Pensions & Retirement

What's your retirement plan?

  • Beans + Rice + State Pension only (if I'm lucky)

    Votes: 7 8.4%

  • I have a pension, but it's worth a pittance because I admittedly don't pay in enough.

    Votes: 12 14.5%

  • I have a pension. Roughly on track to retire with some modicum of dignity some day.

    Votes: 19 22.9%

  • I have a pension which is in fairly good shape.

    Votes: 24 28.9%

  • I'm a director with a final salary pension and 40 years of service in Counter-intelligence

    Votes: 5 6.0%

  • I also hold some other investments

    Votes: 20 24.1%

  • I don't have a pension but have other investments

    Votes: 3 3.6%

  • I'm hoping to win the lottery

    Votes: 21 25.3%
  • Total voters
    83
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My best pension plan was not to have kids.

Now 53 mortgage paid off, quit work, living off savings until the pension kicks in - if I'd worked another 5 years it would be a full pension worth another 200 a month - but I reason that amount ain't worth the reduction in my life expectency.

All the people I know who spent years saying how wonderful kids are and how I'm missing out now hate me. lol

Finances are wonderfully easy when you eliminate unpredictable and random factors such as dependents.
 

I've been prioritizing paying off my mortgage for the last 8 years, but we made the final payment a few months ago and so I can sock more money into my pension for a few years. It's in reasonable shape right now but I'm going to really try bumping it up over the next few years to hopefully get ahead of the curve.

If I could do things differently I would have put more into my pension over the last few years as only now am I realising the tax relief benefits.
 
chrismpw said:
My best pension plan was not to have kids.

Now 53 mortgage paid off, quit work, living off savings until the pension kicks in - if I'd worked another 5 years it would be a full pension worth another 200 a month - but I reason that amount ain't worth the reduction in my life expectency.

All the people I know who spent years saying how wonderful kids are and how I'm missing out now hate me. lol

Finances are wonderfully easy when you eliminate unpredictable and random factors such as dependents.
Click to expand...

Nice going. Having no dependants definitely makes it easier, but you also deserve big credit for prudent management of your finances over a long period.
 

Unfortunately I was terrible with money until fairly recently and am going to spend the rest of my life paying for those mistakes. I drum into my kids the importance of being prudent with their money to prevent them ever being in the same boat and they're all good savers.

In all honesty I deal with peoples pensions quite a lot, mostly the ones that have got to retirement and want an open market annuity quote and the rates on offer are utter crap, even if your pension pot is reasonably large. If I had disposable income I wouldn't be in a great hurry to plough it into a pension.
 
I bought a house on the cheap when I was 24....mortgage will be paid off in a couple of years (or sooner if I can afford it) ... I have quite a bit of profit on said house do my retirement plan has always been to retire at 55 ... sell the house and buy a smaller property and I’ll still have enough to live off for the next 20 years.... failing that I shall become a burden on both the state and my kids
 

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