Can you buy out your pension?

Dithering_Dad

MattB147 wrote: »

Hi DD,

The trouble is I'm not in a position right now to put anything by for the future, got quite a cashflow problem at the moment.

So rather than take out a loan I was looking at other options, namely is there a way I could get these pension contributions back.
Doesn't seem so by the looks of things, not to worry.

Thanks,
Matt

Hi Matt,

I was the same when I was younger, always struggling from one pay check to the next with hardly any savings. As time went by, my salary increased as my work experience did and my outgoings reduced as I went from partying 4 nights a week to just 1 (and often 0 these days) and so solved this particular problem.

However, I did make sure that I contributed to my company pensions, so even though I'm crap at saving, I somehow managed to acrue £76k of pension savings! I must admit that if these savings were not impossible to get at (as you've found), I would have frittered them away and be looking at a pretty dismal 30 years of retirement.

Whatever crap life throws at you when you're young, you can cope because you can either get a second (or third) job, get a better job that pays more or make temporary cut-backs until your situation improves. All things that you cannot do if you have money worries when you're old and infirm.

Retired_I.F.A.

Whatever crap life throws at you when you're young, you can cope because you can either get a second (or third) job, get a better job that pays more or make temporary cut-backs until your situation improves. All things that you cannot do if you have money worries when you're old and infirm.

That depends on which part of the country you live in, it may be true in the south but for most of the couintry the young of today are lucky to find one part tome job for minimum wage let alone two or three and a full time job is kinda like the proper apprenterships last seen in this country back in the 60's, extint as a Dodo bird.

Grandad getting his g-teed minimum £100 wk income from the state is a rich man compared to a teenager looking for work on less than half that.

dunstonh

Grandad getting his g-teed minimum £100 wk income from the state is a rich man compared to a teenager looking for work on less than half that.

We used to joke that people retiring in Norfolk got a pay rise at age 65 as the average wage for the county was so low. By the time they got their state pensions and a little personal pension they were often earning more than when they were working.

Paul_Herring

Retired_I.F.A. wrote: »

That depends on which part of the country you live in, it may be true in the south but for most of the couintry the young of today are lucky to find one part tome job for minimum wage let alone two or three and a full time job [...]

With all due respect, your view is coloured by your age (judging from your 'nick) or your opinion is coloured by personal experience.

No disrespect intended, but I think you're wrong. There are decent jobs out there for those that can be bothered looking for them, and I'd like to think that, at least, those 'young' actually bothering to read these boards are the ones that can find them.

Those that aren't here/can't be bothered... Well they're not best disposed to actually finding them, in whatever climate the economy hapens to be in. Most (I'd like to think) through ignorance, some through denial.

<awaiting reactionary replies....>

averageguy11

Paul u'll find a few opinions coloured by there pet choices/hates

Dithering_Dad

Paul_Herring wrote: »

With all due respect, your view is coloured by your age (judging from your 'nick) or your opinion is coloured by personal experience.

Got to agree with Paul, there is plenty of work out there. Prior to doing this contracting lark I was working overtime in my old job and then worked in a pub a couple of evenings per week and often at the weekend. I paid down a load of debt which then allowed me to brave the contract market.

When I was at Uni I used to work in a bar and during holidays I worked as a labourer on a building site. I'm from Manchester by the way, so even with the North/South divide I found work.

All stuff I could do to raise extra income while I was young(er) which I couldn't do to raise money when I'm over 65 - which was my point. People who think that their money worries are bad now are in for a rude awakening when they're old (people from Norwich notwithstanding )