I'm not in the company pension scheme because I can't afford to be
clockworkpurple wrote: »
Generation 'not saving for retirement' because generation 'can't bloody afford it'!
bendix wrote: »
Generation can still afford one or two overseas holidays a year, luxury consumer goods and meals out regularly.
It's a question of priorities, isnt it?
wiggers wrote: »
So they're encouraging us to put more money into pension schemes so they can cream off their extortionate charges for doing !!!!!! all. True you do get a big chunk of tax back, but it immediately starts getting eroded by fees and inflation. Great.
gadgetmind wrote: »
Pensions used to have very high fees, but this has changed over recent decades. You can now get well under 1% a year, and 0.5% is easily achievable. As for inflation, you don't usually invest in cash in a pension, or at least no more than a small percentage. Instead you invest in bonds, equities, and other more esoteric vehicles, usually via a "balanced" or "cautiously" managed fund. As a result, you can use growth of 5% or 7% a year in your financial planning.
Yes, there's a degree of risk, and sacrifices to be made, but surely this is better than just frittering it all away and spending decades in poverty?
Aytoun27 wrote: »
If you haven't got it you can't save it! I'm not in the company pension scheme because I can't afford to be, all my wages go on day to day living expenses. I don't have a luxury lifestyle either, last foreign holiday 1999, last UK holiday 2005, £10.00 a month on a pay-as-you-go mobile for emergencies, got rid of Sky TV in 2007, and I don't have a car. Any savings I do manage to get together go on exciting things like getting the gutters repaired and replacing the washing machine. And I'll bet that I'm not the only one in this position, for a lot of people it really is a case of can't save, rather than won't save for retirement.
J_i_m wrote: »
Indeed, bang on!
It's all very well critising people for not doing more to save for their retirement... BUT when you're already on a low income and are struggling to meet paying PAYE, NI, Pension, Rent, Council tax & all the other generic essential living costs, it's almost impossible to save anything.
People who come out with rubbish are looking from it upon a cushioned existence from a very comfortable income, they're a bit removed from the reality of other people.
bendix wrote: »
Do you smoke? Do you eat out? Do you buy lottery tickets? Do you have hobbies?
Life is about making choices. I don't believe for one second that people aren't able to put money away for their retirement: we have forty years of working life to plan for it, and if you use those forty years it is a tiny commitment.
Aytoun27 wrote: »
I don't smoke, eat out at birthdays and Christmas, don't do the lottery, but yes I have a hobby :eek: - not an expensive one though. Yes, life is about choices, but how realistic is to think that someone will do without any form of entertainment or enjoyment for the 50 years of their working lives (or even for 15 or 20 years) so that they can save every spare penny for their pension. That's not living, that's existing.
Hi Dustonh - I do understand how the pension scheme works (I have a small company pension from a previous job) but that £50.00 a month is just not affordable for me. Why not? Well because that £50.00 is my fares to work for a month, a week's grocery shopping for the family, the monthly saving for the electric bill or any one of a dozen other things that have to be paid now.
Share your suggestions!
'Pret Perks' will offer free rewards
40+ tips to slash the cost of buying online