Don't wish to depress you Sparky Bob but I remember a young Paul McCartney singing " When I'm 64" .......In the blink of an eye he,s now 73 think about it .
State Pensions
- Thread starter Evans Electric
- Start date
Help Support Talk Electrician Forum:
Sharpend
"It Just Is"
Hold on deke!!!!
Over 50 years have passed since then???? And sparky bob has thought about it just not actioned it yet
did a job at Crematorium - that was interesting, especially when the staff got wind the apprentice was sqeamish ]
Right you young-uns, pensions (and all savings) work best when started as early as possible, even if you are only saving a £5 per week, it's based on compound interest, and in short the longer it has, the bigger your pension pot in the end, and something like 5 extra years can make a huge difference to the end number. EG I have paid my sons child care allownace into a stakeholder pension since he was 2 years old. Even if he adds nothing more to the pot from age 18, it should be worth £500k or if we are lucky £1million by the time he retires. He probably won't appreciate what i've done until he's about 40 years old, but when the penny drops and it sinks in he may appreciate what his dear old dad has done. Most importantly from my view it will give him a bit of freedom in life to have a career break or change career without having to worry about it destroying his retirement funds - something thay has plagued my own career.
Right you young-uns, pensions (and all savings) work best when started as early as possible, even if you are only saving a £5 per week, it's based on compound interest, and in short the longer it has, the bigger your pension pot in the end, and something like 5 extra years can make a huge difference to the end number. EG I have paid my sons child care allownace into a stakeholder pension since he was 2 years old. Even if he adds nothing more to the pot from age 18, it should be worth £500k or if we are lucky £1million by the time he retires. He probably won't appreciate what i've done until he's about 40 years old, but when the penny drops and it sinks in he may appreciate what his dear old dad has done. Most importantly from my view it will give him a bit of freedom in life to have a career break or change career without having to worry about it destroying his retirement funds - something thay has plagued my own career.
Ooo He'll blow that on a new Ford Escort Van !!!
that's why it's tied to a pension - so he flipping can't blow it.
can you even get a new escort van anymore???
can you even get a new escort van anymore???
Pensions are all well and good if they perform in a positive way. A few years back a friend of mine noticed that pension lost 20k in 12 monrhs, somone else had a pension mortgage, so when he retired he would have his mortgage paid off and a pension, however he was told that due to shortfalls he could have the mortgage paid off or a pension but not both.
I wonder if the money would be better invested elswhere.
I had no confidence in pensions after the Robert Maxwell/Mirror scandle so invested in properties instead and been happy with the results over the last 15 years.
I wonder if the money would be better invested elswhere.
I had no confidence in pensions after the Robert Maxwell/Mirror scandle so invested in properties instead and been happy with the results over the last 15 years.
Maxwell - did he damage pensions or what! The problem with most private pensions is that they are linked to stocks and shares, so you investment can fall as well as rise. The 'wise' reckon though that the FTSE rhas risen on average 12% per annum since WW2, despite the well publicised crashes. Timing is therefore everything, about 10 years before retirment you should start looking at converting a nice bouyant pension pot out of higher risk investments into safer stuff like goverment bonds, thereby reducing exposure to whims of share prices. Conversely it is however the higher risk options that can grow your pension pot successfully prior to that, given enough time, like decades. This is why pensions need to be considered on time scales hard to imagine, like half a life time, if you are to have a comfortable retirement.
wrcsparks
New member
Anyone recommend a good private pension
would have a look at the Martin Lewis site - lots of good financial advice on there. For share investments, I would look at The Motley Fool, it was this site that prompted me to invest the child allowance in pension for my son
