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MSE News: Pension age rise bought forward
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Given the choice of fags, booze and gadgets now or a pension in the future I know what many choose. Retirement age is when you choose. I am not happy with the change to 66 but I made an allowance for "!!!! happens" in my retirement planning, now an extra year to go to my "payrise". If you hate the thought of working to 67 or more then do something about it.The average retirement age in this country is 63. That is already before state pension age. So, clearly significant numbers are retiring earlier than state pension age and 20 years to find £5000 to fund an extra years state pension off your own back is hardly going to make any difference to anyone (under £8pm on a personal pension)0 -
Gracchus_Babeuf wrote: »True, but as I said before many people cannot afford to save substantial amounts for retirement.
However, they do seem to be able to afford a fancy Sky package, big flat screen TVs, and much much more.
I'm afraid I have little sympathy for the pension refuseniks.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
However, they do seem to be able to afford a fancy Sky package, big flat screen TVs, and much much more.
Its a shame that no-one has run research into what the average pension contribution is and what the average mobile phone bill is or what the average cable/sat contribution is. I would not be surprised to see a high proportion of people paying more in those than their pension.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Its a shame that no-one has run research into what the average pension contribution is and what the average mobile phone bill is or what the average cable/sat contribution is. I would not be surprised to see a high proportion of people paying more in those than their pension.
The great British lifestyle, live for today, forget about tomorrow.0 -
The great British lifestyle, live for today, forget about tomorrow.
And then mither on about how "the rich" are getting a better pension than you before demanding the hard-earned state pensions of "the rich" be ripped from their fingers.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
The whole concept of pensions is flawed.
If I had £200,000 in a pension fund, I don't want to give it to some insurance company, who gives me £10,000 a year, which I can't live on, and then when I die at 73, I have only got back £80,000. They will have STOLEN £120,000 plus interest of MY money!
I want to have a custodian of my money, who will give a decent interest for long term deposit, and who will hand the remainder money over to my heirs because the Probate Office is watching.
In terms of State Pension, I want them to stop pretending you can live on it.
There will be no state pension, but there will be state supervised facilities for old people who cannot afford to live on their own resources. Able bodied , of sound mind people will be given jobs and responsibilites to look after the less able.
Socially mal-adjusted younger people like bankers, financial adversers, property developers and "charity workers" who con old people into monthly donations and get commission will be forced to help. They will be implanted with electrodes, so that the old age managers can punish them for not doing their job properly.
Any spare labour and resources can be used to do useful things, like gardening, picking up litter, lollypop duty.0 -
If I had £200,000 in a pension fund, I don't want to give it to some insurance company, who gives me £10,000 a year, which I can't live on, and then when I die at 73, I have only got back £80,000. They will have STOLEN £120,000 plus interest of MY money!
No they haven't.I want to have a custodian of my money, who will give a decent interest for long term deposit, and who will hand the remainder money over to my heirs because the Probate Office is watching.
You can do that.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
If I had £200,000 in a pension fund, I don't want to give it to some insurance company, who gives me £10,000 a year, which I can't live on, and then when I die at 73, I have only got back £80,000. They will have STOLEN £120,000 plus interest of MY money!
That is the same as my thieving house insurers - they took my money, and just because my house didn't burn down, they didn't give me back A PENNY! They have STOLEN my insurance premium, plus the interest.I want to have a custodian of my money, who will give a decent interest for long term deposit, and who will hand the remainder money over to my heirs because the Probate Office is watching.
Sounds like income draw-down may be more appropriate than an annuity for you.In terms of State Pension, I want them to stop pretending you can live on it.
No-one pretends you can live on State Pension alone.
The minimum is £137.35 per week Pension Credit. You can live on it, but it isn't a great existence, hence the need to save for retirement.The whole concept of pensions is flawed.
It certainly is.
Unfortunately this country naively set up a system where, predominantly, the responsibility for providing for retirement lay with employers and individuals.
Employers have either left the scene completely, or in turn shifted most of the responsibility on to individuals.
Most individuals are woefully ill-equipped to deal with the responsibility.
What we need is a good bit of Nanny-state, forcing people to save whether they like it or not (so higher National Insurance), at a pre-determined rate, which may or may not suit them, regardless of how responsible or irresponsible they might happen to be.Socially mal-adjusted younger people like bankers, financial adversers, property developers and "charity workers" who con old people into monthly donations and get commission will be forced to help. They will be implanted with electrodes, so that the old age managers can punish them for not doing their job properly.
Mmmm, that reminds me, once again I forgot to politely enquire as to the pension status of the Jehovah's Witness who came to my door on the week-end.
I'm quite looking forward to boring/annoying those pesky folk who interrupt me on a Saturday with a pension's lecture for as long as they can stand it
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hugheskevi wrote: »I'm quite looking forward to boring/annoying those pesky folk who interrupt me on a Saturday with a pension's lecture for as long as they can stand it
Brilliant!
"I want to talk to you about Jaysus!"
"Fine, but I want to talk to you about pensions, and I have prepared some PowerPoint slides. Please take a seat."I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
The whole concept of pensions is flawed.
Perhaps you don't understand pensions?
Yup, seems to be that way.If I had £200,000 in a pension fund, I don't want to give it to some insurance company, who gives me £10,000 a year, which I can't live on, and then when I die at 73, I have only got back £80,000. They will have STOLEN £120,000 plus interest of MY money!
Yes, yet more evidence that you don't have a clue. Please feel free to start a new thread wherein you ask sensible questions. We will help, with said help level being proportional to how sensible your questions and attitude are. Let's just say that you have a hill to climb. I'm not saying it's impossible - down to you, really.In terms of State Pension, I want them to stop pretending you can live on it.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0
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