Pension Planning Aaaagh or Ooooh?

Poll Started 14 September. Pension Planning Aaaagh or Ooooh: Does the word pension automatically make you yawn? Or have you got it all buttoned up? This week’s poll aims to identify MoneySavers’ attitudes to saving for the future. To discuss this click reply.

Aged Over 35 and have no pension provision (yet)  
Aged Over 35 and pension is on target  
Aged Over 35 and putting a little away  
Aged Under 35 and have no pension provision (yet)  
Aged Under 35 and pension is on target  
Aged Under 35 and putting a little away  
Don’t believe in pensions  
Could you do with a Money Makeover?


Follow MSE on other Social Media:
MSE Facebook, MSE Twitter, MSE Deals Twitter, Instagram
Join the MSE Forum
Get the Free MoneySavingExpert Money Tips E-mail
Report inappropriate posts: click the report button
Point out a rate/product change
Flag a news story: news@moneysavingexpert.com

Comments

  • lswwong
    lswwong Posts: 407 Forumite
    Oh gosh! Andrea's post has been up for 12 hours and not a single reply .... can we infer that interests in pension saving is scant??

    I am saving into a pension but don't know if I am putting enough away. Was going to ask Pal at the MSE London meet but don't think I will now .... ;D
  • trafalgar_2
    trafalgar_2 Posts: 22,309
    Combo Breaker First Post
    Forumite
    I've looked at it once already but to be honest the only reply I could put is......................makes me yawn :o
    So I was being polite and didn't want that to be the first ;D
  •  
    Aged Under 35 and pension is on target  

    Can someone explain what 'on target' means?
    Named after my cat, picture coming shortly
  • lisyloo
    lisyloo Posts: 29,583
    Name Dropper First Anniversary First Post
    Forumite
    "on target" means that it is going to produce an income that meets your personal target.

    A typical target might be 2/3rds salary at age 65, but the target can vary depending on things like your gender and personal goals.

    When you first consider a pension (or any other financial product) then your first question should be - what do I want to acheive?
    The solution should then reflect your target.
    This is better than just putting an arbitrary amount of money in without assesing what you want to get out of it.
    Of course there are always affordability constraints but it's the right place to start is - what do I want to get out?

    Unfortunately I think many people start from - what can I afford to put in.

    Providers now make it harder for you to ignore what you are going to get out by giving you a projection each year.
    I think there are rules about providing this now.
  • Below are the results to the poll. Thanks to the 1729 people who took part.

    Poll Title: Poll Started 14 September. Pension Planning Aaaagh or Ooooh: Does the word pension automatically make you yawn? Or have you got it all buttoned up? This week’s poll aims to identify MoneySavers’ attitudes to saving for the future. To discuss this or view past poll results go to the Money Polls section in the Chat Forum.

    Aged Over 35 and putting a little away 22.4% (388 Votes)
    Aged Over 35 and pension is on target 21.8% (378 Votes)
    Aged Over 35 and have no pension provision (yet) 13.7% (238 Votes)
    Aged Under 35 and pension is on target 12.6% (219 Votes)
    Aged Under 35 and putting a little away 11.7% (204 Votes)
    Aged Under 35 and have no pension provision (yet) 11.5% (199 Votes)
    Don’t believe in pensions 5.8% (101 Votes)
    Could you do with a Money Makeover?


    Follow MSE on other Social Media:
    MSE Facebook, MSE Twitter, MSE Deals Twitter, Instagram
    Join the MSE Forum
    Get the Free MoneySavingExpert Money Tips E-mail
    Report inappropriate posts: click the report button
    Point out a rate/product change
    Flag a news story: news@moneysavingexpert.com
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.5K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607.1K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards