How safe is your pension? Channel 5. Any thoughts?

bostonerimus

hugheskevi said:

Benny2020 said:

People have multiple pots though?

The ONS Wealth and Assets Survey publishes good data on total pension wealth. For example, the median pension wealth of a couple where one is over State Pension age and one under without children is £421,000 (usually with males having a lot more than females at ages around State Pension age).

The median on it's own is a poor metric here. We need some "binning" to see how many people are in trouble.

henry24

Not much mention of the state pension they would receive 

solar_power

I was surprised when Michael Buerk said at 76 he still had to work.

anonmoose

It is supposed to be average pot in retirement. There was an article in the telegraph saying the average pot for retirement after a lifetime of saving is around £62k. It's strange how it's very different to ONS figure.

I can believe though if it's pre- retirement average because it's only recently in our mid 40s we woke up to how small our pot is. And we are fairly savvy in other areas overpaying the mortgage, being frugal etc. I am embarrassed to say pensions wasn't on our radar. We only had around £100k each

Thankfully we are in a position and have enough years left to rectify the situation as all my earnings are now going into the pension and we have upped OH contribution. If I hadn't got serious about our pensions now it would have been too late.

I drop pensions into the conversation now with people as I don't want anyone else sleepwalking into a poor retirement.  I often hear comments like I put £50 a month since I was 17 and it's still 40yrs later a tiny pot!

Many people don't increase contributions over time or move employer and drop down to the standard contribution and forget to change it. It's a worrying situation.

otb666

it was a repeat as i hav seen this before and not sure the prices are that accurate also it does assume that everyone will continue going out etc and not sure this is so much the case with covid etc.  The costs of time to yourself is free you dont have to go out all the time.

westv

crumpet_man said:

I only watched a couple of minutes.  The title implies something criminal/fraudulent to do with pensions rather than "are you saving enough?"

I thought that too which is why I asked my question above. A poor choice for a title.

jim8888

It seems to me that with the amount of people in their fifties who've decided to quit the workplace (like me) that there are quite a lot of people taking pension income sooner rather than later. 

P933alilli

Looked like an old programme ive seen from a few of years ago! Michael Burk mentioning the state pension would only bring in about £160 per week and people expecting a hand to mouth retirement would need double that!

westv

Collyflower1 said:

Looked like an old programme ive seen from a few of years ago! Michael Burk mentioning the state pension would only bring in about £160 per week and people expecting a hand to mouth retirement would need double that!

At the end it says it was filmed in 2019.

Andy_L

anonmoose said:

It is supposed to be average pot in retirement. There was an article in the telegraph saying the average pot for retirement after a lifetime of saving is around £62k. It's strange how it's very different to ONS figure.

I can believe though if it's pre- retirement average because it's only recently in our mid 40s we woke up to how small our pot is. And we are fairly savvy in other areas overpaying the mortgage, being frugal etc. I am embarrassed to say pensions wasn't on our radar. We only had around £100k each

Thankfully we are in a position and have enough years left to rectify the situation as all my earnings are now going into the pension and we have upped OH contribution. If I hadn't got serious about our pensions now it would have been too late.

I drop pensions into the conversation now with people as I don't want anyone else sleepwalking into a poor retirement.  I often hear comments like I put £50 a month since I was 17 and it's still 40yrs later a tiny pot!

Many people don't increase contributions over time or move employer and drop down to the standard contribution and forget to change it. It's a worrying situation.

Its going to depend on who you count.

Are you including all the people who've made no private provision as they will drag the average down
Are you including all the people who's only private provision is a few years of contracted out only contributions or a few years of NEST