Live now or save for then?

scottiescott

newatc said:

When I joined a company aged 28, The Pension Manager came to see me and announced the good news that the normal 6 month wait to join the Company Pension scheme had been put aside for me. I said thank you but silently swore because it meant I'd have another payslip deduction. 25 years later, I took a generous DB early retirement and was grateful for that extra 6 months. The adage maybe that the future arrives quicker than you think.
That said I would encourage someone in your situation (my assuming you are quite young) to err on the side of travelling before the children arrive as I expect will be a natural break to such adventures and hopefully there will be plenty spare (after children cost) to prioritise savings.

I was in a similar situation. When I was 20 my Company Penson Manager came to me and explained that they had dropped the entry age to the scheme from 21 to 20 but it was optional at 20 but compulsory at 21. I asked what that meant and he explained that basically they take £5 off your wages each week and put it in a fund for your future. Well, with £5 buying many pints in 1978 I politely declined. However he persevered with me and impressed upon me that this was a good thing. I relented and 38 years later walked out with a lovely DB pension. I still toast him today.