How old will you be when you can retire?

grizzly1911

michaels wrote: »

Moving way off topic here, but I wnder if it is because we are now a much richer society and use that wealth to give our children an easier upbringing than we had. If you have grown up knowing that money is scarce, the each time you choose to purchase 'A' you are fore-going 'B' and if you want some present you are goign to have to work for it yourself with a paper round or Saturday job then you have much more respect/understanding of what it feels like to have little/no money and thus to budget carefully not just today but for the future. Compare this to the situation where money/good have been doled out when needed and there is less understanding of its value?

Our kids didn't need too much encouragement to get work. Son started off his own volition when he was 12/13, helping a once a week market trader, open up and close down, before and after school. he then moved on progressively to other opportunities getting a life guard and sports coaching qualification along the way.

The daughter had paper rounds, baby sitting and waitressing.

Whilst they still "wasted"(in our eyes) money form time to time they understand money and the value of it.

Other friends and relatives have had it all given to them on plate and still don't value money.

Even had we been uber rich I would still have encouraged them do some part time work. It gives them so many more life skills and experiences. Makes them much more capable of going off into the real world.

Atidi

I would like to vote but I can't see how when I have a personal pension.

Boy, how times have changed. They were all the rage not so long ago.

What if I have a preserved company pension sheme and a personal one too? Maybe I'll take the personal one at 55, the company one at 60 (if they let me) and the state pension at 65 (or whatever age that becomes due)

How should I vote then?

N1AK

wotsthat wrote: »

I don't really care whether people end up with a lower income than they hoped in retirement - by and large that's their choice. I happen to be making efforts to take responsibility for myself which is difficult enough without having to take responsibility for other people as well.

Which is well and good except, given that we aren't as a country willing to leave people destitute, you'll still end up paying for people who don't save for themselves.

It's all well and good to take the view that people should be expected to pay for themselves, however that's all it is: a view.

If we're going to wind up responsible for people then we might as well make it harder for them to be irresponsible (and easier for them to be responsible). We could for example mandate that employers pay £0.25 per hour into pension schemes on behalf of employees rather than simply upping the minimum wage or some such. £500pa isn't exactly going to set the world on fire in retirement but it'll provide ~£1,500pa+ to someone in retirement. Anyone already in a scheme employers contribute to would already be receiving more than that.

Maybe you could have an opt-out for people who can show, by some means, they don't need it due to other wealth but frankly I'm not sure it is needed.

Combine forcing everyone to have some form of pension with reforms to ensure that any amount in a pension is always better than a lesser amount (factoring in benefit access etc) and I think people might think more favourably of saving for a pension.

gadgetmind

grizzly1911 wrote: »

Son started off his own volition when he was 12/13

I worked a 30 hour week at age 14 while still at school. This was 7 hours twice a week after school and 8 hours on both Saturday and Sunday. Hard work too because it was in a hotel working in the kitchen and waiting on tables.

During school holidays (including Christmas) this went up to a basic 48 hours a week but I did loads of overtime too.

It was only by doing this that I was able to buy a bicycle, and my first home computer (in 1978!), as my parents certainly couldn't afford to buy me such things.

Am I judgemental towards those who lack such a work ethic and/or who can't be bothered to plan their own future?

You bet I am!

gadgetmind

N1AK wrote: »

Combine forcing everyone to have some form of pension with reforms to ensure that any amount in a pension is always better than a lesser amount (factoring in benefit access etc) and I think people might think more favourably of saving for a pension.

While there are still opt out options, compulsory enrolment is going to get most people saving at least something, and the new flat rate state pension will mean that most people will see real benefit from these savings.

michaels

N1AK wrote: »

Combine forcing everyone to have some form of pension with reforms to ensure that any amount in a pension is always better than a lesser amount (factoring in benefit access etc) and I think people might think more favourably of saving for a pension.

Isn't that what they are doing by uprating the basic state pension to the minimum income guarantee level?

SailorSam

I read something last week that men between 60 and 64 maybe better off changing their benefit to Pension Credit (i'm 61 next April) so i'm looking into that.

bryanb

SailorSam wrote: »

I read something last week that men between 60 and 64 maybe better off changing their benefit to Pension Credit (i'm 61 next April) so i'm looking into that.

I don't think men 60 -64 get a State pension or pension credit

mj132

35!!!...I wish!

N1AK

gadgetmind wrote: »

While there are still opt out options, compulsory enrolment is going to get most people saving at least something, and the new flat rate state pension will mean that most people will see real benefit from these savings.

You're absolutely right that auto-enrolment was a great first step. It's telling that so many people are paying into pensions now who weren't just because it is more effort to stop than to do it.

My concern is that the people opting out come from two camps:
1/ Those who don't need more pension savings because they have enough or have alternative investments (great, well done etc)
2/ People who have no alternative plan or pension and are spending everything now rather than saving for the future.

The 2nd group are going to require additional help in retirement and I (plus the country as a whole) am not willing to simply leave them destitute. I am however perfectly happy to force them to do something they should be doing anyway