FabSwingers.com forum: Pension

By (user no longer on site) OP
over a year ago

Should we really worry about saving for a retirement especially with the state of the planet and all the other doom and gloom going on….is live for today the better option or should we all do the pension lottery?

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By *ack688Man
over a year ago

abruzzo Italy (and UK)

I think I would rather die having saved for a pension that I don’t benefit from than live to an old age in more extreme poverty because I didnt do anything about a pension

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By (user no longer on site) OP
over a year ago

"I think I would rather die having saved for a pension that I don’t benefit from than live to an old age in more extreme poverty because I didnt do anything about a pension "

Yes of course that’s if you get to old age no guarantee there and with the state of things even less guarantee

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By (user no longer on site)
over a year ago

Being frail, with no money to stay warm and fed sounds like a hideous existence.

Odds are there will be no nukes, and total disaster from everything else won't happen in our lifetimes.

Saying that, I've only started paying into mine this year.

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By (user no longer on site)
over a year ago

A pension no matter how small will always be welcome to top up the almost non-existent state pension… and at that age every penny counts

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By *igforfun100Man
over a year ago

Magherafelt

If you have worked all your life for a pension and a home, when in need of care, the state will take it all off you.

If you spend and enjoy life as you go, when you need care, the state will pay for it.

I know which one I will choose.

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By (user no longer on site)
over a year ago

"If you have worked all your life for a pension and a home, when in need of care, the state will take it all off you.

If you spend and enjoy life as you go, when you need care, the state will pay for it.

I know which one I will choose."

... for now.

Who knows what shit they'll pull in 10, 20+ years?

A plan B is handy.

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By *apxxxWoman
over a year ago

North Shropshire not Wales!!!ffs & Manchester

My prediction is that they will faze the state pension out gradually. Save as much as possible for as long as possible and retire at 55...which is what I'm doing

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By *inaTitzTV/TS
over a year ago

Titz Towers, North Notts

Put as much as you can afford in, as early as you can and you won't regret it. With tax relief and growth from reinvestment, it's a great long term investment.

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By (user no longer on site)
over a year ago

"Put as much as you can afford in, as early as you can and you won't regret it. With tax relief and growth from reinvestment, it's a great long term investment.

Tina!

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By *ndycoinsMan
over a year ago

Whaley Bridge,Nr Buxton,

"If you have worked all your life for a pension and a home, when in need of care, the state will take it all off you.

If you spend and enjoy life as you go, when you need care, the state will pay for it.

I know which one I will choose."

There are ways and means (legal) to stop that happening.Dont put all your money into a pension,spread the risk,diversify investments.The best ones are those not on paper,buy objects(portable assets) such as collectable wristwatches,coins etc.

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

None of our contemporaries who have paid into a private pension or saved some other way have regretted it. If we had to live on our state pension our quality of life would be very much worse than it currently is and it's highly likely we'd still be working.

Of course there's the option to rely on the state but I think you'll find that's far from the comfortable or convenient option unless you're ill or disabled.

If the world does end before you can take advantage of any savings you've made you won't be alive to regret it. If it doesn't end and you've made no provision you might find yourself wishing you had

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By *andyfloss2000Woman
over a year ago

ashford

I'm going to b living of just the state pension in 3 weeks time! No private ones just £203.85 a week! Won't b a miserable existence that's for sure! X

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By (user no longer on site) OP
over a year ago

I have a pension to go with the state pension I also own my house outright this was always drilled into me as the right thing to do

To be honest I really wouldn’t know what would be the right advice to give the youngsters nowadays

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By *a LunaWoman
over a year ago

South Wales

"I think I would rather die having saved for a pension that I don’t benefit from than live to an old age in more extreme poverty because I didnt do anything about a pension "

This for me too, because knowing my luck I’ll live to be 100 and I’ll be living on diddly squat!

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By *ex HolesMan
over a year ago

Up North

I’m lucky that I have a final salary pension which I’ve paid into for 30 years. I can retire in a few years and live comfortably until the day that I die.

If I didn’t have this I would ensure I had a private pension that returned the same benefits of very close to it.

Anyway who wants a willy up the bum?

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

"I have a pension to go with the state pension I also own my house outright this was always drilled into me as the right thing to do

To be honest I really wouldn’t know what would be the right advice to give the youngsters nowadays "

We've told both our kids to pay into private pensions.

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By *inky_couple2020Couple
over a year ago

North West

My private pension statement shows that even with what's in it now, I could have a basic standard of living, with cautious spending (albeit at today's prices). As I have another probably 30-odd years working life ahead, I feel happy with that. I'm assuming state pensions will be part of history by the time I hit 70-odd.

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By *inky_couple2020Couple
over a year ago

North West

"I’m lucky that I have a final salary pension which I’ve paid into for 30 years. I can retire in a few years and live comfortably until the day that I die.

If I didn’t have this I would ensure I had a private pension that returned the same benefits of very close to it.

Anyway who wants a willy up the bum?

Rex, is that you? This post is far too sensible

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By *naswingdressWoman
over a year ago

Manchester (she/her)

I assume that it'll all be pilfered by the time I reach retirement age.

That being said, I'm still saving for retirement

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By (user no longer on site)
over a year ago

Thanks guys, just gone on the google and got myself one

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By *atnip make me purrWoman
over a year ago

Reading

"I think I would rather die having saved for a pension that I don’t benefit from than live to an old age in more extreme poverty because I didnt do anything about a pension "

Yes I think that's the ultimate issue.

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By *usie pTV/TS
over a year ago

taunton

Anyone in the PAYE system will automatically be having money paid into a pension by there employer you will probably need to pay in some what more to have a decent pension, also I do wonder who is making sure these companies are doing a good job with the investments and not using it to pay themselves massive salaries. many years ago I had one, was back in the days when a guy would come around once a month and collect the premiums he probably stopped calling and eventually I got a letter saying that there was nothing left in the pension as it had all been used up to pay the commision..

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By *alandNitaCouple
over a year ago

Scunthorpe

"I think I would rather die having saved for a pension that I don’t benefit from than live to an old age in more extreme poverty because I didnt do anything about a pension "

This... I hope to have the opportunity to take early retirement in 10 years or so.

We should be debt free by then, including no mortgage.

I have a decent work pension and whatever I get from the state (eventually) will just be an added bonus.

Nita

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By *0shadesOfFilthMan
over a year ago

nearby

If we can afford to yes

Industry figures show the average personal pension fund has a value of only £31,000 which is a little over one years average pay

Uk are one of the worst countries at saving, last time I looked it was about 4% of earnings; Germans 16%, Chinese 33%

Ageing population, less people owning a home, more people renting one, and this week we are told nine million more by 2040 will have health problems.

Future does look grim on the financial front so best to make use of any spare income and invest it. The state looks less and less interested in looking after the population with every passing week.

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By (user no longer on site)
over a year ago

If I had the spare money - I definitely would.

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By (user no longer on site)
over a year ago

"If you have worked all your life for a pension and a home, when in need of care, the state will take it all off you.

If you spend and enjoy life as you go, when you need care, the state will pay for it.

I know which one I will choose.

This is astoundingly bad advice. The value of ‘Stuff’ is unreliable and unpredictable.

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By (user no longer on site)
over a year ago

I’m collecting one, working on another and if it’s still around will take the state pension too. I will spend the bloody lot…..

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By *0shadesOfFilthMan
over a year ago

nearby

"My prediction is that they will faze the state pension out gradually. Save as much as possible for as long as possible and retire at 55...which is what I'm doing

Already happened

Women’s state pension was paid at age 60, now it’s 65 and later depending on age

Government are already talking about deferring it further to age 70-72. And it’s already one of the lower state pensions in Europe

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

"My prediction is that they will faze the state pension out gradually. Save as much as possible for as long as possible and retire at 55...which is what I'm doing

Already happened

Women’s state pension was paid at age 60, now it’s 65 and later depending on age

Government are already talking about deferring it further to age 70-72. And it’s already one of the lower state pensions in Europe "

Women's state pension is 66 already and has been since 2018 I think.

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By *iltsTSgirlTV/TS
over a year ago

chichester

No one else getting inheritance from parents

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By *rogalCouple
over a year ago

Falkirk

It is always worth doing, the earlier the better due to compound growth. If we follow the S&P 500s historical data then on average across your lifetime it will compound at 10% a year. Add onto the fact that with employers having to match to a certain percentage means that you already start with 100% growth on what you personally invest.

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By *asycouple1971Couple
over a year ago

midlands

Have a work pension that I have been paying in for over 20yrs, no idea how much its worth or what I will get at the end of it.

Things are going to be really bad in 10yrs with this Country and I cannot see the Govt helping you out.

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By (user no longer on site)
over a year ago

Slightly off topic but should we all have life insurance too? I’m a shite adult I know

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By *ife NinjaMan
over a year ago

Dunfermline

Been paying into the final salary scheme (yep, it's one that's actually still open) for 35 years. I can retire at 55, but that's too young for me. A pension is worth it. Do it now!

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By *om and JennieCouple
over a year ago

Chams or Socials

"No one else getting inheritance from parents "

Being left to the grandchildren as they will need it more

J x

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By *om and JennieCouple
over a year ago

Chams or Socials

"Slightly off topic but should we all have life insurance too? I’m a shite adult I know

It depends - if a single person with no children then no point

J x

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By *abioMan
over a year ago

Newcastle and Gateshead

"My prediction is that they will faze the state pension out gradually. Save as much as possible for as long as possible and retire at 55...which is what I'm doing

Already happened

Women’s state pension was paid at age 60, now it’s 65 and later depending on age

Government are already talking about deferring it further to age 70-72. And it’s already one of the lower state pensions in Europe

Women's state pension is 66 already and has been since 2018 I think."

State pension age is 66 at the moment

Anyone born between April 61 and April 78 it will be 67

Anyone born after April 78 it will be 68….

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By *ex HolesMan
over a year ago

Up North

"Slightly off topic but should we all have life insurance too? I’m a shite adult I know

If you have kids, definitely.

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By (user no longer on site)
over a year ago

"Slightly off topic but should we all have life insurance too? I’m a shite adult I know

If you have kids, definitely."

Do they pay out if you die after you’ve finished paying it? Or only if you die while you’re still paying?

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By *ellhungvweMan
over a year ago

Cheltenham

The simple fact is that people don’t save enough. They don’t save enough because they don’t start early enough.

_THE_ most powerful concept in money is compound interest - the idea that over time you earn interest on your interest and that adds up to a lot over a long period.

Put a bit of money away when you are young (or for your kids) and you will be in a much better situation than if you don’t do anything until you start earning proper money.

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By *ex HolesMan
over a year ago

Up North

"Slightly off topic but should we all have life insurance too? I’m a shite adult I know

If you have kids, definitely.

Do they pay out if you die after you’ve finished paying it? Or only if you die while you’re still paying?"

It’s like any insurance, you’ve got to be paying into it for someone to claim against the policy.

It will help set your kids financially plus if you’ve not paid your mortgage off then it’ll help keep a roof over their heads.

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By *iltsTSgirlTV/TS
over a year ago

chichester

"The simple fact is that people don’t save enough. They don’t save enough because they don’t start early enough.

_THE_ most powerful concept in money is compound interest - the idea that over time you earn interest on your interest and that adds up to a lot over a long period.

Put a bit of money away when you are young (or for your kids) and you will be in a much better situation than if you don’t do anything until you start earning proper money."

If you are later in life wanting to save for later there is better returns in other ways. As you say the younger you start the better but if you are say 48 / 50 starting from scratch then you will probably be better off looking at other investment options for faster returns if you are able to save money .

Best advice Is get advice from FA’s on options applicable .

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By (user no longer on site)
over a year ago

I'm marrying a rich old guy, my filters are there for a reason.

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By *mf123Man
over a year ago

with one foot out the door

The world will not end we will all simply evolve to sweat sun cream and grow fireproof skin

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By *r-8-BBCMan
over a year ago

LONDON

"Should we really worry about saving for a retirement especially with the state of the planet and all the other doom and gloom going on….is live for today the better option or should we all do the pension lottery?"

Yes, we should save for retirement, we don't know what the future hold. Pensions could be done away with soon and those with out savings will find it really difficult.

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By (user no longer on site)
over a year ago

We can live in hope that the planet will still be here

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By (user no longer on site)
over a year ago

"The world will not end we will all simply evolve to sweat sun cream and grow fireproof skin "

Like slinky dragons

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By *abioMan
over a year ago

Newcastle and Gateshead

The government are kinda making you save for a pension anyway… let me explain with getting too political

The premise is that people will basically have 2 pensions to live on… 1 from the state…and 1 through all the work you will do

State pension isn’t going anywhere… they have just changed the rules so it’s going to be much simpler to work out what you will get ( first party to even put up the notion of abolishing the state pension won’t see power for at least 25 years it’s that much of a 3rd rail)

The other one is a workplace pension… if you are earning more than 10000 a year, your company is obliged to have a pension scheme! You are paying in, company is paying in, government is paying in!

You can physically opt out… but they deliberately make it super hard to do so to deter people from considering it, and every 3 years you have to write to them to continue it if you do

If your company has a private pension scheme that gives a better payout or provision than the work place pension, that is where your contributions will go instead, again you are paying in, employer is paying in, government is paying in

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By *uri00620Woman
over a year ago

Croydon

I don't suspect I'll be around to benefit as people in my family keel over at the first avaliable opportunity. If not that I'll likely have to be 102 before I could claim it anyway. That being said I have one now but thinking of withdrawing.

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By *r-8-BBCMan
over a year ago

LONDON

"I don't suspect I'll be around to benefit as people in my family keel over at the first avaliable opportunity. If not that I'll likely have to be 102 before I could claim it anyway. That being said I have one now but thinking of withdrawing. "

I would advise not to.

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By *UGGYBEAR2015Man
over a year ago

BRIDPORT

"We can live in hope that the planet will still be here "

The planet ain’t goin’ nowhere, the inhabitants might disappear though.

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By *inky_couple2020Couple
over a year ago

North West

"Slightly off topic but should we all have life insurance too? I’m a shite adult I know

If you have kids, definitely.

Do they pay out if you die after you’ve finished paying it? Or only if you die while you’re still paying?

It’s like any insurance, you’ve got to be paying into it for someone to claim against the policy.

It will help set your kids financially plus if you’ve not paid your mortgage off then it’ll help keep a roof over their heads. "

I don't know this sensible Rex, but I like him

Get a pension kids, it might help your kids if you snuff it too.

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By *lik and PaulCouple
over a year ago

Flagrante

This sort of stuff should be taught in schools...who knows, maybe it is now.

Personal view is you should save as much as you can, as early as you can. If your company has a scheme where they match fund then get involved. You can also have a separate personal pension where every £ you invest the government tops it up by 25p.

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By (user no longer on site)
over a year ago

I'm not a fan of pensions tbh , a person can pay into one all their working life , kick the bucket then they don't have to pay out ..that's pensions.During the recession there were so many people that had pensions with different financial institutions..in other words they invested their hard earned cash with them ..they played with their Money..it all went belly up and those that were near retirement age were left with Zilch... nothing ...all they were told was sorry ,it was the financial meltdown that took their money.. imagine having worked all your life thinking that you'd have a few quid put away for your retirement then nothing.. absolutely NOTHING... Horrific to say the least .

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By *ilverfox for youMan
over a year ago

Hull

Live for today but plan for tomorrow !!

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By *oncupiscentTonyMan
over a year ago

Kent

I pay 3% work pays 9% but then they keep the salaries artificially low to reflect that. It's well acknowledged that anyone 50 plus are only hanging around because of the pension.

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By *ir SupremacyMan
over a year ago

Bolton

This is the best thread on Fabswingers I have seen in a long time .

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By *lik and PaulCouple
over a year ago

Flagrante

"Live for today but plan for tomorrow !!"

Quote of the day

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By *atnip make me purrWoman
over a year ago

Reading

"This sort of stuff should be taught in schools...who knows, maybe it is now.

Yes have pensions and isas. Get educated. Top up your government pension if you are not at maximum - will pay off in 3 years. Follow moneysavingsexpert.

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By *ndycoinsMan
over a year ago

Whaley Bridge,Nr Buxton,

"If you have worked all your life for a pension and a home, when in need of care, the state will take it all off you.

If you spend and enjoy life as you go, when you need care, the state will pay for it.

I know which one I will choose.

This is astoundingly bad advice. The value of ‘Stuff’ is unreliable and unpredictable."

This is good advice.Pension funds (as well as hedge funds and ISA's for example) have been investing in assets such as coins for nearly Thirty years,because they are a proven asset that increases.All market analysis shows a steady increase year on year.The value increases are better shown when broken down into investment timescales,short term 5 years,medium 5-7,long term 10+,from 30% to 140%.This consistency is what attracts Fund Managers,as well as the demand in the market place (globally not just UK) for such items.

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By (user no longer on site) OP
over a year ago

"This is the best thread on Fabswingers I have seen in a long time ."

Haha thanks

You want to have a look at what else I’ve posted all of them are thought provoking

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By *rHotNottsMan
over a year ago

Dubai & Nottingham

You shouldn’t worry about it no.

You you plan to not he a burden on the state or your family though and then make smart decisions and small sacrifices now to achieve your planned retirement income levels.

Living for today become of doom and gloom is a poor excuse to force others to support you when your old

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By (user no longer on site)
over a year ago

There’s a fair bit of conflicting opinions on here now. The general consensus seemed to be yes get a pension but now it seems to be swinging the other way

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By (user no longer on site)
over a year ago

"There’s a fair bit of conflicting opinions on here now. The general consensus seemed to be yes get a pension but now it seems to be swinging the other way "

Coming from someone (currently) without much financial planning - everyone definitely needs to save. A lot.

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By *rHotNottsMan
over a year ago

Dubai & Nottingham

"The simple fact is that people don’t save enough. They don’t save enough because they don’t start early enough.

_THE_ most powerful concept in money is compound interest - the idea that over time you earn interest on your interest and that adds up to a lot over a long period.

Put a bit of money away when you are young (or for your kids) and you will be in a much better situation than if you don’t do anything until you start earning proper money.

Best advice Is get advice from FA’s on options applicable .

The better returns come with much higher risks . I have a US based income (high yield) fund currently paying 12.2% as investing in a pension for less than 10 years wasn’t a good idea.

If you’re are late 40s or 50s there’s not much you can do is the reality , start young rode out the highs and lows and get the compound effect

I was very very lucky with the entry point and FX rate towards the end of the pandemic, I took a risk it paid off, you won’t get anything like this now.

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By (user no longer on site)
over a year ago

"12.2%"

Whhhhaaat? How?

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By *ansoffateMan
over a year ago

Sagittarius A

Once upon a time pensions were worth the investment.

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By *lexA68Man
over a year ago

Durham

Best to cover all bases, I'd prefer to be a few £ short a month than years of penury in old age.

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By *ndycoinsMan
over a year ago

Whaley Bridge,Nr Buxton,

"The simple fact is that people don’t save enough. They don’t save enough because they don’t start early enough.

_THE_ most powerful concept in money is compound interest - the idea that over time you earn interest on your interest and that adds up to a lot over a long period.

Put a bit of money away when you are young (or for your kids) and you will be in a much better situation than if you don’t do anything until you start earning proper money.

Best advice Is get advice from FA’s on options applicable .

The better returns come with much higher risks . I have a US based income (high yield) fund currently paying 12.2% as investing in a pension for less than 10 years wasn’t a good idea.

If you’re are late 40s or 50s there’s not much you can do is the reality , start young rode out the highs and lows and get the compound effect

I was very very lucky with the entry point and FX rate towards the end of the pandemic, I took a risk it paid off, you won’t get anything like this now. "

If you are in later life investing in collectable assets is a good option.Its not exclusive to those in later life.

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By *ts the taking part thatMan
over a year ago

southampton

Apparently we are all going to boil to death in our own sweat soon so likely better off buying a solar powered aircon unit.

Going to be lonely though unless others buy them.

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By *uri00620Woman
over a year ago

Croydon

"This sort of stuff should be taught in schools...who knows, maybe it is now.

Honestly kids don't want to know this stuff. There's a push to teach finance from them, parents and government etc and it is being in schools. However, I can probably count on one hand the amount of kids who actually want to know this stuff in their mid teens. Finance seems too far and remote for them to care let alone pensions. For a lot of my 15 year olds even their gcses are too far in the future to think too much about and they're doing them the following year

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

"This sort of stuff should be taught in schools...who knows, maybe it is now.

Very true! That's why I think that compulsory work place pensions are a good idea.

I didn't want to know about saving for that long distant age of retirement when I was at school

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By *atnip make me purrWoman
over a year ago

Reading

"This sort of stuff should be taught in schools...who knows, maybe it is now.

My kids are in their 20s and are maxing out their pension match from their employers.

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

Our kids are in their thirties and doing what they can re pensions. With that and saving for a house while paying eye watering sums in rent it's not easy. They've watched us be able to retire early and want to emulate that but as this was down to us having a house to downsize from and private pensions they realise it's not going to be easy.

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By *rHotNottsMan
over a year ago

Dubai & Nottingham

"12.2%

Whhhhaaat? How?"

Mix of Emerging markets, and US equity securities and long and short-term debt securities.

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By *rHotNottsMan
over a year ago

Dubai & Nottingham

"The simple fact is that people don’t save enough. They don’t save enough because they don’t start early enough.

_THE_ most powerful concept in money is compound interest - the idea that over time you earn interest on your interest and that adds up to a lot over a long period.

Put a bit of money away when you are young (or for your kids) and you will be in a much better situation than if you don’t do anything until you start earning proper money.

Best advice Is get advice from FA’s on options applicable .

The better returns come with much higher risks . I have a US based income (high yield) fund currently paying 12.2% as investing in a pension for less than 10 years wasn’t a good idea.

If you’re are late 40s or 50s there’s not much you can do is the reality , start young rode out the highs and lows and get the compound effect

I was very very lucky with the entry point and FX rate towards the end of the pandemic, I took a risk it paid off, you won’t get anything like this now.

If you are in later life investing in collectable assets is a good option.Its not exclusive to those in later life."

I’ve look at art, whisky casks, and gold , none of it is any good. Gold is only good to preserve against worst case scenarios, it’s a poor investment method.

There’s no secrets, markets always crash, but over time always grow , houses are the same , so you have to start when young on both to guarantee to ride out the dips.

Entry and exit point is all the matters, everything in between is just numbers on a screen

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