How to save for retirement

Here’s how to prepare for retirement, and the financial products that can help you do it.


Very cool and informative!

Next up, a FI/RE guide? :slight_smile:


I was just thinking about this topic today! Sure, with the retirement age going up, and with me living and working in Glasgow, I’ll probably never make it to retirement, but you never know!

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Glasgow is fairly cheap to live compared to the rest of the UK. What issues is there there?

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The life expectancy in some parts of Glasgow is incredibly low

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Ha, i read the “never make it to retirement” wrong I guess. I know Glasgow well. I feel there are ways to avoid dying early :smile:

I was being flippant about our life expectancy in areas of Glasgow. In the area I live in the most recent estimates are 67.8 years for men.

I wasn’t making a serious comment, I should have added a smilie! :smile:

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I fall for this a lot :smiley:

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In all seriousness, one of my things for saving (for retirement as well) is to save something, doesn’t matter how much it is, get it in your company pension or whatever else your using and don’t touch it.

Yeah, i’m lucky in that I have a decent pension with my work. Used to be a final salary pension, but that changed in 2015. :slightly_frowning_face:

I’ll be getting a pension with the new job. Half of me is thinking why bother since I’ve left it so late to start one but employers contribution so might as well I suppose

You might also be able to pay in some more to it. Might be worth it if the employers contribution also increases.

It can add up quick when your getting topped up by your company.

Only doing part time hours but they base it on what your full time rate would be. It’s the NHS so doubt they’ll increase their contribution (and as I’m part time I really couldn’t afford to increase mine). I’m sure i’ll be given a bundle of stuff to read, it’s all new territory for me :cold_sweat:

The NHS should give a good pension, i think its one of the best government pensions there is?

Without a doubt. Think on my wage it’s 5% contribution. But I’m almost 40 so that’s a lot of years of contributions and compound interest missed out on. Still, might win the lottery before then :grin:

I encouraged a colleague who was 62 to start saving in the company scheme. Ours the employee pays 4% whilst the company pays 12%. With normal tax relief it works out at a contribution rate of 2.8% of your salary for 16% savings - she recently said to me how much has been saved in the last 5 years.

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It’s is good - probably best for those retiring now or in next 5-10 years as the terms are really good.
Contribution rates are quite high from an employee persepective but if you sign up on day 1 of your job your less likely to miss the cash.