Pension Auto-enrolment - LGPS (Surrey Pension Fund)

CharlieRabbit01

As I said I had forgotten I'd asked and I kind of panicked when told I was being opted in.

Apparently I can't opt out before I've paid in at least a month so I'll see how september goes.

I know I should opt in but thinking about what might happen when I'm 60 something is hard when I'm only 20 something, the way my family history is I'll be one of the lucky ones to get that far.

Its frustrating to finally get stability and have some spare cash only for something else to snap it up. But never mind I've always managed.

jem16

CharlieRabbit01 wrote: »

I know I should opt in but thinking about what might happen when I'm 60 something is hard when I'm only 20 something, the way my family history is I'll be one of the lucky ones to get that far.

This is the best time to think about it. Leaving it until you do think about it will be too late to do anything worthwhile. As to not getting that far, statistics show otherwise. However if you are unlucky, the LGPS has very good death benefits with death in service lump sums and family pensions.

Its frustrating to finally get stability and have some spare cash only for something else to snap it up. But never mind I've always managed.

There will come a time when you will count yourself lucky that you did join and be very frustrated that you didn't do so earlier. Those 5 missed years will be very hard to make up.

atush

Your family's health will only affect yours if their LE/disease is genetically based.

If they are overweight (and therefore suffer T2 diabetes, or heart disease) or smoke, drink more than they should and get no exercise (like most of the UK population) then this does not have to affect you, unless you choose that lifestyle.

You can even mitigate some genetic factors too.

So, the life expectancy ball is firmly in your court.

CharlieRabbit01

atush wrote: »

Your family's health will only affect yours if their LE/disease is genetically based.

If they are overweight (and therefore suffer T2 diabetes, or heart disease) or smoke, drink more than they should and get no exercise (like most of the UK population) then this does not have to affect you, unless you choose that lifestyle.

You can even mitigate some genetic factors too.

So, the life expectancy ball is firmly in your court.

Most are genetic but yes I am doing what can to reduce my risk, non were overweight only my father smoked I'm from a family of manual labour workers (generally).

CharlieRabbit01

jem16 wrote: »

There will come a time when you will count yourself lucky that you did join and be very frustrated that you didn't do so earlier. Those 5 missed years will be very hard to make up.

I realise I've missed 5 but I don't regret it. Neither do I regret the other bad decisions I've made. Its not worth regretting the past.

[Deleted User]

CharlieRabbit01 wrote: »

I realise I've missed 5 but I don't regret it. Neither do I regret the other bad decisions I've made. Its not worth regretting the past.

That's true if you use past mistakes as a learning experience. There's no reason to regret having the opportunity to learn, after all a lot of people never get the chance to realise the mistakes they've made. Making the same mistakes again and again is something to regret. You missed 5 years, whatever, just don't miss another 5.

CharlieRabbit01 wrote: »

I know I should opt in but thinking about what might happen when I'm 60 something is hard when I'm only 20 something, the way my family history is I'll be one of the lucky ones to get that far.

Pensions are not the best decision for everyone and there are situations where it can be more financially prudent to opt out of a pension but (and it's a big but) the inability to think that far ahead is not a valid reason. If you can genuinely think of a compelling reason why a pension is not right for you at the moment and that reason is based on sound logical justifiable reasoning then so be it, opt out and move on with your life, but if the reasoning does not stand up to scrutiny then you're not learning from your previous mistake(s).

People here don't benefit from encouraging you to enter into a pension, people here benefit from helping others make the best decisions (karma!) so it's wise to really consider what they're saying.

CharlieRabbit01

citricsquid wrote: »

That's true if you use past mistakes as a learning experience. There's no reason to regret having the opportunity to learn, after all a lot of people never get the chance to realise the mistakes they've made. Making the same mistakes again and again is something to regret. You missed 5 years, whatever, just don't miss another 5.

I've learnt from most, the biggest credit cards and shopping don't solve problems!

Pensions are not the best decision for everyone and there are situations where it can be more financially prudent to opt out of a pension but (and it's a big but) the inability to think that far ahead is not a valid reason. If you can genuinely think of a compelling reason why a pension is not right for you at the moment and that reason is based on sound logical justifiable reasoning then so be it, opt out and move on with your life, but if the reasoning does not stand up to scrutiny then you're not learning from your previous mistake(s).

People here don't benefit from encouraging you to enter into a pension, people here benefit from helping others make the best decisions (karma!) so it's wise to really consider what they're saying.

I've little good reason not to join now £60 would be nice to spend on myself for a change but it's not a justified reason not to join.