[Finance] How much savings do you have ?

[Weststander]

It will make a change from Tory donors like Sir Peter Green raiding pension funds I guess?

Raiding pension funds was outlawed after lifelong Labour supporter and party donor Robert Maxwell stole the Mirror Group's pensioners fund.

Agree with you about Philip Green, but his was a different and legal type of 'theft'. Over 15 years he didn't correctly fund the BHS scheme in the opinion of most people, instead drawing substantial dividends.

Conclusion - money corrupts, whatever supposed political leanings, which is borne out by all the Labour/Tory/LibDem MP's and Lords who criminally stole parliamentary 'expenses'.

 

[OzMike]

Not enough.

 

[DavidinSouthampton]

It will make a change from Tory donors like Sir Peter Green raiding pension funds I guess?

Is that Peter Green, the legendary original Fleetwood Mac guitarist and purveyor of such gems as the Green Manalishi and Oh Well.

 

[Brian Fantana]

Six figures in savings. A similar amount in shares. A buy-to-let property (not mortgage free).

 

[Weststander]

Six figures in savings. A similar amount in shares. A buy-to-let property (not mortgage free).

Well done (not said sarcastically), you've done well for yourself/ves.

 

[Brian Fantana]

Well done (not said sarcastically), you've done well for yourself/ves.

I was lucky in that something I invested in a few years ago did REALLY well.

 

[kingcole]

55......can’t see that changing (hope not anyway, that’s what I’m planning to do)

Depends on how old you are now. I’m 44 and I know I can’t access mine until 57. I think it’s fixed at 10 years before state retirement age so could go 58 I guess?

 

[dazzer6666]

Depends on how old you are now. I’m 44 and I know I can’t access mine until 57. I think it’s fixed at 10 years before state retirement age so could go 58 I guess?

Normally 55 now

https://www.pensionsadvisoryservice...choices/when-can-i-take-money-from-my-pension

 

[Driver8]

Normally 55 now

https://www.pensionsadvisoryservice...choices/when-can-i-take-money-from-my-pension

It is changing to 57 in 2028, at least that is the intention of the government. They haven’t legislated yet.

 

[dazzer6666]

It is changing to 57 in 2028, at least that is the intention of the government. They haven’t legislated yet.

I'll be well into spending mine by then

 

[Diablo]

Six figures in savings . A similar amount in shares. A buy-to-let property (not mortgage free).

£100k + in savings which are paying tiny interest no doubt and similar in shares(which have probably been hammered last few months). Why have mortgage on your buy to let ?

 

[Cian]

House is still eating everything - bought a just barely habitable (intact roof, water/sewage and electricity) probate sale a few years ago and I'm getting towards the end of the heavy expenditure. Windows, insulation, water tanks, heating replacement done and a new front door paid for not installed yet; rewiring is last of those. So depending on whether I've just paid for something or just about to it'll be anywhere from close to 0 to a few grand

However I've no short term loans, no HP contracts, no credit card balance and the mortgage is at about 27% LTV now. Pension pot has a reasonable amount for a 31 year old but really not enough. About a grand in premium bond equivalents and a few grand in Irish Continental Group (Irish Ferries) shares. When the house stops costing thousands every few months I intend to throw the equivalent in to savings and investments 50/50

 

[Brian Fantana]

£100k + in savings which are paying tiny interest no doubt and similar in shares(which have probably been hammered last few months). Why have mortgage on your buy to let ?

A couple of reasons:

1: I’m tied in for 3 more years on my mortgage, which has some fairly high early repayment charges.

2: A fair chunk of the savings have been earmarked for school fees, which will be needed fairly shortly.

 

[giveusfalmerplease]

Had a £100 per month monthly savings scheme which could be used to buy some shares few years ago from work - needed to save for 5 years though. Made the worst investment decision of my life after three years and cashed in (my 3600 made like £200 interest). Bloke next to me at work did the same thing but completed the scheme. By the time he came to buy his shares his £6000 (for full 5 yrs) plus £1000 bonus for completing the scheme enabled him to buy the shares at the original price when the scheme started (about £11 each) and then sold them immediately at the market value which was like £80 each at the time - so he netted like 55k so for the sake of saving another 2 years it cost me 52k in lost earnings

Ergo if your firm offers a profit sharing scheme - INVEST! NB most proper schemes are backed by banks or building societies so at worse you would het your money back if the firm goes bust..

 

[timbha]

Had a £100 per month monthly savings scheme which could be used to buy some shares few years ago from work - needed to save for 5 years though. Made the worst investment decision of my life after three years and cashed in (my 3600 made like £200 interest). Bloke next to me at work did the same thing but completed the scheme. By the time he came to buy his shares his £6000 (for full 5 yrs) plus £1000 bonus for completing the scheme enabled him to buy the shares at the original price when the scheme started (about £11 each) and then sold them immediately at the market value which was like £80 each at the time - so he netted like 55k so for the sake of saving another 2 years it cost me 52k in lost earnings

Ergo if your firm offers a profit sharing scheme - INVEST! NB most proper schemes are backed by banks or building societies so at worse you would het your money back if the firm goes bust..

Why did you cash in when there was a guaranteed £1000 if you carried on for another 2 years?

 

[sir albion]

Don't care about savings or pensions as I live for the day as we could die anytime....why save for the unknown?

 

[Driver8]

Don't care about savings or pensions as I live for the day as we could die anytime....why save for the unknown?

https://www.thedailymash.co.uk/news...g-its-ok-not-to-have-a-pension-20181102178951

 

[Beach Hut]

Don't care about savings or pensions as I live for the day as we could die anytime....why save for the unknown?

Good point and don't forget to maliciously kick a person when unconscious

 

[timbha]

Don't care about savings or pensions as I live for the day as we could die anytime....why save for the unknown?

So the state doesn’t have to keep you if you live beyond when you can work perhaps??

 

[Weststander]

Had a £100 per month monthly savings scheme which could be used to buy some shares few years ago from work - needed to save for 5 years though. Made the worst investment decision of my life after three years and cashed in (my 3600 made like £200 interest). Bloke next to me at work did the same thing but completed the scheme. By the time he came to buy his shares his £6000 (for full 5 yrs) plus £1000 bonus for completing the scheme enabled him to buy the shares at the original price when the scheme started (about £11 each) and then sold them immediately at the market value which was like £80 each at the time - so he netted like 55k so for the sake of saving another 2 years it cost me 52k in lost earnings

Ergo if your firm offers a profit sharing scheme - INVEST! NB most proper schemes are backed by banks or building societies so at worse you would het your money back if the firm goes bust..

Good advice. The same goes for short termists who opt out of employers pension schemes. Madness when you’re net of tax small contributions are generally part of a far larger investment for your future and low-cost these days.