Poll: Pensions - Are you worried about the future?

[SideWinder]

Happy Wednesday everyone and so let's have a happy thread!

Obviously if you have clicked this, you are either worried, confident..or just curious.

A pension statement arrived today (I am 34) and I am fully realising the extent of what life could be like 30 years into the future. I have had a mild interest in my pension but perhaps not as much as I should. I am mid bracket A and I think I'll be working in a supermarket or somewhere else when I am older but I am also looking for a new role so pension contribution will be such a big factor now.

Mods - Poll perhaps? EDIT: I removed my awful suggestion from OP.

How much is in your overall pension pot? Obviously age is a factor in this as those nearing the end of their working career would have a larger pot.

This is not a financial advice thread.

 

[dlockers]

I'd hope with all the old fogies we have on here that everyone answers D.

 

[SideWinder]

I'd hope with all the old fogies we have on here that everyone answers D.

Mm yeah, was thinking the demographic on here are towards the older side plus we also we have a lot of very intelligent people who work very hard.

 

[Rilot]

Poll added

 

[Slam62]

I think you should have 0 to 50k then 100k to 150k etc.
The minimum fund needs to be 200k at retirement

 

[Firestar_3x]

Seems like a very narrow sample of pension pot sizes, only 10k increments?

 

[Mercenary Keyboard Warrior]

Hate to break it to you but that list of choices is odd, its a very very low distribution.

 

[Slam62]

Fun times

 

[dlockers]

Poll added

Worrying that the man close to retirement with a Ferrari thinks those bandings are a good sample

 

[Ayahuasca]

What's a pension?

 

[dlockers]

Mm yeah, was thinking the demographic on here are towards the older side plus we also we have a lot of very intelligent people who work very hard.

Well give that the UK max for private pensions is £40k/year contribution, and the lifetime allowance is £1,073,000 - your bandings are a billion miles out.

 

[Slam62]

Worrying that the man close to retirement with a Ferrari thinks those bandings are a good sample

Before I retired my transfer values came to about 700k I believe and that doesn't give you much

 

[dlockers]

Before I retired my transfer values came to about 700k I believe and that doesn't give you much

I don't doubt it. How old were you?

 

[Uther]

Well above 41k (odd figure...) but if Truss keeps going the way she is it'll probably end up at <20k

 

[BUDFORCE]

I'm by far an expert in pensions, but don't you need to have a lot in them for them to pay out anything reasonable?

I used to look at pension statements often, but been several years now, but I remember seeing pensions with 100k plus, and thinking, wow, until you see how much it pays out a month and thinking, is that it?

I'd need to check my pensions I have 2 and both are small, I am also wondering how valuable pensions will be in the future, Vs say investing in a property and if you are able to pay that mortgage off, living off the rental income.

 

[Slam62]

I don't doubt it. How old were you?

58 nearly 59

 

[dlockers]

I'd need to check my pensions I have 2 and both are small, I am also wondering how valuable pensions will be in the future, Vs say investing in a property and if you are able to pay that mortgage off, living off the rental income.

Pension contributions are tax free so you'd need to be making at least 40% (for higher rate folk) on any other investment to get out of bed. And then of course the pension itself is invested. So investing in property is a "tier 2" / people who are likely to die before 57 strategy IMO.

 

[200sols]

You set the poll options a little low in value. (Imo)

 

[dlockers]

58 nearly 59

RIP. Hope you live in a low cost of living area and don't have any big bills forthcoming.

 

[Uther]

Before I retired my transfer values came to about 700k I believe and that doesn't give you much

Well you'd be mad to go for an annuity but unless you plan to live for a very long time that's plenty enough imo.