[Closed] No pension, no worries.

My parents usually take one overseas holiday a year and probably three or four week long breaks around the country. They have a decent house and spend money on updating it now and then. Try that on a state pension.

NB they were never rich, just saved like hell after us kids had left home.

ton - Member

can I ask, why people presume that there will be no state pension in the future?
has this fact ever been published or stated anywhere.

The Tories have quietly tried to kill it off every time they're in government - they've recently increased the age in which it's payable - although it's not been admitted it's thought that auto-enrolment will one day replace it completely for people under a certain age - but it will never been taken away from people who are already claiming it or even are working now - it's likely to ensure they're not blown out of the water next election any party who stop it, will only do so to new people entering the workplace.

We could just kill all the old people.
Use some kind of neurotoxin in M&S' beige fabric dye?

bencooper - Member
I'm not overly consider, if i'm starving, I've no qualms about stealing shit!
And if you go get caught and sent to prison, then you're sorted

Then we bring into the situation that we are also going to be the inheritance generation. My parents, my wifes parents, our aunts and uncles etc etc all own their properties. We will end up with a decent chunk of money for our 50-70yrs.

assuming all of that capital isn't sucked into care costs during the last few years of their life....

i don't know - but i do LOL when binners ALWAYS comes out with the 'pensions we're all DOOMED' statement on threads such as this....

thats some crystal ball he has...

You don't need a crystal ball, just a grasp of very basic maths.

Anyone imagining a retirement similar to the one 70 year olds are enjoying at present is laughably delusional. You see those foreign holidays, and weekends in the lakes they're enjoying, and all those nice meals at the golf club? Well we're all paying for it. And then some!

You also assume they don't have a similar plan to my own to offload the money over then next decade or so

I was discussing the "state pension pot" at work today with one of the olds actually, she seemed to believe as she'd paid in all her life she deserved a cushy state pension but wasnt impressed when I suggested as she's got no kids she's nothing but a drain on society and come retirement really should kill herself! Teehee!

Yeah but that would be the rational thing to do.....can't have that can we?

Like any ponzi scheme it'll only work for so long, then we're in even more trouble. At the moment immigration works nicely as they mostly nice young types busy working. Then they get old and start costing more. Plus there's there ever present housing issue to sort out.

Tom_W1987 - Member

Yeah but that would be the rational thing to do.....can't have that can we?

but it's not rational, it (immigration) would only serve to hold up the pyramid just. a. bit. longer.

(those hard-working immigrants would then want/need pensions, requiring more immigrants, etc. etc. etc.)

You don't need a crystal ball, just a grasp of very basic maths.

My pension % contributions are matched by my employer. Based on current contribution level (ie not taking into account my salary will increase), I should be able to retire at 60 with 50% of my current salary. Obviously that age and % is ball park.

Those maths are basic enough for me to want to contribute.

No meaningful pension for me, but have quite a few assets to hopefully keep me in old age e.g. several houses, decent level of savings, investments etc. I'm just working on the basis of acquiring enough capital along the way to keep me going. It might not be as tax efficient as a pension, but at least I know what I have.

But if I was on a modest wage, living in an average 3 bed semi I'd definitely want a private pension and would be shitting myself at the prospect of old age poverty. I certainly wouldn't want to be relying on the state to look after me!

My pension % contributions are matched by my employer.

Congratulations! You're in a privileged but tiny minority

Its quite sad and amazing that people find it so hard to deal with their future when its more than a few years away.

Rather than save up for when they have no job, they find reasons not to save, find reasons to think a Pension is a bad way to save, find reasons not to be able to afford to save. The list goes on and on.

Perhaps young people should spend some time with those who have retired with no savings.

I only started paying into a pension a year back, and only then because my new employer matches contributions up to 5% of salary. Prior to that I'd been investing in property. My wife has a reasonable pension from her work so I'm hoping we'll be able to retire well before the state pension kicks in.

I should be able to retire at 60 with 50% of my current salary.

Congratulations! You're in a privileged but tiny minority

P-Jay - Member

ton - Member

can I ask, why people presume that there will be no state pension in the future?
has this fact ever been published or stated anywhere.

The Tories have quietly tried to kill it off every time they're in government - they've recently increased the age in which it's payable - although it's not been admitted it's thought that auto-enrolment will one day replace it completely for people under a certain age - but it will never been taken away from people who are already claiming it or even are working now - it's likely to ensure they're not blown out of the water next election any party who stop it, will only do so to new people entering the workplace.

The previous Labour government implemented a plan to increase the state pension age based on Lord Turner's work, which the coalition subsequently accelerated. But go ahead, knock yourself out and blame Fatcher.

My pension % contributions are matched by my employer.

Congratulations! You're in a privileged but tiny minority

Tiny minority? Really?

[url= http://www.employeebenefits.co.uk/benefits/pensions/matching-pension-contributions-rise-in-popularity/104520.article ]75% of FTSE 100 and FTSE 350 companies offer matched contributions.[/url]

Perhaps young people should spend some time with those who have retired with no savings.

my mother had no savings when she got to retirement age.
heck, she even manages a month in spain every winter.

Not planning for your own future is either daft, ignorant or arrogant. You know that you will some day stop working. You know how much you earn to keep you to the lifestyle you are currently leading. You know that money someone gives you will stop.
What then?
Are you currently being paid the same as the state pension? Then you might just about break even. If your current pay is more than the state pension, what provision have you made to make up that shortfall?
Nothing?
Oh well.

Prior to that I'd been investing in property

Ooh are you one of those 'evil' BTLers?

As others have said, most people under 40 will be working until they drop.

she even manages a month in spain every winter.

I'd love to see a budget for that. As I'm sure would all the pensioners freezing to death. How do you think she does it and they don't?

but it's not rational, it (immigration) would only serve to hold up the pyramid just. a. bit. longer.
(those hard-working immigrants would then want/need pensions, requiring more immigrants, etc. etc. etc.)

Not really, they'd just have to have enough children to replenish the numbers sustainably.

The issue is when you have baby booms followed by massive drops in birthrates.

Congratulations! You're in a privileged but tiny minority

Mine are doubled by my employer.

how many pensioners do you know who have froze to death molgrips?

You don't need a crystal ball, just a grasp of very basic maths.

you quote no mathematics though.... just DOOM predictions of what WILL happen in the future

we can forecast, but we don't really know do we? or perhaps the tm'ed binners crystal ball franchise is on a roll...

can i have the winning jackpot numbers for the next euro lottery binners plz? 😆

Peterfile - second paragraph of your link

[i]Its FTSE 350 DC pensions survey 2014, which questioned 98 FTSE 100 and 241 FTSE 350 companies, found that 75% of respondents now offer matching contributions. However, while there has been a moderate increase in contribution levels, these have not kept pace with increasing longevity.[/i]

Anyone forsee a problem here?

It goes back to the whole 'basic grasp of maths' thing, as opposed to any use of crystal balls 😀

how many pensioners do you know who have froze to death molgrips?

Just the ones I read about in the mail. And, to be fair, lots of other media outlets.

I have known a few pensioners who could in no way afford to go to Spain, and were similarly not profligate with money.

By my reckoning your mum must be living on about £350/mo. Does she own the house she lives in?

Not really, they'd just have to have enough children to replenish the numbers sustainably.

Is there no max population we have room for?

Those who think there will be no state pension in 40 years - can you explain exactly what you think is going to happen? Will the country see a government allowing hundreds of thousands of elderly people starve to death? Will it become the norm? Seriously

Maybe it won't be called state pension, but there will be a way of people getting by; that's one thing you can guarantee.

And what about those who are self employed? There's no benefit in a private pension. I see my strategy as property and savings - own another property or two and take an income from the rent. Already mortgage free and considering the property ladder - scale up while money is coming in to keep the extra cash saved and used on something that's likely not going to go bust, scale down when it stops to free up cash.

Anyone above bemoaning their public sector or final salary pension - line up for a slap please.

Anyone forsee a problem here?

I see a problem with you stating that employer matched contributions put me in a tiny minority, when I have just demonstrated that I am absolutely not 🙂

[quote=ton ]how many pensioners do you know who have froze to death molgrips?
Around 300 per year in the UK.

I will go cap in hand to the government to fund a flat for me and the wife (Not that I will live there much as my kids will treat me to lots of holidays). They will regard me as basically penniless and probably reward me with a government benefit of some kind to top up the kind donations from my kids.

Wow, that's an extreme way of making sure you get your money's worth out of the state pension! Not sure if it would actually work as any guaranteed regular income you have from your kid's trust fund will probably be taken into account. I suspect you really would have to give the money away to them and rely on their goodwill to give you some of it back on the quiet. I'll ask my wife tonight, she will know. She deals with that sort of thing quite a lot with her accountancy clients.

I see a problem with you stating that employer matched contributions put me in a tiny minority, when I have just demonstrated that I am absolutely not

Anyway... that wasn't really the point i was making. If they're the very best pension schemes, and they're predicting shortfalls, in a situation we all know is only going to get progressively worse, year on year .... how long before the whole house of cards comes falling in?

Like I said.... maths

Around 300 per year in the UK.

Not too bad...

TooTall - Member
Not planning for your own future is either daft, ignorant or arrogant. You know that you will some day stop working. You know how much you earn to keep you to the lifestyle you are currently leading. You know that money someone gives you will stop.
What then?
Are you currently being paid the same as the state pension? Then you might just about break even. If your current pay is more than the state pension, what provision have you made to make up that shortfall?
Nothing?
Oh well.

Right ye are, da! 😆

My Granda worked till he was 78, my da looks like he'll be the same as I know he doesn't save, and well, i'll likely be better off than those 2, but I'll deal with it when it happens and intermittently inbetween. If there's no state pension(There will be something), it's unlikely I'll have put enough away to supplement a life of luxury.

Don't worry, you'll not be paying for me!

Ooh are you one of those 'evil' BTLers?

I was but sold up recently as I needed the cash for a deposit on a place in London.

I had a lucky stint working for an employer who offered a non-contributory scheme. They paid in 15% of my salary and that increased by 2.5% when you reached a 5th year birthday. The older end of the staff were receiving the maximum 25%, which is, and was, virtually unheard of.

I did ten years there and it gave the pot that I had been accumulating since I started at 20 a large boost, enough to offset the next pension pot I had with Equitable Life that ended up worth very little.

The current scheme I'm in, the employer matches +1% so I pay in as much as I am allowed in to it. I see it as free money.

molgrips, she lives in a council sheltered scheme.
I think she manages to save a bit....it is what most pensioners are quite good at.
I manage to do it too......and i am not even a pensioner yet. 😀

moshimonster - What gurenteed income will I have other than what the state gives me? And yes, I fully intend to be e hands of my kids generosity at that stage. It will be their money and if they decide I am not worthy then so be it.

When I am that age tbh a nice little council flat will be grand for me. Just hpe itsclose enough to the local pub for me to sit and talk about the good old days whilst drinking a single pint for the entre day

moshimonster - What gurenteed income will I have other than what the state gives me?

All the money you just gave away to your kids obviously. If you think that the state owes you a living, then best of luck with that.

A lot of my older aunts and uncles finished up in the exact situation you are looking forward to i.e. state funded council flat and it didn't look like much fun to me. I'd honestly rather be dead than live like they did for their last couple of decades.

And yes, I fully intend to be e hands of my kids generosity at that stage

Yeah that could work IF it goes to plan, but as I said you probably will have to trust them explicitly with your money.

moshimonster - Member
A lot of my older aunts and uncles finished up in the exact situation you are looking forward to i.e. state funded council flat and it didn't look like much fun to me. I'd honestly rather be dead than live like they did for their last couple of decades.

You think there are going to be any council houses left in 20 years? Good luck with that one too 😆