I need non-crypo financial advice

also don't buy crypto

>the chance you'll want to move
That is on my mind too. I moved half the country away for my current job, which is great, but I'm starting to question if I'll really stay here all my life. The pension is keeping me here
>First thing's first buy a passable place so you're not renting
I really think that's the first thing I'll do. Stop renting and buy myself a decent place so i'm not throwing away the money every month
I have a defined benefit pension based on my salary and how long I've been employed. Since it's not based on how much i've paid in (which isn't very much, around £100 a month) I think I would be insane to get rid of it. I don't think any pension in the UK is better. If it's worth nothing when I retire, that's a different story... not sure how to deal with that other than make sure I have other sources of income
I'm done with crypto. I considered buying ETH when it was around $5 but I had only just started this job and had no money. Regretting it I decided to buy LINK and HTMLCOIN to see if I could make some money but then crypto crashed. Why do people on here still keep telling everyone to buy? Do they still really think it's going to come back?

Nigel you aren’t thinking clearly. Your pension WILL NOT be there for you in 36 years. Britain is going down the shitter and will be in civil war or collapse before then. You should be doing all you can to build some wealth now and get a backup plan for when the hajis get control of your govt.

Save up to 80k and go live in baltics. Land 30 min off coast will cost you 10k euros for 1000-3000m2. Then 70k to build a comfy house if you are smart about it.

Use that 20k to buy property in the countryside. Somewhere nice, and pay it off. Owning your own home that is paid off is guaranteed retirement success. Go somewhere with low taxes and you're basically only paying your real estate taxes to live: 1800 a year here for example. Very easy to live on just a couple hundred thousand like that. You're doing very well to have that much saved already.

Alternatively, buy a house in an area that is getting "trendy" or gentrified so you can sell it can get extra cash before you do above

>Why do people on here still keep telling everyone to buy? Do they still really think it's going to come back?
retail trading is big business, easily within the billions. the people who own the crypto infrastructure make bank, especially with the lack of regulations normal markets have. no doubt they can hire a few hundred shills to drum up hype throughout the internet.

>i need non-crypo financial advice.
i stopped right there. what are you doing here ?

>Owning your own home that is paid off is guaranteed retirement success.
no it's not, plenty of people lose their home when they become jobless with no savings to prove my point.

This is the dumbest advice ever for the average British normie with no knowledge of the area, no local connections, can't speak language... Bet tai yra butent tai, ka as ir darysiu, nes as noriu buti toks pats marozas kaip ir tu ;)

alright here is the deal for a 15 year retirement plan:
>dismiss with your debt if you have any
>live frugally which means above 50% savings rate preferably 60%
>put your savings into index funds that follow the stock market and have minimal fee (vanguard s&p500)
>keep 3 months of full living expenses at hand always for unexpected shit
>have some credit cards with good rewards and always pay back in time this also provides you with a monthly buffer
>with 60% savings rate and an +10% compounding interest you should be able to retire in 15 years
>as plan b and also a shortcut do buy bitcoin under $10k (max 10% of your net worth) it can hit $1mil in 5 years

>10% compounding interest
what

Got british normie fren living comfy in lithuania selling weed

since you are a boomer, setup a Vanguard ISA and put your money in their lifesaver strategy depending on how risky you want to be.

i'm assuming he means 10% average returns on his vanguard etfs

yes above inflation should be around 10% on average there will be shit years and incredible years.

>setup a Vanguard ISA
I've heard of that but always thought it was an American thing. Do I just put in money and they invest it for me? What kind of returns do you typically get?

You work in the NHS?

vanguard is an american thing it's american market etf. but if you got lots of money in other countries brokerages can hook you up. i told the people at my bank that i would like to invest in vanguard s&p500 they told me it's only available to private banking clients. i'm about halfway to get there. in the meantime i can still invest in derivative funds.

check out reddit.com/r/UKPersonalFinance/
they have much more info on it and other investment advice for the UK

Bro, its all lies, they say its gaurenteed X
the cunt telling you that is long gone by the time its payup. Be lucky if the private pension company is even about then. its a ponzi scheme that is about to collapse. think of the population and demographics in 35 years. This island is getting pretty full as it is.

Anyone paying into a 'pension' scheme since the 70's havent received what was promised.

Why do you think the mandatory workplace pension was introduced? it wasnt to make sure you are good in 40 years. its so they can pay out the current pensions without boomers and war vets getting too fucked. everyone after that is gonna is SOL (hint most boomers didnt get what they were promised pension wise either, its still a better deal than state)
state pension wont be around in 30year either.
Save your monies.

i largely agree but specifically to my country don't know about the rest of the world. here pension is a gigantic scam.

The best part is how wages are garnished to fund this. Pension funds are toxic debt, the people buying them gamble the money, take a bonus and dump it.

What country are you in? UK here

hungary we have state pensions currently they take a cut from your paycheck but they immediately spend it. nothing is reserved or invested. which means once the largest working demographic hits pension age it's going to collapse. the private pension schemes will be the first to get raided when they try to keep it afloat till next elections at least in a futile effort. not that they are so great or anything...

before the collapse i will get my money out of the country either into crypto or a bank account abroad. i expect they can keep appearances up for 5 years maybe 10 if lucky.

Well that is making me even more depressed. I have no idea what to do now other than buy property and hope for the best. Also, as I said my pension is about £120 per month, which over 35 years will mean I will have spent around £50k to gain a pension of ~£30k per year until I die. That seems like a pretty good gamble to take for such little money, surely

DO YOU WORK FOR THE NHS?

that is a good pension. If it's 30k until you die. Keep it

It is very hard to lose your home if you are only paying taxes because your mortgage is paid off. Of course you need savings, but not having to pay mortgage is the key. Read better.

Vanguard is strong Pennsylvania company, you can trust us with your cash got I promise

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if you have no income you will incur debt or starve to death. you will lose the home. that was my point.

This guy gets it. You need 25x your annual spending to live off of your money forever. That means living frugally makes a much bigger difference than getting more money.

>Noseberg Enterprises gives you a $1000 pay raise
>You are now $1000 closer to retirement, minus taxes and deductions, goy.

>You change a habit and find a way to spend $1000 less per year. That's easy to do if you're a wasteful normie.
>You are now $26,000 (25K+1K) closer to retirement.

what is £30k a year going to be worth in 40 years?

ask some people who are recently retired, are they actualizing what was promised. most will tell you not. so now your £30k is only 15k. and in 30 years that 15k is actually worth 5k.

that is providing that the company hasnt gone bust. they havent blown the money worse (and that 15k is now 6k) etc.

maybe.. just maybe you might have a chance if this is pension through NHS or governemt beaurocacy. but honestly.. there is no NHS in 30 years.. and they are only tryng to to extend the ponzi so it doesnt all collapse at once.
retirement age will creep up
pension pay outs will decrease
inflation will kill any 'gains' over the 30 year period.
you will be penalized if you wanted to liquidate your pension and get the monies out sooner/quicker.
I ramble a bit but cold hard facts here user:
NHS is unsustainable
Pension system is unsustainable.
private pensions can go bust/be robbed etc. CEO extracting bonus money type shit.
Your money is locked up fpr 30 odd years, 1 in 3 people will have cancer. many more stats for other fucked up shit to kill you. you want to be able to liquidate your assetts as/if needed. not have it locked away until a certain age or heavily punished for trying to access it early.
Pensions are a post war thing. everyone else is paying off the first 20-30 years of the ponzi.

remember this... the taxes you are paying in now, a slice is supposed to go towards providing you a state pension when you retire. you are paying them now, the money has been collected. IF by a miracle there is a state pension system going when you retire you will be able to claim it. except.. you paid into a private.. your income from that will negate a state pension (that you already paid into) your private pension will have dwindled at best to the meagre amounts of a state pension whilst actually replacing it. you would have paid twice, one being way over value for what you eventually receive.

>using the outdated 4% rule
>not including taxes

Is this a public sector pension?

I know it is normal to be barraged by normies that haven't got a single iota of a fucking clue about making money outside of wageslaving that paying into pension is a good move because of employer contributions etc. But seriously, it is a risky as fuck investment.

Think about it, you are giving capital on the trust of a fund where you have no say or vote as to where your money is invested, which is locked up for 36 years with the promise you will receive some random benefit assuming the pension age even stays at 67 (hint: It wont).

Meanwhile that capital that you have given away could have been put to use in investing in riskier higher yielding endeavours (pension funds tend to invest in gov. bonds, index funds etc and obtain meagre yields on the whole). Meanwhile the Chad who is running the pension fund is driving a lambo and paying himself massive bonuses from your money for doing nothing apart from rebalancing the fund (which is pretty much automated anyway) when markets move.

Meanwhile the current UK pension liability stands at £7.6 trillion of which £4 trillion is unfunded. Literally boomers and cucks like you being promised money which doesnt fucking exist and never will. Prepare for massive defaults due to aging population and a glut of boomers retiring in the next 5-10 years.

Do you really think your money is save in a fund with massive liabilities which it cant meet and where you can't pull out your capital for 36 fucking years?

Meanwhile you could have taken that £120 per month and bought gold, silver, crypto, stocks, property, dividend yielding assets, ANYTHING which you have full control of yourself.

vanguardinvestor.co.uk
There are much less funds to invest in compared to the US version, you can either pick the equity funds or pick the lifestrategy funds and they give around 5-20% roi, unless there was a stock market crash but this is for long term investing where you keep adding money. The great thing about this is you do not pay capital gains tax on your gains and you can cash out 20k annually tax free.

if we go on your numbers of 50k 30k etc
how long do they expect you to claim pennsion for? 12 years isnt unrealistic if you imagine a 65/67 age of retiemt and live to %10 compound interest over 30 years. you feel thats realistic? fuck people still have no clue what the market will be like after brexit which is #apparently# 6 month away.

Last person to be 'guarenteeing' 10%+ yearly was ol Bernie.

the forcing of pensions on businesses is the start of the switchover. it puts heavy pressure on small business, squeezing some of them out. as more jobs become either automated or reduced to wageslaving at massive corps, the mandatory company pension will have replaced the state pension,

ask people how their endowments worked out. that was the big thing being sold in the 70's. pay in a monthly amount for X years and get fantastic lump sum of blah.
most didnt even cover the money that was put in without even taking in inflation. you may aswell have put the money in a box in the shed for a decade.

invest your monies in western(ish) univrsity towns of upcoming countreies with a sizable population and large land mass. basically cater for chinese students studying in the west, places like romania, hungary etc. they alone will pay the mortgages on any properties you have aquired over the next decade or 2

Yes, it's a civil servant pension which I assume has more chance of being around in 35 years because it's backed by the government, but who knows.
>Meanwhile you could have taken that £120 per month and bought gold, silver, crypto, stocks, property, dividend yielding assets, ANYTHING which you have full control of yourself.
It's only £120 or ~£50k over 35 years, hopefully turning into at least 30k per year until death when I retire. I'm not sure gold or crypto would give anywhere near that level of return. Besides, it's only £120. Ontop of that I'm currently managing to save around £400 per month without trying very hard, so if I plan on investing I still have money to spare.

I also noticed the Lifetime ISA that you can pay £4k into every year and the government will give you a free £1k (+25%). It can be used to buy a first home or accessed after 60 when you retire. Again, I don't think I could spend 4k on gold every year and gain an extra 1k, so it seems like a good idea

Ok so you put 4k in each year and get 25% from government. You are 31 so still have 29 years left until 60.

Inflation is 2.5% but real inflation is probably closer to 4-5%. That is on the low side too, extend that across 29 years means your money in that fund is now devalued by 53% - 78%. The reason the government gives you "free money" is because they constantly need to print more from nothing to keep the whole debt ponzi scam rolling. You haven't got free money in reality you will have lost 25-50% in value in real terms.

Ok fair enough, I get your point. But I don't think that's exactly how the pension works because it isn't based off what I pay in at all.

Every year I get 2.32% of my current salary added to a pot, and that pot becomes my retirement yearly salary. For example, I made £30k in the last year, so 2.32% of that is £696. I will get that £696 every year when I retire. If I stayed for 35 years my retirement salary would be £24,360, but that's assuming I never get promoted and never get a pay rise in all that time. Also each year total is adjusted for inflation and the cost of living, but that could be a positive or negative adjustment so I have no idea how to account for that.

When you put it like that it doesn't sound like a good deal at all. What I'm taking from all this is do more research, don't trust pensions, look into a vangard isa and consider buying property in places chinese students will pay my mortgage.

ok so the numbers would/should be even higher. That alone screams unsustainable. There are many factors to consider in the next 30 years including your health and wether you can carry on paying into the pension. Having easily available funds available for opportunites is better than it locked away in a schrodingers box
you either have a glorious pension or fuck all. you wont know until 2050 when you open it

2050.. britain will look very, very different by then.

another protip.
buy garages. in shit areas. they are cheap(£2-6k), can be rented out(pittance), are almost always freehold, no taxes etc to pay. when the area is to be redeveloped the piece of land it sits on will be at a premium. hold out and cash in. our island is small... population big. they'll have blocks of flats on roundabouts soon they are running out space.
if you think you could do better with an extra 25% on your investment bankroll monthly then pull out.

being civil service one its more likely you may still get it at age. its just what you'll get is up for debate and whether you can have done better with the money.

The fact that you are taking steps towards any sort of investment would leave to believe you can do better with your money than someone you have never seen or spoke to whose job is to make sure they can pay their current and soon to be commitments. No-one working in the pension system gives a fuck about you in 40 years time.

its a rough pill to swallow but you are paying for the people retired at the moment. your money is not going into any pot anywhere. its going to current retirees. The reason they promise it after X years of employment is to keep you out of the private sector and feed the ponzi.

Vangard is one option but I use Fidelity for funds - I think they are bigger in UK?

Check out Degiro too if you want to buy shares, futures, options etc. Also Freetrade is coming out soon which is the UK / Euro version of Robinhood.

Pro-tip: I worked in the public sector for 5 years and got my projected pension statement and it is shit tier, I don't even expect to get paid any of it by the time I retire.

One of the reasons I was spurred into researching into investing and taking control of own financial future was being thrown into the private sector!