Tidying up the mess

DebtFreeMonkey

I agree. Just had a read of this thread and I'm glad to see peace is restored but the debate of it was interesting.

I'm working my way out of debt but I, too, see paying into my pension as non negotiable, despite being 26. Some might call it too young and I only pay in 5% of my low wage (at least whilst I'm in debt and there's no sign of a major income increase until I begin and finish an MA in Sept at least) but I think every little will help when I get out of this pickle and start planning for a decent retirement.

Anyways, glad to see you've got a plan, BabyStepper and are focused. I look forward to checking back in.

enthusiasticsaver

in_need_of_direction wrote: »

Glad to see peace and harmony restored but must confess to enjoying the different viewpoints. My tuppence worth is to get the pensions underway as soon as possible. I had a non contributory pension until a job change at age 34. I put off joining the new employer’s scheme as I had other financial pressures that I believed would have been resolved by the time I was 40 when I also anticipated being mortgage free.
I’m now 51 with only a further 2 years’ pension contributions. It’s looking scary.

I think time can get away from us and we think there will be plenty of opportunity to make up for these things ( I know I am guilty of this, not with pensions though ). I hope your situation is improving now. The mortgage is coming down nicely.

PositiveBalance

*Peers out from under covers then returns to thread*

Phew! I'm glad to see that we are all friends again. Where's my coffee?!


I'll insert the dodgy-looking group hug emji and come back later - I have to take the moggy to the vets! :grouphug:

Drawingaline

I actually liked the debate, pensions are a tough topic in our house. I have three really small ones and hubby has a tiny one and one with his current employer. He puts in 4.5%, mainly because he never opens letters ever, I realised there was a pension one and it said it was increasing his contribution from 3.5to4.5, if he ha seen it I know he would have opted out, so I 'filed' it. He never checks his pay slips or the filed paperwork. But naughty, but we need to keep on it. He has just received a payrise so will be paying in mrre.

I am self employed and I do need to look at my options. It's on my list, but it is daunting. I think we have a culture in this country of not discussing pensions, my dad and mil have awesome ones, bu I definitely think my generation are heading for a fall.

enthusiasticsaver

Drawingaline wrote: »

I actually liked the debate, pensions are a tough topic in our house. I have three really small ones and hubby has a tiny one and one with his current employer. He puts in 4.5%, mainly because he never opens letters ever, I realised there was a pension one and it said it was increasing his contribution from 3.5to4.5, if he ha seen it I know he would have opted out, so I 'filed' it. He never checks his pay slips or the filed paperwork. But naughty, but we need to keep on it. He has just received a payrise so will be paying in mrre.

I am self employed and I do need to look at my options. It's on my list, but it is daunting. I think we have a culture in this country of not discussing pensions, my dad and mil have awesome ones, bu I definitely think my generation are heading for a fall.

You are so right drawingaline in that we do not discuss pensions, long term savings or the impact of debt enough in this country. One of the unintended consequences of easy cheap credit has meant that the importance of saving for things now and in the future (like pensions) has been sidelined. Governments constant tinkering with pensions has led many to distrust them and we have a culture in this country of short term thinking.

Too many people think that having more in their pocket today is of more use than some vague date in the future. Not just your generation though, my own is divided and many of my friends and colleagues will need to work to state pension age and in some cases beyond that.

It does annoy me though when we are told we are lucky to have retired in our late 50s when we have been saving for it since our 20s. I have drummed it into my daughters and son in law to think about it now not leave it until their 40s or even 50s. Even starting small is better than nothing. You get used to doing without that money every month and every time you get a pay rise the contribution goes up as it will with your DH.



Would it be better to consolidate your existing small pensions if you have that option?

BabySteps234

On the topic of pensions, does anyone know how you locate old pensions? My DH thinks he had one for 10 years (about 15 years ago) and can’t locate it. He had stopped paying into a pension as he was in debt - but unfortunately he didn’t use the money he would’ve paid I to his pension to service his debts either! His mother had advised him he’d be fine starting a pension when he turned 40 (strange advice she has given over the years!) as that’s what she did. So he stopped paying it for about 10 years! Thankfully he does now pay into a decent pension and has for about 3 years but it took quite a lot of pushing from me.... you do get used to and readjust to not count the money that leaves your wage slip to go into a pension quite quickly.
However much we save to pensions will likely never be enough. Once we have conquered our debts I want to save to buy a small long term investment property to rent out locally with the idea it can one day be a pension pot! (Well, it’s good to dream anyway!)

Glad to see you’re all friends again

savingholmes

There's a free service called pensiontracing that can help you reunite yourself with lost pensions

BabySteps234

BabyStepper wrote: »

I keep checking and rechecking every single bank account and linked savings account, every single day, all day long. Not sure what I'm looking for but its started to feel obsessive.

Anyone else have a similar problem?

Me! I have fits and starts but do have a quick whizz through all of my bank accounts each day! I was feeling like I was almost wishing my life away impatiently working out how long it would take to see them roll back by certain amounts so I have had a bit of a word with myself!
I do it and plan whole scenarios out, but in truth non of us can really plan for that can we!
I see that you include your student loan on your debts too - our debt don’t even include mine (about £22k) else I really would feel depressed to see those numbers! It comes out of my wages and it may or may not get paid before I retire I have no idea! I don’t even look or count it (comes straight off my wages before I even see it).
My big ‘love’ at the moment is ClearScore - that I check far too often! DH lets me do his too and it’s fascinating how shifting debt seems to have affected my credit score adversely.

Hope you’re having a lovely Sunday

PositiveBalance

I wouldn't mind having a chat about pension alternatives...the returns don't seem great on them. I wouldn't mind seeing if there is something else I can do with my money to make it go further in my old age...

BabyStepper

PositiveBalance wrote: »

I wouldn't mind having a chat about pension alternatives...the returns don't seem great on them. I wouldn't mind seeing if there is something else I can do with my money to make it go further in my old age...

Drawingaline I totally agree that pensions and retirement are difficult topics. If we are all brave enough to keep the retirement debate going, then PositiveBalance makes an interesting point. I don't know much about it all, but some people invest in property don't they? Others accumulate cash in the bank. Or invest. One thing Dave talks about is not having all your cash in the same place. My OH has such a good match it makes sense to put lots into his pension. But my situation is a bit different, being self-employed. Anyone have any thoughts about pension alternatives once you have maxed out your match? Is it safer to have your money in various places? Or pointless? Getting all the tax back surely makes a pension the obvious choice? My pension is nowhere near where it should be for my age. I'll need to go hell for leather once this debt's paid off. I've got some camomile tea and lavender oil in for anyone who gets too stressed just thinking about it. :rotfl:

BabySteps234 I don't obsess so much any more about the numbers. Once things got under control I calmed down about it all. Saying that, it's probably because I could now tell you without even looking how much cash I have and where, and how much debt I have on each card. :rotfl: Organising the cash really has become a hobby!

In other news, the wedding that was being hinted at has now been formally announced. It's happening in January (!) and will involve a good amount of travel, a 2 night hotel stay and a large gift. (They gave us several hundred pounds when we got married, we really need to return the generosity.) I'm pleased for them, but wish it was after our debt free date. As a result of that, I've decided to try this matched betting everyone talks about. I did my first qualifying bet yesterday then did a test run with a £1 free bet from the bookie. It all worked out so I'm now on to using up 4 x £5 free bets. I've decided to start with a very small pot and take my time. But my goal really is to cover the wedding costs. We'll see how that works out.