get a pension plan

Well, I am now part of the company pension plan. Taking the hit on your salary now for the future has made me start to wonder about some of the things that I spend my money on now – I guess there is a difference between treating yourself to something and just buying things for the sake of it.

I did it yey! I pay 5% of my wage, the company doubles that and I get tax relief so my net wage practically doesnt change. :)

I get to sign onto one when I have passed my probation period. The company gives me around 50 pounds a month, my dad puts in that much and the government gives an addittional 30%. Weee:)

I’m 25 now, and will start one in about a month. Just before I start working. I guess about 50 years of savings should be enough in my older years…I will have so much free time and I plan to do a lot of traveling and all sorts of things that may require money. Good to think ahead.

Over the last 9 months there has been a big upheaval in the pension scheme available where I work. Because of the current financial climate and other things the scheme that they gave to us (their employees) has been changed from something that was comfortable to something else based on investment which is more expensive for us, is far more risky and promises less at the end. We have been given the freedom to make quite a few choices such as with which companies the investments are made, how much is invested, and so on.

Now when it comes to financial matters I’ve got about as much knowledge and insight as the average chimpanzee. As things stand by the time I retire (which is not for a long time yet) my income is going to be the pits. I need to do something about this, learn (a lot), plan, take action.

Although I have been saving 10% of my income every month, I felt I’m not saving enough, so to force myself, I got a pension plan, 10 years to pay.. by 36, I have 1million. although I computed it yields 5.3% p.a., at least it’s guaranteed, and higher than bank interest rate.

I’ve got my 401k set up, and I’ve had it set up since 1999. I’m only 29. I just have it automatically deducted, and I don’t pay much mind to it.

Nobody knows what the future will hold and I really do think that I should sort out a pension for myself.

I should not rely on my husband for my retirement as nobody can say what will happen in the next 30 years. I’ve always been uncomfortable being financially dependant on someone else and I can’t imagine that changing when I’m 60.