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Post by Dougs on Sept 21, 2023 21:47:46 GMT
Push that to the back of your mind and go smash it!
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Post by Danno on Sept 21, 2023 23:30:19 GMT
Yeah screw that noise.
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Post by Nanocrystal on Oct 2, 2023 22:43:13 GMT
New round of layoffs incoming at my workplace, and I've just been personally invited to speak to our director in advance of the consultation. Let's GOOOO!!!!
Edit: They informed me that my name doesn't appear on the new org chart. Yay early retirement!
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dmukgr
Junior Member
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Post by dmukgr on Oct 3, 2023 11:32:18 GMT
Is that a sarky early retirement or happiness?
I ask as going through similar and I’m trying to work out just how much I need to live on and whether to go with the flow or fight it, as I’m in a pretty good situation with being able to fight back and not accept it.
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askew
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Post by askew on Oct 4, 2023 16:49:25 GMT
So, on Friday I have an interview with the VP of Technology. It’s been referenced as a Close/Sell interview, so fingers crossed this is the final part.
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Post by Nanocrystal on Oct 4, 2023 18:52:47 GMT
Is that a sarky early retirement or happiness? I ask as going through similar and I’m trying to work out just how much I need to live on and whether to go with the flow or fight it, as I’m in a pretty good situation with being able to fight back and not accept it. I'm very fortunate in that I've been planning to retire in a couple of years anyway so since my redundancy payment will be fairly decent I'm just gonna bring it forward. So yes feeling quite positive, all things considered! Though it has still been a bit of a shock at how sudden and unexpected it was, and the process of being laid off is unpleasant in any context. |
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Post by freddiemercurystwin on Oct 4, 2023 20:37:10 GMT
I have no fucking chance of that in fact I think it's quite likely I will actually die at my desk as will (I think) plenty of my generation. Seriously it's actually one of the (rare) things I've actually earnestly discussed with my colleagues.
I can only hope it's a sudden massive stroke or similar and BANG head flops on the desk and lights out!
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Post by dfunked on Oct 5, 2023 6:20:39 GMT
Well this took a dark turn...
My missus is sick of me banging on about wanting to retire now, but no fucking way do I want to work until I'm 68 and "enjoy" retirement when my body is probably failing me. Or like Freddie says I'll just cark it before I even get there.
I've upped my pension contributions to 11% now and company contribution maxes out at 14%, so 25%+ will hopefully allow me to retire well before my state pension kicks in (if that's even still a thing in 2050)
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dmukgr
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Post by dmukgr on Oct 5, 2023 7:45:34 GMT
If your 40 now, sticking in 25% should see you in a brilliant position.
I tried to drop out mid thirties, moved abroad etc. and really fucked it, and only started a pension about 7 or 8 years ago. I've been paying loads in since, but the stories saying you will never catch up with those who played the long game are definately true. If I'd had done that I'd be taking voluntary redundancy now. Not moaning, as I'm not too far off anyway, just advising those younger to stick with it, not rush, but do put money aside if you can afford to do so.
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Post by drhickman1983 on Oct 5, 2023 7:50:52 GMT
I'm 40 and frankly unlikely to ever retire. Due to my bad life choices and trying to *~follow my dream~* and work in the creative industries meant I didn't contribute to any pension until I was in my mid 30's.
So I'll be working until I die, which makes me question exactly why I'd want to do things to increase my life expectancy.
Honestly wish I'd never bothered trying to chase my dream job, it's just left me facing a bleak future.
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dmukgr
Junior Member
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Post by dmukgr on Oct 5, 2023 8:06:58 GMT
“If you trust in yourself. . .and believe in your dreams. . .and follow your star. . . you'll still get beaten by people who spent their time working hard and learning things and weren't so lazy.”
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gray
New Member
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Post by gray on Oct 5, 2023 8:12:51 GMT
I'm 40 and frankly unlikely to ever retire. Due to my bad life choices and trying to *~follow my dream~* and work in the creative industries meant I didn't contribute to any pension until I was in my mid 30's. So I'll be working until I die, which makes me question exactly why I'd want to do things to increase my life expectancy. Honestly wish I'd never bothered trying to chase my dream job, it's just left me facing a bleak future. You can start a pension at 40 with £0 on the UK average salary with average company pension contributions and retire at 70 with a projected £1,000,000 in a SIPP That's with the /average/ and not trying, or any additional stocks and shares ISAs, etc It's never too late to organise your finances. Time moves fast. |
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Post by drhickman1983 on Oct 5, 2023 8:20:30 GMT
“If you trust in yourself. . .and believe in your dreams. . .and follow your star. . . you'll still get beaten by people who spent their time working hard and learning things and weren't so lazy.” To be fair, and despite my self-deprecation about being lazy, I did try to work hard and learn things in that industry. Still amounted to fuck all. |
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Post by drhickman1983 on Oct 5, 2023 8:23:44 GMT
I'm 40 and frankly unlikely to ever retire. Due to my bad life choices and trying to *~follow my dream~* and work in the creative industries meant I didn't contribute to any pension until I was in my mid 30's. So I'll be working until I die, which makes me question exactly why I'd want to do things to increase my life expectancy. Honestly wish I'd never bothered trying to chase my dream job, it's just left me facing a bleak future. You can start a pension at 40 with £0 on the UK average salary with average company pension contributions and retire at 70 with a projected £1,000,000 in a SIPP That's with the /average/ and not trying, or any additional stocks and shares ISAs, etc It's never too late to organise your finances. Time moves fast. I don't even know what all those terms are. And besides which I don't have an average salary. I did find about lifetime ISAs last year though, so managed to get one of those just before being to old. |
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gray
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Post by gray on Oct 5, 2023 8:38:31 GMT
Have a word with your HR department to see what the highest % of their matched contributions are. Increase your voluntary contributions to the maximum they will match. On a UK average salary you'd expect just under £500 a month to go into your pension, but only £200 of it from your own (pre tax) pay cheque.
Find out who your pension is with. Create an online portal account and make sure your pension is being invested in a low cost, globally diversified index fund.
LISAs are great for diversifying a pension pot (or buying a house of course), but if you're starting from scratch I'd want to get my money in the one pot to maximise compounding. There's no right or wrong but that's my opinion. Don't forget you can only receive the 25% bonus until you're 50, and you can "only" pay in £4,000 a year (that comes out of your £20,000 tax free ISA allowance)
If you need any inspiration that it's "not too late", play around with a compound interest calculator and assume the market average returns over the last 100 years of 9%. You'll be surprised how far just £500 a month can grow over decades.
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Post by Dougs on Oct 5, 2023 8:43:46 GMT
I hope to retire at 60. With a public sector pension, at that age I'll have 36 years in, will get a lump sum (which hopefully will pay off the mortgage) and should be OK. If I worked to 67, it would be a very nice salary, but fuck that.
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gray
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Post by gray on Oct 5, 2023 8:44:26 GMT
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Post by GigaChad Sigma. on Oct 5, 2023 8:47:40 GMT
Retire Hah!
I'll be paying my mortgage into my 60's.
My folks have some money but honestly I'd rather they held on to it. Mainly to enjoy it but also if specialist care is ever needed that shit is expensive!!
I could liquidate everything and move to somewhere cheap in the South of France or Spain in my 60's. I know how to live frugally.
Spend my days sipping beers and smoking in the sun.
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Bongo Heracles
Junior Member
Technically illegal to ride on public land
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Post by Bongo Heracles on Oct 5, 2023 8:55:31 GMT
I started late, really getting going at 34, so I'm not going to retire early but my place do pretty chunky matched contributions, so I am piling into that now to catch up.
Its one of my few dad lectures to my younger line reports. I had one who was going to opt out and so I complained to him for ages about how I'm going to have to work until I die to make a point.
My projected amount will be fine, its just the age I can bail. My uncle retired at 55 thanks to monk like prudence and is living fairly large. The only way I'll be able to do that is by winning the lottery. And not getting divorced.
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Lizard
Junior Member
I love ploughmans
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Post by Lizard on Oct 5, 2023 9:01:27 GMT
I've got fuck all really. Although if I keep my job after the election and bump up my KiwiSaver I should be able to build up something. Wish I had property instead though.
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dmukgr
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Post by dmukgr on Oct 5, 2023 9:44:09 GMT
“If you trust in yourself. . .and believe in your dreams. . .and follow your star. . . you'll still get beaten by people who spent their time working hard and learning things and weren't so lazy.” To be fair, and despite my self-deprecation about being lazy, I did try to work hard and learn things in that industry. Still amounted to fuck all. I wasn't having a go at you, I just like the quote as I find it funny. |
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Post by drhickman1983 on Oct 5, 2023 9:55:55 GMT
I do currently pay 535 per month into my pension, 383 of which is my employers contribution - I'm getting 15% of salary from them, which is the highest they offer.
If I take zero lump sum, I'm predicted to get a 29,600 annuity at 65.
Which would be fine, but given I have sneaking suspicion rent prices will have risen by then I'm doubtful it will cover living costs. (Owning a home send terribly unlikely, and certainly wouldn't have paid off a mortgage by then).
I can max out my LISA easily enough per year, can l can't see anything giving a guaranteed 25% increase so that's my savings for the next 10 years. I doubt I can really save much more than 4k a year anyway.
If it wasn't for the cost of housing it'd be great.
I've honestly considered the feasibility of taking my pension pot as a lump sum, once and, and live relatively decadently for a couple of years, then make an exit.
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gray
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Post by gray on Oct 5, 2023 10:08:29 GMT
If you're paying your max contributions into your pension you are already in a better state than 92% of the UK adult population.
Honestly 40 isn't too late to _start_. Most people don't really buckle down until well into their late 30s. People alive today have a 1 in 3 chance of living past 90. The idea of retiring at 55-60 is a hangover from yer auld da's da keeling over at 50 from working down the pits all his life.
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askew
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Post by askew on Oct 5, 2023 10:11:36 GMT
I thought UK life expectancy was now starting to fall…
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nazo
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Post by nazo on Oct 5, 2023 10:12:50 GMT
You can start a pension at 40 with £0 on the UK average salary with average company pension contributions and retire at 70 with a projected £1,000,000 in a SIPP That's with the /average/ and not trying, or any additional stocks and shares ISAs, etc It's never too late to organise your finances. Time moves fast. Err… eh? On the average UK salary you wouldn’t even earn £1m in wages over 30 years. You’d have to get some tremendous returns putting in an average contribution to get even half that amount. |
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gray
New Member
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Post by gray on Oct 5, 2023 10:15:23 GMT
Receiving a static monthly wage isn't the same as compound interest at average market returns over 3 decades.
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Post by drhickman1983 on Oct 5, 2023 10:15:53 GMT
People alive today have a 1 in 3 chance of living past 90. The idea of retiring at 55-60 is a hangover from yer auld da's da keeling over at 50 from working down the pits all his life. Yeah, but I want to retire early because I really fucking hate working. It seems unlikely, of course. |
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gray
New Member
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Post by gray on Oct 5, 2023 10:18:54 GMT
Oh right, you just don't like your job?
Yeah, that sucks.
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Post by drhickman1983 on Oct 5, 2023 10:23:01 GMT
I don't like any job. I'll do as good a job as I can, and I want to do a good job, but I would absolutely drop out of the workforce if it was feasible.
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Post by GigaChad Sigma. on Oct 5, 2023 10:26:47 GMT
Clearly there's a lot of restructuring and job losses currently occurring and to be implemented before year end. Im hopeful once the dust settles it will pick up in Q1 2024.
However if Metro Bank falls over it might be a catalyst for an extended period of gloom. If that continues throughout next year we can move onto the head cracking open/goo feasting stage.
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