To ask if anyone else aged 45 and over hasn't got a gold plated pension and other funds

[ChristmasShearwater]

I know you're out there. Show yourselves
Its not a TAAT - it's a topic that comes up frequently on MN and every bugger other than me seems sorted!

Me. Plan is to retrain for a career that I can do into my 70s on a pt basis, ideally psychotherapy, and scale my hours down as I get older. I will probably need to inherit from my own parents to afford to do this, of which there are no guarantees.

After I'm too old to work at all, I have no idea

@the80sweregreat.

I've worked in an older person's home and held the hand and mopped the brow of a dying relative.

I've got extremely strong feelings on the how to we deny each other the right to be die how and when we want.. It disgusts me and reflects badly on all of us.

A terminally ill 80 year old terrified begging for help is a fucking disgrace, being forced to hang on for weeks and weeks until he was drugged up to the gunnels with a failing driver.

It's horrendous.. It needs urgent reviewing and yes people with terminal illness should be allowed to choose Iver their own lives and bodies and be allowed to go with dignity.

@ChristmasShearwater I nearly wrote a post about some people not reading the OP and writing about how many hundreds of thousands they have saved, then when I reread the OP I’d done a faux pas by being too bloody young!

My portfolio is via Aviva and (forgive my ignorance but my IFA does explain it to me when we meet once a year but a lot of it is financial jargon heavy and I don’t fully “get” it”…
The two funds I’ve invested in are called Baillie Gifford and Royal London. I believe a lot is invested in internet and international companies (think Amazon et al) who have ofcourse seen huge growth through the pandemic. So my average growth over the last 2 years has been 19% to be exact.
I’m totally dependent on my IFA for all this though and have to trust that he knows what he’s doing. And he seems to because I get my statements every quarter that show the growth.

@ChristmasShearwater

Lol at the youngsters posting on this thread 🤣

I've got nothing apart from full state pension. Mum died in her late 40s so I was always of the mindset of enjoy it while you can.

Now that I've outlived mum by nearly a decade, I'm starting to think "oh shit!"

I wonder if that’s common for those of us who lost parents young.

It’s not until I hit 50’s and had ‘outlived’ my parent did I even start to think I should increase contributions to my pension as I think in my subconscious I thought what’s the point if you do not even get to retirement.

I still now feel that to a point, there is no way you need as much in retirement in 80’s if you get there then you do in 60’s so IMO income DD at first to subsidise state pension then if it runs out you have state pension and expenditure is less anyway...

Question. Dd is 30 and has poor mental health. She still lives at home. She does some ad hoc work for a local company but doesnt have a pension with them as no contract. What can she do?

I'm really worried about our pensions, they are currently tiny. Our only hope is to save up to buy a rental flat and save up over the last 10 years of our career from the rent money + sell it when we run out of our non-existent pensions :( but I think half the country is in the same position, when it comes to our generation.
Only just managed to access the property ladder.

Demented I'm sure more knowledge people will come back along but I'd suggest opening up a sipp, self invested personal pension, and investing in index funds, vanguard.

My cat dribbles, start to read it yourself, I do it myself and mine are at 35% and previously at least 25 %. I've also got exposure to amazon etc but anyone buying the American stock market will...
Look up jl colins and vanguard.

@MyCatDribbles

The jargon is used to befuddle you and its really very simple.

I’m 57 with a predicted pension of £1400 a year
I will own home outright about 2-3 years before I retire so will be able to save an extra 30k for emergencies
State pension - benefits and as much wheeling and dealing as I can manage

@Jizzle

I could be doing a lot worse, i appreciate that, but i do see some numbers on here and financial subreddits that do make me a little envious!

In the interests of being open, i am 34 and currently have £60k in a defined contribution pension, contributing about £10k a year when I also factor in employer paying in and tax relief etc. I have about 30k in a S&S ISA, but not all of that will be for a pension, some for next house move etc. My partner has about the same, perhaps a little less in the pension.

We have quite a lot of equity in the house, maybe about £250k, but don't really consider this in our financial planning as we wont want to sell our house when we get older just for a little extra cash, we would want to live in it as long as we can.

The hope is to retire about 57/58ish if we fancy it, ideally we would want to be able to withdraw about 3-4% of our savings each year to give us about £35k a year, if we can keep to that percentage we should not run out of money or even really make a dent at all on the cash so that it can all be passed on to our daughter (minus IHT of course)

Tbh that sounds pretty good-plated to me.

I nearly wrote a post about some people not reading the OP and writing about how many hundreds of thousands they have saved, then when I reread the OP I’d done a faux pas by being too bloody young!

Thanks for your reply and info. You youngsters can stay ... just sit quietly in the corner and play with the crayons

@dementedma

Question. Dd is 30 and has poor mental health. She still lives at home. She does some ad hoc work for a local company but doesnt have a pension with them as no contract. What can she do?

I'm the last person to dole out pension advice, but I think if she's too ill to work, her NIC will be paid by the State. Very important to keep those going. Hope your DD makes a good recovery.

@jizzle sorry I don’t understand your numbers. What level of savings do you have or are you planning to have that will allow you to withdraw 35k a year but not impact on them over time? I can’t make that maths work unless you have a pot of several million.

Me
I've been a SAHM or for last 16 years a TA
No golden pension...payoff....etcetc coming my way
I'm 55

@Lemonmelonsun

Christmas my s and s isa and my sipp are around 36%

Please give details!

@dementedma

Question. Dd is 30 and has poor mental health. She still lives at home. She does some ad hoc work for a local company but doesnt have a pension with them as no contract. What can she do?

Are you talking about the work place pension ? If so, I'm sure you don't have to have a contract. It's based on earnings.

[quote korawick12345]@jizzle sorry I don’t understand your numbers. What level of savings do you have or are you planning to have that will allow you to withdraw 35k a year but not impact on them over time? I can’t make that maths work unless you have a pot of several million.[/quote]
I think she's probably aiming for about £1M (or £850K+ if being more risky) using this approach www.mrmoneymustache.com/2012/05/29/how-much-do-i-need-for-retirement/ (see my longer post above).

Yes but she doesn’t indicate any sort of a savings plan that would result in her having that in savings!

Op I did about two years of research because I had no idea faith at all in my ability to understand all of the jargon.
That meant Google, funds, cross referencing with various on line investment magazine's, then listening to money pod casts etc.

The funny thing all my research came back to index funds which is exactly what dh said he's no expert and not confidential either.

So at the moment I have main investment in index funds mostly through vanguard which buy a little of everything.

Then I have a little in my "gamble funds".

If I can get a loose grip on all this anyone can!

People don't take an interest but it's quite simple and then our pensions are invested!

Jl colins the simple path to wealth is an excellent book.

@korawick12345

Yes but she doesn’t indicate any sort of a savings plan that would result in her having that in savings!

Sure it's a massive amount to save (though it'll get easier as her returns build) but all I mean is it takes less than you might think.

@Mia85 but why will her returns build. Returns on savings are staggeringly low at the moment she would need to be going some to build up a savings pot of 1m in the next 20 years from pretty much a standing start!

Unless she is talking about her pension that is currently at 60k, I assumed the ‘savings’ were a separate pot. I think I may have misunderstood what she was saying’

Me 54 yr old single parent with no spare income at all. Have a pension currently worth £75k and whatever I will get from the state.
I'm also a renter

I've no idea about her plan korawick12345, I'm just interested in the FIRE idea and think it can be quite inspiring for people to see how you can make your money work for you. In the spirit of this thread, even a much smaller amount can help you supplement the state pension.

What would people think was an ok pension? I guess it's the same as how long is a piece of string!