Pensions envy. Are we heading for financially comfortable but socially uncomfortable retirements?

MK62

I recently listened to one bloke bemoaning the fact that he couldn't afford to retire....."I'll have to work till I drop".......and just a few sentences later he stated that his car (a Mercedes) was costing him over a grand a month all in (payments/ insurance etc).....I saw little point continuing the conversation tbh.
I do feel some sympathy for those that genuinely haven't been able to build a big enough pension.......but none whatsoever for those who could have but essentially chose not to. 
One of my favourite responses to retirement envy is to politely suggest that I am no longer hogging a job I don't really need, so freeing it up for a younger person who may have a young family etc......

daz378

When i got covid last month,  thankfully mild  symptoms,  but  made me focus on the future,  im single at least 5 years at least off retirement...60 ...62 aim... i didn't  have a will....finalized it yesterday 150 quid  local solicitor   but a question  leads on from this...with my lgps  can i nominate brothers and sisters  ,nieces and nephews etc   or can you only nominate in terms of spouse or partner?  My ambitions for retirement are quite modest no car, rented council flat...hopefully get to the pub couple times a month...to inflict my karaoke on customers  ...you all take care

NedS

MK62 said:

I recently listened to one bloke bemoaning the fact that he couldn't afford to retire....."I'll have to work till I drop".......and just a few sentences later he stated that his car (a Mercedes) was costing him over a grand a month all in (payments/ insurance etc).....I saw little point continuing the conversation tbh.
I do feel some sympathy for those that genuinely haven't been able to build a big enough pension.......but none whatsoever for those who could have but essentially chose not to.

We all have to make choices about what is important to us.

I remember someone saying, possibly on here, every pound saved is a pound I no longer have to earn. Mr Mercedes Man obviously has different priorities to me and obviously doesn't live his life by that advice, which is  fine / his choice

Sea_Shell

NedS said:

MK62 said:

I recently listened to one bloke bemoaning the fact that he couldn't afford to retire....."I'll have to work till I drop".......and just a few sentences later he stated that his car (a Mercedes) was costing him over a grand a month all in (payments/ insurance etc).....I saw little point continuing the conversation tbh.
I do feel some sympathy for those that genuinely haven't been able to build a big enough pension.......but none whatsoever for those who could have but essentially chose not to.

We all have to make choices about what is important to us.

I remember someone saying, possibly on here, every pound saved is a pound I no longer have to earn. Mr Mercedes Man obviously has different priorities to me and obviously doesn't live his life by that advice, which is  fine / his choice

I used to have that as my signature!! 😉

Silvertabby

daz378 said:

When i got covid last month,  thankfully mild  symptoms,  but  made me focus on the future,  im single at least 5 years at least off retirement...60 ...62 aim... i didn't  have a will....finalized it yesterday 150 quid  local solicitor   but a question  leads on from this...with my lgps  can i nominate brothers and sisters  ,nieces and nephews etc   or can you only nominate in terms of spouse or partner?  My ambitions for retirement are quite modest no car, rented council flat...hopefully get to the pub couple times a month...to inflict my karaoke on customers  ...you all take care

Only a spouse/eligible partner can receive a survivors pension for life.

However, the LGPS has (in your case) a 10 year guarantee period, so if you were to die within 10 years of starting to draw your pension then a one-off lump sum would be paid to your nominated beneficiaries.  You will need to complete a nomination form (available on your LGPSs website).

Would also apply (different amount)  if you were to die before retirement.

NedS

Sea_Shell said:

NedS said:

MK62 said:

I recently listened to one bloke bemoaning the fact that he couldn't afford to retire....."I'll have to work till I drop".......and just a few sentences later he stated that his car (a Mercedes) was costing him over a grand a month all in (payments/ insurance etc).....I saw little point continuing the conversation tbh.
I do feel some sympathy for those that genuinely haven't been able to build a big enough pension.......but none whatsoever for those who could have but essentially chose not to.

We all have to make choices about what is important to us.

I remember someone saying, possibly on here, every pound saved is a pound I no longer have to earn. Mr Mercedes Man obviously has different priorities to me and obviously doesn't live his life by that advice, which is  fine / his choice

I used to have that as my signature!! 😉

Then that's probably where I read it @Sea_Shell, so I thank you as it really resonated with me

pensionpawn

My wife's company matches contributions up to 10% so I tell her colleagues that they will be paid (if they choose to) 11 years salary for every 10 years work! I'll be amazed if that changes anyone's approach though! 

robatwork

pensionpawn said:

My wife's company matches contributions up to 10% so I tell her colleagues that they will be paid (if they choose to) 11 years salary for every 10 years work! I'll be amazed if that changes anyone's approach though! 

I've had similar conversations with (young) colleagues. I tend to use the words "Free Money" to make it simple but given that most of them are still at home with mum & dad into their 30s, I do understand priorities are to buy/rent something and get out of the nest.

SouthCoastBoy

I am in my mid to late 50s and have a lot of sympathy with the younger generation, ridiculous house prices, final salary pensions all but disappeared in the private sector, massive graduate debt which is effectively another tax with rumour of thresholds for payments being decreased and length of payback are being extended, hopefully not as seems unfair and on top of that in my area at least there seems very few employment opportunities unless you work for something similar to the minimum wage then there is the increase in state pension age, if they make it that far. In comparison I think I had it easy.

Terron

SouthCoastBoy said:

I am in my mid to late 50s and have a lot of sympathy with the younger generation, ridiculous house prices, final salary pensions all but disappeared in the private sector, massive graduate debt which is effectively another tax with rumour of thresholds for payments being decreased and length of payback are being extended, hopefully not as seems unfair and on top of that in my area at least there seems very few employment opportunities unless you work for something similar to the minimum wage then there is the increase in state pension age, if they make it that far. In comparison I think I had it easy.

There were 1.1 million job vacancies in the UK in September, up 500,000 from the same time last year.