Eco_Miser wrote: »
You don't actually NEED a pension. It's nice to have one, but you don't NEED one. You may not live long enough to use one, and the state scheme will keep you from starving anyway. The sooner the OP gets his house, the sooner he'll stop paying rent, and the sooner he'll have paid his mortgage off, Then he'll have all that spare money to put by for his retirement. There's no point in saving for a comfortable retirement which you may not even survive to see, if your current situation is not comfortable.
Personally, my savings should maintain my current lifestyle until I'm 109, even without my private or state pensions, but that's the result of half a life time of keeping expenditure well below income.
rictus123 wrote: »
I dont want to pay into a pension as i dont trust it. I dont trust it for the life of me. If company i have pension with goes bust then what? Maybe i just need to read more into it and il trust it but right now i dont fancy it what so ever. Employer pays a little in for me.
So whats the advice for me? And dont just say im living in dream land with my plans above, this is probably why alot of young dont ask about finance....because they just get mocked.
Thrugelmir wrote: »
What's changed? Agreed tuition fees have risen. However on the right course that will lead to a career. Some of us, weren't as fortunate in years past. Our salaries reflected the cost of our training and time off. Nothing in this life is a right. All has to be paid for.
Taxes must rise to cover the cost of baby boomers' pensions, healthcare and benefits, the National Institute of Economic and Social Research (NIESR) has said.
Its report said children born now would pay £70,000 more in taxes over their lifetime than they got back in benefits and services from the government.
Those aged 65 have received £220,000 more from the state than they paid in.
The report said that taxes should rise by £82bn a year to plug the gap.
rictus123 wrote: »
Its more about how its so long term...maybe its just being short sighted but i wouldnt like to put so much away that i cant touch until 60 odd? Goodness knows what age retirement age will be when im 65 in 45 years time. How would i go about seeing what my employer would put in?
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?
dunstonh wrote: »
Lets pick a low earner on £15,000..
RandomGuy wrote: »
I suppose they didn't have access to as much debt back then as they do now... but, really, you tell me; you're the history and economics expert.
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