Anybody on here good with financial advice?

y2johnny wrote:

karlypants wrote:

y2johnny wrote:

Barb Dwyer wrote:

Norpig wrote:

scottjames30 wrote:

Norpig wrote:i have an NHS pension so it seems fairly good although they are making changes to it now which means i wouldn't get all my pension till state retirement age of 67. I could go early but they would take 5 percent per year off me 

What is the point of paying into it then?

Live for today, 67 ?

i'm planning on living a lot longer than that Scott, what else am i going to live on? A state pension won't be enough thats for sure. I have other savings in place as well just in case.

Just get to 67 then go out and kill someone, get sent to prison,  you don't have to pay taxes or anything.

Cheaper than an old folks home as well so your family won't have to fork out for that.

Scary to say this but i actually thought of that myself. Not killing someone but getting sent to prison. Three square meals a day. Nice secure compound. Daily exercise. On call care. No bills.

But then you would be shitting on the wife and kids.

What would happen to your assets if you we're on your own?

In Bolton you only get 6months free council tax if the property is empty!

Kids will be old enough and looking after themselves. I'd sell all my stuff and give them the money anyway. My missus will have left me years before this. Surprised she is still here now.

I've got it all figured out.

Sluffy wrote:It's a really complicated business is pension provision. For most people it is SO far off that for many years it is irrelevant to them - but when it does become important to them the money that you have to invest THEN to get a decent pension is simply too much to put to one side.

Obviously a great deal depends on the circumstances people find themselves in.

I've been fortunate in that for a large chunk of my working life I've been in a local government pension scheme which is guaranteed.  My employer over those years has been contributing into it as I have.

If someone is starting out on their careers and can get into such a pension scheme - then they should do it.

The problems come though when you can't get into such schemes - many employers now don't do them as basically as their former employees live longer, it costs them more and more each year to pay for them and for all the new people who become retired too.

If I found myself in such a position I think I would go another way to invest for my future.

I think I would save up the best I could and buy a house, and over the years buy a better one and keep doing the same as long as I could.

When it came to retirement - and the kids have sorted out their own lives hopefully - I would down size home to live in and buy another property or more to rent.  The rent money thus becoming my 'pension' income in effect - you still keeping your capital in the homes you own.

Yes, there are risks, and no it is not a guaranteed plan but it is achievable for many of us if we have the mind and commitment to do it over much of our working years.

Barb Dwyer wrote:

Norpig wrote:

scottjames30 wrote:

Norpig wrote:i have an NHS pension so it seems fairly good although they are making changes to it now which means i wouldn't get all my pension till state retirement age of 67. I could go early but they would take 5 percent per year off me 

What is the point of paying into it then?

Live for today, 67 ?

i'm planning on living a lot longer than that Scott, what else am i going to live on? A state pension won't be enough thats for sure. I have other savings in place as well just in case.

Just get to 67 then go out and kill someone, get sent to prison,  you don't have to pay taxes or anything.

Cheaper than an old folks home as well so your family won't have to fork out for that.

scottjames30 wrote:Can you opt out Norpig? Or move it around.

Norpig wrote:

scottjames30 wrote:Can you opt out Norpig? Or move it around.

 my pension is quite complicated, because they have changed the rules recently i will have in effect two pensions, each with about 20 years in each by the time i choose to retire.

The first half can be paid from 60 i think but the newer half not till i'm state pension age so i just need to make sure i have enough to retire on at about 63 as i will have paid in the maximum of 40 years.

Still seems like a long time off though as i'm 43!

wessy wrote:

Norpig wrote:

scottjames30 wrote:Can you opt out Norpig? Or move it around.

 my pension is quite complicated, because they have changed the rules recently i will have in effect two pensions, each with about 20 years in each by the time i choose to retire.

The first half can be paid from 60 i think but the newer half not till i'm state pension age so i just need to make sure i have enough to retire on at about 63 as i will have paid in the maximum of 40 years.

Still seems like a long time off though as i'm 43!

Trust me it will come around soon enough. Sounds like you have 20 years in a final salary scheme? (DB scheme Good news) and guessing your company closed the scheme but started a DC pot to take you up to 65. you will be able to access them from 55 (DB with penalties) usually 25% tax free lump sum option. will depend on the scheme rules.

boltonbonce wrote:Retirement kills you. My Grandfather still works in ASDA and loves it.