Poll: Pensions - Are you worried about the future?

[Martynt74]

I'd suggest -

0-20k
20-100k
100k-500k
500k-1m

but tbh it is useless without age. Everyone is running a different race.

Yeah, i'd probably change it to "Estimated Penson Withdrawls" or something like that. That way it takes age into account.

 

[dlockers]

I had a pension. But thanks to Liz it's now well on its way to being wiped out.

Makes little sense

 

[Stretch]

Makes little sense

My pension fund now has an annualised growth rate of -15%. At the end August (before the "mini budget") it was sitting steady at 0%. Which given inflation is 10% wasn't ideal, but now I'm essentially losing 25% a year in real terms.

Given energy prices, it's not long before we'd be better off burning the money

 

[200sols]

My pension fund now has an annualised growth rate of -15%. At the end August (before the "mini budget") it was sitting steady at 0%. Which given inflation is 10% wasn't ideal, but now I'm essentially losing 25% a year in real terms.

Given energy prices, it's not long before we'd be better off burning the money

But why thanks to Truss?

Since late August the S&P 500 in USA has lost 15% for example, shall we blame Truss?

 

[Azza]

My pension fund now has an annualised growth rate of -15%. At the end August (before the "mini budget") it was sitting steady at 0%. Which given inflation is 10% wasn't ideal, but now I'm essentially losing 25% a year in real terms.

Given energy prices, it's not long before we'd be better off burning the money

Over how many years? What on earth is it invested in?

 

[Stretch]

But why thanks to Truss?

Since late August the S&P 500 in USA has lost 15% for example, shall we blame Truss?

Because my pension fund tanked when she took over.

 

[MG42Maniac]

35 and just under £100K. To be honest, I think for my wife and I to have a decent retirement we are going to have to massively increase our contributions. She is 30, self employed and sticking in a few hundred a month. When I have looked online, for £30K a year, I need to be adding in £1000 a month :/

 

[dlockers]

Because my pension fund tanked when she took over.

It also got cold and I had to put my heating on.

 

[Stretch]

Over how many years? What on earth is it invested in?

This year. +12% last year.

 

[dlockers]

This year.

When are you going to retire? Do you not have a managed fund?

 

[200sols]

Because my pension fund tanked when she took over.

But in the timeframe you gave us world markets have also tanked.. Unless you missed it world indices have been in retreat this year and many are in proper bear markets. I'm gonna blame Truss.

 

[Stretch]

But in the timeframe you gave us world markets have also tanked.. Unless you missed it world indices have been in retreat this year and many are in proper bear markets. I'm gonna blame Truss.

Yes. I'm going to blame her and her crackpot budget.

 

[200sols]

Yes. I'm going to blame her and her crackpot budget.

OK, but you'd be wrong.

 

[Stretch]

OK, but you'd be wrong.

I don't think many people will see it that way.

 

[Uther]

35 and just under £100K. To be honest, I think for my wife and I to have a decent retirement we are going to have to massively increase our contributions. She is 30, self employed and sticking in a few hundred a month. When I have looked online, for £30K a year, I need to be adding in £1000 a month :/

But (and obviously a big 'but) with the state pension you would only have to fund 20k of that, or 10k if you were both getting the state pension as well at 10k per person.
Thirty years is obviously a long time though, so who knows what will happen over the coming decades. And obviously inflation adjusted...

 

[randomshenans]

lol as much as I think she's a total moron and wouldn't trust her as far as I could throw the bint, your pension pot fall is the same as investments the world over... ALL OVER! Unless your pension was 100% in energy, which would have done you quite nicely, the whole world is down in their markets. If you have only this year and last year to compare it to, I understand why you are short term in your thinking. Unless you need to take that pension out next year, I don't think you'll have any problems at all long term. No matter which moron runs the country. But continue to shake your fist.

 

[MG42Maniac]

But (and obviously a big 'but) with the state pension you would only have to fund 20k of that, or 10k if you were both getting the state pension as well at 10k per person.
Thirty years is obviously a long time though, so who knows what will happen over the coming decades. And obviously inflation adjusted...

I think for me, I don't really know how much is needed for a decent retirement. If we didn't have a mortgage now, I'd probably want £4K a month net for both of us minimum. (£1.5k bills & food, £2.5K spare) That would be a significant drop to what we are currently earning per month now but I think that should allow a decent standard of living. If you break that into £2K each, that's about a £30K pension each. We'd both need to be sticking in £1K a month which is crazy. Ideally, I want to retire by 60 as well.


I am also not convinced the state pension will be around when we retire. I think it will be means tested and I don't expect to get a penny. I am factoring that into my calculations, I am more than happy to be proven wrong though!

 

[Surveyor]

Currently in a defined benefit pension (civil service), so no 'pot' per se. The equivalency they provide state that for every 5.45% I put in, they put in the equivalent of 27.9%.

It's still a fantastic scheme but it's retirement age is 68 now and you get hugely penalised for taking it earlier.

I'd get 80% of my annual salary if I took it at 68, with a decent lump sum. Take it at 65 and it's more like 50%. If I took it at 60, its around 33% of my income, with no lump sum.

Which Civil Service pension scheme is paying out 80% of salary and a decent lump sum at age 68?

 

[200sols]

lol as much as I think she's a total moron and wouldn't trust her as far as I could throw the bint, your pension pot fall is the same as investments the world over... ALL OVER! Unless your pension was 100% in energy, which would have done you quite nicely, the whole world is down in their markets. If you have only this year and last year to compare it to, I understand why you are short term in your thinking. Unless you need to take that pension out next year, I don't think you'll have any problems at all long term. No matter which moron runs the country. But continue to shake your fist.

People see 12% one year and expect that to happen every year. Fact is we are going into a rising rate environment with high inflation and coming in with very high valuations in certain markets (USA!), historically not good for stock markets, we could easily see low returns for several years. Not an issue unless you are retiring soon and need to drawdown in a bear market, then its a bit of a disaster.

 

[Stretch]

lol as much as I think she's a total moron and wouldn't trust her as far as I could throw the bint, your pension pot fall is the same as investments the world over... ALL OVER! Unless your pension was 100% in energy, which would have done you quite nicely, the whole world is down in their markets. If you have only this year and last year to compare it to, I understand why you are short term in your thinking. Unless you need to take that pension out next year, I don't think you'll have any problems at all long term. No matter which moron runs the country. But continue to shake your fist.

The market instability we are seeing in the UK is largely down to her. Anyone else could have done better. I would like to see her gone yesterday.

I understand a persion is a long term investment. But there is notthing about what we are experiencing at the moment which is going to improve my long term pension perforance.