Saving for pension - any regrets?

[ensignia]

I'm in my early 30s, and contribute nothing to my pension despite having one Inside contract on a hefty rate so it's not an efficient way to operate. But £2500 in my current account every week now is better than stashing several hundred in a hidden pot somewhere and reducing my take-home.

Spend, spend, spend and worry later is my mindset. Short termism

[mattster]

I'm in my early 30s, and contribute nothing to my pension despite having one Inside contract on a hefty rate so it's not an efficient way to operate. But £2500 in my current account every week now is better than stashing several hundred in a hidden pot somewhere and reducing my take-home.

Spend, spend, spend and worry later is my mindset. Short termism

I'm not sure if you're joking or not, but if not then you should seriously reconsider. The only reason my pension is not a total catastrophe (nearly) is due to generous pensions in early perm roles that have continued to grow over the last 25 years. If you can afford to reduce your weekly take home by just £200 (you can), then assuming you are inside IR35 that would translate to about £1500 a month in the pension pot. Do that for ten years in your thirties and, with a fair wind, it will double in real terms by your mid fifties and you will be half way to a reasonable retirement without even noticing. And believe me, your fifties will be upon you before you can blink.

[SueEllen]

I'm in my early 30s, and contribute nothing to my pension despite having one Inside contract on a hefty rate so it's not an efficient way to operate. But £2500 in my current account every week now is better than stashing several hundred in a hidden pot somewhere and reducing my take-home.

Spend, spend, spend and worry later is my mindset. Short termism

The pot isn't hidden if it's a SIPP

[lecyclist]

Only regret was the naive assumption that after careful stock selection you could basically hold onto them in your SIPP indefinitely without fear of losing in the long term. If like me you prefer stocks over funds, it's a reminder that you need to monitor your portfolio regularly, and be pragmatic when a company is no longer performing.

Market conditions do change, and all it takes is a change in leadership team whose bonuses are aligned to growth targets, recklessly taking on unsustainable debt, and the share price can collapse if their plan goes awry.

[GitMaster69]

I'm in my early 30s, and contribute nothing to my pension despite having one Inside contract on a hefty rate so it's not an efficient way to operate. But £2500 in my current account every week now is better than stashing several hundred in a hidden pot somewhere and reducing my take-home.

Spend, spend, spend and worry later is my mindset. Short termism

what rate you're on if you pocket 2500 pw on an inside role? fishy to say at least

[northernladuk]

what rate you're on if you pocket 2500 pw on an inside role? fishy to say at least

Note that he's got the same reputation level as you.

[GitMaster69]

Note that he's got the same reputation level as you.

yeah I'm just not sure if he's full of crap or his umbrella company using some "schemes"

[TheDude]

what rate you're on if you pocket 2500 pw on an inside role? fishy to say at least

There are plenty of inside gigs paying rates that net £2.5k weekly.

[GitMaster69]

There are plenty of inside gigs paying rates that net £2.5k weekly.

You mean like 1000+ a day? I don't think there's that plenty, but what do I know, merely 600pd outside contractor

[eek]

yeah I'm just not sure if he's full of crap or his umbrella company using some "schemes"

£2500 a week take home implies a day rate of £1000 or so.

Possible but rather unlikely given the type of person who commands that sort of rate.