That's the only way they can be affordable, even 68 will be pushed further up in future years.
Poll: Pensions - Are you worried about the future?
- Thread starter SideWinder
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That's the only way they can be affordable, even 68 will be pushed further up in future years.
I’m 32 and have £1500 in my SIPP but I have been living abroad for a long time. In investments I have $400K ( this is was $1.2 million in 2021 ouch)
Having moved backed to the UK I realised how tough things are here, if you don’t have a really well paying job its horrible, housing and bills are so expensive, saving for a pension is not even an option.
Having moved backed to the UK I realised how tough things are here, if you don’t have a really well paying job its horrible, housing and bills are so expensive, saving for a pension is not even an option.
Does that mean a couple would each have that amount ?
Average pension pots [UK] - Occam Investing
Every now and then it’s interesting to see where the UK’s at with its finances.So I thought I'd use this week's post to see how the average UK pension pots are looking. And I found it pretty surprising. I was not only shocked by the average size of pension pots, but also how many peopleoccaminvesting.co.uk
Average pension pots [UK]:
- Ages 16-24: £2,700
- Ages 25-34: £9,500
- Ages 35-44: £30,600
- Ages 45-54: £81,200
- Ages 55-64: £189,700
- Ages 65-74: £190,000
- Ages 75+: £90,300
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That is a pension pot, so an individual level.
However the takeaway there is 55% of people have no pension at all. Presumably that is a large number of women who stayed out of the workforce to be a housewife / child rearing.
It will for the privileged.
Associate
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Average pension pots [UK]:
Ages 16-24: £2,700
Ages 25-34: £9,500
Ages 35-44: £30,600
Ages 45-54: £81,200
Ages 55-64: £189,700
Ages 65-74: £190,000
Ages 75+: £90,300
It's worrying how far behind I am. Periods of unemployment in the past, changes of jobs , mostly low paid agency work have left me a long way off. At 37 , I'm paying in £200 a month to Pension Bee and get £50 added as tax relief. According to the divide your age in half rule of thumb I should be putting in £370 for 18.5% based on 2k after tax per month.
I do have a Pension with my current employer so there's money going in, minimum amount taken directly from my salary, but I am looking into changing jobs due to qualifications that are being wasted.
On the plus, while I don't have a mortgage, I live in housing association property(I did look at buying this place but not allowed to due to their rules concerning the age of building pre 1991, plus my type of tenancy) so I could stay in this place or swap with someone else for similar and always have a roof over my head. Some colleagues privately rent in houseshares and have less security.
The only other way I could afford to buy would be save a deposit, move somewhere cheaper that has enough employment opportunities. Or look at buying a property somewhere else like Ireland, near my sister, her husband and son (tipperary) or my uncle and aunt (West Cork) away from cities, rent it out until mortgage is paid off then move there. I'd have the state pension from here if I did this, plus any private one I've saved .
My other idea for income In retirement was share dealing, investing from your bank, as Santander and Halifax have accounts that you can buy shares with. Long term holdings rather than quick buy and sell.
Check out Plum as well, it's an app that allows you to invest small amounts you can afford into it
Ages 16-24: £2,700
Ages 25-34: £9,500
Ages 35-44: £30,600
Ages 45-54: £81,200
Ages 55-64: £189,700
Ages 65-74: £190,000
Ages 75+: £90,300
It's worrying how far behind I am. Periods of unemployment in the past, changes of jobs , mostly low paid agency work have left me a long way off. At 37 , I'm paying in £200 a month to Pension Bee and get £50 added as tax relief. According to the divide your age in half rule of thumb I should be putting in £370 for 18.5% based on 2k after tax per month.
I do have a Pension with my current employer so there's money going in, minimum amount taken directly from my salary, but I am looking into changing jobs due to qualifications that are being wasted.
On the plus, while I don't have a mortgage, I live in housing association property(I did look at buying this place but not allowed to due to their rules concerning the age of building pre 1991, plus my type of tenancy) so I could stay in this place or swap with someone else for similar and always have a roof over my head. Some colleagues privately rent in houseshares and have less security.
The only other way I could afford to buy would be save a deposit, move somewhere cheaper that has enough employment opportunities. Or look at buying a property somewhere else like Ireland, near my sister, her husband and son (tipperary) or my uncle and aunt (West Cork) away from cities, rent it out until mortgage is paid off then move there. I'd have the state pension from here if I did this, plus any private one I've saved .
My other idea for income In retirement was share dealing, investing from your bank, as Santander and Halifax have accounts that you can buy shares with. Long term holdings rather than quick buy and sell.
Check out Plum as well, it's an app that allows you to invest small amounts you can afford into it
Fully understand but I'm afraid it's a self fulfilling problem.
The good old days were a single wage was enough, hey?
The GDP boost from getting women out to work was the huge, now there is no way to cope with average wage and 2.4 children. This is a massive problem and I would expect the government will at some point have to pay for people to have children, this is already happening in other countries were the population is crashing.
Yup but as with every serving government in this country, fully expect to kick the can down the road until its too late
And don't start on the good old days, wife is crying out to pack in work ha
Caporegime
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Mine is at about average posted here. I am not really bothered tbh. I would quite happily work two days a week driving wagons to give me an extra £300-400 a week on top of my pension.
My grandfather worked till he was 78. He enjoyed what he did though. After all a job isn't really a job if you enjoy it. He lived to 93 so had 15 years of full retirement anyway. Sir Alex Fergusson was a full time football manager at the top at 72 years of age. That's a 24/7 365 days type of job too.
My mothers capital is my retirement fund. As will be mine for my children. As horrible as it sounds it will be the truth for most.
I would also quite happily move somewhere else in the EU where cost of living is far cheaper where my pension will go a lot further.
My grandfather worked till he was 78. He enjoyed what he did though. After all a job isn't really a job if you enjoy it. He lived to 93 so had 15 years of full retirement anyway. Sir Alex Fergusson was a full time football manager at the top at 72 years of age. That's a 24/7 365 days type of job too.
My mothers capital is my retirement fund. As will be mine for my children. As horrible as it sounds it will be the truth for most.
I would also quite happily move somewhere else in the EU where cost of living is far cheaper where my pension will go a lot further.
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I don’t know how people can even think of having kids with the cost of living. We need to import labour.
One of the problems here is care home cost, its huge and can very quickly eat into any capital.
Very small, but my non-pension savings are substantial.
Spend it all before that days comes, that's my plan
That is not a good way to build a cohesive society, it's better to fix the problem not paper the cracks
Caporegime
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That's why you transfer all your capital to your children as soon as they are old enough to be good with it.
Also for me I will retire in 30-40 years. Money I have in my pension now will be worth absolutely nothing. £50 in 1980 is around £200 today so what ever money you have in a pension pot now will be worth bugger all in 40 years anyway.
I just checked one of my pensions now and I have made £105 on it in 6 years (which was at around £600 growth but has basically gone to nothing since the pound is worthless). There is 10 grand in there which in 4 years time will be worth 2.5k. Best just to not worry about it and get on with life as we will all most likely be civil war before then anyway.
They go up and down all the time my pot has grown by £4k the last 3 months in the investments made.That's why you transfer all your capital to your children as soon as they are old enough to be good with it.
Also for me I will retire in 30-40 years. Money I have in my pension now will be worth absolutely nothing. £50 in 1980 is around £200 today so what ever money you have in a pension pot now will be worth bugger all in 40 years anyway.
I just checked one of my pensions now and I have made £105 on it in 6 years (which was at around £600 growth but has basically gone to nothing since the pound is worthless). There is 10 grand in there which in 4 years time will be worth 2.5k. Best just to not worry about it and get on with life as we will all most likely be civil war before then anyway.
Soldato
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I want to live fast die young. Don’t want to be like my 94 year old grandmother who is extremely frail, not eating, falls over at least once a day. Plus she has dementia, severe arthritis and bad macula. Unable to watch tv and unable now listen to her talking books. She has no quality of life.
My colleague’s mum is exactly the same, but she’s 88.
Not being horrible but just want my grandmother to be reunited with my grandad. As there are some relatives who I have no memories of them when they were up, about and well. My memories of these relatives are in hospital, ill, lost loads of weight and wanting to die.
My colleague’s mum is exactly the same, but she’s 88.
Not being horrible but just want my grandmother to be reunited with my grandad. As there are some relatives who I have no memories of them when they were up, about and well. My memories of these relatives are in hospital, ill, lost loads of weight and wanting to die.
Caporegime
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Does that match inflation since it began?
What scheme is that based around? 75/05/15?
I might have to remain in service for full pension at this rate lol.
Soldato
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My grandmother lives in Sheffield where care homes hardly any beds and prioritising those with catheters, stomach pegs or stomas. She has none of these. So in a rehab care home. She probably has to go back home where she’s a danger to herself. Keeps falling over even with a Zimmer frame, no quality of life and not eating much. She will be back to square one for the third time in 4 months.