24. £100,000 No help.

Mr_Costcutter

TheTracker wrote: »

He appears to have saved 45k in 6 years as well as pay a mortgage. If he can continue stuffing away £600 quid a month and get 5% on it he'll have a nice £750k kitty when he is age 55. I wonder how many of those here were, are, or will be in that position.

Probably quite a few if we believe everything we read on this forum.

racing_blue

People who hang about a savings and investment forum are perhaps particularly focused on... well, saving and investment. I expect many have, or intend to have, assets like that aged 55.

If you pitch for a withdrawal rate of 4%, £750,000 will give you an income of £30,000 per year which is nice but not Rockefeller.

I started paying into a pension aged 24 and it has indeed been a stealth machine for building wealth. But it was a side-dish. The main course was a career and life I wanted, & perhaps the OP is still looking the menu up and down?

But sure, pensions in themselves are a force for good. My ideal would be to get to retirement age with about £2-3 million of assets split three ways: A third in property, a third in a pension to give a fixed income, and a third in tradable financial assets.

gadgetmind

racing_blue wrote: »

My ideal would be to get to retirement age with about £2-3 million of assets split three ways: A third in property, a third in a pension to give a fixed income, and a third in tradable financial assets.

That's pretty much what I've always aimed for. I'm currently toppy on property, ditto on pension, and clearly need to work on ISAs etc. as these are 5/8ths of pension assets.

However, as our pensions are 99% DC, the phrase "fixed income" doesn't really apply unless we go the annuity route, which makes zero sense at less than 60.

atush

I have to say if I was the OP and had skills in the building trade, i'd be flipping houses not doing BTL.

le_loup

It's Monday and the OP has gone back to school.
Thought he might.

eviekins

Or perhaps - it's Monday and he's hard at work, topping up that 100k!!?

Jeeeeez. Some of you sure love to instantly presume someone young and doing well for themselves is full of ****
Why can't you congratulate someone and give them the advice they came on these forums for, instead of jumping in and trying to mock them?
Sometimes I don't know why I bother reading these forums anymore, the insults just wind me up!!

Archi_Bald

eviekins wrote: »

Jeeeeez. Some of you sure love to instantly presume someone young and doing well for themselves is full of ****

Some of us have seen them all. The bloke in his early 20s pops up now and then, with between £100K and £1m to his name. He is usually very uncomplimentary about his mother, so perhaps that's a genuine problem he has. If indeed he is a bloke - could well be a woman.




.

ChesterDog

Nobody can match Lavish.

TheTracker

Re presumption of spammer/scammer.

Sounds like Kahneman's Farmer and Librarian to me.

le_loup

eviekins wrote: »

Jeeeeez. Some of you sure love to instantly presume someone young and doing well for themselves is full of ****

Because the same guy turns up most Fridays - generally after the pubs have shut and proceeds to turn this forum into a playpen.