With the implementation of the enrollment pensions etc, I wonder what we all think about our own retirements ?
I've had several conversations with my guys outside of work, discussing the general subject. The concenus is they do not trust the Pension industry and thus 'ignore' the plea to consider their long tem finanical position.
I'm no spring chicken anymore and often have thoughts about what will happen (to me) in the next 10-15-maybe-20 years.
For the whippersnappers amougst us - what have you done about it ?
For those (like me) where we're nearer to it - what have you done or are proposing to do?
For those that have retired from business - how do you find your situation? Is the Ocean yacht doing ok, travelling the US or having time to follow whims etc :)
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So I've started to self invest. Buildings land shares and in some foreign banks (where they're covered by UK banking laws) who have better interest rates, as the growth is better and I have a tangible assets.
I have 2 paid up pensions, I made them paid up because in a nut shell they were losing money not getting any bonus and been charged account fees. (really had to hold my Tung over the phone) best thing is save regular in a Isa. when you look at the figures for pension's you have to invest a lot of money from a young age to get a decent pot for retirement
Currently I don't have any pension/saving etc, about to turn 40 next year.
I'm basically planning to have my business be my pension, letting others run the day to day but just keeping an eye on things.
I'm 55, failed to plan as spent it all on so many quite ludicrous exploits that will keep me laughing until I die (well, those that I remember), but will be working until I die, and that's the price you pay. Most of my friends have now paid off their mortgages and retired. I still get up at 7am to go pruning. I'm happy, but the only thing that annoys me is not having sorted the mortgage. Pay off the mortgage first is my advice.If it all goes pear shaped tomorrow, i'm doomed.