Working and retirement plans - Here's mine, whats yours?
Whats up folks, it's Sunday night and i lose my freedom in about 9 hours when i leave the house for work tomorrow for the next 6 days. I do not normally work on Mondays but this week i am doing overtime to get a few extra beans in the bank. They have me on a new job in a new department, i need to do it for next few weeks to know it inside out then train it out the rest of the team. It's a gift of a job and i have it mastered already, i plan to drag it out as long as i can are until i get bored of it. After this project i'll be back to training people that dont speak english to bake bread. In case you are wondering, i work for a large fresh food factory that produces fresh salads, soups and ready meals to M&S, Asda, Waitrose, SuperVaule and about 5-6 other smaller supermarkets. My proper title is Bakery Supervisor but im pretty free to do as i like as long as im doing something productive and im in and out of around 5 departments everyday, i actually spend the least amount of time on the bakery cause the staff are so good compared to other departments. I have a real love/hate for work, i enjoy working with food and the amount of freedom i have but i hate the pay and wants expected sometimes.
Whats your job?
I remember there was a post done a long time that asked members to comment tot he post with what everyone did as a job. Not everyone will want to answer this but it would be cool to see what #steemsilvergold members for their weekly bread and butter.
Retirement
When i hit around 29, i was planning to get married and started to think about some sort of pension to set up. I went silver and i've been stacking since, i also have my crypto's and a small shares account. Plan is to cash the lot out and sell my apartment at the ripe age of 55 and retire in Thailand which gives me another 22 years to save. Cause my wife is Thai and owns a 3 bedroom house we will live rent free and only need spending money. A retirement plan is to invest 90% of the retirement fund into a FTSE 100 tracker and live on 3% each year. If the FTSE 100 goes up more than 3% in a year, i'll reinvest the extra money to help adjust for inflation in later years and mantain spending power. A target of £10,000 per year will provide a very comfy retirement with money for traveling as well. The avg monthly salary in Thailand is around 10,000-15,000 baht in a city. My £10,000 per year would give me 35,000 baht per month and no rent to pay. A yearly pension of £10,000 might sound small to some but it's an achievable target and it depends where your spending it. I will also get a UK state pension which everyone from the UK gets for paying national insurance tax on every pay slip. I think it's around £700 per month but i dont plan it into my retirement because it's government and it might get scrapped.
After im dead
I'll die before the wife are i hope. As the plan is to pretty much live of interest of during retirement, when i die i leave behind all the capital which will be released to the wife and she's free to spend as she pleases, i'll be dead so i'll not care. If the wife dies first, then after i do, the capital is split etween the kids and again, they can spend as they like. They will be old enough by then to know what to do with it.
What's your retirement plans?
Planning a retirement is something i think about more and more and seems to be the end goal. Planning to retire at 55 would be awesome and time will tell if me and the wife can do it :) What's your plans if any?
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Unfortunately I’ll probsbly be working till the day i die......been grinding it out as a cabinet/furniture maker for over 30 years now. College tuition has really destroyed my savings and then some. But it is what it is.
Becoming a joiner was my second pick after becoming a baker :)
School fees in the US are crazy wild, lets hope one of kids becomes millionaire's and take are of old dad :)
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Well I turned 38 on Friday and I'm still planning on retiring at 55. Mortgage paid off by 40, save hard for 15yrs and enjoy what little life I have left. Hahah
My NHS pension is a final salary and I can't touch that till 65. I'll pick up my state pension around the same age. But me and Mrs W, plan on selling/renting the house and getting a camper and travelling till we get too old. We will then retire somewhere hot. Mrs W is a senior manager in the NHS so is on VERY VERY good money. So that will help 😉