What % do you pay?

MallyGirl

JustAnotherSaver wrote: »

Agree totally.

People at work are where i see the majority of cases that i just can't wrap my head around. The classic phrase ... "I can't afford....".
Being more interested in saving than anyone else i work with my reaction is oh really, have you looked at all areas where you could free up some cash?

They reply along the lines of basically yes.

As the conversation goes on i suggest that those 2-3 takeaways this week aren't such a good idea.
-Yeah but it's my treat.
Those x-cans / x-bottles of alcohol at the weekend, maybe remove them or at the very least reduce them?
- No way, not after the week i've had!!
And then the one i love to get on ... maybe you should knock smoking on the head (i'm a strong anti-smoker although i don't go around preaching)
- Not a chance, are you crazy? I need to have some enjoyment.

Yeah but you've done all you can, right?

Each to their own. Obviously those things are important to them. People are fascinating.

My brother is like this. Never has any money but holidays abroad, smokes and has the top sky package.
He has no pension - or at least he didn't till the autoenrollment kicked in so now he has the bare minimum that will have bought so far.
He jokes with our Mum that her house is his pension - it is not a joke that I find very funny as it is actually true. He may be in for a shock as I keep reminding her that you can't take it with you when you go so she and her husband are having some great long haul holidays while they can still manage it. A share of the house (between brother, me and step brother) is not going to be enough to make up for a lack of planning up to now - he is 50 in a couple of months.

Anonymous101

JustAnotherSaver wrote: »

Agree totally.


People at work are where i see the majority of cases that i just can't wrap my head around. The classic phrase ... "I can't afford....".
Being more interested in saving than anyone else i work with my reaction is oh really, have you looked at all areas where you could free up some cash?


They reply along the lines of basically yes.


As the conversation goes on i suggest that those 2-3 takeaways this week aren't such a good idea.
-Yeah but it's my treat.
Those x-cans / x-bottles of alcohol at the weekend, maybe remove them or at the very least reduce them?
- No way, not after the week i've had!!
And then the one i love to get on ... maybe you should knock smoking on the head (i'm a strong anti-smoker although i don't go around preaching)
- Not a chance, are you crazy? I need to have some enjoyment.


Yeah but you've done all you can, right?




Each to their own. Obviously those things are important to them. People are fascinating.

:rotfl: yes “I can’t afford” is a phase you hear a lot. In most cases this should be replaced with “I’d like to but it’s not a priority”. In a few cases the priority can be investing.

JustAnotherSaver

This is why I’m glad that I technically manage my brother & sisters money (obviously they’ve requested this, I haven’t just waxed in).

I started putting aside late at 28. I made sure they didn’t make the same mistake so told them at 19 & 20 they WILL be starting now. 8-9 years on they’re doing well.
They appreciate what I do but they admit if left to their own devices they simply “cannot be ar$€d” with it. Some would take the attitude of let them find out the hard way, but they’re my brother & sister and I get much enjoyment out of being to help where I can.

Same with their HTB ISAs (which are being shifted to L-ISAs) - they wouldn’t have done it without me but are grateful that I help them with it & I just enjoy being able to help.

rawr_

6% from me
12% from employer

I'm 27 years old so a long way to go yet! But will look at either upping or having something else to pay into in the next few years I think if I can afford it.

DrSpendLittle

On a DC scheme.

I put in 9% via salary sacrifice

Employer puts in 20% of my pensionable salary but I don't know what that means

Only started it at age 30, so I need to think about ramping up my contributions once I finish repaying my (part 1) student loan in 18 months time.

Brodiebobs

Really interesting thread.

We didn't start until the compulsory came in, but now we have OP'd a good chunk of mortgages were making this a priority-both in relatively (to those on here!) low paid roles where companies pay the bare minimum.

me and Dh both pay 9.5% of Gross pay but neither are salary sacrifice (although there is some jiggery pokery where we get the Tax credited back to pension annually i think) and both employers pay 3%.

We're in our mid 30's and conscious that the retirement age will more than definitely increase so also have a LISA, S&S savings & a rental property in a hope to eventually be FIRE in our 50's.

Durban

I pay approx. 39% of my salary in.

This is made up of 6.5 % compulsory contributions to LGPS
5.8 % voluntary contributions to LGPS buying extra years.
27% voluntary contributions to LGPS AVC

Added to this , my employer pays in a lot, not sure how much but it is a DB scheme so not a percentage as such. I would imagine Silvertabby would know.

I am almost 53 but didn't start until I was 34. Also have a rental property and husband has DC pension.

MancJonny

I pay 5.45% (this figure includes tax relief).
Employer (Civil Service) coughs up 21%.


Now waiting for the gov's review of public sector pensions following the historic victory of the fire-fighters court battle. Next event - Employment Tribunal hearing due 20 May 2020.


Classic scheme / defined benefits pensions forever!

SBTaxi

I've been putting into a pension most of my working life. Currently it's 10% me and 10% employer.
As a result, I was recently told that I can retire anyday I want to by my IFA

annabanana82

I'm 37 and I'm on civil service Alpha so 5.45% and employer pays 21% in theory of course on the latter. This year's pension statement suggests based on current earnings I'd have a pension of £42k pa in 31 years time but I with some jiggery pokery I can change this for a fairly decent lump sum.
We decided that we wanted a full time parent at home so we've had to make some financial sacrifices, savings being ones of those.
Due to a critical illness payout our savings are now much healthier, and the OH is hopefully returning to full time employment in 12 months time when we can really start to build on our savings for a comfortable and hopefully early ish retirement