Pensions...nosey questions!
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  1. #1
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    Default Pensions...nosey questions!

    Hello,

    I was wondering if any of you have a private pension? I really need to get one sorted out, but can barely afford my bills at the moment!

    If you dont...why not? If you do - who with?

    Sx

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    Default Re: Pensions...nosey questions!

    hello no i do not have one we kept our first home and now rent it out and hope to add more properties at somepoint and this is about all i have in place

    at the end of the day the state have to do some thing with us
    for the average earning family if you work hard and save all your life
    or sit on your butt and claim benifits most of your life you are most likley to be in the same situation money wise after losing out on heating allowences,etc

    i guess by then they will have got rid of retirment age and you keep going until you pop your clogs problem over

    bye pink

  3. #3
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    Default Re: Pensions...nosey questions!

    When I was left on my own with no husband's pension to rely on, I thought about this and took really good professional advice.

    I was told that at my age (I was just 40 when he went) I would have to put so much money away to make anything like a decent pension when I got to retirement age, it just wasn't worth me bothering and there was no way I could make it viable.

    So I save enough for a rainy day fund, but it's really not worth me doing more... isn't that awful though! I will be taxed and disadvantaged if I try and save... I really find that very bad!

  4. #4
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    Default Re: Pensions...nosey questions!

    Quote Originally Posted by sarahnev707 View Post
    I was told that at my age (I was just 40 when he went) I would have to put so much money away to make anything like a decent pension when I got to retirement age, it just wasn't worth me bothering and there was no way I could make it viable.

    I used to work in the financial world and can tell you that what Sarah has said is correct!

    In order to make a pension worthwhile you ideally need to set it up and make contributions in your early 20's.

    You can still salvage and set up in your early 30's but will have to make quite high contributions.

    If you have no pension in your 40's then forget it.....you will be wasting your time and money!
    Dee
    Independent Cambridge Diet Counsellor



    Life may not be the party we hoped for.......but while we're here we should dance!

  5. #5
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    Default Re: Pensions...nosey questions!

    We all have them. Even the children. This is due to the fact I worked in Financial Services for 20 years. Dh puts a fair amount into his, mine is only small as I have 2 decent occupational schemes and the children get their child benefit paid into theirs each month. I do agree that the older you are when you start the more you would have to put away to make it worthwhile. I think to some extent unless you pay someone professionally to keep an eye on your funds it is beneficial to have a bit of inside knowledge.

    amanda xx

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    Default Re: Pensions...nosey questions!

    at the end of the day the state have to do some thing with us

    Yeah...I used to work for the govt....dont trust them as far as I can chuck them. Thats why I want a private pension!!

    I think to some extent unless you pay someone professionally to keep an eye on your funds it is beneficial to have a bit of inside knowledge.


    This is my BIG fear...that I invest thousands over the years (for example, the Abbey pension I was looking at is £100 per month till I retire - and Im still in my 20's!) and wont have anything to show for it! What if they make the wrong investment etc. There is a pensions company that gives you a GUARENTEED income based on your monthly input, but the amount of money you have to put down i the first place is crazy. (To a pauper like me anyway!!)

    Sx

  7. #7
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    Default Re: Pensions...nosey questions!

    Quote Originally Posted by deeb66 View Post
    I used to work in the financial world and can tell you that what Sarah has said is correct!

    In order to make a pension worthwhile you ideally need to set it up and make contributions in your early 20's.

    You can still salvage and set up in your early 30's but will have to make quite high contributions.

    If you have no pension in your 40's then forget it.....you will be wasting your time and money!

    So no hope for me then

    Miffy xx

  8. #8
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    Default Re: Pensions...nosey questions!

    There's no way we could afford a pension. We have a fairly large house which we will downsize and another one which we rent out. Hopefully when we retire the rent from the other house will be more than the mortgage on it. At the moment it costs us a lot of money each month.

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    Default Re: Pensions...nosey questions!

    TBH alot of pensions aren't worth a lot

    Hubby looked into it and it was worthless so we have his Army pension (which is great and worth it) and then rather than have another pension we have savings that we don't touch

    Carol xx

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    Default Re: Pensions...nosey questions!

    whatever money you pay into a pension, as childminder, you can take off your earning. i think thats right, thats what i was told.

    hazelx

  11. #11
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    Default Re: Pensions...nosey questions!

    Quote Originally Posted by charleyfarley View Post
    TBH alot of pensions aren't worth a lot
    Carol xx
    Exhusband told me the other day that his is completely gone... he paid loads into it every month and his company were supposed to match it, but the company got into difficulties and the fund is gone!
    Suppose from my point of view at least there's no point me getting bitter about losing out!

  12. #12
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    Default Re: Pensions...nosey questions!

    we pay someone to manage our savings
    well we don't he gets a commission for selling the plan to us
    he has saved us loads with remortgaging and we've almost managed to pay off all our debts from when hubby was unemployed

    he has set up a pension for david and i get the benefit if i out live him
    and of course if i don't then he needs a sum to keep the house running although the mortgage will be paid off if one of us dies.

    it's all terribly complicated and i don't understand any of it and it cost us a fortune each month but hubby is happy to know that i won't be suffering financially if he should die early.

 

 

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