[wcs.]

.

[Sean Dyer]

What about investments, savings, properties etc, people survive retirement through more than just what you suggest ewan and much more money can be saved in the final decades as children leave home, mortgages are paid for etc and so both partners can work and take home more disposable income

but its true that a small amount should be saved for the future if you dont want to retire on state pension

but those sums are not universal

[dd]

I don't think many people save 10% of earnings each month. Especially if you have kids, mortgage etc plus business overheads, chief of which is just running your van and maybe putting money aside each month to replace it.

Best advice with personal pension is start EARLY and spread the risk by investing in a range of funds.

You need a LARGE pension fund to retire comfortably (to retire comfortably at 65 today IMO you would need a pension fund worth at least £500,000, quite possibly more). So if you cannot ever see yourself saving more than £50 a month it is probably best not to bother.

[Sean Dyer]

based on ewans amounts id have about 177000 and im only 23 so obviously 10 % is not enough and that is based on 3500 a month

500 000 is alot though, not everyone is gonna manage that on there pension

if you start at 25 say thats 500 000 / 40 = 12 500 a year , a grand a month plus...
not inclusing interest, but it will also deflate in time so that no doubt averages out

[elite mike]

pension are a waste of time

you will more than likely be dead before you re ach 65

[Richard Neal]

i started my pension when i was 17 but had to stop over 10 years ago when i had kids and didnt have the spare money any more, i cant see that i'll have any spare for a few years yet to come so looks like i'll be in a caravan down Jaywick in 30 years  

[david watts]

id not bother you pay out evry one else just spends;get to your ld age your paying out
and them thats spent it all gets evry benefit going plus they have had all the holydays seen the world ect ect tony blair screwed the pension system

[Richard Neal]

pension are a waste of time

you will more than likely be dead before you re ach 65

Had a bad day Mike??

[ronnie paton]

private pensions are useless.

pay your morgage off has early has possible, save have shares invest in property and build a business that can be staff run that is a more relieable source.

[elite mike]

pension are a waste of time

you will more than likely be dead before you re ach 65

Had a bad day Mike??

hi rich

no , ive had a good day thanks

my point is that i have been paying into a private pension for nearly 30 years and its worth less now than it was 8 or 9 years ago

its like throwing your money away every month :

[dd]

You need to know a bit about the funds you are invested in mike. If it is just in a "With Profits" fund it is never going to grow much.

It is a bit of a lottery which is why it is best to spread risk over a few funds which requires some knowledge and resaerch.

IMO not really worth paying into pension unless you can pay a fair bit in. Trouble with investing in property as in buy to let you need a fair bit of capital up front and you still have to pay the mortgage.

Investing in your own property you still need to live somewhere and downsizing will not give enough to retire on.

A share porfolio is a good idea but a porfolio worth £100,000 yielding 4% will only give you £4000 per year.

Whatever option you choose you need a lot for comfortable retirement. 

[Nigel Lee]

private pensions are useless.

Pay your morgage off has early has possible, save, have shares, invest in property and build a business that can be staff run that is a more relieable source.

+1.  Paying off the mortgage early is the first obvious step.  From there you can go a number of directions, but I wouldn't even consider giving anyone the opportunity to rip me off with a pension.

[ronnie paton]

renting a property is possible with 20% of house, you can get a terraced for 60-70k with little work needed and a profit will be made every month its rented.

if you keep this propert 30 years the price will proberly raise x3.

same with own house

a finaicial adviser told me if you look at property over the past so many years it cycle doubles.

no my first house i bout in 2001 was worth 56k now even in these bad times recently sold for 122k

[Window Washers]

renting a property is possible with 20% of house, you can get a terraced for 60-70k with little work needed and a profit will be made every month its rented.

if you keep this propert 30 years the price will proberly raise x3.

same with own house

a finaicial adviser told me if you look at property over the past so many years it cycle doubles.

no my first house i bout in 2001 was worth 56k now even in these bad times recently sold for 122k

have to agree, property will be my pension, I am defo not paying in so people can gamble with my future to so called protected investments.

[Perfect Windows]

pension are a waste of time

you will more than likely be dead before you re ach 65

That is quite simply one of the most inaccurate statements I have EVER heard on this forum.  Even at birth (given current mortality rates and assuming no improvement in the future) 85% of people can be expected to pass 65.  Clearly, if you've already reached adulthood, your expectation of reaching 65 has improved even above that (as you have managed not to die in childhood).

Source: http://www.statistics.gov.uk/cci/nugget.asp?id=168

Vin

[dai]

I was given some advice may years ago by and old rogue, I'm sorry I didn't take it.
He Said "Dai, when ever you have a few bob to spare, buy yourself a sovereign, don't tell anyone you got them. When you retire make out you have nought, claim what you can, and whenever you need a treat sell a couple".
That was over 30 years ago, I chose the pension fund which is why I am still working at 68.

[dd]

renting a property is possible with 20% of house, you can get a terraced for 60-70k with little work needed and a profit will be made every month its rented.

if you keep this propert 30 years the price will proberly raise x3.

same with own house

a finaicial adviser told me if you look at property over the past so many years it cycle doubles.

no my first house i bout in 2001 was worth 56k now even in these bad times recently sold for 122k

Is that what you do?

[♠Winp®oClean♠]

As there are a few people on here who don’t like to discuss potential earnings on the forum.

I thought it might cheer them up if they would like to approach earning/pricing subject from a cost/living standard perspective.

I think the typical amount people put aside for the retirement pension is about 10% of there earnings a month.

So for example if your turnover is £3,500 a month 10% would be £350, if you haven’t started your pension yet and you are already half way to retirement you probably need to double that figure to £700 a month.

(You will have to do your own calculation for the amount you want at retirement.)

So if you have 240 customers a month £350 divide by 240 = £1.45 (£2.90) has to come from each job, each month to go into your pension fund.

Don’t forget to take the cost out the price for each visit to each job as well as the tax rate; you should end up with the amount that provides your living from each job. To give you perspective multiply that by the average number of jobs you clean per hour over the year only, that’s important, (don’t care if you can clean 20 jobs in 1 hour, its irrelevant)

If you don’t have a pension, go to one of the pension sites, type in the amount you want for your pension, they will work out the figure you need to pay in each month to get what you want.

Once you have that figure for your pension, divide by the number of customers you service each month. And take that off the price of the job. 

Don’t forget the customer doesn’t give monkeys about your retirement; you can work for them until you drop, as long as it’s cheap, you will have a customer for life. Bit like having a dog really.

Maybe the new window cleaner is semi retired on a good pension!

[elite mike]

pension are a waste of time

you will more than likely be dead before you re ach 65

That is quite simply one of the most inaccurate statements I have EVER heard on this forum.  Even at birth (given current mortality rates and assuming no improvement in the future) 85% of people can be expected to pass 65.  Clearly, if you've already reached adulthood, your expectation of reaching 65 has improved even above that (as you have managed not to die in childhood).

Source: http://www.statistics.gov.uk/cci/nugget.asp?id=168

Vin

hi vin

my accountant gave me that advice,many years ago

and i have noticed ,over the years how many custys have died just after they have retired

and how many self employed mates have died  before they have retired

sad i know ,but just my experience

by the way ,my old accountant died of cancer 3 months after he retired

mike

[darren clarke]

why not just build up your business and get more vans on the road and semi retire and let other people do the work and just price jobs,  that is my plan, as by teh time i get to retire i dont think pensions will be worth anything and it will prob be illegal to retire, as they keep try to push the age up anyway