Clean It Up
UK Floor Cleaning Forum => Carpet Cleaning Forum => Topic started by: Bob Robertson on December 02, 2009, 08:01:44 pm
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Just wondering what is everone doing to plan for retiring. Do you pay into a private pension fund or are they not worth it now. Are you better putting your money into something like property or gold?
Bob
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How far off are you Bob?
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Mike
22 years to go till I retire, thats if the retirment age stays at 65.
Bob
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I’m always plan-it but wife wont let me her words you spend too much time at home. I’ve got fifteen and only a few weeks to pull the company pension
Len
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14 years Army 8 years police will provide something, not a lot granted but I'm still not sure if I still trust in getting anything back if I pay into a private one, after the last few years record on the subject.
As it is, the pension age will probably be pushed upto 75 if the books are going to be balanced with the correct and possible future state of affairs.
I'm going down the leather restoration route as this should still be 'do-able' with an older body.
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I was fortunate a few years back and i managed to buy four properties i rent out, so banking on the rent or sale to give me a bit of money. Got 20 plus years before i retire.
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Bob
Pay your mortgage off asap. Invest in your own business and education. Find a vocation that you really love and can do when you are 90.
And don't let those thieving Bankers anywhere near your money. ;)
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Coming up to 45 now, I plan to retire at 55 if I can.
I'm not a great believer in pensions, there's too many variables and if you die young a lot of it is lost, though saying that I do pay a bit into a private pension and have an army and company pension sitting dormant at the moment.
We invested in property a few years ago so I'm hoping that will give us a return if we ever need it, though my daughters got her eyes on one of them for when she's older!!
Gold used to be a good investment though prices at the moment are very high so there's a greater risk of losing on it.
Stocks and shares will generally give a decent return over longer periods of time though again the markets can be very volatile short term.
As Mike says, invest in your own business and make it a viable business to sell when you're ready to go off golfing and spending the morning reading the daily paper and doing the crossword.
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Three words
Rare earth metals ;) :-X
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Just googled "rare earth metals" and it came up with these:
terbium, dysprosium, yttrium, thulium, and lutetium
There was also mention of uranium.
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I'm selling REM detectors for £5000 a piece if you're interested. ;D
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The game plan is to sell the business when I get to 50 (3 years). The trick is to sell when you don't need to sell to achieve a higher sale price. I have a few ideas as to what I will do with all my free time including some voluntary work. (It's a target to work towards-it's not super-critical but does focus the mind.)
Have a final salary pension scheme from 14 years with a bank-not brilliant, but can be taken from age 60.
Knowing what I know I had no intention of saving into a "pension" as they are too inflexible. (I could give you some very logical reasons but it would make this post too long.)
I prefer to pay taxed income into various types of saving/investment but know that there will be no tax to pay on it when I want to draw on it; who knows what the rates of tax will be when we retire. :'(
Have some ideas as to how to earn some "pocket money" to keep me in beer between selling the business and bank pension and then state pension kicking in.
If all else fails I'll just have to run the business for longer and then perhaps run it down as my body gets more decrepit.
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The best pension I have is the kids, when I'm finished with work they better look after me and I will become awkward/difficult just as they have been when I ask them to do anything or when they have had nappies changed or wet themselves, when rolls are reversed in my latter years I will enjoy that bit the most.
Shaun
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Domestic and commercial property here, my financial advisor doesn't have a pension either ::)
Just looking to set up a SIP with the £40k paid into my frozen private pension.
S
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Stay married it a lot cheaper in the long run. ;D
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Land is always a good investment long term
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Same as you said mike o,and thats get your mortgage paid off as soon as possible for a start :)
Am a bit on the same lines as roger and have a good savings plan and dont mind paying tax on them as i dont trust pension plans myself.
Hopefully if i stay fit and healthy i will be cleaning into my 50s at least.
Also have another house so that will come into the mix when i do plan to sell up and retire ::)
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Build your business so you have enough work for two guys who will provide a wage for you. Youll be doing the admin etc so no physical work. You can keep earning for longer and then sell to the two employees.
Mark
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property its the only way and then you could be like me who cares if the phone rings i dont ;D
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They will be ringing to unblock the Tenant's toilet at 3am. ;D
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Stay married it a lot cheaper in the long run. ;D
;D
:'(
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I am nearly 68.
I intended ceasing work at 62-65. Unfortunately the stock market drops over the last few years and our beloved leader's raid on the pension funds (£5000 000 000 per year since 1997) have somewhat dented my plans.
I still work 3-4 days per week to enable us to live reasonably well. We have 4 flats bought at the last property crash and provide an income for running the house and car. I also have a pension that was promised to pay out twice what it does.
In my view property would be the option but only if bought for a large cash deposit or no mortgage at all. The rent will keep up with the inflation that is coming, my pensions won't.
So, stick as much as you can into isas and look for cheap flats with low service charges. We bought wrecks and did them up. Hard work but it has paid off. Two of the flats we paid 16-17000 for and have doubl in value for 1500 expenditure.
Looking in the paper on Sunday it had a list of the charges made on pension funds of 30+% over 25 years.
I have told my daughter that the best option for her and her family is to look abroad for her future.
Sorry to be pessimistic but I've seen it all before.
Trevor
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They will be ringing to unblock the Tenant's toilet at 3am. ;D
Thats what letting agents are for ;D