Personal pensions - Do you pay into one?

[DPG]

Comfortable I would imagine .

Very.

 

[Dustydazzler]

I was always told that you were better off starting a pension fund when you were young and paying in little and often.

I wouldn’t have the spare cash now to be ploughing in a grand a month

how many youngsters today are starting a private pension fund I wonder ? I bet it’s not manyn

 

[DPG]

I was always told that you were better off starting a pension fund when you were young and paying in little and often.

I wouldn’t have the spare cash now to be ploughing in a grand a month

how many youngsters today are starting a private pension fund I wonder ? I bet it’s not manyn

Absolutely. The benefits of starting one younger are huge. The longer you leave it the harder it is to build that pot up.

 

[Zerax]

Absolutely. The benefits of starting one younger are huge. The longer you leave it the harder it is to build that pot up.

Totally agree... I'd say it was vital for all youngsters to allocate a certain %age of their pay to a pension... and stick to it !! There are all sorts of pension arrangements you can make these days, there's really no excuse for not making provision for your own old age.

 

[Gavin John Hyde]

If you are on the books you have to manually opt out as the employer has to auto enrol you. And contribute i think minimum of 3% of your salary into it.

 

[Gavin John Hyde]

If you are coming upto retirement age now. You could work part time doing eicrs and make a nice amount. Not huge sums but certainly supplement any state or private pension.
That said i know an old guy who took a job in waitrose on the tills for 20 hours a week. Loves it. Pay isnt too bad considering and he gets discount so his wife is happy

 

[andyb]

I am worried Rishi Sunak is talking about raiding the state pension pot to help pay for this bloody mess we are in.

There is no pension pot to raid, the state pension is paid from taxes.
It's been reported that he's considering reducing the lifetime allowance to £800K, probably doesn't concern anyone here. Or, reducing the higher rate tax allowance from 40% to 20%, long overdue IMO, or introducing an employer's tax on pension contributions.

 

[Dustydazzler]

I also think people of our generation want a much more lavish retirement? So will have to make provision for it personally?

when I think back to my grandparents their retirement was very very different, they lived in an old bedsit council flat, they had no car and never went on holiday. They both drew a state pension, neither had any private income. I still remember vividly they had an old biscuit tin under the bed stuffed full of five and ten pound notes my grandfather saved up. They both lived off this cash until they eventually both died. They had nothing in the way of assets other than the old furniture in the flat and the tv. Even their washing machine was rented from the council.

 

[DPG]

I also think people of our generation want a much more lavish retirement? So will have to make provision for it personally?

when I think back to my grandparents their retirement was very very different, they lived in an old bedsit council flat, they had no car and never went on holiday. They both drew a state pension, neither had any private income. I still remember vividly they had an old biscuit tin under the bed stuffed full of five and ten pound notes my grandfather saved up. They both lived off this cash until they eventually both died. They had nothing in the way of assets other than the old furniture in the flat and the tv. Even their washing machine was rented from the council.

Absolutely. A lot of people these days aren't content unless they have the latest stuff and 3 foreign holidays year.

And don't forget, the pension system was fine back then, when a lot of people didn't live much longer than retirement age. But with healthier lifestyles and better healthcare/treatments etc it's not at all uncommon to live into your 90s now.

 

[i=p/u]

Watever will be will be, and probably never stop working til ya clunk it. I dont worry about this stuff.
And why most people opt out is cause the minimum wage is low enough never mind another 30 comming out per week... was stupid move to say we've fixed a problem but ya can opt out..