Advice on where to start !

Aced2016

Hi

I'm 30 and realise I need to sort myself out for my retirement. I have no idea what is best to do and where to start.

I have knowledge in many areas but this is not one of them. I was born in 86 so have no idea when the government will allow me to retire. My NI contributions are fully up to date as I've worked consistently since 16.

I have not long started my new job so not enrolled in the pension plan as far as I know. And being silly I've not wanted to actually pay anything into them in the past. However i now need to get planning !!

Any ideas or advice would be appreciated !

TIA

xylophone

so not enrolled in the pension plan as far as I know.

How can you not know?

You are sure that currently there is a pension scheme?

Ask!

https://www.gov.uk/workplace-pensions/about-workplace-pensions

https://www.gov.uk/new-state-pension/eligibility

Aced2016

Yes there is a pension scheme, however they don't enrol you in it until after 6 months with the company.

So as of yet I will not be enrolled in it.

Aced2016

xylophone wrote: »

How can you not know?

You are sure that currently there is a pension scheme?

Ask!

https://www.gov.uk/workplace-pensions/about-workplace-pensions

https://www.gov.uk/new-state-pension/eligibility

I have just had a good read with the above links. So thankyou, I am a lot clearer now and I have worked out what I need to be saving and contributing in order to live comfortably !

I was also confused with tax on savings, but it's clear to me now it's only tax on the actual interest I pay.

So finally I have a plan in place 😀

xylophone

it's only tax on the actual interest I pay.

That depends.....

https://www.gov.uk/government/publications/personal-savings-allowance-factsheet/personal-savings-allowance

https://www.gov.uk/individual-savings-accounts/overview

cns06

Retirement planning is not just about pensions alone don't forget.


Also make sure you regularly review your situation / requirements.


I would say every 12 months as a minimum but ideally every 6 months. Keep an excel sheet going and track everything.


The first few years might seem like hard going with not much happening but once you get the first 10 years or so out of the way you will start to see everything works and that will give you more confidence.


Also, its worth reading up on here about how people plan as there are lots and lots of good threads.


Some people retire early, others work later, some take part time jobs etc etc. Every situation is different so there is no best fit but if you look round on here you will probably find someone who fits your circs closely and you can use that as a guide.

Aced2016

cns06 wrote: »

Retirement planning is not just about pensions alone don't forget.


Also make sure you regularly review your situation / requirements.


I would say every 12 months as a minimum but ideally every 6 months. Keep an excel sheet going and track everything.


The first few years might seem like hard going with not much happening but once you get the first 10 years or so out of the way you will start to see everything works and that will give you more confidence.


Also, its worth reading up on here about how people plan as there are lots and lots of good threads.


Some people retire early, others work later, some take part time jobs etc etc. Every situation is different so there is no best fit but if you look round on here you will probably find someone who fits your circs closely and you can use that as a guide.

Thankyou very much for your suggestions

hyubh

Aced2016 wrote: »

I'm 30 and realise I need to sort myself out for my retirement. I have no idea what is best to do and where to start.

I have knowledge in many areas but this is not one of them. I was born in 86 so have no idea when the government will allow me to retire. My NI contributions are fully up to date as I've worked consistently since 16.

I have not long started my new job so not enrolled in the pension plan as far as I know. And being silly I've not wanted to actually pay anything into them in the past. However i now need to get planning !!

Any ideas or advice would be appreciated !

I'm a bit older than you, but not massively so, and despite being something of a 'regular' in this forum, I'm not 'pensions uber alles' by any means. While once a workplace pension is accessible you should contribute whatever it takes to get the maximum employer contribution offered (reason being, 'free money', or more exactly, an effective voluntary pay cut if you don't), beyond that you should look at other factors like whether you are a higher rate tax payer, whether you need to be saving for a house, etc.

On a personal level, I have a small deferred LGPS pension that would radically increase in value were I to rejoin the public sector at anything like my current salary... but the clock is ticking to do that. As such, I've just started contributing 20% into my employer's DC arrangement - it could be higher, but as I'm only just touching the higher rate tax band tying up investments until 55 or later isn't a no-brainer, especially as I've been looking to move to a more expensive area for a while (my current commute is long). Due to this I'm intending to start a LISA when they start in April; I've also got a stocks and shares ISA that I've been regularly contributing to for some years, not because I like the idea (it's all in low-risk investments), but because cash ISA rates hit the floor some years back, and I'm trying to save up for my next housing move.