30 Years Old With No Pension!

ThePants999

John_Jones wrote: »

And the bit you strangely cut points out that it makes sense to plan for a few years when you have to put less in, which knock the total back quite a bit.

But yes, I agree, if you cut important pieces out of a post then what is left can make little sense.

I'll freely admit that as an employed person, I have a different mindset to a sole trader. But from my perspective, the amount you want to plan on overshooting to account for things not going to plan, and the amount that you'll get "free" from investment growth, are way too different to go "yeah, they about balance".

BLB53

So now is the time to open a private pension... I guess? But which should I go for? How can I plan for retirement effectively with all the changes (financial) going on in the world right now?

Now is a good time to start. If you feel confident to go down the DIY route then the SIPP is probably a good option but you will need to select a SIPP provider and then choose the investments. It can be a bit confusing to start with but not so difficult when you get to grips with a simple plan.

Maybe get hold of Edwards book 'DIY Pensions' and see if you think this could be a possibility.

If not then you could look at the robo advisors such as Moneyfarm or Nutmeg for example. The charges will be more than DIY but they select the funds for you and make it fairly straight forward.

The other options are IFA.

The main thing is to DO SOMETHING.

PuzzledDave

0Credit wrote: »

I have never saved or had a private pension due to my income being very unstable since I was 15. 4 years ago I was earning £16k P/A and this past tax year is £54,000. The upcoming year will be approx £65,000.

Hidden here is your key to victory.. Don't get suckered in by Don Draper and buy more stuff/hugely expensive car or house/other baubles and trinkets. Stick with the same spending you had before this massive increase in income and save it (pension and S&S ISA).

Sock it all away and based on the (VERY guideline) 4% rule and retire at 50 is easily in your reach. Play around with the numbers here:

FIRE Calc -- THIS IS A GUIDE ONLY, NO GUARANTEES !!!

0Credit

PuzzledDave wrote: »

Hidden here is your key to victory.. Don't get suckered in by Don Draper and buy more stuff/hugely expensive car or house/other baubles and trinkets. Stick with the same spending you had before this massive increase in income and save it (pension and S&S ISA).

Sock it all away and based on the (VERY guideline) 4% rule and retire at 50 is easily in your reach. Play around with the numbers here:

FIRE Calc -- THIS IS A GUIDE ONLY, NO GUARANTEES !!!

Yeah this is something I did I will admit but am now on top of outgoings and have reduced them massively!