starting a pension

atush

They are also safe from creditors and means testing where unwrapped assets are not.

And the earlier you start, the longer you have time for compounding of interestdividends.

worried_jim

atush wrote: »

They are also safe from creditors and means testing where unwrapped assets are not.

And the earlier you start, the longer you have time for compounding of interestdividends.

I worship at the alter of compound interest! 21 years of pension saving- 41 now and its getting pretty sexy!

OP- start now with what ever you can afford, I now save 18% of my salary, you wont regret it.

atush

should we now called you Less worried Jim?

Slightly Confident Jim

worried_jim

atush wrote: »

should we now called you Less worried Jim?

Slightly Confident Jim

To be perfectly honest, yes! Half way through the mortgage, great secure job, good pay rises, brilliant company pension scheme (I sacrifice 5% the company 13%), two foreign holidays a year and just £900 to go on a credit card. I do work approx 12 hours overtime a week but boy has it transformed my life. If only we could have a proper summer in the UK I would be made up.

The only thing I worry about now is getting hit by a bus the day before I get to claim my pension! Already smoothed out the midlife crisis- at 55 I will be buying a Porsche 911 Carrea S4. In red. Not new, this is MSE after all!

[Deleted User]

worried_jim wrote: »

Already smoothed out the midlife crisis- at 55 I will be buying a Porsche 911 Carrea S4. In red. Not new, this is MSE after all!

Yeah a close relative has one of those. Smile on face... priceless

greenglide

Already smoothed out the midlife crisis- at 55 I will be buying a Porsche 911 Carrea S4. In red. Not new, this is MSE after all!

Surely the MSE way is look at the expenditure sensibly and decide whether you REALLY need to get this or possible bring forward retirement date etc forward instead?

atush

worried_jim wrote: »

To be perfectly honest, yes! Half way through the mortgage, great secure job, good pay rises, brilliant company pension scheme (I sacrifice 5% the company 13%), two foreign holidays a year and just £900 to go on a credit card. I do work approx 12 hours overtime a week but boy has it transformed my life. If only we could have a proper summer in the UK I would be made up.

The only thing I worry about now is getting hit by a bus the day before I get to claim my pension! Already smoothed out the midlife crisis- at 55 I will be buying a Porsche 911 Carrea S4. In red. Not new, this is MSE after all!

We cant expect a great summer every year (last year was the best i've seen) but this past week it didnt get above 60F quite a few days. So that is why we need 2x foreign holidays each year lol. We didn't need any when we lived in Jersey.

kidmugsy

atush wrote: »

So that is why we need 2x foreign holidays each year lol. We didn't need any when we lived in Jersey.

Well Jersey is foreign, ain't it?


But I think people are giving the OP bad advice. Sure she should save for her old age, but it's not clear to me that pensions are the best way for someone in her position to do it. The inflexibility is a real burden, and she wouldn't be getting enough advantages to compensate.