Advice For the Younger Generation

worried_jim

Starting a pension @ 20 was one of the best things I've ever done, 25 years of investing and compounding helps me to sleep easily at night.

I would urge everyone who reads this crackpot thread to ignore the deranged OP and start to save as much as you can as soon as you can- your future self will thank you for doing so.

wjr4

Worst advice ever

p00hsticks

john_woods wrote: »

When you take out a Pension, I’ll health cover is offered and it is not free.
So when the pension company refuses to pay despite overwhelming evidence then they are obviously in breach of their terms BUT they get away with it by changing their terms any time they like.
Please don’t try to separate one from the other as both the Pension and the ill health cover are given as part of the same package by the same company.

That may be your pension. It's not my pension.

You may not be happy with what you signed up to, and I'm sorry if you're not, but that doesn;t mean everyone's the same. Mine has worked out really well and I'll be able to retire early with a comfortable income.

p00hsticks

john_woods wrote: »

An investment of £28,000 in 1970 returns £1,000,000 today and that’s guaranteed plus it’s physical and real.:j

https://www.telegraph.co.uk/finance/personalfinance/investing/gold/10445952/Gold-turns-27800-into-1m.html

And if you'd invested gold in 1982. going by the graph in that article you wouldn't even be getting your money back today.....


It's not just a one-way trip to untold riches, it's a risky investment.

Prism

john_woods wrote: »

An investment of £28,000 in 1970 returns £1,000,000 today and that’s guaranteed plus it’s physical and real.:j

https://www.telegraph.co.uk/finance/personalfinance/investing/gold/10445952/Gold-turns-27800-into-1m.html

Do you actually think that is an especially good return? Its pretty average. I started my personal pension in the late 90's and it was a great decision.
I am not convinced you actually know what a pension is. (nothing to do with with health insurance)

worried_jim

john_woods wrote: »

I would urge everyone to ignore this person- obviously a fund manager with £2000,000 salary to lose or maybe just a deluded individual with plenty of cash left to him by rich mommy and daddy. :T

But I just told you I started pension saving @ 20 (might even have been 19). I was working for Arcadia or the Burton group as it was back then as a trainee manager on £8.5k per year.

I now work in an office earning slightly more than the U.K. average salary and save 18% of my salary into my workplace scheme. With potentially another 20 years of pension saving to go I think I will crack over £1m in pot size- not too bad a starting point from £8.5k per annum salary.

Again anyone reading this thread who hasn't started pension saving yet- do so now!

happyandcontented

john_woods wrote: »

You keep believing that BUT just remember the small print.
You may just be biting your tongue when the time comes.

A friend of ours just retired on £11,000 a year as opposed to the £1 million cash payment and £30k a year he stupidly believed he was getting so sleep tight in your (make) beliefs.:rotfl:

I think you are understandably bitter about your experience but your experience is not the one everyone has.

We know what our pension will return, it is guaranteed income and it has been monitored and other add ons such as life insurance and health insurance were paid for separately to obtain optimum benefits. It required research and attention to detail.

DigForVictory

worried_jim wrote: »

Starting a pension @ 20 was one of the best things I've ever done, 25 years of investing and compounding helps me to sleep easily at night.

Which is why son starting an engineering apprenticeship will be joining the company pension scheme from Day One. He wasn't wholly certain why at first, but once I explained compound interest as well as the employer contribution, he decided it was a good idea.

Why I had to use the words "Free Money!" leaves me wondering what on earth he is using for mathematics...

westv

DigForVictory wrote: »

Which is why son starting an engineering apprenticeship will be joining the company pension scheme from Day One.

I had to wait 9 years before I could join my first employer's DB scheme in the 80s!

Davon

As I always keep saying to my grandkids. They have to make it a habit to save money cause the world nowadays will keep you seducing from new stuff so you can spend your hard earned cash for something that will get outdated in the next couple of years.