Paid off the £31,000! BUT - still scrimping!

Seasidegal58

Hi Munchin - I think starting a pension pot at your age is very sensible. I wish I had! If I hadn't had my final salary, my pension figures would be looking very poor indeed. It's easy when you are young to think you're never going to get that old, but it by golly it's there before you know it. When I began ny employment that started my final salary scheme at age 22, I remember at the job interview being told of the perks, which included "bonus twice a year, private healthcare and a good pension," All I can remember focusing on the time was the bonus - the pension just seemed so far, far away!

And if you start now there is a good chance you may be able to retire before the official pension age!

redofromstart

I think 'Captain Bob' comes from private eye who implied that cynics might think was 'bobbing' along in the water rather than sinking!

Munchin the activities of Maxwell et al are the reason why there are pension regulators, pots are usually safer now. We try not to have all of our eggs in the same basket.

Munchin

Hi Seaside & Red,

I have to say that when I get my pension updates I really have no clue what they mean but it's partly due to the fact they write the information in a strange language and because I used to think I have ages yet but that feeling is no more. The first thing I'm doing when I'm back in work is digging out my last pension statement and trying to make sense of the scheme I'm in.

I have a few savings goals I need to sort but there is no harm in popping anything extra into the Pension pot until I'm able to start properly building it up. Will have to start searching the diaries for the best place to put my money.

HairyHandofDartmoor

I wish DH and I had a pension, but we are going to have to rely upon the state pension unless we win the lottery .

However our mortgage should be paid off by then and I'm assuming all the DC will have moved out by then, so we should be able to live more frugally (in theory).

It is hard to imagine getting older when you are young, but as you say it soon comes around!

Sun_Addict

A lot of my friends I do lunch with have now retired. They are all so happy they glow! But then all of them have decent living standards which helps a lot.

brizzlegirl

That 'glow' would be nice...I am aiming for semi-retirement in the next few years, but we shall see.

I agree re Cap'n Bob ...too darn convenient. Reckon he had a few drinks and then went for it. Not one to properly face the music (or prison)

Hope you're having a chilled afternoon SSG x

System

Few retirements at my place as well. I can't wait to be one of them. Just hope my pension gives me what I need to retire or at least be part time.

Hope you have had a good weekend, with a bit of Pilates thrown in the mix .

Seasidegal58

redofromstart wrote: »

I think 'Captain Bob' comes from private eye who implied that cynics might think was 'bobbing' along in the water rather than sinking!

Munchin the activities of Maxwell et al are the reason why there are pension regulators, pots are usually safer now. We try not to have all of our eggs in the same basket.

Munchin wrote: »

Hi Seaside & Red,

I have to say that when I get my pension updates I really have no clue what they mean but it's partly due to the fact they write the information in a strange language and because I used to think I have ages yet but that feeling is no more. The first thing I'm doing when I'm back in work is digging out my last pension statement and trying to make sense of the scheme I'm in.

I have a few savings goals I need to sort but there is no harm in popping anything extra into the Pension pot until I'm able to start properly building it up. Will have to start searching the diaries for the best place to put my money.

Hi redo and Munchin

I think it's very sensible not to have too much in the same basket redo - you've still got some way to go till retirement so can ride out a few financial Storms.

Munchin - Martin has a very good guide to pensions on the main MSE site under the Savings tab. Also there are some very knowledgable pensions experts on the Pensions thread if you have any queries. And of course your HR department at work will be able to guide you through your workplace pension.

Seasidegal58

HairyHandofDartmoor wrote: »

I wish DH and I had a pension, but we are going to have to rely upon the state pension unless we win the lottery .

However our mortgage should be paid off by then and I'm assuming all the DC will have moved out by then, so we should be able to live more frugally (in theory).

It is hard to imagine getting older when you are young, but as you say it soon comes around!

Sun_Addict wrote: »

A lot of my friends I do lunch with have now retired. They are all so happy they glow! But then all of them have decent living standards which helps a lot.

brizzlegirl wrote: »

That 'glow' would be nice...I am aiming for semi-retirement in the next few years, but we shall see.

I agree re Cap'n Bob ...too darn convenient. Reckon he had a few drinks and then went for it. Not one to properly face the music (or prison)

Hope you're having a chilled afternoon SSG x

Thanks for your comments Hairy, SA and Cumbria - oh how wonderful to have that glow of a reasonable retirement lifestyle around one! Let's hope that we'll all have that to come.

Cumbria - my Pilates sessions have been rather doomed lately owing to illness, my trip away last weekend and my teacher's holiday taking place over this weekend and next. My next session is now Easter Saturday. :eek:

But I've had a nice peaceful, relaxing day. Snow showers all day but still not settling much which bodes well for getting to work tomorrow. So I have been ironing and reading.

Next week is quiet - spends will be a new mascara, DSIsOH's birthday and nails. Hopefully something my friend and I will want to see at the cinema next weekend.

Enjoy the rest of the evening everyone.

Munchin

Seasidegal58 wrote: »

Munchin - Martin has a very good guide to pensions on the main MSE site under the Savings tab. Also there are some very knowledgable pensions experts on the Pensions thread if you have any queries. And of course your HR department at work will be able to guide you through your workplace pension.

Thanks SSG, guess what I will be reading today . OH was made redundant but he does have a workplace pension which for him kicks in early... I can't believe that the retirement age is 67... I knew it was 67 but it was always in the background. I have been following the Frugal cottage blog and she writes about her plans to retire early but I never made the connection to me and that it was something I would want. Lots of food for thought this weekend.