How's next year looking for you?

[Brad93]

Not difficult to have a decent pension set up

You're having a laugh aren't you.

When you're just about putting enough money away for emergencies, how can any one man band/self employed tradesman afford to pay into a pension that might return what, 6-7%.

Maybe if you run a firm of guys and are making £15-20 an hour off each of them.

Without an employer matching what you put in there's no hope. Inflation and housing is rising quicker than a pension can make money.

This isn't the 80s/90s where you can keep bunging any extra cash in.
I don't remember the last time i thought you know what i've got enough spare money to invest some of it.

 

[owas]

This isn't the 80s/90s where you can keep bunging any extra cash in.
I don't remember the last time i thought you know what i've got enough spare money to invest some of it.

I must be imagining doing it on a below average wage then.

 

[Brad93]

I must be imagining doing it on a below average wage then.

Maybe it's different up north

 

[4String.]

I drive a wagon full time and given the current shortage of drivers I could change jobs every week.

Having said that, I'm wanting to ease it back now. I've had 3 months off with health issues in 2024 and I'm only getting older so something needs to change but thankfully we don't have any major bills. The mortgage was paid off a few years ago and my OH is very canny with the finances so I can happily earn a bit less which will be balanced out by having more spare time at home to concentrate on my fledgling woodworking business.

I don't see 2025 being much different for me and my OH. We have everything we need so we've both spent most of this year getting rid of stuff that we either didn't need or didn't use and we're both happier with less clutter.

 

[northwest]

Not difficult to have a decent pension set up

Sadly I must echo @Brad93 s statement. Self employed and trying to retire on even half of the pension Public Sector employees achieve is a dream. I don't think it is possible, unless you are making very serious money.

 

[owas]

Sadly I must echo @Brad93 s statement. Self employed and trying to retire on even half of the pension Public Sector employees achieve is a dream. I don't think it is possible, unless you are making very serious money.

Depends how early you started planning I'd say.

I've still got 25-28 years of growth/compounding to go and wish I'd started sooner but the numbers look very easy to retire on so far.

 

[frank horton]

shed is nearly finished....thats enough for me.....

 

[brewdexta]

I would like to retire in 2025, but the girls are just getting to the expensive university age, eldest is learning to drive too. Both are getting part time jobs and the missus has a part time job too so it may be possible.

When we moved out of London to "Downsize" back in 2000, we didn't take into account extending the house, renovating outbuildings and building a barn/brewery/workshop. So we actually upsized, although we have no debts, upkeep is quite high. I can think of a few ways to lower overheads or earn a few quid from the land to offset it a bit.

If I do retire from the regular day job, I can foresee a period of intermittent consultancy/contracting being needed, hopefully not for long.

I'll think about it more next year, I've never been busier work wise, I'm in IT and the company is always launching new products and acquiring other companies which keeps me busy and it's an interesting job. But I do want more workshop and hobby time, this isn't a rehearsal and I'm 63 next.....

 

[dobbslc]

I'm employed but work has definitely slowed down in the construction industry this year. I see my company sacking off the wasters this spring and there are a few of them (I dont know how some have kept their jobs to be honest)
I have a company pension and have been paying into my own one since I was self employed years ago, the missus has done some rough figures and they aren't really going to give me much money but once the mortgage is gone we'll be ok.

 

[addjunkie]

You're having a laugh aren't you.

When you're just about putting enough money away for emergencies, how can any one man band/self employed tradesman afford to pay into a pension that might return what, 6-7%.

Maybe if you run a firm of guys and are making £15-20 an hour off each of them.

Without an employer matching what you put in there's no hope. Inflation and housing is rising quicker than a pension can make money.

This isn't the 80s/90s where you can keep bunging any extra cash in.
I don't remember the last time i thought you know what i've got enough spare money to invest some of it.

While you are young enough to change direction, and wise enough to know you need to invest more into your retirement, 2025 might be your time to re evaluate your future. Then go and sell your skills to higher bidders.

 

[RichardM]

I'm just waiting for WW3 to start!

 

[Pigeon_Droppings2]

I've still got 25-28 years of growth/compounding to go

There's also 25-28 years of price inflation too of course!

 

[Mad Mick]

The only way forward is to be positive, deflect any s..t when it comes your way and ignore most of the daily news as they are only trying to p..s folk off with seemingly endless negative stuff.

 

[owas]

There's also 25-28 years of price inflation too of course!

I'm aware how it works.
Clearly there's plenty that don't and will get to the end of their working lives moaning they haven't got enough.

 

[8ob]

With the closing of so much industry and total lack of startups I can see big problems for PAYE operatives, I think the more diverse self employed person/mindset will always be ok.

Bob

 

[northwest]

As many of you know I suffered a series of Heart attacks and at one point I was actually dead for a while. It has re focused my priorities and a recent upheaval has caused me to think retirement might actually be something I should embrace and not try to outrun, which has been my plan up to now. I cannot see why I shouldn't be able to just jump in the car and go see my grandkids when the fancy takes me, or watch a movie or go for a walk, rather than this flat out million miles an hour existence I have had for the last forty or more years.
I have been lucky and it is luck as I am incapable of planning it, I have been lucky as my better half plans for me and with a bit more luck I will be moving into mortgage free rent free my money is my own existence some time this year. I can just but hope.

 

[Robotstar5]

..... and with a bit more luck I will be moving into mortgage free rent free my money is my own existence some time this year. I can just but hope.

Better hurry up, you only have 14 hours left of this year

 

[4String.]

As many of you know I suffered a series of Heart attacks and at one point I was actually dead for a while. It has re focused my priorities and a recent upheaval has caused me to think retirement might actually be something I should embrace and not try to outrun, which has been my plan up to now. I cannot see why I shouldn't be able to just jump in the car and go see my grandkids when the fancy takes me, or watch a movie or go for a walk, rather than this flat out million miles an hour existence I have had for the last forty or more years.
I have been lucky and it is luck as I am incapable of planning it, I have been lucky as my better half plans for me and with a bit more luck I will be moving into mortgage free rent free my money is my own existence some time this year. I can just but hope.

I had the same realisation this year when it occurred to me that while I was driving from one end of the country to the other in a wagon, most of my immediate family have gone and my neices and nephews have grown up.

Both my parents were from big families, Mum was the only sister to 10 brothers and Dad was one of thirteen, but there's only 2 left on either side now. I have loads of cousins on both sides but I wouldn't know them if I passed them in the street, so with my big sister's help I intend to rectify that in 2025.

Just over 20 years ago I worked for a while on a milling m/c for a precision engineering company in Rotherham and I can clearly recall the lad on the next machine to me saying "Martyn, I bet no-one on their deathbed ever said I wish I'd spent more time at work..."

 

[Blobber]

I think its going to be a messy few years for a lot of folks, the UK is a mess, the worlds a mess!
Being self employed since 1986 im used to not having a lot of money or regular income and have survived so far even though it was a struggle many, many times!
Got a bit of money tucked away so 2025 is going to be making my work areas better and a bit of building works if my body lets me!!

Good health and wealth for everyone in 2025

 

[skotl]

2024 has been a transition year for me. Gave up my last every permanent job at the end of 2023 after what was a very enjoyable job become miserable (new owners).

So this year I've been building out a set of business that I work with part time - a few hours to a few days each per month. This year has had me working for effectively free, earning around 4% of what I did in the last three years but it's hopefully looking to start paying off now, with some cash starting to trickle in from three of the businesses. I'm shooting for two things, now:

1. Only work with people I like
2. Get earnings of around 40% of what I used to make, but with way less stress

To the gist of the original question in the poll: I do think things are a lot harder now, with businesses being far more reluctant to spend. Costs have increased, post-2020, but desire to pay hasn't stretched at the same rate.
I'm glad me and the wife are through most of it (mid and late 50s and the mortgage is paid), but I worry for our kids.