Retirement money

Jags..class · April 13, 2016

So what have you planned for your retirement regarding money. Have you invested in shares, isa saver, private pensions. What the best way to save extra money for your old days

roydo · April 13, 2016

Been a bit jammy and managed to build up quite a decent one. Cant touch it for 4 years though.

ianefc · April 13, 2016

Jags..class said:
So what have you planned for your retirement regarding money. Have you invested in shares, isa saver, private pensions. What the best way to save extra money for your old days

My plan is to be mortgage free as soon as possible, by 40 hopefully (9 years) then pay larger chunks of my salary into the private pension at work which currently is taking 2.5% of my wage per month then my employers put a further 5% in.

See how it goes.

Jags..class · April 13, 2016

roydo said:
Been a bit jammy and managed to build up quite a decent one. Cant touch it for 4 years though.

Any advice for those who don't have a clue where to start

COYBL25 · April 13, 2016

Jags..class said:
So what have you planned for your retirement regarding money. Have you invested in shares, isa saver, private pensions. What the best way to save extra money for your old days

ijjysmith · April 13, 2016

The amount of my actual monthly wage that goes into a pension fund is mental so I should be doing alright.

If I die before then though people are getting seriously haunted.

roydo · April 13, 2016

Jags..class said:
Any advice for those who don't have a clue where to start

No silver bullets I am afraid. I was in pension sales for ages, had 3 or 4 years of stupidly good earnings about 15 years ago, so left the final salary scheme and protected the "final" salary/pension at a daft amount.

The trustees of the scheme are desperate to get us off their books, so have offered us frankly ridiculous transfer values to shift it away. I was offered £x, and then they offered me £x plus another £90k.

Waiting to see if they will actually honour it. They dont have to till a formal statement is issued.

Bruce Wayne · April 13, 2016

Really don't think there will be a state pension by the time I retire (~30 years at current retirement age).

roydo · April 13, 2016

Bruce Wayne said:
Really don't think there will be a state pension by the time I retire (~30 years at current retirement age).

Yeah there will mate. Once all these pesky baby boomers pop off, things like that are no where near as expensive as it is at the moment.

Garrick · April 13, 2016

(Disclaimer: This is for Yanks only. Sorry lads.)

I just transferred my retirement fund to Wealthfront. They're a tech company that manages your funds via computer algorithm, so you get a much lower management fee and there are eyes on it 24/7. It automates things like tax loss harvesting and diversification via dividends.

This is good for me, because I didn't want to take the time or money to manage mine properly, so it's a real nice peace of mind to know the robots are taking care of it. Considering investment is kind of a weird thing anyway (studies are out there showing that index funds are actually the best long term investment? lol.) and is basically like playing the lottery, I'm really happy with it and don't think I need the human touch.

When you start there's a short survey to figure out what your risk tolerance is on a 10 point scale. Since I'm 25 year old precious flower, my risk tolerance is ratcheted up to 10/10, so I have things like emerging market stocks in my portfolio. Something I would've never figured out on my own. Presumably, if you're closer to retirement and are at a 2/10 or 1/10 you'll get things like treasury bonds and blue chip stocks.

If you're interested send me a PM and I can get you a referral link that will up both of our fee-free management amounts by $5,000.

(Legal bits: They're an SEC licensed investment broker and are insured by the SIPC for up $500k/account. Since letting the machines take control of your cash is a little weird thought I'd add that in. http://wealthfront.com)

evertoniandy · April 13, 2016

Was gonna start one of these threads the other day. I've only currently got an ISA which I started last year and money accruing interest in my 123 current account from Santander. Earning decent money at the minute but I'm considering going to Business School so not sure if I want to take any short term risks with the capital I've got saved for that. My intention is to plough into the ISA each year for now so when the interest rates increase, there'll be a hefty amount to transfer to higher yielding accounts. I also need to consider buying a house as a form of security but I'm at a bit of a crossroads to be honest.