bluethrunthru
Well-Known Member
at 57 having had 40 years in a couple of DB pensions and a couple of other bits and bobs I am slowing down and I know my future is rosier that it otherwise would have been
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Pensions and the working man:
- Thread starter Two Gun Bob
- Start date
at 57 having had 40 years in a couple of DB pensions and a couple of other bits and bobs I am slowing down and I know my future is rosier that it otherwise would have been
SiMCFC
Well-Known Member
I think it is all about having a good balance personally, I can see why with 7 years left to work it doesn't make much sense for you to be forced into paying into a private pension for the reasons you have highlighted above.
I'm in a different situation where I was told (in hindsight, probably the best life lesson I ever had) to put what I was comfortable with paying away into a pension as soon as I served my time. Ok, it has been a DC scheme where the company has matched it and I have a large amount of my holdings in 'higher risk' shares but if it pays off I will be able to retire before i'm 60. I don't have a huge income but can afford a decent holiday a year, have a nice car and eat out when we want etc so life is good imo. I look at some of the lads I work with that are the same age who pay in the minimum and I don't get it as their lives don't seem to be any richer than my own, in fact they probably have less to show for it as they spend more in the pub than me so again it all comes to balance. They will work until they drop, I hopefully won't and can travel the rest of the world for a few years.
I'm in a different situation where I was told (in hindsight, probably the best life lesson I ever had) to put what I was comfortable with paying away into a pension as soon as I served my time. Ok, it has been a DC scheme where the company has matched it and I have a large amount of my holdings in 'higher risk' shares but if it pays off I will be able to retire before i'm 60. I don't have a huge income but can afford a decent holiday a year, have a nice car and eat out when we want etc so life is good imo. I look at some of the lads I work with that are the same age who pay in the minimum and I don't get it as their lives don't seem to be any richer than my own, in fact they probably have less to show for it as they spend more in the pub than me so again it all comes to balance. They will work until they drop, I hopefully won't and can travel the rest of the world for a few years.
Two Gun Bob
Well-Known Member
- Joined
- 2 Apr 2010
- Messages
- 11,934
I think it is all about having a good balance personally, I can see why with 7 years left to work it doesn't make much sense for you to be forced into paying into a private pension for the reasons you have highlighted above.
I'm in a different situation where I was told (in hindsight, probably the best life lesson I ever had) to put what I was comfortable with paying away into a pension as soon as I served my time. Ok, it has been a DC scheme where the company has matched it and I have a large amount of my holdings in 'higher risk' shares but if it pays off I will be able to retire before i'm 60. I don't have a huge income but can afford a decent holiday a year, have a nice car and eat out when we want etc so life is good imo. I look at some of the lads I work with that are the same age who pay in the minimum and I don't get it as their lives don't seem to be any richer than my own, in fact they probably have less to show for it as they spend more in the pub than me so again it all comes to balance. They will work until they drop, I hopefully won't and can travel the rest of the world for a few years.
They don't necessarily force you Sim as you have the option to opt out which is what I have done.
Hope it all comes to fruition for you pal and do enjoy the travelling.No better feeling in life than when you are off on your jollies with suitcase to hand.
Two Gun Bob
Well-Known Member
- Joined
- 2 Apr 2010
- Messages
- 11,934
at 57 having had 40 years in a couple of DB pensions and a couple of other bits and bobs I am slowing down and I know my future is rosier that it otherwise would have been
If you have the option of retiring earlier mate then possible give it a go.
As Sim just said it's all about balance.
Saddleworth2
Well-Known Member
- Joined
- 27 Jan 2014
- Messages
- 20,688
My mum is in a council care home which is absolutely bloody wonderful. We looked at a large number before we chose it and the two council run homes were by far the best. Some of the private homes were truly abysmal. In terms of costs, the private run homes are capped at a level by local council.There’s an awful lot of people on here who have clearly never seen the inside of cheap council run care homes.
bluethrunthru
Well-Known Member
My mum is in a council care home which is absolutely bloody wonderful. We looked at a large number before we chose it and the two council run homes were by far the best. Some of the private homes were truly abysmal. In terms of costs, the private run homes are capped at a level by local council.
and are in financial difficulty..............abysmal the way we treat the elderly and how we are all likely to end up being treated.
Scottyboi
Well-Known Member
If I retire with nothing to fall back on that is my own fault, I will do an armed blag at 60 if I get away with it happy days, if not I will go prison have 3 meals a day and chill.
Saddleworth2
Well-Known Member
- Joined
- 27 Jan 2014
- Messages
- 20,688
Absolutely. You could tell the private run homes were being run with a view to profit/cost margins. They were tired, needed decorating and were not staffed as well as Council run. Thank god we got her into a decent place with caring staff that make it feel like her home. It was a real eye opener for my sister and I.and are in financial difficulty..............abysmal the way we treat the elderly and how we are all likely to end up being treated.
Chippy_boy
Well-Known Member
/Thread.Anyone turning down a workplace pension, inadequate as they are at planning for the future due to the low amount put away, and consequently refusing a free contribution from the employer is an utter idiot with the foresight of a tortoise.
Ignorance of NHS entitlements is also staggering. Anyone over 60 gets free prescriptions, eye tests, etc. They are not means tested.
stonerblue
Well-Known Member
I'm 53 and have never paid a penny into a pension pot.
I have one and a half houses all paid for, a decent pile of savings and my own business. I've done all the things people hope to do in retirement already, travelled the world, had fun without responsibility and dossed about doing fuck all for days on end. In fact i've 'retired' twice already but uncontrollable circumstances forced me back into work. Currently i'm semi retired and work 3 days a week which will be going down to one day a month next year.
The notion that we should work like dogs before retiring at 60 seems the wrong way round too me. Live your life when you're young, get out, mooch around having fun cos you never know what's around the next corner.
I have one and a half houses all paid for, a decent pile of savings and my own business. I've done all the things people hope to do in retirement already, travelled the world, had fun without responsibility and dossed about doing fuck all for days on end. In fact i've 'retired' twice already but uncontrollable circumstances forced me back into work. Currently i'm semi retired and work 3 days a week which will be going down to one day a month next year.
The notion that we should work like dogs before retiring at 60 seems the wrong way round too me. Live your life when you're young, get out, mooch around having fun cos you never know what's around the next corner.