Workplace pension, should I opt in or out?

shiwen55

Oliver1191 wrote: »

I'm glad I was able to get through the emotion - always hard when writing.

Ignore some of the comments people have written on here. A lack of kindness is not to their merit. Equally, there is no correct way of doing things and only with hindsight will we know what the best option was. No one can tell the future.

It sounds like you've had some pretty tough challenges to overcome. No one on here will know what you've been through.

It sounds like you've come a long way too.

Getting married is a big achievement - congratulations!

Maybe, you need to take a different approach to suit your needs? Perhaps if you sat down with your other half and rather than work your finances separately, see your combined incomes and expenditures as one.

That way, if you're both on really low wages, you'll be able to make the most of your situation. This is not an easy quick-fix. It takes ages to learn new ways to reduce your costs e.g. one trick we try to do is to pre-cook lots of our meals in advance once we've done the weekly shop. 99% of shopping is done in Aldi too!

Just a thought, but why not start a LISA - one day you might be able to raise a deposit to buy a home (it's worth remembering that there may be cheaper places in the country - it's why I left London as I was screwed there). The only draw-back with a LISA is it may limit your benefits in the future (if you get some for disability reasons).

Either which way, please do the pension...it may be something that you could leave to your wife should you not be there one day (though, I hope you will be together for a very long time).

If you want to have a guess at what your pension could be worth in the future, have a play with this: https://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php

I would suggest a growth rate of between 5 - 10%

Hi,


I am grateful to you for opening my eyes...


I have kept my contributions, currently %5 (incl. employer), used your calculator, it will be something in future! Also, we were discussing to, at least, retire outside London (paying mortgage for a property outside London (buy to let), while renting in London, what do you suggest, if I may?)


I have opened 2x ISAs, Help to Buy ISA and Stocks and Shares ISA, as little as I can add to pots every week/month.


Once again, many thanks, I much appreciate it.


shiwen55