Watchwang, autowang... what are you saving for?

grey_gym_sock

bowlhead99 wrote: »

One of the popular ongoing threads (in sporadic bursts) on the pension / retirement board is the "Number" thread.

Grabs39

Short term - pay for our wedding in December (in cash - not borrowing).

Pay off all unsecured debt in the next three years (not saving in the conventional sense, I know)

Buy a new roof.

Buy a new bathroom.


Medium term - pay off my mortgage in ten years. Then save toward the deposit of a new place and let this place out, or sell this place and use it as a deposit.


Long term - retire by age 55-60. Being 23 and looking down the barrel-end of another 45 years of work isn't pleasant


This means at the moment all my spare money goes into paying for the wedding, and paying debt. In three years it will shift significantly toward mortgage overpayments. A small amount is put into employer pension and SIPP almost entirely in equities - I would expect that I'll want to put that up as I move into my thirties.

But then the best laid plans, and all that...

richy999

Grabs39 wrote: »

A small amount is put into employer pension and SIPP almost entirely in equities - I would expect that I'll want to put that up as I move into my thirties.

I'd start putting more away for your retirement as soon as you've cleared your (unsecured) debt... use the power of compound interest to your advantage and you may be able to retire sooner and with more wealth.

Grabs39

richy999 wrote: »

I'd start putting more away for your retirement as soon as you've cleared your (unsecured) debt... use the power of compound interest to your advantage and you may be able to retire sooner and with more wealth.

My employers matched contributions will go up over the next couple of years so extra will be added. My pay rises will go in too, then if anything else is available we may look to S&S ISAs for flexibility