Why pay a pension now

geelamch

Hi all, think I am getting to the end of my tether re pension changes,been in employment all my life (48)now on £144 state pension ,ok live with that maybe accept change to streamline,now they say no widows pension,except previous accumulation.
When auto enrolment was introduced I believed government were encouraging us to help ourselves.
Just another facade to fleece those willing to work!

thenudeone

You can opt out of auto enrolment very easily.

Never trust a government to provide a satisfactory pension. They are all paid out of current government earnings and can be adjusted and taken away at the whim of whoever's elected, and depend on the nation's financial situation.

If you want to have a financially comfortable retirement it's up to YOU, not the government. That could be a mixture of savings, investments, property, and traditional "pensions".

However, many people want a lifestyle NOW which they can barely afford, and the idea of putting aside a significant proportion of their income (i.e. enough to provide a comfortable income for 20-30 years of retirement) is too uncomfortable to face, so they stick their head in the sand and then realize far too late that living off the state pension is going to mean a big drop in their standard of living.

Sad but true.

atush

You may be able to live on 144 per week, if you own your home free and clear but I can't.

Not saving for your pension is planning on being poor when you are old. The govt is there to give you a safety net, which will not give you a GOOD life, but just a life.