[H2GoKent]

I'm not after figures just interested in what strategies people have so they can have the ability not to work as much anymore, and how they view their future

I enjoy my work but I know that in ten/fifteen years time I will want to cut back

I'm 50 next year and have put into a NEST pension, I also qualified as RSPH level 2 in Pest control some years ago so I do some of that to keep from getting bored, and I have a water purifying business in Kent,(H2Go) doesn't make much yet but might become a small income stream eventually.
Over the years I've seen so many guys earn well and splash the cash only to struggle later, so I've always been careful, I don't want to be breaking my back when I'm older!
So I thought I would ask opinions on the subject

[Dave Willis]

Never going to retire! As long as I can play the drums I’m going to keep going.

[Smudger]

I have 2 company pensions - both got frozen due to redundancy and the cost of a private one is far to high

I built the biz up to provide an income when I retire - altho its already doing this to a large degree as ill health means I can no longer be on the tools every day

Darran

[Shrek]

I would say paying into a stocks and shares fund would be beneficial. I paid into a pension for 18 years to be told it’s worth around 6k a year. If I’d have put the exact same amount away into a stocks and shares fund , I would be looking at a hell of lot more than 6k a year

[zesty]

Property for me. Seems to be the plan we’ve gone with...

As well as an AC cobra kit car, (not bought yet) which are getting harder and harder to source parts for. Prices increase with the classic car market. Would be a nice little lump sum in 35 years or so.  Alright, alright, it’s more that I just want one... 

[dazmond]

I'm not after figures just interested in what strategies people have so they can have the ability not to work as much anymore, and how they view their future

I enjoy my work but I know that in ten/fifteen years time I will want to cut back

I'm 50 next year and have put into a NEST pension, I also qualified as RSPH level 2 in Pest control some years ago so I do some of that to keep from getting bored, and I have a water purifying business in Kent,(H2Go) doesn't make much yet but might become a small income stream eventually.
Over the years I've seen so many guys earn well and splash the cash only to struggle later, so I've always been careful, I don't want to be breaking my back when I'm older!
So I thought I would ask opinions on the subject

I'm the same age as you mate...I'm already semi retired and cut back on my workload a few years ago.....I just keep refining my round to make it more profitable for hours worked......I also save around 5k a year for a nest egg for later in life......hopefully I can keep working until I'm 75-80....health permitting.....

I know 2 window cleaners who are still working in their mid 70s and they both look great for their age.....👍😁

[NWH]

Marry a rich woman

[Dave Willis]

Have they started sewing pockets in shrouds now Daz?

[Stoots]

Dont know, but I'm going to have to do something. I'm 38 I don't have any pension, haven't even got a mortgage. Don't want to be doing this when I'm 50 let alone 60 plus.

Suppose you just keep burying your head in the sand and getting up everyday to plod along.

Been thinking about this a lot lately, I'm pretty fed up with window cleaning.

I suppose if I ask myself where I would like to be in 20 years time, at the age of 58...i would say house fully paid for, maybe another small property abroad and be able to retire with a business providing a decent income stream to comfortably live off.

[Dave Willis]

I’ll probably retire soon and become a window cleaning consultant.

[NWH]

Yeah don’t worry Dave I’ll put an order in for the swivel chair 🪑 🤣

[NWH]

If you don’t have a mortgage at 38 I would say it’ll be very difficult at the moment,you need to decide whether you want to be able to do things while you can or while you are still able too.
So so many retired people i often speak to in my social life all share the same view don’t wait till you retire until you start to do things like holidays etc, do it when you are younger when you feel like queuing at airports and enjoy the places you visit most retirement aged  people when they get there wads of cash they can’t be arsed to go or do the things they would have loved to have done 20-25 years earlier and I’ve heard this many many times.

[NWH]

With all that’s gone on lately it just hits it home that not everyone is guaranteed to get to retirement age,live life each day not for 25 years down the road.

[G Griffin]

Hatton Garden job.
Fence off all the tom', then take off to live in Brazil, away from coronavirus and all the gangs and drugs in this country.

[richard connett]

What I would like to do is go from working five weeks out of 6 to 4 weeks then 3 Etc
Buy a holiday home somewhere hot and divide my time . Brexit may have ped on my dream though ... time will tell

[dazmond]

With all that’s gone on lately it just hits it home that not everyone is guaranteed to get to retirement age,live life each day not for 25 years down the road.

true but you ve still got to think about the future and have savings for later in your life whether you live that long or not......im lucky as i have no mortgage or children...ill be moving in with my missus in a few years and her house will be paid off by then,ill have my state pension in 19 years or so as well as a £100,000+ nest egg built up.....if im fit enough ill carry on working part time too....

my dad only finished working part time 2 months ago(aged 74)he s gonna die soon(stage 4 lung cancer)but he s been on some amazing holidays in the last 10 years or so with my mum and my brother and his family while he s been healthy.....that all you can ask for really......even though he smoked for 63 years he s never been ill all his life until now.....

i dont want to live until im really old and cant look after myself properly......hopefully by then euthanasia will be legal in this country if things get too bad.....

have a good day chaps.....

[Shrek]

Lol yeah me too . Don’t think il be looking forward to the nurse coming round so she can put my socks on and wipe my arse for me 

[dazmond]

If you don’t have a mortgage at 38 I would say it’ll be very difficult at the moment,you need to decide whether you want to be able to do things while you can or while you are still able too.
So so many retired people i often speak to in my social life all share the same view don’t wait till you retire until you start to do things like holidays etc, do it when you are younger when you feel like queuing at airports and enjoy the places you visit most retirement aged  people when they get there wads of cash they can’t be arsed to go or do the things they would have loved to have done 20-25 years earlier and I’ve heard this many many times.

me and the missus have met loads of older people on luxury holidays abroad who are having the time of their lives!last year it was a couple from sheffield.....it was his 90th birthday  while he was there(mexico)....bless em......

[Ooooooog]

Never going to retire! As long as I can play the drums I’m going to keep going.

Boom boom?

[TomCrowther]

I was a financial planner for a few years. I used to show younger clients, who were on the fence about whether to pay into a pension, a comparison of two, hypothetical guys. Both aged 18. One pays £100 a month into a pension and then stops paying at age 25. The other delays paying until he is 26 and then pays in every month until he is 60.
Despite paying in miles more dosh, the second guys fund never catches up with the first guy because of the benefits of compound interest.
Having said that, I have cocked up my retirement plan and aged 54 haven't much time left.

[LT carpet cleaning]

I would say paying into a stocks and shares fund would be beneficial. I paid into a pension for 18 years to be told it’s worth around 6k a year. If I’d have put the exact same amount away into a stocks and shares fund , I would be looking at a hell of lot more than 6k a year

100 % correct. Was a bit hairy a few months back, but that was the best time to buy.

Almost back to normal now, but still the very best option.

It’s a fairly long term thing anyway.

[pikeman]

coming 64 still pretty fit and although  not a big  earner i do ok. hope to carry on working maybe cut my hours. house paid for and a small flat i rent out. always been a saver but still enjoy my self holidays fishing etc. like a drink also Probally too much. have money in the stock market and pay into a sipp. its worth paying into a pension because of the tax relief. if you put    £10000 into a pension the government will add £2500. you don't have to invest it you can keep as cash. higher rate tax payer even better. its a no brainer really.

[NWH]

Like I said before I know a bloke who used to sell pensions but he gave it up,he said he wanted a similar career so he became a bookie 🤣🤣🤣.
Not many people out there will sell you anything that’s worth having unless it benefits them,1st priority have no mortgage then you’ll be able to do the things you’d like to.

[matty72]

Am i  the only one who has nothing in the pot, nearly 49, i have two thirds of mortgage paid but you always need somewhere to live, I hate all these pension  funds, robbing gits, not sure what im going to do, a clever finacial woman told me along time ago when you retire either have loads invested or nothing because anything in between is just robbed of ya, i chose the second option, not by choice though

[NWH]

You are spot on m8 if you are in the middle it will get robbed back off of you I know this first hand,get some tattoos a couple of kids live on you’re own have a poope life with no money or holidays and nice cars but you’ll get looked after when you are old.
Still who’d want a life like that with nothing during the years you are able to enjoy life,what’s the most common thing you hear from people with nothing all you need is love from your family money means nothing lol,the truth is without money you can’t do a thing in this life apart from have a barbecue out of a spare tyre 🤣🤣🤣

[Dave Willis]

Lol yeah me too . Don’t think il be looking forward to the nurse coming round so she can put my socks on and wipe my arse for me 

Don’t worry they won’t use your socks! Things have moved on.

[matty72]

Yea i know mate, If i get some money saved up i would like to invest it in something without paying companies to do it for you but maybe thats the wrong way to look at it, barbecue in a rubber tire, still cooks the bacon the same

[pikeman]

My pension forecast is £175.80 in 2 years time. Not really enough to live on but with the money i have invested and maybe work part time health permitting should be ok.

[NWH]

Spend it while you can 65-70 is a number given out by the government not everyone is guaranteed to get there,when you are that age everything points downwards 🤣,live each day or you’ll be wishing your life away for 65-70.

[dazmond]

Yea i know mate, If i get some money saved up i would like to invest it in something without paying companies to do it for you but maybe thats the wrong way to look at it, barbecue in a rubber tire, still cooks the bacon the same

i have a savings plan and stick to it......i have a direct debit going out of my current account every month into a savings account (£420 a month)for when im older.....

[pikeman]

I agree but if you earn decent money which most window cleaners do i think. You can enjoy your hobbys holidays etc  and still put away spare cash away. I do and don't earn as much as a lot on here

[matty72]

Ive got an idea, 100 window cleaners put 150 each a month into a pot, 2 or 3 years time buy a business or create one maybe a window cleaning pole compant, a cooperative, whos going to run it

[Dry Clean]

Lol yeah me too . Don’t think il be looking forward to the nurse coming round so she can put my socks on and wipe my arse for me 

Are you sure ?

[Shrek]

It’d be terrible asking someone to wipe your arse , especially a fit nurse with massive melons and a few buttons open on her top

[NWH]

Lol have you seen nurses these days pal when the doctor says this is obese he calls for a nurse,if a nurse ever says to me stop looking at my breasts I just say no your ok love I just wanted to know the time 🤣🤣.
I wouldn’t get my Mrs to dress up like a nurse at bedtime she’d  have to go out and buy a fat suit not high heels and suspenders 🤣🤣.

[NWH]

Most nurses these days can’t reach there arse 🤣🤣🤣🤣

[LT carpet cleaning]

Yea i know mate, If i get some money saved up i would like to invest it in something without paying companies to do it for you but maybe thats the wrong way to look at it, barbecue in a rubber tire, still cooks the bacon the same

i have a savings plan and stick to it......i have a direct debit going out of my current account every month into a savings account (£420 a month)for when im older.....

At a whopping 0.1 percent interest.

[LT carpet cleaning]

Yea i know mate, If i get some money saved up i would like to invest it in something without paying companies to do it for you but maybe thats the wrong way to look at it, barbecue in a rubber tire, still cooks the bacon the same

I Use Hargreaves lansdowne. It’s true they charge, but it’s a tiny rate. Much less than Mr Branson would charge for drawing out your own money from one of his pensions.

1 % I think. 

[Scrimble]

saving up a retirement fund  is a pretty dumb idea when money you put in the bank goes down in value every year

[NWH]

Scrimp and save for 150 odd quid a week baffles me with all honesty if I could work just a couple of days a week when the time comes it would dwarf any pension that would have crippled me to pay in to for years.
It makes franchising seem a good idea when you look into pensions you get an income you pay tax you get your pension every month you pay tax lol,not too long ago people were getting 12% on savings if you had enough money just saved you wouldn’t need another income.

[LT carpet cleaning]

Scrimp and save for 150 odd quid a week baffles me with all honesty if I could work just a couple of days a week when the time comes it would dwarf any pension that would have crippled me to pay in to for years.
It makes franchising seem a good idea when you look into pensions you get an income you pay tax you get your pension every month you pay tax lol,not too long ago people were getting 12% on savings if you had enough money just saved you wouldn’t need another income.

When Was It 12% on savings??

[H2GoKent]

Thanks, interesting
I guess it shows the need to have a plan B

[Jon_Phelps]

I'm 33 and I have my fingers in lots of pies.  I used to work in financial services so I have a fair idea of what I need to be doing.

I opened a lifetime Cash ISA with Skipton when they were launched.  I put in 4k a year (which is the max) and the government puts in another 1k. you can pay in to you're 50 and can with draw at 60.  over the term the government would have given me 20k just for planning for my future.  It'll be 100k plus the compounding interest when I withdraw the full sum.

I also pay into a SIPP, about the same amount and a little more.  i've been fairly lucky buying and selling at the right times so I think this may be the bulk of my pension come the end of it. 

I have premium bonds

the next step is a rental property here and there.

I regularly overpay my mortgage, save cash and think before I buy.

most importantly though, one of my customers said his philosophy is to spend half of his profit on sensible stuff like the pension etc and the other half must be for FUN! there's no re-run in life so make the most of the one you've got.

Jon

[Shrek]

I'm 33 and I have my fingers in lots of pies.  I used to work in financial services so I have a fair idea of what I need to be doing.

I opened a lifetime Cash ISA with Skipton when they were launched.  I put in 4k a year (which is the max) and the government puts in another 1k. you can pay in to you're 50 and can with draw at 60.  over the term the government would have given me 20k just for planning for my future.  It'll be 100k plus the compounding interest when I withdraw the full sum.

I also pay into a SIPP, about the same amount and a little more.  i've been fairly lucky buying and selling at the right times so I think this may be the bulk of my pension come the end of it. 

I have premium bonds

the next step is a rental property here and there.

I regularly overpay my mortgage, save cash and think before I buy.

most importantly though, one of my customers said his philosophy is to spend half of his profit on sensible stuff like the pension etc and the other half must be for FUN! there's no re-run in life so make the most of the one you've got.

Jon

ISA accounts are crap! What are you getting ? 0.7% interest if your lucky. I’m currently getting 6% where I stash my savings 

[KS Cleaning]

I have 2 property rentals. In 2005 I took out a 5 year fixed mortgage at 4.5%, as part of that deal at the end of the 5 year term the interest rate would change to 0.75% above the base rate, luckily for me by that time the base rate was 0.5% so effectively I then had a mortgage at 1.25%, I ploughed everything into it and had my mortgage paid off by 2015, I then remortgaged and bought the 2 property rentals.

[dazmond]

saving up a retirement fund  is a pretty dumb idea when money you put in the bank goes down in value every year

It's still better than having no savings though....I'll invest some of it in stocks and shares in due course.....

[G Griffin]

saving up a retirement fund  is a pretty dumb idea when money you put in the bank goes down in value every year

It's still better than having no savings though....I'll invest some of it in stocks and shares in due course.....

Tokyo's open, Daz.

[deeege]

I'm 33 and I have my fingers in lots of pies.  I used to work in financial services so I have a fair idea of what I need to be doing.

I opened a lifetime Cash ISA with Skipton when they were launched.  I put in 4k a year (which is the max) and the government puts in another 1k. you can pay in to you're 50 and can with draw at 60.  over the term the government would have given me 20k just for planning for my future.  It'll be 100k plus the compounding interest when I withdraw the full sum.

I also pay into a SIPP, about the same amount and a little more.  i've been fairly lucky buying and selling at the right times so I think this may be the bulk of my pension come the end of it. 

I have premium bonds

the next step is a rental property here and there.

I regularly overpay my mortgage, save cash and think before I buy.

most importantly though, one of my customers said his philosophy is to spend half of his profit on sensible stuff like the pension etc and the other half must be for FUN! there's no re-run in life so make the most of the one you've got.

Jon

ISA accounts are crap! What are you getting ? 0.7% interest if your lucky. I’m currently getting 6% where I stash my savings 

Where on earth are you getting 6%? I’m guessing it’s a high risk stocks and shares isa and youve got lucky short term?

Posting a screenshot of some short term gain doesn’t really mean much with no context, I could post some 24% interest short term but that’s not the full picture without the next weeks 20% loss 😂

[Richard iSparkle]

I pay into a pension but didn’t start until 3 years ago so that’s not going to be anything significant for a long while...

My aim is to develop isparkle into a hands off business which grows and makes profit with minimal involvement day to day from me. I’ll be just managing the managers.

It’s already a lot of the way there to be honest. Most weeks I only work half a day, or a day in the business.

Other than that I don’t see myself retiring from working... I’ll be setting myself up as a business coach and help other businesses Owners develop

I always need something new and interesting to keep me motivated

[Shrek]

I'm 33 and I have my fingers in lots of pies.  I used to work in financial services so I have a fair idea of what I need to be doing.

I opened a lifetime Cash ISA with Skipton when they were launched.  I put in 4k a year (which is the max) and the government puts in another 1k. you can pay in to you're 50 and can with draw at 60.  over the term the government would have given me 20k just for planning for my future.  It'll be 100k plus the compounding interest when I withdraw the full sum.

I also pay into a SIPP, about the same amount and a little more.  i've been fairly lucky buying and selling at the right times so I think this may be the bulk of my pension come the end of it. 

I have premium bonds

the next step is a rental property here and there.

I regularly overpay my mortgage, save cash and think before I buy.

most importantly though, one of my customers said his philosophy is to spend half of his profit on sensible stuff like the pension etc and the other half must be for FUN! there's no re-run in life so make the most of the one you've got.

Jon

ISA accounts are crap! What are you getting ? 0.7% interest if your lucky. I’m currently getting 6% where I stash my savings 

Where on earth are you getting 6%? I’m guessing it’s a high risk stocks and shares isa and youve got lucky short term?

Posting a screenshot of some short term gain doesn’t really mean much with no context, I could post some 24% interest short term but that’s not the full picture without the next weeks 20% loss 😂

I don’t do short term stuff , I’m in it for the long run. Statements like this just shows you don’t understand what a fund is as it’s certainly not a short term investment.

[deeege]

Posting any short term gain is pointless. That’s what I said and I stand by it. As you know anyone can screen grab a 5% 10% even a 30% short term profit and post that but its completely pointless without any context.

If your getting 6% + as an annual increase, well done you, but it’s not what you said.

[Shrek]

A fund is a mixture of lots of different amounts of shares , some go up some come down. But if your not bothered about that and your looking long term 20-30 years (25+ is when the compounding really starts to mount up), then invest in a fund.  Long term these will beat overpaying your mortgage too.

[NWH]

I pay into a pension but didn’t start until 3 years ago so that’s not going to be anything significant for a long while...

My aim is to develop isparkle into a hands off business which grows and makes profit with minimal involvement day to day from me. I’ll be just managing the managers.

It’s already a lot of the way there to be honest. Most weeks I only work half a day, or a day in the business.

Other than that I don’t see myself retiring from working... I’ll be setting myself up as a business coach and help other businesses Owners develop

I always need something new and interesting to keep me motivated

You could always get yourself a
Swivel chair 🪑 and flat screen telly mounted on the wall,I hear the brackets are a nightmare to figure out how to fit 🤣🤣🤣

[NWH]

Manage the managers 🤣🤣🤣🤣