Budgeting with no pension

[Derbyshire wanderer]

Having read all the posts looking for a way to 'budget with no pension', I have come to the conclusion that it cannot be done.
Almost all contributors that are able to retire before the state pension age seem to either have

a) final salary scheme ( that most seem available at age 55 or earlier). These are almost now obsolete for anyone still working. This obviously does not meet the criteria of 'budget with no pension'
b) buy to let property. These also seem to in the main be by those down south that have had amazing house price inflation that enables one property to become two.

I am mortgage free and paid cash for the mh but as the wife would never sell the house, we still have the bills to pay ( although small) can save a reasonable amount each month but cannot see how we would save enough to manage before the state pension (if it still exists) and the modest private pension start dates.

Oh well, while at work tomorrow I won't be needing to spend anything

 

[Judge Mental]

Count your blessings...I have recently lost £20,000 on the FTSE

 

[Minxy]

Having read all the posts looking for a way to 'budget with no pension', I have come to the conclusion that it cannot be done.
Almost all contributors that are able to retire before the state pension age seem to either have

a) final salary scheme ( that most seem available at age 55 or earlier). These are almost now obsolete for anyone still working. This obviously does not meet the criteria of 'budget with no pension'
b) buy to let property. These also seem to in the main be by those down south that have had amazing house price inflation that enables one property to become two.

I am mortgage free and paid cash for the mh but as the wife would never sell the house, we still have the bills to pay ( although small) can save a reasonable amount each month but cannot see how we would save enough to manage before the state pension (if it still exists) and the modest private pension start dates.

Oh well, while at work tomorrow I won't be needing to spend anything

Although we fall under 2) above in a way, our buy to let property in no way gives us anything like enough to live on - approx £300 clear each month but if the interest rates went up our net income from it would diminish. We do NOT receive any other official income, nothing at all ... but we saved long and hard and so use the savings we built up to live off. Hubby will be able to draw his reduced work pension in a couple of years' time at 60, otherwise it would be 8 years to wait until he can get his state pension.

It can be done but it's not something you can leave until later to start thinking about ... we started planning and saving a long time ago, probably 15 years or longer 'in anger' and are now benefiting from doing so, having been able to retire at 48 and 52.

 

[Minxy]

Count your blessings...I have recently lost £20,000 on the FTSE

Sorry to hear that Eddie.

One of the reasons we do not take risks with our money ... it's too easy to lose it when it's reliant on FTSE etc, we always use savings accounts and the like with minimal or no risks - we may not get such a good return as those based on the FTSE but if we lost a load of dosh like that it wouldn't be easy to replace it.

 

[Judge Mental]

Have to take the rough with the smooth when it comes to stock market....

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[Camdoon]

To me budgeting without a pension is an oxymoron. A pension is just delayed spending so if you have no pension then you have not been budgeting.

 

[Chris]

Just buy lots of lottery tickets.

Innit to win it, innit

 

[Judge Mental]

My wife cashed in her investments before ftse fall so lost nothing..used it to purchase a buy to let. So far it's a really good monthly income

 

[Derbyshire wanderer]

Although we fall under 2) above in a way, our buy to let property in no way gives us anything like enough to live on - approx £300 clear each month but if the interest rates went up our net income from it would diminish. We do NOT receive any other official income, nothing at all ... but we saved long and hard and so use the savings we built up to live off. Hubby will be able to draw his reduced work pension in a couple of years' time at 60, otherwise it would be 8 years to wait until he can get his state pension.

It can be done but it's not something you can leave until later to start thinking about ... we started planning and saving a long time ago, probably 15 years or longer 'in anger' and are now benefiting from doing so, having been able to retire at 48 and 52.

In my case the reality is that I was mortgage free at 48 and bought the mh for cash which meant the savings had to start from almost nil again. It was a long slog to get debt free at that age and tbh I was quite relieved as the plan was to be mortgage free before 50.
I pay into the works pension but as we all know the last 8 years have not really made that investment very exciting and the projected figures mean that my savings will be needed to top up the pension to do the things we hopefully we still be fit enough to do.
At 51 now, I cannot really see being able to save enough to retire early and still have enough for the pension top up.
As always we make our choices etc and at one point I could have worked overseas on relatively big money but did not want to. With hindsight, I would have paid more attention to the type of pension offered by employers rather than the salary on offer.

 

[The Wino]

Hindsight is a marvelous thing though I wish I had stayed in a job with a final salary pension and have friends who did I don't envy them its just the way it worked out

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[Judge Mental]

Yes good point , if money cannot be risked in an investment then it needs to be saved in a savings account .

And make nothing....

 

[ianthebuilder]

Have to take the rough with the smooth when it comes to stock market....

In my case the reality is that I was mortgage free at 48 and bought the mh for cash which meant the savings had to start from almost nil again. It was a long slog to get debt free at that age and tbh I was quite relieved as the plan was to be mortgage free before 50.
I pay into the works pension but as we all know the last 8 years have not really made that investment very exciting and the projected figures mean that my savings will be needed to top up the pension to do the things we hopefully we still be fit enough to do.
At 51 now, I cannot really see being able to save enough to retire early and still have enough for the pension top up.
As always we make our choices etc and at one point I could have worked overseas on relatively big money but did not want to. With hindsight, I would have paid more attention to the type of pension offered by employers rather than the salary on offer.

Hindsight is a marvelous thing though I wish I had stayed in a job with a final salary pension and have friends who did I don't envy them its just the way it worked out

I'm glad for all those who are sorted and really they must be very sensible people ! But wino, I didn't do the so called sensible final salary pension thing either, and I have had moments of regret thinking about it !! But don't dwell. Move on and live your life mate ! I bet I'm ten times worse off than you at least. But I am happy! Whatever happens will happen. And u never know you may win that lottery !!! Lol

 

[The Wino]

And make nothing....

But also loose nothing!!!! its twist or stick

 

[The Wino]

I'm glad for all those who are sorted and really they must be very sensible people ! But wino, I didn't do the so called sensible final salary pension thing either, and I have had moments of regret thinking about it !! But don't dwell. Move on and live your life mate ! I bet I'm ten times worse off than you at least. But I am happy! Whatever happens will happen. And u never know you may win that lottery !!! Lol

Sadly in terms of money I might be but life has just given us one of those moments where money doesn't seem to matter and I would give the lot to go back a couple of months.I hope that I will be as cheerfull as you sound in the end though and would like to share a beer sometime!

 

[Minxy]

Apologies if the talk of investments has gone off topic .
Martin Lewis has personally used peer to peer lending site zopa to invest money and was receiving 5% , but now receives 4.6% .
He seems to know what he's talking about and obviously practises what he preaches . check out his website for more info .

... but he's got money to spare and whilst 'losing' it will smart it won't necessarily hurt whereas for those on here losing money WILL hurt a lot!

Yes good point , if money cannot be risked in an investment then it needs to be saved in a savings account .

And make nothing....

But also loose nothing!!!! its twist or stick

Whilst interest rates on some accounts aren't good you can still earn interest and play them at their own game too by using switching services to get the 'new customer' rewards ... add this to the savings rate for the year and it makes the 'overall' interest rates much better!

I call it 'bank ping-pong'!!!

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[Indy259]

The Wino I hope it's not to bad, it's not always easy to see round the corner, Good luck

 

[ianthebuilder]

Sadly in terms of money I might be but life has just given us one of those moments where money doesn't seem to matter and I would give the lot to go back a couple of months.I hope that I will be as cheerfull as you sound in the end though and would like to share a beer sometime!

I did say wino for me,in a previous post a while ago, and I think it sounds like you as well,with what's happened, life isn't all about money mate!! I hope whatever happened to you doesn't cause you and the family too much heartache or pain ! Good luck mate. Ian. X