Opt-out workplace pension

AnotherJoe

Matt_uk wrote: »

To be honest I'd pay into the workplace pension but after tax and national insurance, paying my rent, council tax, wifi, phone credit, electric and paying people back money I've borrowed I end up with about £400 for 4 weeks to live on, plus I've got a dea from HMRC so it's gonna be less than £400 now. Plus I'm an alcoholic so at least £6 a day is going on alcohol, also my bus fares and food at work. Vape liquid. Really that £25 or so quid that's deducted for a pension each month, I could do with it in my bank account. My state pension forecast is £165 a week (something like that) so I figured as it's low I'd get housing benefit and council tax benefit when I'm retired. So that £165 a week is cash in my pocket. I'd just have to pay internet and phone credit and electric bills. I don't have any kids and I live alone. More than likely it'll stay that way the rest of my life as well.

I suppose on the upside that's unlikely to be too long so you won't get much benefit from a pension anyway.

Matt_uk

I'm 37 in October. I don't go on holidays or even trips to the seaside and don't want to in the future either. I don't even have a passport. I enjoy drinking alcohol everyday I don't want to quit. Hopefully there will still be a state pension when I'm 67. I've been poor all my life and quit school at 13 so didn't do any GCSEs or go to college later on. I may keep the workplace pension. Does seem a good idea to. I'll have a think about it. Thanks for the advice from everyone today.

Mnd

Please keep it Matt, you have had good advice

crv1963

Matt_uk wrote: »

I'm 37 in October. I don't go on holidays or even trips to the seaside and don't want to in the future either. I don't even have a passport. I enjoy drinking alcohol everyday I don't want to quit. Hopefully there will still be a state pension when I'm 67. I've been poor all my life and quit school at 13 so didn't do any GCSEs or go to college later on. I may keep the workplace pension. Does seem a good idea to. I'll have a think about it. Thanks for the advice from everyone today.

Don't be so hasty in writing yourself off! Okay you don't want to travel and want to keep drinking. If nothing else the pension would go towards your booze.

If you reach a point where you do want to make changes reach out to some of the services and accept help offered. In reality 25 pm is not going to vastly improve your current lifestyle so paying in makes sense.

Good luck.

xylophone

I enjoy drinking alcohol everyday

This does not necessarily make an alcoholic.

https://www.drinkaware.co.uk/alcohol-facts/health-effects-of-alcohol/mental-health/alcoholism/

Spend four pounds a day on the drink rather than six and contribute to the pension?

Johnhowell

Matt_uk wrote: »

To be honest I'd pay into the workplace pension but after tax and national insurance, paying my rent, council tax, wifi, phone credit, electric and paying people back money I've borrowed I end up with about £400 for 4 weeks to live on, plus I've got a dea from HMRC so it's gonna be less than £400 now. Plus I'm an alcoholic so at least £6 a day is going on alcohol, also my bus fares and food at work. Vape liquid. Really that £25 or so quid that's deducted for a pension each month, I could do with it in my bank account. My state pension forecast is £165 a week (something like that) so I figured as it's low I'd get housing benefit and council tax benefit when I'm retired. So that £165 a week is cash in my pocket. I'd just have to pay internet and phone credit and electric bills. I don't have any kids and I live alone. More than likely it'll stay that way the rest of my life as well.

Hi Matt,

Welcome to this fantastic website and I congratulate you on the frankness of your messages.

If you haven't been there yet, may I recommend looking in the Debt Free section and read some of the amazing support and advise to those with limited left over income. Also, the Renting section IS very good...

I know I have learnt a lot from this website and hope you do as well. Some messages may seem terse (maybe rude) but are suggestions based on wide and varied experience...

All the best in your decision - but as others have said situations do change over time - I wish I could go back in time and tell my younger-self some choice words! Ah - going back to myself aged 37 - things would be so different now ;-)

I would suggest continue contributing to the Work Place pension - the money has a long time to work on your behalf - and look at doing a Statement of Affairs and review your outgoings to maximise your left over income...

Good Luck,
John