My pension provider tells me that I need £40k in my pension pot for every £1k of annual income that I want to retire on. Do these clowns really think that I’ll live to 108? I’m really not on track for any standard of living right now. The whole thing feels like a scam.
Did I miss something, how do they know how much people have saved?
The general rule people should follow is to pay in half of their age as their contribution percentage from the age they start paying in. If you start at 22 then 11% should be enough if you keep it up. Start at 50 and you’ll need 25%.
There is a lack of interest from the public in pensions. The information is all out there but I don’t think people understand the importance. In salary negotiations and job offers pension contributions should be an important factor.
I’m sure they won’t get clobbered, either the government will step in and provide some sort of support or they’ll enter the welfare system, either way they’ll likely be supported at the expense of taxpayers (who can barely afford to pay into pensions now anyway).
People retiring in 20 years will now be around 45 or older, entering the workforce around 25 years ago – pension schemes available 25 years ago compared to now were much, much better for the most part.
I think we’re on a slow but steady course for most people working until they die (maybe save a year or two).
“Clobbering time? More like part time jobbering time!”
Oh no! Maybe if they didn’t keep voting for the very party that’s always raiding pension pots I’d be a bit more sympathetic
That’s all that stops the world collapsing, people thinking they still have money left.
This same group bought their houses in the 90s for the most part, well before they rocketed in price. Hard to have too much sympathy with them compared to people born in the 80s, 90s and later.
Yeah I’m confident my whole generation is going to be screwed. I started early but all the statements they send me don’t sound very promising still. My only hope is that because so many people are going to be up shits creek that it will force a better government solution, UBI or something.
People my age (30s) are probably lucky to have 5k in their pension pot
Well yeah.
I don’t expect to get to my retirement age.
The moral of the story with pensions is don’t ever be a stay at home parent or you will spend your old age in poverty bearing in mind that over 50% of marriages end in divorce so don’t count on the life you think you are building with your husband. It’s all a lie that leads to poverty. Put yourself first and go for the best paying jobs, fuck unpaid work or underpaid vocations.
The pension system is going to collapse eventually, probably when least expected
Think how close it came back in the Autumn, that highlighted the vulnerability of the pension sector
The state pension is essentially run like a pyramid scheme, and if people are having less kids, eventually you won’t have enough working age people paying in to prop up the pension pay outs of the retired
Ticking time bomb
At least they will get to retire. Millennials and younger will more than likely work until death.
Maybe they need to stop going out for coffee and avocado toast
Most Brits don’t model their retirement pots, nor could they tell you who they’re invested with, in what fund
The lack of an investing culture in the UK is killer
What would happen if all of us froze our pensions indefinitely? Seriously question. Feels like it’s getting more and more pointless having one. Just feels like that not saying it is.
Very cute of this article to imply retiring will still be a thing
Lucky for me my plans for retirement are to die in the climate wars.
You will work until you die, peasant. You played the game of capitalism and you lost. You could have been a successful landlord or investor.
The aim is to exploit people for their labor. Not perform the actual labor yourself hoping you can retire one day.
How can you save for a pension when you’re giving more than half your income to a landlord?
The government seems to think they can clobber people’s standard of living and we’ll all still be able to merrily put money into a pension.
I count myself in this demographic at the ripe old retirable age of 32. I doubt I’m on this list though somehow.
Well my pension was stolen twice due to a company phoenixing, so it was whats the fucking point. I am 48 and I will be working until I drop.
Well on the upside, there might be a load of homes coming on the market as pensioners are forced to sell.
The reality is if you want to retire you need to sell any assets and have no pension and have the government pay. The system is designed to rinse hard working people of every penny they’ve ever earned. You’re better off not having anything in old age.
If you’re still a tory at this point, you need your head seeing too.
I never started saving for pensions until just before auto enrollment, did not really imo earn enough to spare at the time.
I find it quite apaualling that this informmation was never presented to me at school, my parents should be the ones to perhaps pass on this information but none of them have been on a salary capable of really saving for a pension but my mother did not explain any of this to me either.
It was my wife who told me to get my ass in gear.
My only question now is… what is an adaquate pension pot for when i hit retirement age? surely it is meaningless unless I have a house and i’ve paid off the mortgage, that one is still on the to do list!
I know of a few locations that survive because of the current pensioner wealth. With that finishing as boomers pass I expect a weakening of the economy overall. However, releasing some of the inheritance to the next generation might turn it around.
Lucky they even get a pension from the state. It will be harder when I retire and there is nothing left in the pot despite me paying in it.
It’s fine they are all boomers, they can use the insane amount of money they have saved up during one of the best economic times of recent history. If they don’t have any, that’s on them. If they expect us to pay for them to live in luxury while retired they can fuck off.
I stopped paying into my work pension. Didn’t see the point it’s basically a ponzi scheme at this point and it’s basically collapsing (University one).
Doubt I’ll get to retire anyway
At 50 years old and with 48k in the pot I am accepting I am fucked. I can’t put more than 100 in month and with 15 years to pensionable age what’s 18k gonna do…
I don’t own property after losing a share of 2 houses in a poorly written will.
So I’ve made the decision live now, spend the money now enjoy life whilst my children are at home and spend more on them.
The plan is to sell everything that can be sold. Put a backpack on and head to South America at 65, help charities and places that need support and see life a bit.
Bold of you to assume people are going to be able to retire in 20 years.
I think we’re witnessing the end of retirement. Time to work till you die!
Well, why didnt they save more? Pensions are hardly a secret…
Politicians mentality currently “we will let whoever is in power at the time deal with that” no forward thinking at all.
35 comments
My pension provider tells me that I need £40k in my pension pot for every £1k of annual income that I want to retire on. Do these clowns really think that I’ll live to 108? I’m really not on track for any standard of living right now. The whole thing feels like a scam.
Did I miss something, how do they know how much people have saved?
The general rule people should follow is to pay in half of their age as their contribution percentage from the age they start paying in. If you start at 22 then 11% should be enough if you keep it up. Start at 50 and you’ll need 25%.
There is a lack of interest from the public in pensions. The information is all out there but I don’t think people understand the importance. In salary negotiations and job offers pension contributions should be an important factor.
I’m sure they won’t get clobbered, either the government will step in and provide some sort of support or they’ll enter the welfare system, either way they’ll likely be supported at the expense of taxpayers (who can barely afford to pay into pensions now anyway).
People retiring in 20 years will now be around 45 or older, entering the workforce around 25 years ago – pension schemes available 25 years ago compared to now were much, much better for the most part.
I think we’re on a slow but steady course for most people working until they die (maybe save a year or two).
“Clobbering time? More like part time jobbering time!”
Oh no! Maybe if they didn’t keep voting for the very party that’s always raiding pension pots I’d be a bit more sympathetic
That’s all that stops the world collapsing, people thinking they still have money left.
This same group bought their houses in the 90s for the most part, well before they rocketed in price. Hard to have too much sympathy with them compared to people born in the 80s, 90s and later.
Yeah I’m confident my whole generation is going to be screwed. I started early but all the statements they send me don’t sound very promising still. My only hope is that because so many people are going to be up shits creek that it will force a better government solution, UBI or something.
People my age (30s) are probably lucky to have 5k in their pension pot
Well yeah.
I don’t expect to get to my retirement age.
The moral of the story with pensions is don’t ever be a stay at home parent or you will spend your old age in poverty bearing in mind that over 50% of marriages end in divorce so don’t count on the life you think you are building with your husband. It’s all a lie that leads to poverty. Put yourself first and go for the best paying jobs, fuck unpaid work or underpaid vocations.
The pension system is going to collapse eventually, probably when least expected
Think how close it came back in the Autumn, that highlighted the vulnerability of the pension sector
The state pension is essentially run like a pyramid scheme, and if people are having less kids, eventually you won’t have enough working age people paying in to prop up the pension pay outs of the retired
Ticking time bomb
At least they will get to retire. Millennials and younger will more than likely work until death.
Maybe they need to stop going out for coffee and avocado toast
Most Brits don’t model their retirement pots, nor could they tell you who they’re invested with, in what fund
The lack of an investing culture in the UK is killer
What would happen if all of us froze our pensions indefinitely? Seriously question. Feels like it’s getting more and more pointless having one. Just feels like that not saying it is.
Very cute of this article to imply retiring will still be a thing
Lucky for me my plans for retirement are to die in the climate wars.
You will work until you die, peasant. You played the game of capitalism and you lost. You could have been a successful landlord or investor.
The aim is to exploit people for their labor. Not perform the actual labor yourself hoping you can retire one day.
How can you save for a pension when you’re giving more than half your income to a landlord?
The government seems to think they can clobber people’s standard of living and we’ll all still be able to merrily put money into a pension.
I count myself in this demographic at the ripe old retirable age of 32. I doubt I’m on this list though somehow.
Well my pension was stolen twice due to a company phoenixing, so it was whats the fucking point. I am 48 and I will be working until I drop.
Well on the upside, there might be a load of homes coming on the market as pensioners are forced to sell.
The reality is if you want to retire you need to sell any assets and have no pension and have the government pay. The system is designed to rinse hard working people of every penny they’ve ever earned. You’re better off not having anything in old age.
If you’re still a tory at this point, you need your head seeing too.
I never started saving for pensions until just before auto enrollment, did not really imo earn enough to spare at the time.
I find it quite apaualling that this informmation was never presented to me at school, my parents should be the ones to perhaps pass on this information but none of them have been on a salary capable of really saving for a pension but my mother did not explain any of this to me either.
It was my wife who told me to get my ass in gear.
My only question now is… what is an adaquate pension pot for when i hit retirement age? surely it is meaningless unless I have a house and i’ve paid off the mortgage, that one is still on the to do list!
I know of a few locations that survive because of the current pensioner wealth. With that finishing as boomers pass I expect a weakening of the economy overall. However, releasing some of the inheritance to the next generation might turn it around.
Lucky they even get a pension from the state. It will be harder when I retire and there is nothing left in the pot despite me paying in it.
It’s fine they are all boomers, they can use the insane amount of money they have saved up during one of the best economic times of recent history. If they don’t have any, that’s on them. If they expect us to pay for them to live in luxury while retired they can fuck off.
I stopped paying into my work pension. Didn’t see the point it’s basically a ponzi scheme at this point and it’s basically collapsing (University one).
Doubt I’ll get to retire anyway
At 50 years old and with 48k in the pot I am accepting I am fucked. I can’t put more than 100 in month and with 15 years to pensionable age what’s 18k gonna do…
I don’t own property after losing a share of 2 houses in a poorly written will.
So I’ve made the decision live now, spend the money now enjoy life whilst my children are at home and spend more on them.
The plan is to sell everything that can be sold. Put a backpack on and head to South America at 65, help charities and places that need support and see life a bit.
Bold of you to assume people are going to be able to retire in 20 years.
I think we’re witnessing the end of retirement. Time to work till you die!
Well, why didnt they save more? Pensions are hardly a secret…
Politicians mentality currently “we will let whoever is in power at the time deal with that” no forward thinking at all.