[Closed] pensions, lack of one

the train has left the station.. save it and every penny you can afford. my parents did and dad retired at 58 mum at 60 both now mid late 70's and they have a lifestyle any one would want.

Do you have a mortgage ? If so you are probably best paying the mortgage down.
Do you pay 40% tax ? If not it's probably not worth paying into a pension as the tax benefit of doing so doesn't outweigh the loss of flexibility once the money is locked in there. What you should do is build up some savings if you don't pay into the pension, a rainy day fund at least.

thanks for the advice, noi dont have a mortgauge, i live with my gf and she does, and i wish i paid 40% but i dont,

i reckon by tyhe tiem we retire they will means test everything so ther eis little point] The pension is currently £150 PER WEEK
i could live off that tbh
Buy a bike

It's ok, retirement will be illegal soon - work till you drop!!

i do have my doubts as to whether there is much point saving anymore. i have 12 years final salary from the last job, but from now on i am looking at money purchase and the current outlook is crap, and i don't see it getting any better.

Best bet get a house paid off that at least gives you a hovel to shelter from the weather and learn how to grow your own food.

As above save the cash but FFS don't put it in the bank or anywhere else that's open to audit

Mattress or floorboards FTW

500 a year when i get to 55

You won't be retiring at 55.

Is it a personal pension or part of an employers scheme? Its worth me paying the maximum 6% into mine because my company put in another 12% on top. Won't get a better return than that!

If you aren't going to get an employer contribution then an ISA of some sort might be just as good as you will have the readily available cash. You might need some financial advice if you are planning a comfortable retirement and not working into your 70s.

As above save the cash but FFS don't put it in the bank or anywhere else that's open to audit

Assuming* 6-8% growth if he put it in a pension fund he'd double his money well before he retires.

*well, assuming the good years ever happen again.

*well, assuming the good years ever happen again.

big assumption, and don't forget the charges if you go the managed private pension route. will bring that 6% even lower. Then he may double the cash value now throw in inflation to the mix and i am struggling to see the point unless you can put away a lot.

I'm putting it all in greek govt bonds!

rich I tells you, rich - I'll send you a postcard from my island in the sun!

The whole 'retirement' ruse is just a quaint little 20th century thing. Have you not noticed yet?

Have you read Catch 22? You know when they keep raising the number of missions before you qualify for leave? So when Yossarian takes off on his 25th, they raise it to 30? Welcome to your/my/our lives

Assuming* 6-8% growth if he put it in a pension fund he'd double his money well before he retires. *well, assuming the good years ever happen again.

Don't forget that the benefits system for the retired penalises people with assets, who knows how that will change in a few years.
In the OPs situation, I'd feel happier with cash until I knew the lay of the land

I stopped paying into my pension a few years ago, after getting bored of seeing the statements, then gently rocking back and too, weeping.

Someone's certainly benefitted. It certainly isn't me! The box under the bed would have been a better option

Who's had 6 to 8% growth in their private pension in the last 12 years?
Save the money and probably put it in an ISA.
I'm like binners.Stopped paying years ago and if i had have kept putting money in it would lost ground.
Don't bother about the tax incentives as it doesn't help you if ultimately you lose money.
On retirement,depending on the amount,you will have to source an annuity.The rates could be as they are now,very low.

By all means pay it into a pension and se the huge bonuses those in london town make off it, and if youre ever so lucky it will stil be there when you retire, remember maxwells pension scheme and the steelworkers at ellesmere port, where the money diasapeared.

You have about 20 years to got, without the benifits of a company scheme were contributions are matched or better then just look for the highest rate of return you can get, bonds or an ISA. Or Gold if you are feeling brave, but beware that bubble will bust soon.

If you stick that amount into a bank over the next 20 years then you will have about £65,000 at the end assming 3% interest and you increase your deposits by about 3% p.a.

You gov pension will be about £150 a week, you can add about £100 a week from your stash over 10 years.

So gives you £250 a week to live on.

Try and find a part time 2 days a week job to add another £50

So you have £300 a week.

What's everyone got against private pensions? Assuming he's paying any kind of tax at all that's 20% bonus straight away, then if you don't fancy the risk it can be invested within the scheme as anything from cash (zero growth), government bonds (~3%), gold, FTSE index, shares in a vague acceding order of risk and potential growth.

First, get professional advice from someone independent.
Second, get more professional advice.

I did, it put my mind to rest that someone who knew what they were talking about was thinking along the same lines as me, but crucially knew how/where/when to play with the money, or to let it lie in peace earning.

What's everyone got against private pensions?

Nothing, except you have to ask whether they are the best way of saving money for a basic rate tax payer. Consider fees, inflation, alternatives, even the fact that benefits are mean tested and you may actually be no better off with a poor pension than if you had nothing. They might make sense, but if your paying your own money and receiving no employer contributions then you have to ask if the return is worth it.

Get professional advice but be sure to ask what the advisor is earning and from whom for the advice they give. Nothing is free and it is wise to know why someone is saying what they are.