How much to live on

Savvy_Sue

I had the joy(!) and privilege of explaining our payroll and pension arrangements to new staff in my last few working years. Bear in mind these were all younger than me, and several of them still in their 20s. Also touchy feely people rather than hard-nosed techie types.

I'd just say: we have this pension scheme, it's not the best, but I'll have to opt you in, and you'll pay 5% of salary and we'll put in 3%. You can opt out, but we'll only put that money in if you're putting your share in. So please stay in if you possibly can, and also think about increasing your contribution if you can, because paying £5 per month now is going to be worth a heck of a lot more than waiting until you're my age. ☺️

If you leave, the money will still be there, and there's a good chance any new employer in this field will use the same provider. Plus if you've previously been with this lot, it will all move seamlessly.

The only people who opted out had sensible reasons (like only being in the UK for a year and intending to return 'home', with claiming a tiny UK pension appearing difficult).

I was very proud of DS2 joining the pension scheme and making extra contributions in his first graduate job. Loved their glossy brochure, which featured several film stars! He was on the technical side of the entertainment industry.

Plasticman

Savvy_Sue said:

I had the joy(!) and privilege of explaining our payroll and pension arrangements to new staff in my last few working years. Bear in mind these were all younger than me, and several of them still in their 20s. Also touchy feely people rather than hard-nosed techie types.

I'd just say: we have this pension scheme, it's not the best, but I'll have to opt you in, and you'll pay 5% of salary and we'll put in 3%. You can opt out, but we'll only put that money in if you're putting your share in. So please stay in if you possibly can, and also think about increasing your contribution if you can, because paying £5 per month now is going to be worth a heck of a lot more than waiting until you're my age. ☺️

If you leave, the money will still be there, and there's a good chance any new employer in this field will use the same provider. Plus if you've previously been with this lot, it will all move seamlessly.

The only people who opted out had sensible reasons (like only being in the UK for a year and intending to return 'home', with claiming a tiny UK pension appearing difficult).

I was very proud of DS2 joining the pension scheme and making extra contributions in his first graduate job. Loved their glossy brochure, which featured several film stars! He was on the technical side of the entertainment industry.

Both of my children are in their work pension schemes and my eldest set up her own pension before she started working. I've succeeded in making the benefits of that clear!

WYSPECIAL

Plasticman said:

Savvy_Sue said:

I had the joy(!) and privilege of explaining our payroll and pension arrangements to new staff in my last few working years. Bear in mind these were all younger than me, and several of them still in their 20s. Also touchy feely people rather than hard-nosed techie types.

I'd just say: we have this pension scheme, it's not the best, but I'll have to opt you in, and you'll pay 5% of salary and we'll put in 3%. You can opt out, but we'll only put that money in if you're putting your share in. So please stay in if you possibly can, and also think about increasing your contribution if you can, because paying £5 per month now is going to be worth a heck of a lot more than waiting until you're my age. ☺️

If you leave, the money will still be there, and there's a good chance any new employer in this field will use the same provider. Plus if you've previously been with this lot, it will all move seamlessly.

The only people who opted out had sensible reasons (like only being in the UK for a year and intending to return 'home', with claiming a tiny UK pension appearing difficult).

I was very proud of DS2 joining the pension scheme and making extra contributions in his first graduate job. Loved their glossy brochure, which featured several film stars! He was on the technical side of the entertainment industry.

Both of my children are in their work pension schemes and my eldest set up her own pension before she started working. I've succeeded in making the benefits of that clear!

Both mine got part time jobs while doing their A' levels and not only joined the scheme but increased their contribution to whatever it needed to be to get the maximum employer contribution. It'll be 40+ years before they can access it but I'm glad they listened to me for once!

louby40

I've spoken loud and clear to my two sons (now in their twenties) about the benefits of contributing to their works pension scheme. Their dad too, has done the same.  We're very passionate about pensions.

I cannot believe where my working years have gone, they have whizzed by so fast - I never thought I'd be contemplating retirement as I still feel 25 😂 but yesterday I applied for my teachers pension. I've lost all passion for the job and I need to do something else. So after much planning, downsizing, paying off the mortgage and sorting out finances I've pushed that button.  Nearly 29 years teaching has been amazing and I feel privileged to have taught so many amazing children and have worked with some fantastic colleagues (many of who I  consider as friends) but enough is enough.

I plan on getting a part time job doing something else to top up my pension for a few years to enable our love of travel to continue and once the state pension kicks in we'll be even better off.

Bravepants

louby40 said:

I've spoken loud and clear to my two sons (now in their twenties) about the benefits of contributing to their works pension scheme. Their dad too, has done the same.  We're very passionate about pensions.

I cannot believe where my working years have gone, they have whizzed by so fast - I never thought I'd be contemplating retirement as I still feel 25 😂 but yesterday I applied for my teachers pension. I've lost all passion for the job and I need to do something else. So after much planning, downsizing, paying off the mortgage and sorting out finances I've pushed that button.  Nearly 29 years teaching has been amazing and I feel privileged to have taught so many amazing children and have worked with some fantastic colleagues (many of who I  consider as friends) but enough is enough.

I plan on getting a part time job doing something else to top up my pension for a few years to enable our love of travel to continue and once the state pension kicks in we'll be even better off.

I started drawing mine a couple of months ago, and I feel exactly the same!

Organgrinder

In this mad world we live in, it's good to see people taking a healthy view of when to retire.

Obviously everyone is different and everyone has different views on how much they need/want etc.

I had an interesting discussion with some students yesterday. I said I couldn't see myself, nor anyone else, teaching up to the age of 67. 

They're still thinking they'll be able to retire much earlier.

Oh the innocence of youth!

helensbiggestfan

My youngest son is 38. 

During his misspent youth money slipped through his fingers.  By his late 20s he had nothing.  And, despite having a good degree, he was wasting his time in a dead end job in a garden centre.  He loved working outside but there was no chance of career progression.  

After my husband died and my caring duties ceased I finally had the time and energy to devote to my two adult sons who were 30 & 28 when their father died.  My eldest son was always the most money savvy and was well established in a lucrative career by then. 

I looked at my youngest son, drifting, grieving his father and decided enough was enough. He needed a mentor. I had hoped his uncle my BIL would give him the male support he needed but that didn't happen. I realised it would have to be me so I set to.  

I pointed out that whilst working outside doing manual work was wonderful in the summer, it was a young man's game.  It would take a terrible toll on his body if he did it for too long.  He needed to plan ahead.  I planted a few seeds by introducing him to MSE, taking him to business seminars (free) and buying him money management and investing books. To help get him started we bought a run down property together which we renovated, my son paying the mortgage and providing the sweat equity, I provided the deposit and the renovation budget. We sold it for a nice healthy profit which became his launching pad to a better financial future.  

Since then he has gone from strength to strength. He has blossomed into a savvy investor with a comfortable financially secure life. He has retrained as an electrical engineer, bought a beautiful 4 bedroom house with his partner. (Small mortgage, good chunk of equity). He has private medical insurance, two pensions and a growing portfolio of investments.  His main expenses are good food, their two cats, and a nice holiday once or twice a year. 

We all develop at different rates.  My eldest son, like his father, was always first out of the starting gate, one of life's shooting stars.  A natural academic, gifted sportsman and charismatic charmer for whom the glittering prizes seemed to come easy. He got off to a flying start and never looked back.  

My youngest son is like me, a Late Bloomer.  He's also Dyslexic, dyspraxic, quiet and dreamy, so he failed to thrive at school where he was very much a square peg trying to fit into a round hole.  He just needed to get his bearings and discover his strengths.  

We Late Bloomers do get there in the end......😁. We just need time and space to develop and grow.  To use a gardening analogy. There are dandelions and orchids.  Dandelions are tough and vigorous with a rapid growth rate.  My husband and my eldest son were dandelions.   Most Late Bloomers are orchids, they need careful nurturing.  My youngest son and yes, me too are both orchids.   

Btw.  It looks like we are almost ready to exchange contracts on my new house. Finally.  

Getting excited now.  

sonny55

What a wonderful inspiring mother you are !!

helensbiggestfan

sonny55 said:

What a wonderful inspiring mother you are !!

Stop it, you're making me blush. 😂

Pat38493

helensbiggestfan said:

My youngest son is 38. 

During his misspent youth money slipped through his fingers.  By his late 20s he had nothing.  And, despite having a good degree, he was wasting his time in a dead end job in a garden centre.  He loved working outside but there was no chance of career progression.  

After my husband died and my caring duties ceased I finally had the time and energy to devote to my two adult sons who were 30 & 28 when their father died.  My eldest son was always the most money savvy and was well established in a lucrative career by then. 

I looked at my youngest son, drifting, grieving his father and decided enough was enough. He needed a mentor. I had hoped his uncle my BIL would give him the male support he needed but that didn't happen. I realised it would have to be me so I set to.  

I pointed out that whilst working outside doing manual work was wonderful in the summer, it was a young man's game.  It would take a terrible toll on his body if he did it for too long.  He needed to plan ahead.  I planted a few seeds by introducing him to MSE, taking him to business seminars (free) and buying him money management and investing books. To help get him started we bought a run down property together which we renovated, my son paying the mortgage and providing the sweat equity, I provided the deposit and the renovation budget. We sold it for a nice healthy profit which became his launching pad to a better financial future.  

Since then he has gone from strength to strength. He has blossomed into a savvy investor with a comfortable financially secure life. He has retrained as an electrical engineer, bought a beautiful 4 bedroom house with his partner. (Small mortgage, good chunk of equity). He has private medical insurance, two pensions and a growing portfolio of investments.  His main expenses are good food, their two cats, and a nice holiday once or twice a year. 

We all develop at different rates.  My eldest son, like his father, was always first out of the starting gate, one of life's shooting stars.  A natural academic, gifted sportsman and charismatic charmer for whom the glittering prizes seemed to come easy. He got off to a flying start and never looked back.  

My youngest son is like me, a Late Bloomer.  He's also Dyslexic, dyspraxic, quiet and dreamy, so he failed to thrive at school where he was very much a square peg trying to fit into a round hole.  He just needed to get his bearings and discover his strengths.  

We Late Bloomers do get there in the end......😁. We just need time and space to develop and grow.  To use a gardening analogy. There are dandelions and orchids.  Dandelions are tough and vigorous with a rapid growth rate.  My husband and my eldest son were dandelions.   Most Late Bloomers are orchids, they need careful nurturing.  My youngest son and yes, me too are both orchids.   

Btw.  It looks like we are almost ready to exchange contracts on my new house. Finally.  

Getting excited now.  

Very good post.  I am a bit concerned about one of our kids who seems to live in cloud cuckooland and I suspect is going to fail at the second attempt on 2nd year uni, as seems to be determined to ignore all our input and advice.  I keep trying to tell myself that life is long, and that she may well change her attitude or find her niche after another 10 years or so.  Also when I think back, the eldest also had a few false starts but is now doing ok.