Salary sacrifice scheme

kingrulzuk

Bootsox wrote: »

Do you live with your mum and dad?

No Sir have my own flat.

atush

dont see how 400 would cover rent food and utilities?

Anyway, join the work pension. Now. It is the only SANE thing to do.

lisyloo

So you rent, bills, food and everything is under £400 per month?

There are a few flaws in you plan.
1) you're relying on your rent staying very low
2) you're relying on your expenses not going up - what if for example you can't walk so well and need to spend more on buses, or worse can't get on the bus and need to pay for taxis. There are lots of ways your expenses could go up when you get older from just a walking stick to requiring more heating.
3) you're relying on the state pension being adequate and you qualifying fully e.g. It could become means tested. Changes are very likely but especially if you don't trust the government.
4) state retirement age is high and getting higher

Most of us do not want to put ourselves at the mercy of the state. Even if your expenses are low (and yours seem exceptionally low) you'll be at the mercy of any changes e.g. Age

kingrulzuk

Dont have rent as i paid off my mortgage long back.
£105 CT per month
£20 electric bill per month
£100 for food
£10 for phone per month
I walk to work and home.
£100 or more for emergency cash.
1.5k savings every month.

I travel around the world ones every 6 months.

kingrulzuk

I have just opt out of Salary sacrifice scheme.
Just want to pay my normal Tax and NI.

atush

Well if you want to turn down 32 quid of every hundred in a pension (ie 100 in your pension only costs 68 for you plus whatever your employer puts in) I am not quite sure what to say. You are flushing money down the drain.

Other than how anyone this foolish got a job and lived to your age I am not sure.

Quite frankly I am gobsmacked.

kingrulzuk

atush wrote: »

Well if you want to turn down 32 quid of every hundred in a pension (ie 100 in your pension only costs 68 for you plus whatever your employer puts in) I am not quite sure what to say. You are flushing money down the drain.

Other than how anyone this foolish got a job and lived to your age I am not sure.

Quite frankly I am gobsmacked.

I just earn just over 2k a month after tax. and i save 1.5k or more every month.
Im 31 now and when i was 18 my Target for 10 years was to save 100k
and i saved just under 300k. which i invested outside uk.

My target now is to Retire at 40. and move to other country with my partner do charity work abroad.
Have invested in flats in 2 other countries. also have money saved up in FD in other countries.

atush

Just think how far that pension you are not investing in would go in a far flung country? Think of all the good you could do locally with the money?

Or flush it.

kingrulzuk

atush wrote: »

Just think how far that pension you are not investing in would go in a far flung country? Think of all the good you could do locally with the money?

Or flush it.

To be honest Sir for last so many years im getting good interest rates so i have been investing and saving.

People can make good money if they know what they are doing.

atush

To be honest sir, you are talking out of your behind.

Interest rates on cash have been abysmal