Help from someone financially clever

GenevieveButler

Thank you all for sharing this post. It was quit interesting.

justme111

atush wrote: »

Nonsense talk. Nothing into your pension means youc ant afford to retire, even with 10 years int he NHS pension. which you wont get until you are 65-67.

So why not put some of your 24K into a pension? 8K into a personal pension will get grossed up t 10K with tax relief. That is 2K extra. is that nothing to you?

Then save your 16 that is lft into the highest interest acct you can get, while looking for a better place to live.

So if she puts 8 grand into pension now she will be able to retire but is she does not she will not ? What calculations have you made to support that statement ?
OP , move your money into high interest accounts and explore your options -mortgages , houses , pensions , terms etc. We can not tell you what your nhs pension would be ,ask nhsbsa for forecast.
It must feel as a nice surprise, I am happy for you.

Money_saving_maniac

Thank you for your input atush but you've left me a little confused. What element of my post was nonsense talk? I don't know how many years NIC I will have by then, I suspect 29, not sure how much state pension I shall get under the new 35 year rules.

Thank you all for your input I shall look for some high interest accounts.

Eco_Miser

It would be

10k in a pension pot is not going to get me anything

, since £10k will get you something.

justme111

Money_saving_maniac wrote: »

. What element of my post was nonsense talk? I don't know how many years NIC I will have by then, I suspect 29, not sure how much state pension I shall get under the new 35 year rules.

many of local forumites would not consider any proportion of state pension to be sufficient to retire on as they are used to higher salaries and expenses. They forget that if one earns about 24 grand lets say and pays mortgage/children out of it one probably has the same or even less disposable income than what one would have once mortgage and children expenses gone receiving state pension. So either little or no reduction in living standards so pension is not that much of a priority.
There is no one size fit it all advice about priorities , one has to look at individual's budget.

Money_saving_maniac

Eco_Miser wrote: »

It would be , since £10k will get you something.

I assumed it wouldn't get me anything worth talking about, the projection the company gave me was that if I kept investing at the same rate for the next 10 Years (which I won't be) I would get £1000 a year out of it.....so I assumed that just leaving it in there would get me maybe £100 a year!

Money_saving_maniac

justme111 wrote: »

many of local forumites would not consider any proportion of state pension to be sufficient to retire on as they are used to higher salaries and expenses. They forget that if one earns about 24 grand lets say and pays mortgage/children out of it one probably has the same or even less disposable income than what one would have once mortgage and children expenses gone receiving state pension. So either little or no reduction in living standards so pension is not that much of a priority.
There is no one size fit it all advice about priorities , one has to look at individual's budget.

This is true. If I had 10k a year pension including state pension in today's terms, I would be surprisingly pleased. Having had a chequered life, pension provison was never on my priority list even if I'd had the cash!