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I'm 50 years young so the thought of being able to get my hands on my meagre pension pot in 5 years time fills me with glee. 😀
I'm thinking Aston Martin and camping gear.
I traded my contributions to private when I worked out how many old people there were in the world. Anyone under 40 is better off on crack.
Bring on the beer and bingo fest 8)
I'm gonna get on the hard drugs when I'm a pensioner, Crystal Meth/Heroin/Crack etc. Nothing to lose really*
*except the kid's inheritance.
For some folk it'll be a sensible option, where they've a bu99er all private pension. As it only takes a few quid a week to exclude you from certain benefits worth far, far more.
Although when I heard the news I just assumed I'd heard it wrong - as a large pencentage will just spend it quickly, and then the benefits bill will rise.
Like what you did there huck.
I'm going to spend it all on coke and hookers (I reckon its good for a couple of weeks), then I'm going to ride a shark strapped with explosives into an active volcano
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What will probably happen is that new enterprises will come about that offer an alternative to the old fashion current model.
This will probably be to our advantage.
But stupid people will always make stupid decisions - that wont change.
As usual [url= http://www.thedailymash.co.uk/news/society/most-people-going-to-blow-hell-out-of-pension-pot-within-20-minutes-2014032084849 ]the Daily Mash[/url] succinctly sums things up
Free crack/smack/meth for anyone without a pension at age 70!
That would sort the mess out.
I'm weeks away from being 55, could not have come at a better time for me. I have a cunning plan.
My retirement plan is a nice juicy bank robbery - even if it goes wrong I've got a roof over my head and three meals a day 8)
My retirement plan is a nice juicy bank robbery - even if it goes wrong I've got a roof over my head and three meals a day
...and more sex than you can manage.
You say that like it's a bad thin... oh well, beggars can't be choosers 😳
should that "e" have been a "u"??
The news story reminded me to ring a previous employer and track down an almost forgotten pension fund, the company wasn't making any effort to contact me so not sure what would happened had I not rung them.
Turns out there's enough for a Bongo and a bit leftover for a tank of fuel.
Overall I'm pleased to have the opportunity to mismanage my own money rather than paying someone else to do it.
Allows people to retire earlier and budget their monthly income to stay the same once state pension kicks in so could free up a few more jobs. Brother in law has put in his notice for his full time minimum wage job today at 55 as a result of yesterdays budget. Only last week he was saying he couldnt afford to go until 60 due to the GAD limits on drawdown for a pension he built up in a previous better paid job but then he'd be much better off than he is now once he hit state pension age. He's now able to even it out by using more of it now.
I work in the NHS so it means I can retire a multimillionaire with my whopping gold plated pension or die before then having to look after people younger than me, one of the two.
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How long before the many and various fund managers let on that there isn't really any money there, they've spent it all already?
But they do seem to have a few fine properties/ holiday homes around the world and some boats, helicopters, planes and cars, so they have made some investments.