Comments on: Understanding Money – Retirement Planning

By: M

Thu, 05 Feb 2015 14:06:15 +0000

Thanks Huw. I wish I had known these things years ago too – back when I got my first full-time job. In fact, my boss recommended I join the company pension scheme, to which I thought ‘why on earth would I want to do THAT?!’ But I didn’t understand anything back then.

I used to think 55 was cool too, and that only ‘really rich people’ could ‘retire early’, oh how small my mind once was…

Cheers,
M

By: Huw

Huw — Thu, 05 Feb 2015 13:45:57 +0000

Hi TV,

This is nice post. I just wish I had read something like this 10 or 15 years ago. I’d be done already!

To be honest 2 years ago, I would have thought it would be super-cool to have retired by 55, so I’ve only just come around to this way of thinking.

I hope there are 15-25 yr olds reading this post and making a start on retirement early.

All the best
Huw

By: M

Thu, 05 Feb 2015 13:03:26 +0000

Hey DL,

Thanks for your kind comments. I think it does seem to work better if you’re young, or going for FI very soon (before age 55), then the NISA is the way to go. For me, I’m just putting in the minimum contribution to the SIPP, and trying to put as much as possible into the NISA, as I’m aiming for FI by 50, rather than 55 (or 57 as I think it may be for me now?). The other thing is, as the Finance Zombie says, the pensions rules are likely to have been “written in flour on a windy street” i.e. they could just change or disappear in an instant. NISAs and their predecessors are encouraged by all parties, so they’re unlikely to get severely disrupted.

Cheers!

By: Dividend Legion

Dividend Legion — Wed, 04 Feb 2015 22:36:26 +0000

Hello M,

Very useful read! I wish I had stumbled upon this when I was confused about the different types of pensions and ISAs around, not so long ago!

Having just started my journey, I’ve opted to stick with a Stocks & Shares ISA, as it’s I’m not locking away my money until I’m 55, like with a SIPP.

Cheers,

By: M

Tue, 03 Feb 2015 14:18:10 +0000

I couldn’t agree more! I definitely don’t want to slave for 40+ hours per week for someone else!

Cheers

By: M

Tue, 03 Feb 2015 14:17:35 +0000

Yes that’s true. I’m one of 6 kids, but I find it’s worse now as I’m not used to the noise anymore, so ay little noise disturbs me! But I can always use ear plugs I guess!

By: M

Tue, 03 Feb 2015 14:16:43 +0000

it’s free money though… almost!

By: Tawcan

Tawcan — Tue, 03 Feb 2015 01:16:13 +0000

Great write up, it’s never too early to start saving for your retirement. It’s really a shame that people have the idea of working till 65 engraves into their brains. Do you really want to repeat the daily routine for 35+ years? There are way more better things that you can do.

By: Vivianne

Vivianne — Mon, 02 Feb 2015 21:39:52 +0000

My parents have 10 kids. I’m used to a whole packed house. Then I moved away, after being alone for awhile. I didn’t realize how annoy it it to hear people talk on the phone all night, or stomp their feet when they walk, slam the fridge door, etc.

But once I get back to it, it’s not a big deal anymore. It feels safer having people around than not. But giving up freedom is a big thing for us westerners. Ehheh

By: weenie

weenie — Mon, 02 Feb 2015 21:32:04 +0000

Yeah, I know about the rent a room thing but it’s not something I’d really consider unless I was desperate for money!