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How much should I pay towards a pension

20 Oct 2019, 19:17

I heard this many years ago and its great logic that I have lived by.

How much should i invest into a pension.

As much as possible.


When should i start.

Now.


Interesting statistic: 50% of people born now will live to be over 100 and my generation life expectancy is 80.

How much should I pay towards a pension

21 Oct 2019, 04:03

In my opinion the biggest mistake people make is not thinking about their retirement early enough.
Many people might have a pension throughout their working lives and posties are a good example because a lot of us have been in the job a long time. But how many actually take an interest in their pensions before their 50's?

That's potentially 30+ years they've missed out on saving a little extra towards their retirement. Over that period of time, small amounts of money can grow significantly, giving much more flexibility in when you can retire.

How much should I pay towards a pension

21 Oct 2019, 06:55

One very often overlooked benefit of pension saving is the tax relief it attracts. Regardless of what scheme you're in, free money (tax relief) is just that, free money.

The long term cumulative effect of 20% relief (or greater) is staggering.

Of course the money is to provide you with the help you may need in retirement but why would you not take advantage of it?

How much should I pay towards a pension

21 Oct 2019, 09:05

Hawkey99 wrote:How much should i invest into a pension.
As much as possible.

When should i start.
Now.

That is the best approach, one I took after I reached 40. I wish I'd done it earlier. Particularly as the State Retirement age has risen, and may well continue to rise to 70.

How much should I pay towards a pension

21 Oct 2019, 09:22

Hawkey99 wrote:I heard this many years ago and its great logic that I have lived by.

How much should i invest into a pension.
As much as possible.

When should i start.
Now.



Where were you 20 years ago when I needed you. :chuckle

How much should I pay towards a pension

21 Oct 2019, 14:30

Personally,

I think it is a total disgrace that neither the government or RM talk to people about pensions.

When people start to think about it as 50....Its to late.

Just for interest I listen to the follow 2 podcast which are very very information.

Meaningful money.

Mavern Advisor.



Listen and become much wiser.........

How much should I pay towards a pension

21 Oct 2019, 20:51

Another important thing to note is diversification. Spread your risks. most of my colleagues are relying solely on our RM pension and the sate pension. Too risky for me the way things have / are going.

How much should I pay towards a pension

05 Nov 2019, 11:16

Why is it too risky" to rely on your Rm and State pension?
What's the alternative, investments?
Surely these are more risky?
Many people only have the state pension to get by on so the way I see it I'm lucky to have 2 pensions to fall back on when I retire.

How much should I pay towards a pension

05 Nov 2019, 20:06

RobertT and myself both invest in the stock markets. There is an element of risk. However, if you spread you money that risk is mitigated. I currently have a S & S ISA worth in the region of 45k. With just under 8 years until 60, I should have a nice sum put by. I could draw the income tax free, which I will do until 65 at least. I may cash in and sell after that, depending on other investments etc. I don't intend to take any of my pensions early. The secret is not to put all your money in funds are high risk. A balanced portfolio should give a decent return over time, and should avoid any really big drops in value.

How much should I pay towards a pension

05 Nov 2019, 20:49

I've been in the RM pension scheme since I was 20, later on joined the AVC Scheme and with 9 years left I've expanded and upped it to £90 a week contribution to growth plan, with my mortgage paid off, I can spare the extra money to invest in my future....

Hopefully it will turn into a decent lump sum and enough drawdown to last me til my state pension kicks in.

How much should I pay towards a pension

06 Nov 2019, 17:33

TheStrangler wrote:Why is it too risky" to rely on your Rm and State pension?
What's the alternative, investments?
Surely these are more risky?
Many people only have the state pension to get by on so the way I see it I'm lucky to have 2 pensions to fall back on when I retire.

I don't think it's too risky to rely on your RM and state pensions. But personally I see them as a base to start from!
For me, it's more a case of neither will give me enough to retire on individually, but they'll give me a decent combined income from age 67. The problem is, I don't want to work until I'm 67!

Therefore to facilitate an earlier retirement, it was up to me to save/invest as much as I could. Which initially was to bridge the gap between 60 and 67, and once I'd achieved that, to fund retirement before 60.

Investing via personal pensions, ISA's, etc is no substitute for that base income, but it can make the difference in terms of being able to retire earlier and/or to provide a bigger income for life.

The best way to make your money grow over the longer term to invest in equities, rather than cash/building society accounts, etc.

How much should I pay towards a pension

06 Nov 2019, 21:03

RobertT wrote:
TheStrangler wrote:Why is it too risky" to rely on your Rm and State pension?
What's the alternative, investments?
Surely these are more risky?
Many people only have the state pension to get by on so the way I see it I'm lucky to have 2 pensions to fall back on when I retire.

I don't think it's too risky to rely on your RM and state pensions. But personally I see them as a base to start from!
For me, it's more a case of neither will give me enough to retire on individually, but they'll give me a decent combined income from age 67. The problem is, I don't want to work until I'm 67!

Therefore to facilitate an earlier retirement, it was up to me to save/invest as much as I could. Which initially was to bridge the gap between 60 and 67, and once I'd achieved that, to fund retirement before 60.

Investing via personal pensions, ISA's, etc is no substitute for that base income, but it can make the difference in terms of being able to retire earlier and/or to provide a bigger income for life.

The best way to make your money grow over the longer term to invest in equities, rather than cash/building society accounts, etc.


I'd second that. If you want more, and you want control, then that is exactly what you have to do.

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