A Paupers Pension Tale (Not many nuts to dig up)

cfw1994

MK62 said:

gambleruk said:

One thing that has amazed me is how little all my friends know or even care about pensions, went out with a group of lads a few weeks ago all around my age and they really could not care less, most of them just said they will work until they drop. I have offered to help a few people go through there options but no one has took me up on it, I wish someone had offered to help me a few years ago that's for sure. I know we are different on this forum but I really cannot understand people not wanting to plan for their future.

.....a very familiar story......not sure what it is tbh, but I suspect that, for some, retirement=old age, and they just don't want to think about it........for some, I fear a rude awakening might be waiting.

Yup....I did share some knowledge with work pals along the way (even gave a presentation on our scheme & more for an hour!), I know some have used the 'guidance' but not all.  Also helping a family member realise her aim to retire in the next couple of years.
Good update, @gambleruk, thanks for sharing! 
We've been perhaps too busy since packing in at the start of May, but things will slow down a little soon....might take the time to write a book about my LEJoG Adventure!

barnstar2077

Most people I talk to at work have no plans regarding their retirement.  They are all in the camp of "When it is time the company / government will tell me how much I am getting a month."

If I try and start a conversation about early retirement, pensions, ISAs etc, they act as if I have suggested they brush up on their quantum mechanics.

Despite me trying to encourage people to take control of their own destiny, the same people will inevitably tell me how lucky I am when I retire earlier than them.

-----

A quick update from me:  I am spending a lot of money doing the house up at the moment (new boiler, kitchen retile, new carpets etc.)  I have also started seeing a new lady friend, and we already have a nice routine going.  A restaurant date mid week, and Saturdays for a day out together.  I have surprised myself how easily I have switched from saving non stop to living life a little.  I made a commitment to work on the areas in my life that I want to improve when I cut my hours, and though it isn't all perfect, so far it has been a very positive experience.

The only thing I am surprised about is that going into work actually feels harder to do now, despite going in less often.

hugheskevi

barnstar2077 said:

Most people I talk to at work have no plans regarding their retirement.  They are all in the camp of "When it is time the company / government will tell me how much I am getting a month."

If I try and start a conversation about early retirement, pensions, ISAs etc, they act as if I have suggested they brush up on their quantum mechanics.

Despite me trying to encourage people to take control of their own destiny, the same people will inevitably tell me how lucky I am when I retire earlier than them.

At work, most came to know that I liked personal finance. Yet I found the same - minimal interest in the big ticket items of pensions and ISAs, and LISAs for younger folk. I found there was more interest when I talked about tax avoidance and minimising income tax than there was when I spoke of pensions and future income.

However, there was lots of interest in things like Matched Betting, Stoozing and abuse of money transfer offers, mobile phone contracts vs buying phone, travel credit cards, and car purchases involving PCP, etc. There seemed to be much more interest in lower value things than the big ticket items.

Some of the older employees were more interested than others in pensions, but more in copying some of the things I was doing, rather than working out their own position and what might be most appropriate for them. Still, that was considerably better than doing nothing.

Albermarle

However, there was lots of interest in things like Matched Betting, Stoozing and abuse of money transfer offers, mobile phone contracts vs buying phone, travel credit cards, and car purchases involving PCP, etc. There seemed to be much more interest in lower value things than the big ticket items.

Plus I guess nowadays , trying to make a fast buck trading shares, or Bitcoin on a phone app.

Sea_Shell

I can't even get my family to take any notice of my knowledge in these areas.   Pensions, savings, budgeting etc.

They just seem to be happy to stick their heads in the sand....so, i'm leaving them to it now.   

michaels

Sea_Shell said:

I can't even get my family to take any notice of my knowledge in these areas.   Pensions, savings, budgeting etc.

They just seem to be happy to stick their heads in the sand....so, i'm leaving them to it now.   

Way I see it now, if everyone shopped for the best deals then there would be no 'customer acquisition' (ie potentially bellow cost) offers for the savvy to take advantage of.

gambleruk

Right just finished my year end figures and they make interesting reading, especially the non essentials, one thing I have never mentioned is that we still have our 20 year old son at home who is working and pays £200 board a month but I know we will be better off once he moves out as he is 6ft 6 and eats like an horse. Also I have paid for 3 of his gig tickets plus he always wants takeaway hence why I think both of them are much higher than I had thought they would be. I have posted them below and will digest them further over the New Year. Have a great New Year everyone.

Electricity	£2,254.00
Council tax	£1,808.00
Dentist	£360.00
Broadband	£260.00
Lottery	£408.00
Water	£522.00
Food & Groceries	£3,529.00
Mobile Mrs	£120.00
Dogs Vets Food etc	£600.00
Tv Licence	£157.00
House Insurance	£55.00
Mobile	£50.00
Record player service	£145.00
Petrol	£700.00
Takeaways	£860.00
Health/Beauty/Clothes	£95.00
Holidays	£1,428.00
Nights out	£1,081.00
Gigs Tickets	£824.00
Household Equipment	£471.00
Car Serv, Mot, Tax, Ins	£675.00
Total	£16,402.00

Albermarle

Initial thoughts are 
Energy bill looks high
Holiday costs look low ( although maybe restricted by Covid) 
As usual I am always surprised by how low the Groceries bill is ( not just for you but also for other posters) but that's probably because our bills include a significant proportion of beer, wine etc 

gambleruk

Albermarle said:

Initial thoughts are 
Energy bill looks high
Holiday costs look low ( although maybe restricted by Covid) 
As usual I am always surprised by how low the Groceries bill is ( not just for you but also for other posters) but that's probably because our bills include a significant proportion of beer, wine etc 

I am working on our electric, we live in a detached house and no gas with economy 7 so is work in progress. Holidays was one week in Benidorm in November and another week booked at the end of January, we just pick the cheapest week and take it from there.
Believe it or not our shopping bill does cover quite a lot of beer and wine but I tend to buy whatever is on offer and always stock up on wine when it is 25% off 6 bottles.

SMcGill

How you budget for gifts - birthdays, Xmas, charity?