I’m 43, looking at the anunity rates, you need £100k to give a pension of about £3,300 p.a. so I guess you need c.700k in the pot. I think growth is unlikely to return to the levels of years gone past, so I think I’d need to stick c.500,000K to have a half decent pension.
It’s just not going to happen. I’m thinking of cutting my losses and giving up on the pension…it’s just good money after bad. I don’t trust the financial instituions, I don’t trust the IFA’s. Looking at it in the cold light of day, the figures just don’t stack up. I’d rather pay the tax and put the cash into savings, or an investment I have control over.
No wonder the goverment has a problem, the thought of saving doen’t interest many people at the best of times, but when people realise that it’s the bankers and fund managers who are creaming off your cash with no incentive to perform.
I can’t see how anybody sane would think that pensions are a good idea at the moment…i’d love to be shown otherwise, because it’s all a bit depressing.