Life advice from a 90 year old? I’ll take it.
Backstory blog can be found here.
Money in a pot accrues no interest
Picture from Expat Explorer
8. Save for retirement starting with your first pay check.
Paying into my pension fund was easy for me. I was a newly qualified teacher and my paycheck was neatly split into various amounts of money being received and immediately sent elsewhere. National Insurance, repayment of student loan and Teacher’s Pension. Leaving the profession, said Teacher’s Pension sat doing very little for a year or two, then got transferred over to my Government Pension when I began working for the Council. Again, it would mysteriously leave my paycheck and go elsewhere.
I start a new job this week, one where I am managing myself and my own pay. I won’t be able to afford to pay into a pension for at least a year. This should worry me, it being £xxx that I now won’t receive as an OAP. However, knowing I’ve been paying out for the past 10 years already leaves me less concerned. I know I have a great Financial Consultant who will find me the best private pension when things are more steady, one that I can now keep track of rather than jumping to different contributory ones.
The state pension is enough to live on. It’s not necessarily enough to enjoy living on. Get your pensions sorted, people. It’ll make all the difference in the long run. In our lives we’re expected to work longer and live longer. You, and you alone, are responsible for your pension.
Start saving for retirement now, while it’s far too far away to matter to you.