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With little chance of retiring, should I bother with a pension?

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  • Goldiegirl
    Goldiegirl Posts: 8,806 Forumite
    Part of the Furniture 1,000 Posts Rampant Recycler Hung up my suit!
    ttaaffeedd wrote: »
    What happens to the pension if I continue paying into it and never get to retire?

    Even if you work to the age of 90, you can still start drawing money out of your pension from the age of 55 (although this age might change in future)

    So you can get the benefit of the money that has been paid in, even if you work until you drop.

    If it makes it easier, think of it as savings for the future, rather than a pension.

    As your employer is paying in 9%, you'd be completely bonkers to stop.
    Early retired - 18th December 2014
    If your dreams don't scare you, they're not big enough
  • zagubov
    zagubov Posts: 17,938 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Don't consider stopping even for a moment. It'd be madness. You'll be at retirement age soon enough, and you'll be surprised it's come around so fast.
    There is no honour to be had in not knowing a thing that can be known - Danny Baker
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    ttaaffeedd wrote: »
    What happens to the pension if I continue paying into it and never get to retire?
    .

    You have confused "retiring" (whatever that means, which isnt much these days) with "getting paid a pension". You can retire and not get a pension (Lets say you decided to "retire" tomorrow, no one would pay you a pension would they) , or not retire and still get a pension (eg carry on working at age 70 but still be paid a pension as well) Might be this pension, might be state pension, might be both.

    So even if you work until you drop which is ludicrous scaremongering, at some age, quite likely before you stop full time work, you'll have access to that pension money which you can do what you want with.

    Maybe it will help you drop down to part time working, maybe you'll buy a lamborghini.
  • Thanks so much for all the helpful replies!
  • uk1
    uk1 Posts: 1,862 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    ttaaffeedd wrote: »
    Thanks so much for all the helpful replies!

    ..... so what are you concluding?

    Jeff
  • sunnyflower
    sunnyflower Posts: 312 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    edited 4 June 2016 at 7:58PM
    Well when I was 30, I had no thought retiring, just mild irritation that I paid into the NHS pension every month, when we had a tough time making ends meet sometimes.
    Fast forward 25 years and I took early retirement. I'm so pleased I stuck with the pension plan. I'm still working and probably will be until I'm 67, but the pressure is off and I'm so happy to be working part-time, and no rotten shifts and weekends
    So stick with it, is my advice to you :T::T
  • BobQ
    BobQ Posts: 11,181 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Combo Breaker
    Many of us will not be around when you hit 75 and are posting about not being able to live on the state pension since you were forced to stop work through your bad back or whatever, and regretting that you gave up a pension at 34.

    I guess you must be so well paid that you can afford to take a 9% salary cut?

    The issue is not your situation now but what you want it to be 50 years from now. None of us know we will be in good health in the future and a pension is about having better options later in life. Trust me, unless you have a really interesting job you will be bored of working past 65-70.
    Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.
  • Goldiegirl
    Goldiegirl Posts: 8,806 Forumite
    Part of the Furniture 1,000 Posts Rampant Recycler Hung up my suit!
    AnotherJoe wrote: »

    So even if you work until you drop which is ludicrous scaremongeringat some age, quite likely before you stop full time work, you'll have access to that pension money which you can do what you want with.
    .

    I used the term 'working until you drop' as the OP seems to think he won't ever retire. It was just to illustrate the point that, even if he never stops work, he can still access the pension.

    Not 'ludicrous scaremongering', just a comment in the context of the original question.
    Early retired - 18th December 2014
    If your dreams don't scare you, they're not big enough
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
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    BobQ wrote: »
    unless you have a really interesting job you will be bored of working past 65-70.

    Even if you have a really interesting job, you may weary of it in the end.
    Free the dunston one next time too.
  • saver861
    saver861 Posts: 1,408 Forumite
    ttaaffeedd wrote: »
    I was happy with this plan until I started reading about the unlikelihood of someone my age ever actually retiring.

    It is still the same plan after reading the article as it was before you read it!
    ttaaffeedd wrote: »
    So should I continue with the pension pot?

    A big fat yes from what you say. If you don't have a pension, the article you read will probably be right!! If you do accumulate a decent pension, then the option will be in your hands.
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