My very ambitious way to get £60k in 48 months…

Contro1

Just been working out and I’m a bit confused and I may need to speak to a FA about my pension. 

Currently shoving in at least £50/month + the tax relief on it so getting £62.50 per month. 

Using a calculator I believe that I will be short on my pensions at only £50/month… I think I’ll be short by at least £14k in my pot. So does that mean I should try and regain at least an extra £14000 in my pension pot? Or £10,500? 

My income is in the red on pension planning and if I’ve got another 38 years until retirement (68?) I should at least attempt to bring it up to the acceptable level anyways. 

Contro1

I can’t work out if I’m doing the right things or not and now I’m starting to doubt myself.. I had a standing order setup for my pension bee account of £55 and I added £50 as well before. I completely forgot about it.

my S&S isa I’ve added a bit more towards it because I feel like I’ve got too much “play money” sitting in my account(s) at the moment from work. I’ve had an extremely good 4 days of work and I’ve nearly been paid up full for it. 

Where as crypto has been relatively flat and forex only just opened last night I’m a bit unsure if I’m doing the right thing or I’m just a little bit too tired at the moment. 

Which leads to all work and no play maybe be leading to a bit of self destruction. So I’m going to take a few days off next weekend to get myself in order. I’m only going to have 5 days, 3 at college and 2 working and 2 off, see how I feel. 

Can anyone else suggest anything? I may take my partner out somewhere so i can experience a world without working…

I’ve been doing this for a while, not just when I started this thread. I just wanted to document it so I can keep motivated. 

So yes. We’re human and I’m leading towards spending a bit on cinema or a meal out if her mental health allows it or just doing something nice at home with her to keep my mind busy.

i think another reason why I am working so much is to keep my own mental health in check. If I stop. I just think too much and I don’t like it, very intrusive thoughts sometimes 

Ryan_Holden

You should talk to a wealth planner, an independent financial advisor or a pension adviser about what you want your pension to be and at what age. £62.50 a month for 38 years won't go far though, I warn you. 

And as has been said, you can't access them at 54. At your age I imagine you'll be 58/59 before you can access them.

The thread is very ambiguous again, you have good intentions but you need proper advice and proper risk management. 

Don't live your life by this though, you've mentioned mental health on more than one occasion and the intrusive thought line is very worrying. Be sure to stay fit, happy and healthy, money is not everything at 30. You must remember to enjoy your life

Do you collect Tesco Clubcard vouchers? If so, you can use them to contribute to Cineworld cinema tickets and vouchers for a myriad of restaurants so you guys can go out and not spend a fortune.

Contro1

Ryan_Holden said:

You should talk to a wealth planner, an independent financial advisor or a pension adviser about what you want your pension to be and at what age. £62.50 a month for 38 years won't go far though, I warn you. 

And as has been said, you can't access them at 54. At your age I imagine you'll be 58/59 before you can access them.

The thread is very ambiguous again, you have good intentions but you need proper advice and proper risk management. 

Don't live your life by this though, you've mentioned mental health on more than one occasion and the intrusive thought line is very worrying. Be sure to stay fit, happy and healthy, money is not everything at 30. You must remember to enjoy your life

Do you collect Tesco Clubcard vouchers? If so, you can use them to contribute to Cineworld cinema tickets and vouchers for a myriad of restaurants so you guys can go out and not spend a fortune.

Hi! I really appreciate your comment. I did notice it a few days ago but thought I’d give myself some rest. 

I will be speaking to a FA at one point, I think my target pension pot would be approx 100,000 but again I am unsure. This is also assuming I buy NI years back in the future as well to top up my state pension as well. I’m a registered carer so I hope that I can get NI credits on this as well.

plus, being a mature student as well hoping to get NI credits for that.

this month I have paid in £105 + the 25% from the government. I don’t think it’s enough by all means but I’m still 38 years away.

i think if the retirement age is at 68 by the time I get there by 50 I’ll be putting half my income in regardless for the last years.

This is of course assuming that:
A) I’m able to buy my property with cash
able to add value to this property and potentially sell/rent it

my family have had a discussion with me and told me what they have left me in the will (yes I wasn’t looking forward to this conversion but because how old they are they felt it was the right time) - this is why I now have access to my own pension to start topping up so they can start living there life’s. 

if I die before I retire. Well my son/family should have a nice pot to mess about with so it’s still worth it. 

Ryan_Holden

Are you a Ltd. Company paying yourself a basic salary and dividends?

Contro1

Ryan_Holden said:

Are you a Ltd. Company paying yourself a basic salary and dividends?

Yes ltd company paying basic everything.

i think and I’m assuming I will eventually ramp up my payments to around £200 inc the government contribution and I’m assuming that I’ll own my own house, and have little bills as I have no debts now.

this is £200/month, will give me at age 68 £166k, at an assumed yearly package of £18,000. + on top of that I should have the state pension aswell..so I think I’ll be fairly comfortable. 

I’m not quite there to ramp up yet, although a payment of £105 has gone in this week.

thanks

Ryan_Holden

I'm not sure your numbers stack up regarding your pension.

What's the forecast for growth each year and salary each year? 

Most pensions say that your pension payment of £X per month could be equal to £Y per month at age Z if your pension funds grow at A% and your pensionable salary increases each year by B%.

I am 38, paying more than that into my pension now, and even the mid range estimate for my pension doesn't return £18,000 pcm in retirement.

Recommend you talk to you a pension adviser as well.

Contro1

Ryan_Holden said:

I'm not sure your numbers stack up regarding your pension.

What's the forecast for growth each year and salary each year? 

Most pensions say that your pension payment of £X per month could be equal to £Y per month at age Z if your pension funds grow at A% and your pensionable salary increases each year by B%.

I am 38, paying more than that into my pension now, and even the mid range estimate for my pension doesn't return £18,000 pcm in retirement.

Recommend you talk to you a pension adviser as well.

Got a planner interview next week, not monthly yearly apologies.  

okay been quite a week this week, second week on the construction site and probably not going to go back/give notice as this site isn’t for me. Not happy with foreman or anything else. Not happy that they’re not happy with my cable calculations, going over me to get told the same thing or wanting to go with smaller than required cabling that’ll cause a fire or death. 

so if they don’t trust my judgement. I’m not interested they do pay well but I’m not looking to be undermined I’ve done my training got me certificates to prove I know what I’m doing. /rant. 

Anyways onto the money shuffle been interesting. My pension finally transferred over to PensionBee officially, although second pot unknown still. 

I’ve moved quite a lot of money recently shifting it into other things; finally decided I don’t have the time to do crypto as I used to so kept holding my coins that I want and sold off all Bitcoin into a profit. That goal will be squished now and money funnelled else where.

So balances are as followed

PensionBee: £27,239.50

second pot unknown. 

Increased by £131.25. Incl the government top up.

S&S: £968.98. 

Massive increase into this account this week. Extra money, some odd bits I’ve done to increase. Removed some money from crypto and topped up here 

Crypto: £612. Will probably just hold all of this in here and see what happens. 

I’ve had to remove crypto I think because although chart watching is fun and all and working everything out. I am a bit fed up with it for now.. so decided to put into something better instead. 

apologies if I do make mistakes sometimes I write things wrong. I’ll correct if there incorrect. 

Contro1

Okay,

I’ve decided to take two days off as I’ve needed to recharge my battery’s because I’ve been so tired and stupid. 

Now I’m a little bit more recharged I’m feeling better plus spent some time with the family as well. 

so I used a retirement planner and got some better figures for my pension.  I’ve used the calculator in my PensionBee app to give me an idea of everything.

So if I put in £200/month I should be on course to retire at 68, with around £202k in savings. Taking around 18k per year.

I’ve managed to put around £200 (incl gov top up) this month into my account. 

So hopefully this month I should be on course with it also to put in the same amount. 

Because my money can still be all over the place I’ll just put it in when I’ve got it as long as it’s through the month. 

While putting into my other savings as well; the good thing I have is that I now have legitimately an emergency fund as I never really had one (that I could access) as I had locked it away. 

Obviously if and when I hit 50. I will/should start putting more in when the time comes as this is only an estimate so far.

Aceace

Contro1 said:

so I used a retirement planner and got some better figures for my pension.  I’ve used the calculator in my PensionBee app to give me an idea of everything.

So if I put in £200/month I should be on course to retire at 68, with around £202k in savings. Taking around 18k per year.

Are you sure that you've understood your pension forecast correctly? Current annuity rates wouldn't give you anywhere near £18k per year from a £202k pot, unless you're assuming some very life limiting problems at the time of retirement. 

If you want a joint life annuity (you mentioned that you had a partner) and a yearly increase of around 3%, you'd be looking at around £10k per annum. Even a single life with no increases would be less that £15k per annum.