#52

We had been overpaying the mortgage when we could from the start, which has made a massive difference. Now we have an Offset account, so all savings are in that which saves a lot in interest. I’m hoping to be mortgage free (or at break even on the mortgage/savings) within 5 or 6 years. But more realistically 8-10 years. Currently 6 years into a 25 year term.

I’m also trying to increase my pension contributions via salary sacrifice. I took a £25 monthly pay cut last month, which means an extra £40 a month goes in my pension. Think I’ve got about £270 a month going in now. But still the pension I’d get is pretty poor. I need to up it a lot more.

Once the the mortgage is paid off/at break even. I’ll probably salary sacrifice the equivalent of the monthly mortgage payment and try and max out the pension.

My parents have always lived in social housing and struggled in the past, I don’t expect much if any of an inheritance when they pass away, which is why I have got in the mindset of saving and overpaying from an early age.

Also at retirement, I’ll probably sell up and move somewhere more affordable.

#53

All the same quite sad silently waiting for the light to die on the concepts of pensions as politics whittles them into nothing as the market overrides public opinion. Probably take some direct action at some point to save them, but unlikely to actually happen. A nice thought though.

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#54

One of the likely consequences of the current demographic problem we’re in is that then it comes to OUR retirement there is likely to be a surplus of decent inexpensive rural property you can downsize to after all the Baby Boomers who were in them have died and their children/grandchildren have sold them to buy property in the cities…

#55

Will not having kids help d’ya think?

Or will I have no-one to look after me in my old age?

#57

Certainly will increase your ability to save and reduce your outgoings.

Although this idea that “when I’m old my kids will look after me” seems completely at odds with how most people ACTUALLY treat the elderly in their families.

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#59

FINALLY someone with a good idea in this thread.

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#60

Mug’s game mate, all the money’s in shifting Magic and Yugioh, and there’s no way I’m spending my twilight years around THOSE people.

#63

Don’t think they’ll be pensions in 20 years.

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#64

Well, from personal experience, my father has been nothing short of a saint to his parents. He deserves for me to look after him when he’s decrepit, but I will be too busy on two zero hour contracts at 62 to take him to ASDA’s

#65

Hahahaha as if that boat’s gonna look after you when you’re old

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#66

Your father is a good man.

#67

Problem with that is that rural locations struggle to have the services that make retirement possible.

Things like GPs surgeries, public transport, shops etc are often a good 30 minute drive away. My parents struggle with it, and they both drive and only live 40 miles from central London.

#68

The thing is people won’t even mind, it’ll be like with the NHS, they’ll just be told they’re impossible for all but the rich.
Which is the exact opposite of the point of them but that’s our society!!!

#69

maybe the butler should be replaced by a robot butler/robot kid. @xylo?

#70

Yep, I’m convinced it’ll be gated communities and slums by that point.Maybe the whole world will be slums and all the rich will just live in Hong Kong

#71

That is all very true.

Bottom line is - getting old sucks (and The Way The UK Is Going™ will conspire to make it suckier).

#72

I just think it is yet another argument in favour of city-living, to be honest.

#73

I think me and the TV will just pay into a big life insurance policy each instead. If we both make it past 55 we’ll set a date for pistols at dawn. Winner takes all.

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#74

Good shout, I’m way older than my missus so I might just top myself when i hit 65 so she can be rich

#75

I’ve got a few years on the gf so I might let her win. She can have the retirement but only if she can live with the guilt of killing me. Also covering it up will keep her busy.