Broken Hand in Cast

[ched999uk]

Lol you are a devil for punishment, Ime surprised they let you play ???

Can you imagine them trying to stop him ????

 

[AW Services]

I have worked with various broken bones lol

strap up and crack on

Adapt overcome and crack on ? 

 

[Part Timer]

Adapt overcome and crack on ? 

The crack on isn't really appropriate considering the title of the post and the OP's predicament ?

 

[Iron Giant]

strap up and crack on

Best not get them words mixed up it would something entirely different ?

 

[dazmond]

I know what you mean, trouble is nowdays, you save money up, and its decreasing in value at a terrific rate. Say you have 20k stashed, in a years time it will lose thousands. Back in the day it would increase with interest. So they arent encouraging us to save. No wonder people just give up and splurge etc. As for pensions, well, might be good for some. But for others wont they get out less than they paid in? Whats the point of that? I know its happened big time in the states. What do they call it? their 401 or something? many/most paid in say 400k for their retirement and been told they're only getting 250k or so. So all that money they wasted and would've been better off buying gold or something. Mind you, no doubt our civil servants will make sure they are ok, anyway, im waffling, but it is a concerning issue.

You should always save money no matter what the interest rate or rate of inflation is.....even if its only £200 a month...its easier than ever these days with standing orders that can be tweaked in a matter of seconds with a couple of taps on your phone with online banking apps.....

 

[P4dstar]

I’ve got a pension.. it’s called my 2 businesses

that’s what will pay for my retirement

never paid a pension in my life

What’s your second business Dave?

glad it’s not just me that thinks pensions are a waste of time (for my generation at least) I think if you’ve got something that provides an income at least that can increase with the cost of living. When you look for a pension you need to tell them how much you want to draw each month… 2k now will be worth a lot less when I retire.

 

[dazmond]

I also save £600 a month in a separate account for when I'm older...I call it my pension fund...?

 

[Dave B]

Lol you are a devil for punishment, Ime surprised they let you play ???

It’s what you get for being a fat lump lol

suited to number 8

 

[Dave B]

What’s your second business Dave?

glad it’s not just me that thinks pensions are a waste of time (for my generation at least) I think if you’ve got something that provides an income at least that can increase with the cost of living. When you look for a pension you need to tell them how much you want to draw each month… 2k now will be worth a lot less when I retire.

Just starting it up but nowt to do with cleaning 

I’ll go into details in a while if it pans out

determined to have a few fingers in different pies now

 

[Cleanco]

How are you building financial stability as you grow older?I used to be terrible with money in my 20s but I've learned lessons over the years(I'm 50 now)....if your self employed you should be putting money away every month in a emergency fund account IMO....even if it took you 10 years to build up it worth it for your own piece of mind

My business is my financial stability. In the event that I either can’t work or dont want to work any more my business will still bring in a steady income. I wouldn’t be making as much as if I was grafting  myself so would have to make some cutbacks pretty much similar to you living off your savings/pension fund. Only difference is one will be ongoing and the other will inevitably run out one day so not really a long term solution. You must have a hefty savings account to be relying on it for financial stability. 

 

[P4dstar]

determined to have a few fingers in different pies now

Not sure your wife will be happy with that ?

I’ll go into details in a while if it pans out

I’ll look forward to hearing about it. If not, just try something else. Being a landlord seems to be the easiest option for a pension nowadays.

 

[P4dstar]

My business is my financial stability. In the event that I either can’t work or dont want to work any more my business will still bring in a steady income. I wouldn’t be making as much as if I was grafting  myself so would have to make some cutbacks pretty much similar to you living off your savings/pension fund. Only difference is one will be ongoing and the other will inevitably run out one day so not really a long term solution. You must have a hefty savings account to be relying on it for financial stability. 

Saving into a pension (or into savings for retirement) goes a little deeper than that for me.
 

Firstly what if there is hyper inflation and the currency becomes worthless. They would scrap it and start again as has happened around the world in a lot of countries in the past. The money in the bank or pension fund is suddenly worthless.

Secondly where a pension could provide for one persons retirement, ongoing passive income streams can continue to provide for your kids long after you’re gone.

 

[Jaygti]

Saving into a pension (or into savings for retirement) goes a little deeper than that for me.
 

Firstly what if there is hyper inflation and the currency becomes worthless. They would scrap it and start again as has happened around the world in a lot of countries in the past. The money in the bank or pension fund is suddenly worthless.

Secondly where a pension could provide for one persons retirement, ongoing passive income streams can continue to provide for your kids long after you’re gone.

If you don’t buy an annuity, your private pension with be passed onto your Wife/offspring. 

 

[Jaygti]

Nothing wrong with pensions, if done correctly.  
 They got a deserved bad reputation in the past for being expensive, as they were. 
 

 These days if you avoid Financial Advisors (they’re not advisors they are salesmen), and do it your self they are great. 
 Stick £1k in a pension and you get £200 extra from the government 6 weeks later. 

 Buy a world tracker ETF and Hargreaves Landsdown charge .45% a year up to a maximum of £200 p/a in their SIPP.  
 The long term trend for equities has always been up. 
 
As for hyper inflation/ war / climate change etc making your pension worthless.  
If any of this happened it would probably decimate any other scheme you had going as the whole economy would collapse. 
 You’d have no customers, your house would be worthless etc etc, so it’s not worth worrying about. 

 

[Iron Giant]

I also save £600 a month in a separate account for when I'm older...I call it my pension fund...?

It is good to have a good amount of savings but interest rates are shocking these days, you'll earn far more in a pension and at least you can take all the cash out if you choose to at the end instead of buying an annuity 

 

[Part Timer]

It is good to have a good amount of savings but interest rates are shocking these days, you'll earn far more in a pension and at least you can take all the cash out if you choose to at the end instead of buying an annuity 

And pay 40% tax I believe

 

[Iron Giant]

And pay 40% tax I believe

I wasn't aware of that tax ? 

 

[Jaygti]

You can take 25% out straight away tax free. After that whatever you take out is taxed at your standard rate either 20 or 40% , it’s combined with any earnings and state pension. 

 

[P4dstar]

As for hyper inflation/ war / climate change etc making your pension worthless.  
If any of this happened it would probably decimate any other scheme you had going as the whole economy would collapse. 
 You’d have no customers, your house would be worthless etc

I ain’t gonna lie to you I would have been all ears 3 years ago. The world is a much different place now mate. It feels like such a gamble to save for 30-40 years for your retirement because of many scenarios not just the above mentioned ones.

Also worth noting that I looked at a pension a couple of years back that I would be able to draw £2k a month from. They wanted £1.2k a month input each month, from the age of 35. Purely anecdotal, but worth mentioning also that wasn’t using the adjust for inflation tool. I’m sure you’re right about the salespeople etc, I just think that sort of cash could buy a property to let out etc.

 

[Iron Giant]

Also worth noting that I looked at a pension a couple of years back that I would be able to draw £2k a month from. They wanted £1.2k a month input each month, from the age of 35. Purely anecdotal, but worth mentioning also that wasn’t using the adjust for inflation tool.

last year when I had a quick look it was more like put 1k to get 1k out and that was using the inflation tool which is very important to give a better idea of what your money is worth in the future, 

The sales guy pension bloke told me years ago I could retire on about 18k a year but missed out the bit about inflation so that 18k was going to be a lot less when I retired 

 

[ks789]

last year when I had a quick look it was more like put 1k to get 1k out and that was using the inflation tool which is very important to give a better idea of what your money is worth in the future, 

The sales guy pension bloke told me years ago I could retire on about 18k a year but missed out the bit about inflation so that 18k was going to be a lot less when I retired 

Plus I bet sometime down the line, if not already, they say 'Ah you have those savings/work pension' or whatever, So making you inneligable for the state pension, and also have to pay full council tax etc whereas others who saved nothing get all the assistance. Especially for lower paid workers who can only save minimally, it may definitely end up working against them, daft systems that we have.