shines so they say! I am totally honest in my reviews and I like doing them too so its win win for me.

Had to take £20 from my personal spends that I hadn't spent today to see me over the weekend but I'm very pleased my level of spending was quite low this month. Haven't made any significant OP's as I have spent about £800 on annual bills and have been able to pay it from the normal bills account and leave the money in the annual bills account to go towards the guttering which needs to be done asap. I still want to get to my £500 target by the end of the month but I don't think I will exceed that this month

S&S Isa still looking sad, new SIPP open and the 2 stakeholders being transferred in which will take up to 8 weeks.

Nothing much else to do finance wise

EDITED : ITS POST 1000!

ourcornercottage

Luckyinlife wrote: »

Thanks for that OCC looks like i need to save 1k a month to get a 10k wage. which isnt going to happen currently so will come back to pension stuff when i feel i can contribute more to it grrrr

how you aint to bruised up after the fall

Maybe start small with the aim to get up to £1000 per month, my SIPP has a minimum of £80 PM so it's much lower. Stakeholder start at £20 pm. I always think it's better to start sooner and small which you can put up as you. An afford it. I have gone from £20 pm to now £760pm (between us) as we've been able to but that's no where near enough.

That said consider your assets too, for example when our house is renovated it will have value of £500k + which we will downsize from when we are older as its large for 2 of us. Should have a £300k excess on what we would need. I dont want to depend on this though so we have the options to stay as long as we want. I love where I live

Bruises are painful Miniocc football cancelled tomorrow so can have a lie in

hiddenshadow

ourcornercottage wrote: »

Maybe start small with the aim to get up to £1000 per month, my SIPP has a minimum of £80 PM so it's much lower. Stakeholder start at £20 pm. I always think it's better to start sooner and small which you can put up as you. An afford it. I have gone from £20 pm to now £760pm (between us) as we've been able to but that's no where near enough.

^ this. I think when I first started working I was putting away $50/mo into a pension. As I got used to that I upped it to $75, then $100, etc. Every raise I'd put part/all of it to the pension.

Starting small is better than not starting at all, and you never know how your finances will change in the future. If they're better you can contribute more, and you can always stop contributing for a while if you need extra cash flow as well.