Getting Old

By the time I'm a pensioner, I expect the pension will be more than £60/week.

The real 'problem' is that OAPs are making up an ever-increasing proportion of the population (typically due to people living longer). This means that the drain on taxpayers is conequently increasing too.

Personally I am not overly concerned about my future (assuming there are no drastic lifestyle/economy changes in the next 40 years or so) as I plan to own my own home with plenty of cash saved up by the time I retire. If the cash ever runs out, then I'll be happy, because it means I'll have lived to a ripe old age.
 
I will hopefully have saved a reasonable sum by the time i even consider retiring. If it really came to it and it all went wrong for me i guess i would work until my parents passed away or take one of their houses for retirement. Not a nice thought to rely on ones parents however, that being the ultimate fall back and why i am not overly worried should i not have anything in place for whatever reason.
 
not expecting a state pention, however nor am i in a position to realistically save, however im only 20, long way to go an all that....im screwed tbh
 
there wont be a retirement age by the time i hit 70...youll be expect to die working, sorry, im in one of those moods
 
I have a final salary pension but the bad bit is that it is based on my basic salary which is only just over 50% of my earnings
 
Being a pensioner isn't for me sadly. I'll enjoy what I have now, as soon as I'm old, start showing signs of wear and when everything has ran out, I'll go out in a bang. Hopefully there will be something I could do that would be enjoyable and would kill me in the process.
 
Means tested benefits* guarantee pensioners about £119 a week, with your council tax paid, and a contribution to rent (all of it?) if don't own your own home by then. That's not too shabby IMO as a safety net... which is all the state pension was ever designed to be.

'Sadly' we now live long enough to get really old and frail, which makes it harder to survive on that kind of money. All the more reason to start contributing to a proper pension as early as possible and -- even more importantly -- take your health and fitness seriously. Ok, you can't guarantee good health, but you can certainly do your best to help yourself enjoy older age. Think of it as a 'health pension'; it's something which the government should be emphasising much more than it does.

I remember how far away all this kind of stuff seemed when I was in my 20s. There's so much else to worry about! But it's amazing how soon you find yourself in your 40s taking this stuff very seriously indeed. 'Hope I die before I get old' is a great song, but a lousy plan. :-)

Andrew McP

*Obviously what you get depends on your savings, and it can be a little unfair on those on low wages who save carefully. But such is life, and the taxpayer can't afford to pay everybody who's retired a significant amount.
 
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Surfer said:
on the £60 a week the gov gives you?
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£60 a week is what old women get who opted out of National Insurance back in t'60's.
My mum is 73 and gets about £180 a week because she worked all her life and contributed.
She also draws from her private pension.

Yes there are people who draw that low amount but it was their own fault for opting out many years ago.
 
paradigm said:
Private pension plan = win.

EVERYONE should look into a private pension.
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Don't make me laugh. I have paid into mine religously and the return is a complete joke.

My last company scheme I was in practically collapsed losing about 70% of our money.

My only chance for retirement is that I can keep my business running and get somebody to manage it into my old age.
 
One of my first bosses organised a private pension plan for me when i was 20yrs old (now 34). Been paying into it ever since apart from 2yrs where i froze it as i joined a public sector place where i get a final salary pension. Since then i've been able to unfreeze the private pension and am back paying into that also. In all, i probably pay £3-350 per month into my pension pot. But not looking to stop there, currently looking at buying a small property abroad to rent out and use as another form of pension. Then there is my mum's house, she's currently got a decent final salary pension so is living quite comfortably in a rather large £6-700k house (which is already signed over to me/sister) which should help with the bills (very very much)later in life also.

/edit: Forgot to say, every one should have something planned for the future, it's ok saying you don't plan on getting old but as a fact of life, unless you top yourself and leave your familly/children etc to live with that then you are going to have to out something in place to live off. If i could do it again, i would probably have invested more in property, but i've missed that boat so will have to look for something else.
 
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Furton said:
Stop talking rubbish. A lot of the current pensioners are from the era of WW2 and wife stays at home to bring up a family. I know my gran would only be on state pension if it was for my grandad receiving a good British Steal pension. Back in those days people never really thought about sorting out pensions, was always assumed that the Government would look after you.
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Excuse me, but most of todays pensioners were born during the war or were very young, most of the ones who fought during the war are actually dead... work in the 50's was a plenty, so plenty of chances to save

Anyway they arent the ones in real trouble, it us that will be in real trouble if we dont get our butts in gear in terms of pensions, were a spend spend generation, you cant continue in that vain and then expect that same lifestyle when we retire.
 
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