Does anyone still believe they'll ever retire?

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Viewing 44 posts - 91 through 134 (of 134 total)
  • Does anyone still believe they'll ever retire?
  • crikey
    Member

    The big issue is what do all those people do when they get too old to function in their current roles? If you become too old to work in a physical job, yet that is all you’ve ever done, there will be an awful lot of people suddenly ending up on DLA or the equivalent. As noted in reports, the politicians can slope off to the House of Lords for a nice snooze after hammering the free bar…

    Just because people are living longer it doesn’t follow that they will be able to work for longer.

    “Save for retirement. Don’t rely on the State”

    Another +1.

    Bodies who are genuinely interested in the welfare of their members should be reminded of this as well. Striking wont help, preparing just might.

    jfletch
    Member

    this is why we’re struggling to get enough revenue to pay pensions now – people are receiving them for 10 years longer.

    Yep – and all of the pain is being lumped onto the young while the people actually receiving these unafforable pensions continue to do just fine. Sounds fair to me.

    toxicsoks
    Member

    Going early………………in 47 weeks!

    Premier Icon kimbers
    Subscriber

    teamhurtmore – Member

    Bodies companies who are genuinely interested in the welfare of their members employees should be reminded of this as well. Striking crushing the unions, destroying pensions and taking shareholder friendly pension holidays wont help, preparing just might.

    6 months on/off? think I’d rather do 12 months and stop working x number of years earlier.

    Why? The closer to retirement we get the more the payments in equal those you hope to get out as theres less compound interest. So given the opportunity I’d rather take time off in my 40s and work part time in my 60s.

    True kimbers and good job my “company” does that, (though less generously than in the past). Unlike the government which relies on a ponzi scheme instead. In the interim, the advice still stands IMO.

    b r
    Member

    The key thing now is to ensure you’ve lots of little ‘pots’, as a fair number will go tits-up.

    So many private and state pensions plus a public sector one too; property (preferably one you can down-size from), no debts beyond a mortgage etc etc.

    Moon-on-a-stick for many though, as many folk will struggle just to live, nevermind save for retirement.

    Premier Icon johnikgriff
    Subscriber

    I retired 3 years ago, it’s great 🙂

    43 now, by the way.

    clubber
    Member

    That’s

    I’ll be 100 when I retire 🙂

    hammy7272
    Member

    Some of my friends don’t have pensions. The ones that do don’t understand what it will give them in retirement. They feel, I’ve got a pension I’m ok. I think a lot of people don’t really understand.

    thomthumb
    Member

    I think a lot of people don’t really understand.

    it depends how old you are but as a twenty-something my genuine feeling is how can i know – it’s likely that the deal i have now will get worse – it’s likely that what it will be worth will fall short of whats predicted.

    There are in my eyes two options pay in and hope. or sort yourself out in some other way – property perhaps.

    It seems like too many people my age though have gone the other route – sort it out in 40 years time! this concerns me as i don’t see why i should have to prop up those who have done nothing to support themselves; when they could have.

    I’ve got some savings. I’ve got a pension. By the time I retire I will own a house.

    Some, all or none of those might help to support me when and if I retire. I really have no way of knowing how well at this point.

    But its better than relying on the state, and when the state is likely to come up with little gems like that ‘tard Brown’s fiscal acuity, then can only rely on yourself.

    Best of luck everyone!

    Incidentally, my dad retired 14 years ago.

    For vast proportion of his working life, which was 6 day weeks for his entire life, he was on a final salary deal. About 5 years before retirement the company figured out that scheme was going to make it broke, and very soon, so they flung the entire pot into a normal pension.

    He was extraordinarily lucky and got a near 10% fix on that pot. So at this point he’s most definitely quids in.

    His best mate at the company retired 6 months later and got a slightly less pleasant 5%. And is sadly not likely to live to even see his break even point.

    Not sure what the moral is, but one thing for sure, you never know exactly what will happen.

    mudshark
    Member

    Could it have anything to do with the fact that over the past 30 years the tax burden for those at the top of society has been massively reduced through reductions and a blind eye turned to tax avoidance?

    No-one’s been paying enough NI – Gov’ts fault but then who’d want to ask for more? Tories have decided to deal with it finally by getting us to contribute for longer/retire for less.

    They feel, I’ve got a pension I’m ok. I think a lot of people don’t really understand.

    £500k pot required I’m thinking.

    mt
    Member

    “It seems like too many people my age though have gone the other route – sort it out in 40 years time! this concerns me as i don’t see why i should have to prop up those who have done nothing to support themselves; when they could have.”

    Don’t be so ungrateful, when the true socialist state finally arrives this sort of attitude will be reeducated away like your savings. Don’t you realise that you should be spending any savings so that we can get out of recessionary periods. It’s you saver that are holding back the growth of the economy. 🙂

    Premier Icon Blackhound
    Subscriber

    I left school in 1976 (era of Anarchy In The UK, not a good time) and none of us went to a university, not even in our comprehension. That was for a few posh kids where I came from.

    When I started work I was on £29 a week and paying 33% tax plus NI. I was also paying 10.56% pension. By the time I finished I was paying much, much more in pension, about 13% of salary plus AVC’s. I have a nice enough personal pension but I saved for it over many years.

    The problems are many. My first mortgage I needed a 10% deposit and no more than 3 x salary as a loan. This multiplier being eased over the decades (and deposit being reduced or eliminated) with people greedily wanting more and more to keep-up-with-the -Jones’s caused the housing boom that could never continue for ever.

    My daughters generation (she is 28) are finding it hard what with student debts (spent it in fags and booze I think)and she can’t afford to buy a house and I doubt she is saving for a pension. I started my pension plan at 17.

    I was struggling at 51 with stress and was happy to get out with enough money to bumble along. But I live on my own with no debt so can manage.
    Would not like to work until I am 70 but we are living longer.

    I see my generation (those who were in work and able to save) as a lucky one. Those of us born in 50/60’s have had an opportunity, over history it is a very small minority, maybe a bit of re-leveling is going on.

    GJP
    Member

    I hope to retire when I am 60, maybe a little bit earlier. I have a reasonably good defined benefits pension, and plan to complement that with savings. Long given up on ever receiving a state pension, from a purely narrow minded perspective I would rather they just scrapped it, and I pay less tax/NI. Yes I know it would not quite work like that.

    neilco
    Member

    Plan to retire no later than 60. Am in a fortunate position financially, but it’s all self earnt. Crucially my wife and I just don’t spend that much cash. Holidays yes, car (singular) mediocre, phones who cares, grow own veg, eat healthy and carefully etc. Fully expect this early retirement to be self funded. If I spent like many people in my generation, then I’d be working until I die.

    PS – the motivation for this? My baby boomer parents, who actually happened to work damn hard, stretch to meet a mortgage on a big house and scrimp and save where they could. Dad retired at 58 and now they holiday seven-eight times a year when they are not in their million pound house. Fair play to them, they are not spending my cash, they’re spending theirs.

    Tom B
    Member

    So people born after 1990 will have to work until they’re at least 70. Who the **** is going to be happy employing a 70 year old to work in either a physical job, or say as a teacher. Is your average teenager really going to listen/be inspired by a 70 year old?!

    I’m 27….doubt state pension will exist when I’m of ‘retirement’ age. I’m not paying into a pension and don’t plan on doing so. The answer. …who knows. I’m making zero plans at the moment for something that’s half a century away from being reality. I’d rather enjoy my 20s and 30s than my 70s and 80s.

    Premier Icon Drac
    Subscriber

    My Dad is 65 he worked since he left school for the NHS or linked to it. He took ill just over 3 years ago now he recovered but has a limited life, he can’t really walk much further than around the High St. Most days he never leaves the house especially in extreme weathers as it makes him unwell.

    I’d rather that didn’t happen to me so was hoping to be out at 58 that changed but I may still get out at 60 however the way it’s going it may be older. Really not sure how I’m supposed to look after the seriously ill and deal with aggressive patients at that age, in recent years I’ve seen many staff retire in there 60s most haven’t made 5 years. Those that have gone before 60 are all pretty much going strong.

    dabble
    Member

    im gonna rob a bank when im 60. then retire if i get away with it or get the rest of my life paid for by the state.
    if things aren’t going well.

    crikey
    Member

    Another thing that Gorgeous George seems to have forgotten is that people working longer in their jobs will mean fewer jobs for those who are young enough to work.

    A plague of dimness appears to have enveloped the land…

    neilnevill
    Member

    Those that are in retirement, or soon will retire, must keep every penny they have been promised. Only by the young seeing the benefit that they are accruing can you hope to persuade them to save now for their future. if you means test, rob those that saved for a future, then no-one would expect any promises made to them to be kept, no one would save, and the state would be forced to step in and run the lot.

    Me, I’m saving…but strongly suspect I won’t be retiring at my current ‘pension age’….my current scheme will close, new one will have a higher pension age, I’ll be forced to work longer and get less benefit in retirement. I accept this as statistically I’ll live longer…there are only 3 options, save more, work for longer, take less n retirement.

    just because I accept it doesn’t make me feel happy about it though.

    Another thing that Gorgeous George seems to have forgotten is that people working longer in their jobs will mean fewer jobs for those who are young enough to work.

    of course he is getting quite a lot of people to go to university for quite a long time, paid for out of their own pocket to help mitigate that – Blairite masterstroke.

    piemonster
    Member

    What we need is a good plague, one that hits 50+ yr olds.

    About half the forum I’d guess.

    university for everyone?

    don’t start that one.

    toby1
    Member

    I really wish there was just something clear and obvious about what we should do – I’m concerned that pensions are a massive rip off, but as a higher tax payer it makes sense to pay into something pre-tax. I’m actually not at the moment but it is on my list of crap to sort out soon as I need to merge some older pension payments into a new account and get it all kicked off again.

    I work hard and earn well but I’m more inclined to overpay my mortgage and then save harder later as at the moment I’ll pay for more in interest than pension savings will ever make for me. My wife on the other hand works and doesn’t earn as much so a lot of the saving and investment we do is through me. I also have an employer that offers nothing in the way of contributions, although they are about to have to whether they like it or not.

    Essentially to me, pension money is money that lines the offices around the banking areas of London and pays for nice suits, then results in very little for me after 25 years! Ideally it’d go into a tax free pot I could manage then at least I am responsible for the outcome!

    Premier Icon footflaps
    Subscriber

    If the current trend in annuity rates continues, you’ll need a pot of several million to retire comfortably at 60 in 20 years time or so. I think the concept of retirement, as our parents knew it, is rapidly vanishing.

    Moses
    Member

    Mrs M was made redundant after 30++ years teaching. I’ll have to work beyond 60 to fund her fun lifestyle of coffees and cakes and pub lunches and generally having a very good time.

    deviant
    Member

    This will bite the government on the arse, some people will be able to work until 70 and they’ll be fine, both my parents have officially retired and are in their mid 60s but continue to work because they enjoy it….however in my work i go to lots of people in their 60s who are suffering with dementia and all manner of physical ailments that would exclude them from being a serious employment prospect for most companies….what then?….i;m guessing there will be a raft of new claims for incapacity benefit, disability benefit, medical retirement etc etc….in the long run it might be cheaper to just chuck people a decent pension instead.
    Interesting times ahead.

    alpin
    Member

    We used to go out to work at 16 and pay tax straight away but today this seems to mark someone out as a failure unless they are at university until they are 21.

    here in Germany i know of only one guy that was working in his teens. all the others stayed at school until 19/20 and then had a further 4 years at uni. i know of some people that have only just started work at the age of 31(!).

    as in the UK, the population here is shrinking (BR of 1.3), aging and living longer.

    my landlord profited from the war, inheriting five or six flats from uncles that fell in the war. i know of one guy, a cobbler, that sits in his little 10sq ft shop six days a week despite owning over 100 flats in Munich (and Munich rents being the highest within Germany).

    my folks are both retired and are ok. they have a decent sized, paid for house and can afford their bi-annual holidays, a cleaner (as if they don’t have time for that!), car each, golf club membership, pub lunches, etc…. but as many have said above they have worked for it, well, my old man has worked for it, mum has spent it.

    i’m one of those that didn’t go to uni and end up with a desk job. i’m a self-employed chippy who doesn’t contribute to a state pension (i have to opt in to the system here). i can’t imagine doing the work and hours that i do now in 15-20 years time.

    i can’t see how i should afford heating bills on top of the rent when i’ve no longer got money coming in. even if i changed direction and had a small workshop knocking out little odd jobs i’d still need a large amount of capital to set it up and then enough money coming in to cover costs.

    fortunately i’ve got about 60K in shares/funds that i was wise enough to stuff away a few years back when i had a few successful years. if what i was told turns out to be true that should be worth 200k-ish (pot roughly doubles every ten years….true?) which together with half the proceeds from the sale of my folks house should be enough to fund my hobo lifestyle.

    planning on buying a big sprinter/camper and chasing the sun. i can’t see how i should afford heating bills on top of the rent when i’ve no longer got money coming in.

    have said in the past that my/our parents generation have been able to milk it and that we’ll not have it so good.

    Premier Icon Imabigkidnow
    Subscriber

    I’ve got a small private pot going, nothing astounding though (emphasis on the nothing i.e. I think last prediction was £750 a year for what that’s worth if I retired at 65)
    I work for a company with less than 5 employees too so I prob won’t be doing the opt-in thing for a good few years yet, but I will pay in when it starts.

    My mortgage company things I’ll retire at 72 for what that’s worth as that’s what I told them.

    I’d prefer to pay 5%-10% hell maybe even 15% more tax/NI now to help pull this country out of it’s jacksie sooner and keep S.P. at 65 an earlier age and give myself a choice rather than pushing it back and back. Sorry if that’s rather socialist (I have close Scandinavian relatives, look at their systems).
    I’m 32 btw

    I do reckon [in a distinctly uninformed manner] that we’re going to start dying younger again anyway coz we’ll be having to work longer and harder again.. vicious cycle innit.

    Moses
    Member

    Pensions are a tax on the poor for the benefit of the rich, in the main.
    We all contribute, but those with a healthy & comfortable lifestyle (usually associated with being richish) live longer & suck up the pension pots of those who die younger, who are generally poorer.

    grum
    Member

    I’m planning to take up wing suit base jumping when I get to retirement age – should only last a few years after that and I can probably scrape by during that time.

    Anyone got a better plan?

    slackalice
    Member

    Anyone got a better plan?

    Not really, but I think I’m going to spend the next 20 or so years working and cultivating a very good friendship with a Vet. They seem to have the best drugs for departure.

    Premier Icon binners
    Subscriber

    I’ve been steadfastly applying my master plan for my entire adult life. The carefully calculated fags/beer/drugs/cheese/pubs/pies and wine programme should ensure I won’t be spending too much time telling people I used to come ‘ere when it was all fields, while smelling of wee

    It has the advantage of being rather good fun too. A win/win 😀

    Macavity
    Member

    The people who take early retirement at 60 with a really good final salary company pension. Then come back into their old job, after a month or two, on a “temporary” (as long as they like) contract for double the money. Therefore claiming on the company pension while the lower paid people around them are still paying into the company pension. They are the ones who know how to do it in style.

    You can’t beat a good Ponzi pyramid scheme…. er…. sorry pension scheme.

    chewkw
    Member

    Pension? What is that?

    I have a part-time job with peanut pay so only relying on whatever I can save … survive as I earn.

    Yes, I will retire once I strike the jackpot.

    🙄

    TheBrick
    Member

    I expect to be wrong into my 70s but don’t have a problem with that. I don’t expect to be doing the same job, and I would like to be working part time but would not expect to though I would expect it to be a “easier going” job. People most people see to think working to 70 means doing the same job as you were doing at ages 30 or 40 at the same pace, and it clearly does not. People I know working in their 60s / 70s either have a a low stress basic job or are self employed in some manor or training young people with the benefit of their experience. Due to this fact the idea of oldies take jobs away from young people is wrong. Add to that the fact that as population growth (hopefully) continues to reduce having more people working can help increase the countries economic activity.

    Premier Icon Vortexracing
    Subscriber

    The fundamental problem is people are living too long

    let me correct you on that point

    The fundamental problem is people are living existing too long

    MrSalmon
    Member

    I expect to retire as in I’ll stop working, but I reckon I’ll be well into my 70s (I’m 43 now) and don’t expect it to be the same ‘retirement’ that a lot of people are currently enjoying.

    crikey
    Member

    The people who take early retirement at 60 with a really good final salary company pension. Then come back into their old job, after a month or two, on a “temporary” (as long as they like) contract for double the money. Therefore claiming on the company pension while the lower paid people around them are still paying into the company pension. They are the ones who know how to do it in style.

    I think you’ve been at the brandy butter.

    People who retire on a really good final salary company pension are people who have spent the last 40 years at work, so having a decent pension is a perfectly acceptable outcome.

    When you come back into work after retiring, you usually earn less, still pay tax, and end up on a shorter fixed term contract, often only a year or so long.

    This allows the company to benefit from all those years of experience, pay less for said experience and still allows the employee to contribute and pay tax.

    Be careful that you don’t end up knowing the cost of everything and the value of nothing.

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