BBC: '57% of adults in NI have less than £100 in savings'

saverbuyer

qwert_yuiop wrote: »

Is that still possible?

Hopefully, but not likely. 27% of salary paid into a SIPP and the OH doing the same, but you just don't know.

qwert_yuiop

Ere wrote: »

Hopefully, but not likely. 27% of salary paid into a SIPP and the OH doing the same, but you just don't know.

The state pension seems to be getting further away - it's starting to look like the hare at a greyhound race, where they never quite catch it.
Anyway, we'll have more immediate financial concerns if Deutsche Bank goes under alles.

saverbuyer

qwert_yuiop wrote: »

The state pension seems to be getting further away - it's starting to look like the hare at a greyhound race, where they never quite catch it.
Anyway, we'll have more immediate financial concerns if Deutsche Bank goes under alles.

All my retirement planning is based on my state pension being exactly zero. I expect the goal posts to be continually moved or means testing to be implemented.


DB is a big worry. Smells like Lehman's.

x12yhp

I am working on a zero pension scenario. Being realistic though, you need a whole lot saved to be comfortable. It's all well and good having the money to survive until you are 85, but state pension will barely give survival, if you care to live your latter years you better have some savings.

qwert_yuiop

The problem with savings is there's no way of knowing what inflation or prices will be in 40 years or so. Similarly, your pension is dependent on the stock market and investments. In 2008, a lot of people had their pension plan reduced to zero where the shares were in banks which went bust. A lot of pension plans diversify into farmland through buying big estates in England or through forestry, where trees can be felled in 40 years. The Irish lotto belongs to the province of Ontario teachers' pension fund. It's them!

I've just checked - they own the British one as well. It's definitely you, sir.

motorguy

Milko wrote: »

After 2 funerals of friends yesterday and a few more over the last few years ... I'm kind of a life for the moment person (I'm also fortunate enough though that should the worst happen my family will be ok)

+1

Theres a balance to be had.

My wife has had two friends die recently in their mid 40s. Fat lot of good saving for their old age did them.

saverbuyer

motorguy wrote: »

+1

Theres a balance to be had.

My wife has had two friends die recently in their mid 40s. Fat lot of good saving for their old age did them.

I know what you are both saying and I can appreciate the sentiment. I've lost a few friends in their 30s, but it's not the norm. Chances are, the majority of us will live until we're well into out 80s.

qwert_yuiop

motorguy wrote: »

+1

Theres a balance to be had.

My wife has had two friends die recently in their mid 40s. Fat lot of good saving for their old age did them.

Indeed. Then someone else gets to spend your savings. Quite close to here are 3 brothers in their early twenties driving bmws. Notoriously frugal grandad died last year.

n1guy

The problem is wages in Northern Ireland are the lowest in the UK and the cost of living amongst the highest so this doesn't surprise me. I also fall into this bracket, no savings just living pay check to pay check.

tommie

just on the subject of savings, had mail drop in this morning letting me know savings have dropped to 0.05%