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Posted: Tue, 24 Jan 2012 11:42
This is so rock n roll Dan!
I've had similar thoughts over the last year or so, having got married last year and coming up to the age of 35, I've got nothing in place in terms of a pension. I've got some contingencies through the company I work for, but it feels a bit pie in the sky at the moment, so I've read quite a few articles on "Money" sites that clue me in a bit.
Apparently the current average annual retirement pot is around £17k. It varies regionally but that's the national average. To be honest, if I had no mortgage I'd be pretty confortable on just under £1.5k a month. You've got no commuting costs, you've just got to keep yourself warm and fed.... and entertained as well of course.
The last 2 years haven't really been kind to many people financially, but with interests rates looking like they will be staying at the level we're at now for possibly another 3-4 years (!) which is a bit mental really, mortgage payments remain a significantly lower percentage of the average persons take-home pay than we're used to. So now is as good a time as any to start putting some away for the future.
IMHO I think there's a fair bit of playing it by ear in terms of how much you put away each month. Initially, put away what you can afford to, even if it's a nominal amount, its something. Circumstances change, you may be in a different job in 5 years time, been promoted, or have started your own business. When you can afford it, increase the amount you put away. But if you start putting something away, you'll be used to the feeling of not receiving all your income each month to jazz up the wall or spend on sweets.
I'll be honest, I miss my twenties!
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