[PoleKing]

I don't get 'I'm 32 but 28 again next month...'

[David Kent @ KentKleen]

smear, I looked at pensions several years ago, after I'd been a self employed windie for a few years.  A private pension just wasn't for me - there are a lot to choose from, many of which are beyond my understanding but you do have to pay an annual fee for any company to look after your pension for you, and hopefully grow it.  I don't like the loss of control over my money, and I don't like the possibility of losing money (or the value of the pension decreasing below what you put in, or something like that), and it does happen.

I have Five Live on on my radio every day, so try and digest Martin Lewis' weekly updates, which included the recent pension-related updates, ISAs becoming NISAs and the increase in yearly saving limits.

I am 32 (until next month where I will be 28 yet again...) and do not yet have a savings plan in place (debt first, savings second) but I do have thoughts on it - if you are able to, you can save £5000+ in an ISA per year (this changes with NISAs and the combining of the cash ISAs and stocks & shares ISAs - up to 15k then I think, don't know the details), so pick the best rate each year and let your savings make you money.

When you want to retire, you can use your savings to buy yourself an annuity (a salary for the retired) if you wish or do something else with it.  Other suggestions on here are also good if viable for you - downsizing your property should get you a good lump sum but you're hedging your bets on having a large property in 20 years time that you CAN downsize from.

Buying a property to rent out will also get you a monthly income, but you then have to think about how much you'd have left from the income if you're paying a mortgage on this property, council tax, bills.  Plus you don't know what state the housing and rental market will be in.

I really hope I'm not still playing with my pole in 30 years time but if I have to then so be it.  Put a plan in place for your business - 'plan' sounds scary (especially '30 year plan') but it all starts flowing naturally:   I'd like to learn as much as I possibly can about WFP whilst growing my business as much as possible.  Better than me working, is people working for me, allowing me to grow the business further without me having to clean more windows myself.  The increase in income will go in my savings, and therefore my retirement.  I could then stop cleaning windows entirely and just concentrate on getting the work together for the younger lads that I employ.  So I won't need to actually 'retire' at 60-70, just change what I do, and then hopefully pass the business on down the family.

So there's no real detail there, just the start of a plan to be fleshed out as and when.

One word can sort out all your worries and give you exactly what you have just described.
FRANCHISE.

[Chris - CBWC]

I don't get 'I'm 32 but 28 again next month...'

It was tongue in cheek.  Like a child asking a 50+ year old how old they are on their birthday and they say 21!  I didn't cope well with turning 30, so every year since, I turn 28 again instead.  Who knows what'll happen in 7 years