RE: Retirement income / pot31 May 2024 12:29
I am of the belief that although income size is important, what is more important is how much you spend. If you can save that goes a long way to personal 'wealth'.
Without divulging too much personal info, I grew up literally dirt poor, you have no idea!! So now, my greatest 'fear' if you like, is becoming poor (not that we are rich now...) I do not want my kids to endure what I had to, they don't already. I do not want to return to that place. So I strive every day to save a little more, it's the only thing I can give my kids, a financial step up the ladder. I need to ensure my mother has a decent end of life, or at least comfortable. That burden lies with me.
Now, as C_K said, find the best way to save early, teaching kids this valuable lesson early is so worth it.
Money is not everything, but some times it is the only thing. And the way things are going, you can never rely on your government, they tax you pay today in NI or similar is to provide for those that have already retired, the governments, all of them have spent what you thought was 'your's', the next generation coming up has to provide for us that will retire later, and so on. Private pensions, property, assets is your only chance. Not a Netflix sub, or a Gucci handbag or a flashy car.
I also could go on, just too much to write about the pitfalls of youth...