Cost of ageing population 'needs re-calculating' - Page 2

Dai · 12-09-2010, 10:37

Quote:

Originally Posted by Maggy J

I still can't see where the jobs will be available for anyone over 65?Are we all going to be in retail selling to each other..(

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

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

Quote:

Originally Posted by Ignitionnet

Que?

My contribution to my pension scheme is quite prodigious precisely to ensure I can retire at some point before I'm too old to actually do anything with that retirement.

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.

Ignitionnet · 12-09-2010, 11:41

Quote:

Originally Posted by DaiNasty

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.

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.

**Hugh** · 12-09-2010, 12:34

Quote:

Originally Posted by Ignitionnet

Que?

My contribution to my pension scheme is quite prodigious precisely to ensure I can retire at some point before I'm too old to actually do anything with that retirement.

Quick check suggests I'd have the equivalent of Â£1320 / month at current prices if I maintain current contributions. Main concern is paying for my housing, I need to purchase and pay for a home before then which is looking rather difficult with the housing market as screwed as it is here.

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 Â£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....

).

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.

MartJ · 12-09-2010, 18:28

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.

TheNorm · 12-09-2010, 18:41

Quote:

Originally Posted by MartJ

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.

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

LondonRoad · 12-09-2010, 18:48

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.

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.

PeteLockwood · 12-09-2010, 19:24

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

Peter_ · 12-09-2010, 20:07

Quote:

Originally Posted by PeteL

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

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

**Hugh** · 12-09-2010, 20:42

Quote:

Originally Posted by PeteL

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

Wanna bet?

at the moment, I pay around Â£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....

LondonRoad · 12-09-2010, 20:50

Quote:

Originally Posted by foreverwar

Wanna bet?

at the moment, I pay around Â£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....

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

Ignitionnet · 12-09-2010, 21:24

Quote:

Originally Posted by LondonRoad

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

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

12-09-2010, 21:24

Quote:

Originally Posted by PeteL

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

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.

Quote:

Your pension will start to build up from your first day of paid service, and after 35 years' service you could achieve a pension worth 50% of pensionable pay. Longer service up to a maximum of 40 years will count towards your pension.

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?

LondonRoad · 12-09-2010, 21:35

Quote:

Originally Posted by Ignitionnet

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

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

Ignitionnet · 12-09-2010, 21:50

Quote:

Originally Posted by PeteL

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

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.

**Hugh** · 12-09-2010, 21:53

Quote:

Originally Posted by LondonRoad

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

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 )