Investments, stocks, shares

[Babylon]

42 minutes ago, grobyfox1990 said:

Numbers don’t compute with person on the internet. Let’s ignore the experts then. Where is the foxestalk science club, you literally have a study which is being ignorantly dismissed!! 

I'll presume you haven't even read it.

 

"Expectation to offer financial support to grandchildren had pushed up the income required by £8,000"... that's absolute f****** nonsense. That's got nothing to do with anyone having a comfortable retirement has it? 

 

A single person needs £3600 a month to live. WHAT! If you have paid off your mortgage at retirement age, what on earth are you spending £3600 a month on, crack? Hookers? Are they living in a 5 star hotel or something?

 

 

[Sambiasso]

7 minutes ago, whoareyaaa said:

I do wonder how high bitcoin can go, It started the year at 16k now up to 44k and America has approved the btc etfs last month.

 

I think it will only get stronger, thoughts ?

Interesting couple of months after the halving.

Hopefully will see the start of the bull run 100k minimum in the next 6-12 months.

[Lako42]

7 minutes ago, Babylon said:

 

 

what on earth are you spending £3600 a month on, crack? Hookers? Are they living in a 5 star hotel or something?

 

 

Finally someone understands my retirement requirements 

 

Financial advisers just don't get it. 

Edited 8 February by Lako42

[Babylon]

7 minutes ago, Zear0 said:

There was no availability at the council ones.

Having been through this recently with my father in law, the council have a duty of care to provide a space somewhere, or at least contribute to a place somewhere. Where do you live?

[Zear0]

3 minutes ago, Babylon said:

Having been through this recently with my father in law, the council have a duty of care to provide a space somewhere, or at least contribute to a place somewhere. Where do you live?

Respectfully, I'm not sharing the personal details of families care to settle a point on a football forum.  Happy to discuss the wider issues though.

 

Edit-Not saying you are either!

Edited 8 February by Zear0

[grobyfox1990]

41 minutes ago, Babylon said:

I'll presume you haven't even read it.

 

"Expectation to offer financial support to grandchildren had pushed up the income required by £8,000"... that's absolute f****** nonsense. That's got nothing to do with anyone having a comfortable retirement has it? 

 

A single person needs £3600 a month to live. WHAT! If you have paid off your mortgage at retirement age, what on earth are you spending £3600 a month on, crack? Hookers? Are they living in a 5 star hotel or something?

 

 

Not only have I read it, I know members of the PLSA external taskforce that were involved in writing it through a previous life in helping them put together the annual 'financial lives' survey. It's a rigorous assessment based on a lot more than what person on the internet sees in his own echo chamber life. I presume you have not read the report but just skimmed a bbc article and figured you know what you're talking about from that.

 

You've worked hard your entire life and want to help your grandchildren, that is entirely reasonable and is a goal for many of having a 'comfortable' retirement, Maybe not for you, but clearly for many others.

 

Do you have any idea how much care costs? Do you know how far £3600 a month gets you? Again you are missing the definition of 'comfortable.'

[Babylon]

5 minutes ago, grobyfox1990 said:

Not only have I read it, I know members of the PLSA external taskforce that were involved in writing it through a previous life in helping them put together the annual 'financial lives' survey. It's a rigorous assessment based on a lot more than what person on the internet sees in his own echo chamber life. I presume you have not read the report but just skimmed a bbc article and figured you know what you're talking about from that.

 

You've worked hard your entire life and want to help your grandchildren, that is entirely reasonable and is a goal for many of having a 'comfortable' retirement, Maybe not for you, but clearly for many others.

 

Do you have any idea how much care costs? Do you know how far £3600 a month gets you? Again you are missing the definition of 'comfortable.'

I'll repeat it, giving your grandchildren £666 a month, has got bugger all to do with a comfortable retirement. You aren't any less comfortable if you don't give them that are you, they are. If that's their definition of comfort, it's incredibly misleading from the outset. 

 

And I'm well aware of the costs of having relatives currently in care, I'm also well aware that most never end up needing long term nursing home care. More importantly from what I read in the report, their figures don't even take into account potential care home use, it's certainly not in their budget list. 

 

The top figures are nothing more than a fanciful wish list, that simply doesn't apply to most people.

 

A "Comfortable" food shop for two people is set at £238.20 a week in 2022. That's sirloin steak for breakfast lunch and dinner every day of the week for two people, with change. Perhaps they should rename this a "luxury".

 

 

[Lesta Legend]

6 minutes ago, Babylon said:

I'll repeat it, giving your grandchildren £666 a month, has got bugger all to do with a comfortable retirement. You aren't any less comfortable if you don't give them that are you, they are. If that's their definition of comfort, it's incredibly misleading from the outset. 

 

And I'm well aware of the costs of having relatives currently in care, I'm also well aware that most never end up needing long term nursing home care. More importantly from what I read in the report, their figures don't even take into account potential care home use, it's certainly not in their budget list. 

 

The top figures are nothing more than a fanciful wish list, that simply doesn't apply to most people.

 

A "Comfortable" food shop for two people is set at £238.20 a week in 2022. That's sirloin steak for breakfast lunch and dinner every day of the week for two people, with change. Perhaps they should rename this a "luxury".

 

 

Most people won’t be gifting their grandchildren anything on a monthly basis, presumably until they die. For those that can afford to, gifting is a good way to mitigate IHT and help your family out but isn’t relevant to your standard of living. 

 

There is a small percentage of society that this report seems to be looking at and it isn’t the vast majority of the general public. 

[grobyfox1990]

13 minutes ago, Babylon said:

I'll repeat it, giving your grandchildren £666 a month, has got bugger all to do with a comfortable retirement. You aren't any less comfortable if you don't give them that are you, they are. If that's their definition of comfort, it's incredibly misleading from the outset. 

 

And I'm well aware of the costs of having relatives currently in care, I'm also well aware that most never end up needing long term nursing home care. More importantly from what I read in the report, their figures don't even take into account potential care home use, it's certainly not in their budget list. 

 

The top figures are nothing more than a fanciful wish list, that simply doesn't apply to most people.

 

A "Comfortable" food shop for two people is set at £238.20 a week in 2022. That's sirloin steak for breakfast lunch and dinner every day of the week for two people, with change. Perhaps they should rename this a "luxury".

 

 

Fair. I see where you're coming from and a football forum is not the place to go into the nuts and bolts of the report, especially around provision of care which you allude to, which is not strictly true but is logically true. When my generation retire in their 90s, we will likely need care because there will be no state pension and no million dollar unearned wealth for us to call upon, unlike those who are approaching retirement now likely do have.

Main point of the report is, probably everyone needs to put more in their pensions now which hopefully came across amidst the clickbait headlines

[Babylon]

11 minutes ago, grobyfox1990 said:

Fair. I see where you're coming from and a football forum is not the place to go into the nuts and bolts of the report, especially around provision of care which you allude to, which is not strictly true but is logically true. When my generation retire in their 90s, we will likely need care because there will be no state pension and no million dollar unearned wealth for us to call upon, unlike those who are approaching retirement now likely do have.

Main point of the report is, probably everyone needs to put more in their pensions now which hopefully came across amidst the clickbait headlines

That's fair, I'm just not sure it's actually helpful as your average person simply won't be able to wrap their heads around those figures.

[Tommy G]

3 hours ago, grobyfox1990 said:

Fair. I see where you're coming from and a football forum is not the place to go into the nuts and bolts of the report, especially around provision of care which you allude to, which is not strictly true but is logically true. When my generation retire in their 90s, we will likely need care because there will be no state pension and no million dollar unearned wealth for us to call upon, unlike those who are approaching retirement now likely do have.

Main point of the report is, probably everyone needs to put more in their pensions now which hopefully came across amidst the clickbait headlines

It’s quite easy to say “put more in your pensions” but the average Joe will be struggling to provide for their family never mind put more in their pension. 
 

As I’ve said I think it’s a really important thing to do and if you have spare cash you should do it as young as possible to lap up the compound interest, I’d even do it for a newborn - £3k straight into a pension will mean they can retire comfortably. 
 

I think auto enrolment is a success to a point but smaller businesses operating on tight margins are struggling to find the cash to give market leading pay rises never mind upping ers pension costs above the minimum. 
 

im not sure what generation you are 1990 in your username points me to 34, in which case you are a year younger than me - no chance the retirement age will move to 90+ IMO

Edited 8 February by Tommy G

[grobyfox1990]

1 hour ago, Tommy G said:

It’s quite easy to say “put more in your pensions” but the average Joe will be struggling to provide for their family never mind put more in their pension. 
 

As I’ve said I think it’s a really important thing to do and if you have spare cash you should do it as young as possible to lap up the compound interest, I’d even do it for a newborn - £3k straight into a pension will mean they can retire comfortably. 
 

I think auto enrolment is a success to a point but smaller businesses operating on tight margins are struggling to find the cash to give market leading pay rises never mind upping ers pension costs above the minimum. 
 

im not sure what generation you are 1990 in your username points me to 34, in which case you are a year younger than me - no chance the retirement age will move to 90+ IMO

Yeh agreed, easy to say it but not practical to do.

And yeh early-mid 30s, don't think we'll have a state mandated retirement age or state pension when we get to these ages, it'll be work until you drop unless you can afford it.

[Izzy]

2 hours ago, Tommy G said:

It’s quite easy to say “put more in your pensions” but the average Joe will be struggling to provide for their family never mind put more in their pension. 
 

As I’ve said I think it’s a really important thing to do and if you have spare cash you should do it as young as possible to lap up the compound interest, I’d even do it for a newborn - £3k straight into a pension will mean they can retire comfortably. 
 

I think auto enrolment is a success to a point but smaller businesses operating on tight margins are struggling to find the cash to give market leading pay rises never mind upping ers pension costs above the minimum. 
 

im not sure what generation you are 1990 in your username points me to 34, in which case you are a year younger than me - no chance the retirement age will move to 90+ IMO

If only I had my time again....

 

Two teenage kids who cost an arm and a leg plus a wife who wants a holiday every five minutes makes it increasingly difficult for me to put more into my SIPP.

 

I look back on my 20's & 30's where I earnt a good wage with no responsibilities, but I pissed it all up against the wall. 

 

Of course there's a balance to be had at that age to also enjoy yourself, but I guess they call compound interest the 8th wonder of the world for a reason.

 

Pay into a pension as early as you can.

 

Edited 8 February by Izzy

[Zear0]

26 minutes ago, Izzy said:

If only I had my time again....

 

Two teenage kids who cost an arm and a leg plus a wife who wants a holiday every five minutes makes it increasingly difficult for me to put more into my SIPP.

 

I look back on my 20's & 30's where I earnt a good wage with no responsibilities, but I pissed it all up against the wall. 

 

Of course there's a balance to be had at that age to also enjoy yourself, but I guess they call compound interest the 8th wonder of the world for a reason.

 

Pay into a pension as early as you can.

 

Time to run away to Florida with the P790s.

[Mike Oxlong]

Think the only way I could make extra money in retirement is to sell my body. Unfortunately that would have to be to science rather than women 

[Paninistickers]

Not quite investments, but any reason my tax code may have plumbed to 729 instead of the normal 1257? 

 

I've checked my ytd tax against an online tax calculator and, if anything, I've paid too much this tax year (unless the next two pay packets correct themselves) ...so my code shouldn't be adjusted for any underpayment 

[Izzy]

23 minutes ago, Paninistickers said:

Not quite investments, but any reason my tax code may have plumbed to 729 instead of the normal 1257? 

 

I've checked my ytd tax against an online tax calculator and, if anything, I've paid too much this tax year (unless the next two pay packets correct themselves) ...so my code shouldn't be adjusted for any underpayment 

Do you have a company car or any other benefits?

[Paninistickers]

5 minutes ago, Izzy said:

Do you have a company car or any other benefits?

Nope, nothing 

[Izzy]

4 minutes ago, Paninistickers said:

Nope, nothing 

In that case, assuming you're an employee, I'd speak to your payroll dept. mate.

[Tommy G]

38 minutes ago, Paninistickers said:

Not quite investments, but any reason my tax code may have plumbed to 729 instead of the normal 1257? 

 

I've checked my ytd tax against an online tax calculator and, if anything, I've paid too much this tax year (unless the next two pay packets correct themselves) ...so my code shouldn't be adjusted for any underpayment 

Strange -Do you have private health, company car etc? Any underpayments from a prior year. Have you recently done your tax return? Mine is K1565 so I have little sympathy 

[Tommy G]

7 minutes ago, Izzy said:

In that case, assuming you're an employee, I'd speak to your payroll dept. mate.

All they do is download the code from HMRC each month…

[Izzy]

11 minutes ago, Tommy G said:

All they do is download the code from HMRC each month…

Maybe. Or they might actually, you know, help?

[Paninistickers]

I've logged online at HMRC, apparently the T at the end denotes that the code is undecided. I've put in my (realistic) projected income for the next financial year and hopefully that will remedy it. But from what I can see, I haven't any underpayments or perks that warrant a change from a standard tax code. 

 

Unless it's something to do with child benefit? 

[Tommy G]

10 minutes ago, Paninistickers said:

I've logged online at HMRC, apparently the T at the end denotes that the code is undecided. I've put in my (realistic) projected income for the next financial year and hopefully that will remedy it. But from what I can see, I haven't any underpayments or perks that warrant a change from a standard tax code. 

 

Unless it's something to do with child benefit? 

What are you doing re child benefit, if you’re above the threshold you need to notify HMRC or do a return. 

[Paninistickers]

46 minutes ago, Tommy G said:

What are you doing re child benefit, if you’re above the threshold you need to notify HMRC or do a return. 

Yeah, I'm wondering if it's it. That will be an absolute bummer