Pension?

[snyggiss]

Hi geeks
How do u plan for ur pension? I have just changed careers and I notice that beauty jobs do not offer pension from the company etc.. and what if ur self employed? By the time I am old I dont think state pension will even exist.. just curious as what other geeks do if anything? I dont own anything like property etc.. Im only in my early 30ies but this worries me..

 

[crazybek]

Hi.
Im in exactly the same situation as you.

Im in early 30s and have no pension organised as yet and own no property as yet either

I couldnt afford to pay even the minimum into a pension plan right now,just struggling to pay normal monthly bills,run a car and bring up 3 kids so its out of the question for me.

My plan is to eventually own my own home and maybe a rental property eventually and once my kids have grown up and moved out am im ready to retire/slow down i will sell up,downsize,invest well and live off the proceeds.
That is providing i ever get a step on the ladder in the first place

 

[snyggiss]

Hi.
Im in exactly the same situation as you.

Im in early 30s and have no pension organised as yet and own no property as yet either

I couldnt afford to pay even the minimum into a pension plan right now,just struggling to pay normal monthly bills,run a car and bring up 3 kids so its out of the question for me.

My plan is to eventually own my own home and maybe a rental property eventually and once my kids have grown up and moved out am im ready to retire/slow down i will sell up,downsize,invest well and live off the proceeds.
That is providing i ever get a step on the ladder in the first place

Thanks for your reply. Yes it is scary isn't it.. I guess most people do exactly the way you have planned to. I don't know how I can save enough to get on the property ladder tho especially with the salaries in the industry but hey ho.. I will somehow eventually I am sure ... I want my own business eventually anyway so perhaps I can build it all up bit by bit and hopefully make some money one day!

 

[kirstys beauty]

Hi I am self employed and rent a beauty salon but I started my pension when I was about 20. I only pay something like £40 a month (which increases each month by a couple of £) and it comes straight out my bank account so don't miss it, it also soon mounts up Mine is with nationwide but if you go into any bank or building society they will help you start a pension. Cos I also fill when it is time for me to retire there will be no state pension.

Kirsty

 

[snyggiss]

Hi I am self employed and rent a beauty salon but I started my pension when I was about 20. I only pay something like £40 a month (which increases each month by a couple of £) and it comes straight out my bank account so don't miss it, it also soon mounts up Mine is with nationwide but if you go into any bank or building society they will help you start a pension. Cos I also fill when it is time for me to retire there will be no state pension.

Kirsty

I wish I had done what u have done!.. I am currently studying for my level 3 (and working p/t in a spa) so on very low income now but this is what I am going to do once I am full time again(what u have done)! 40 seems like such a small amount tho can u reallly retire with only paying in that little? I guess u can and certainly better than not doing anything at all !!!!!!

 

[snyggiss]

Hi I am self employed and rent a beauty salon but I started my pension when I was about 20. I only pay something like £40 a month (which increases each month by a couple of £) and it comes straight out my bank account so don't miss it, it also soon mounts up Mine is with nationwide but if you go into any bank or building society they will help you start a pension. Cos I also fill when it is time for me to retire there will be no state pension.

Kirsty

so I spoke to my bank and apparently the minimum amount i can pay in to their pension plan a MONTH is 500 pounds! I cant believe it..

 

[KayaPapaya]

Hi
Have a look at this, it might help

Pension calculator for your personal pension | Pensions | Virgin Money UK

 

[snyggiss]

Hi
Have a look at this, it might help

Pension calculator for your personal pension | Pensions | Virgin Money UK

Thank you, are u using them? I was dealing with virgin media and had huge problems and swore to never have anything to do with this company ever again but reading their pension plan options this sounds like quite a good option for me actually........................

 

[KayaPapaya]

Thank you, are u using them? I was dealing with virgin media and had huge problems and swore to never have anything to do with this company ever again but reading their pension plan options this sounds like quite a good option for me actually........................

Hi
I'm still in training at the moment, so work full time in a 9-5 job, so will have my company pension at somepoint to fall back on.

If and when I finish training and attempt to go self-employed, I'd definitely look into them.
I've used virgin for travel insurance, and the media side and must say they were excellent!! But it's hard if you've had a bad experience with them.

Wish you luck with it.
Do you think it'd be worth seeing an independent financial advisor for something like that?

I think some give you like an hours free time so you can advice on what would best suit you.

To be honest, I rarely think about retirement age, but there's definitely not a lot of point waiting for the state pension (if it's still around by then!)

 

[snyggiss]

Hi
I'm still in training at the moment, so work full time in a 9-5 job, so will have my company pension at somepoint to fall back on.

If and when I finish training and attempt to go self-employed, I'd definitely look into them.
I've used virgin for travel insurance, and the media side and must say they were excellent!! But it's hard if you've had a bad experience with them.

Wish you luck with it.
Do you think it'd be worth seeing an independent financial advisor for something like that?

I think some give you like an hours free time so you can advice on what would best suit you.

To be honest, I rarely think about retirement age, but there's definitely not a lot of point waiting for the state pension (if it's still around by then!)

I dont think about it either and that is exactly the problem (why I am now in my 30ies and dont have a pension plan even tho I couldve with the companies Ive worked for in the past!) and since I have lived in different countries (three) I thought whats the point anyway since Ill probably move from the UK soon .. but u can always transfer pensions into another plan or just let it be where it is until u retire (so Im told). I think I will call this virgin place today, it looks like a good option for now, Thanks for showing it to me!

 

[KayaPapaya]

Good luck hope you find something suitable!

 

[chazz!!]

Just looked at the virgin thing and if I was to sign up for £50 a month going up each year by 10% buy the time I get to my last year I'll be paying nearly £1000 a month I don't think I'll ever be able to afford that

 

[chazz!!]

I worry that the company I put my pension with will go bust and I'll have nothing

 

[snyggiss]

Just looked at the virgin thing and if I was to sign up for £50 a month going up each year by 10% buy the time I get to my last year I'll be paying nearly £1000 a month I don't think I'll ever be able to afford that

the 10% is optional not enforced and you can increase or decrease the payments at any time or stop all together or pay every month or every second month if if u like (or once a year if u like) etc... I know what u mean with being scared that a company would go bust but thats with all companies the same.. so what do u do.. its a tricky one

 

[kirstys beauty]

Hi I am self employed and rent a beauty salon but I started my pension when I was about 20. I only pay something like £40 a month (which increases each month by a couple of £) and it comes straight out my bank account so don't miss it, it also soon mounts up Mine is with nationwide but if you go into any bank or building society they will help you start a pension. Cos I also fill when it is time for me to retire there will be no state pension.

Kirsty

Mine is with nationwide if you go in and speak to them about a pension they are very helpful.
Kirsty