Re: Cost of ageing population 'needs re-calculating'
 

We'll all be doddering about in B&Q shouting at the customers.

---------- Post added at 11:37 ---------- Previous post was at 11:34 ----------

My recent comparisons show my property investment to have done rather better than my PP scheme.
With hindsight I would have been better off forgetting about a private pension and instead buying another house or two.

Re: Cost of ageing population 'needs re-calculating'
 

Which is precisely the reason my own home is unaffordable for me :)

Dear Gordon's fault for removing the higher rate tax relief - people invest in property, property goes up in value making it yet more attactive, more people invest, etc, etc. Causes minor issues for people like me who would traditionally be able to purchase a home though. Anyway slightly off topic.

Re: Cost of ageing population 'needs re-calculating'
 

Yup - only way to ensure a (reasonably) comfortable retirement is to save (be it in a Pension Fund or property - btw, pension funds are cyclical, so as long as we take a medium-to-long term view of savings, we should be OK); problem I have, like a lot of people in IT, is that I changed jobs roughly every four or five years, and whilst you can transfer your contributions, you lose the companies contributions and pay transfer fees. I tried to mitigate this in the early 90's by taking out a personal pension, and convincing the companies I worked at to contribute to it; that worked until I joined BT Cellnet, who weren't as flexible (ho-hum).

So, at the moment, I have about five little pensions which should return about £500 a month, I am in a final salary pension which (if I can hang on for 12 more years, and into which I pay 14% of my gross salary) will give me a quarter of my salary, and the mortgage gets paid off late next year (meeting one of my goals, which was paying off the mortgage before I was 55 (just)); (then I will probably have to pay for my daughter's wedding a few years after that, which should manage to take most of our savings....:dozey:).

However, as I said at the beginning, I don't think the state pension will pay for much more than the basics, so it is up to us all to put something away to make our retirement, whenever it happens, a bit more enjoyable.

Re: Cost of ageing population 'needs re-calculating'
 

Took early retirement last year, paid enough into my pension to allow me to retire at 57.

Problem is I got bored after about 6 months so now setting up a small business to keep me occupied. Converting a hobby into a businees so I will doing something I enjoy.

Re: Cost of ageing population 'needs re-calculating'
 

Well done! Stories like yours give me strength on difficult days at work.

Re: Cost of ageing population 'needs re-calculating'
 

At 40 years of age I was pretty much on target to retire at 55.

At 51, I'm pretty much crossing my fingers that I'll have some retirement years before I'll croak. :(

During my 40s I did manage to squeeze in 1 divorce, remarried and had 2 kids.:D

I reckon I'm getting more enjoyment bringing my kids up just now than I would have tearing lumps out of golf course when I'm 55.

Re: Cost of ageing population 'needs re-calculating'
 

im 21, during my life time i will pay many fold more tax than the current load of pensioners and i will not have a state pension at all, work 'til i drop

Re: Cost of ageing population 'needs re-calculating'
 

At your age you seriously need to consider your options and start paying into a pension ASAP.

Re: Cost of ageing population 'needs re-calculating'
 

Wanna bet? ;)

at the moment, I pay around £3k a month Income Tax and NI, and have done so (sometimes a lot more, sometimes a little less) for the last 10 years.

Sweeping generalisations - not a proposition's best friend....:D

Re: Cost of ageing population 'needs re-calculating'
 

I'd love to be in the position that I had to pay £3k tax per month.:D

Re: Cost of ageing population 'needs re-calculating'
 

You wouldn't want the bills that come with that kind of income believe me ;)

Re: Cost of ageing population 'needs re-calculating'
 

Proportionately the amount of tax you pay won't be much different to 'the current load of pensioners' - I'm not sure what point you are trying to make with that statement?

Can you quote any links to support your assertion that you won't receive a state pension?

In any case I thought you were looking to enrol in the Armed Forces - in which case you would benefit from their pension scheme.

from

http://www.army.mod.uk/join/terms/1141.aspx

I would, personally, always recommend an occupational pension as the most desirable option - especially as you can (currently) start taking it before the state retirement age.

The statement above implies a person joining the Army at age 21 could 'retire' on half pensionable pay at age 56 - that hardly amounts to a 'work 'til I drop' scenario?

Re: Cost of ageing population 'needs re-calculating'
 

I've got the bills for that level of income.... just not got the matching level of income.;)

Re: Cost of ageing population 'needs re-calculating'
 

No you won't - prior to Gordon's hiking up of the tax burden to pay for his vision of Britain taxes have been relatively low and remain so compared with the levels of taxation paid in the past.

Re: Cost of ageing population 'needs re-calculating'
 

But would you want the sleepless nights, the stomach ulcers, the stress and depression, the never knowing if you were going to be summarily dismissed on a whim - that's what the people who work for me have to endure......


(j/k ;))