Cosy blanket

Irenadler

Oh dear, hope that he is better soon, & as said, it's better to have it young when he's healthy.... wishing you all a better New Year!

longway2go

Thanks Ren, I got my Wellington from lid1 the other day but it was so big I have saved it. 

Irenadler

A lovely treat for you to come, I am going to be eating my left-overs today, erm, not all at once, but, stretched between lunch and tea!   

longway2go

Last night I was awake with a small person so thought I would start to try and understand what we have in place re Pensions after a comment from MF on my MFW thread (thank you @MovingForwards).   I now have a tab on my excel sheet and have outlined a few things to try and work out what's needed and what can fill the gap. It's still very much a work in progress but feel like I had my 3rd light bulb moment (1st overpaying mortgage, 2nd EF and 3rd if I don't sort my pension noone else will).
This has been a massive step forward for me my next steps are to try and calculate what I have could be worth in the future. I have tried a pension calculator but it's not quite right as I want to work out Lisa with payments and growth for a certain period and then just growth when I can no longer pay in due to age.
I am so much further than I thought I would get and feel like I have broke that back of it if that makes sense but yet to understand it enough in my mind... I will get there.
A restful day is due here after an unrestful night. 

MovingForwards

You've recognised there's a gap and can slowly work out what's needed to fill it.

I really got stuck in trying to work mine out one day, so many bits of paper to work out the different years, adding it to totals, shortening pension savings ages and increasing the amount I pay in, adding figures to the current total to keep working it out, then got to 10 years from now, added the total and put in the amount I will be paying in when the mortgage has gone and eventually came up with a total figure. Kept me occupied for quite a while.

The quickest way is work out how much you want each year when retired, divide by 12 and keep reducing it in the 'monthly pay in' bit on the pension calculator until your 'wanted pension' hits the amount you want. BUT in reality, none of us have that kind of money available each month and we pay in what we can.

The easiest way for you to increase your payments are via your job, either into the pension or AVCs if it's a DB pension. Be mindful if it's salary sacrifice and you receive WTC, as increased take-home pay could change WTC entitlement. 

Have a read of the pension board, whilst a lot of people have big pensions already, there are some who've hit 40s / 50s with next to nothing. It's a case of reading as much as your brain will take, relate it to your circumstances and look at your figures again.

It will all start to make sense and doing ¹/3 savings, O/Ps and pension, whatever the ratio, will make you feel like all angles are covered 😊

longway2go

Thank you. Will have anither look. 

atrixa

I'm so glad you're thinking about pensions! As Babs said, so many people leave it to the last minute.

longway2go

Thank you, looking at the amount I need to invest I'm glad I didn't leave it any later. 

MovingForwards

It is quite eye-watering.
You did strip out everything to do with the mortgage, work and kids didn't you, to get your starting figure?

And account for having a full state pension?

longway2go

Yeap all of those expenses gone, tbh work atm doesn't cost me anything as I work from home and don't need specific clothing etc, I adjusted the amount I would need for food.
With state pension it's not 2 bad with the rough plan I had in my mind but ideally would love to not need to work until then.