Can someone briefly explain pensions?

Usher said:
Just get a job with your local council & they will give you a good pension at 60 straight out of the council tax the rest of us have to pay
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I have to say working in local council I find your comment crazy, I save near to £200 a month into my pension, and believe it the people employed in local Council do pay Council Tax, and we wont be able to retire until we are 65.
 
Helium_Junkie said:
How the hell am I meant to put money away for that AND a house :( Dammit I wanna be 13 again :(
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You can't. Welcome to the world of the first generation in this country who will be living a lower quality of life than their parents. You can blame mum and dad for that for years of carefree living and buying up and converting lots of property for buy to let for their own gain leaving nothing there for you to buy. Prices have flow up, you are now priced out.

The good news is these things can't sustain themselves. In the early 90's there was a terrible recession, house price crash, negative equity and thousands lost their homes. At the end of the day it levelled things out a bit and while it probably won't be a big crash like it was then, something has to happen. The other thing to consider is when your mum and dad die you'll be inheriting a huge amount relative to any time before if they own property. If they don't own then unfortunately you're stuck.
 
Jonny69 said:
You can't. Welcome to the world of the first generation in this country who will be living a lower quality of life than their parents. You can blame mum and dad for that for years of carefree living and buying up and converting lots of property for buy to let for their own gain leaving nothing there for you to buy. Prices have flow up, you are now priced out.

The good news is these things can't sustain themselves. In the early 90's there was a terrible recession, house price crash, negative equity and thousands lost their homes. At the end of the day it levelled things out a bit and while it probably won't be a big crash like it was then, something has to happen. The other thing to consider is when your mum and dad die you'll be inheriting a huge amount relative to any time before if they own property. If they don't own then unfortunately you're stuck.
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Wooooooh! Stuck :D

I'm inheriting negative money methinks :D
 
iirc my dad found something that if you/your parents started one when you where under 12 you would have nearly 1 mill in there when you retired (no that you'd see all of it). But i believe that several things have changed since then and its no longer possible :(
 
i'm 37, so is my wife, we both don't have pensions and cannot afford it anyway, no car, don't go out, don't smoke, all the cash pays for bills and stuff and 3 kids. I'll be dead anyway before i retiire if i ever retire, lol
 
McManicMan said:
i'm 37, so is my wife, we both don't have pensions and cannot afford it anyway, no car, don't go out, don't smoke, all the cash pays for bills and stuff and 3 kids. I'll be dead anyway before i retiire if i ever retire, lol
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There is your problem - your kids should be at work so you and your mrs can retire!
;)

Re-open the mills I say :D
 
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