Originally Posted by
Bob Viking
Obviously we know each other and know each other’s circumstances. No need to go into details on either front.
You make good points and in your situation it may well have worked out the best for you in the long run.
However, I feel you are being slightly disingenuous.
You are effectively counting your salary twice. I know how much it is, but your maths makes out that you save all of it into a pension. I know that, if invested wisely, it makes for a very solid financial foundation but you can’t honestly claim you have already saved hundreds of thousands of pounds purely for pension purposes.
If you do ‘pension pot maths’ as I have many times then it can paint a very different picture.
Now, I am on AFPS 75/15 and reached my IPP at age 38 which makes our circumstances slightly different. I intend to have my cake and eat it with regards to pension.
I think your situation and how it affects people who were caught up in the enforced switch to AFPS 15 in toto does probably make an earlier departure more financially sound. However, a longer career with a PAS pension (and don’t forget good schooling) is not all doom and gloom.
Also, don’t forget. Certain locations don’t suit everyone.
BV
agreed Bob and yes we do know each other. The secret to wealth as you well know is compound interest. The earlier you can realise that savings potential in life the more you will gain given the same timeframe. Whilst my figures are simplistic they are not over exaggerated. Like you said, not all locations suit everyone but on the plus side all have to spend on is Hargrieves Lansdown and a mortgage 😜. To see the same returns as a Flt Lt pension requires in the region of 150-200k invested wisely.