Many people in their twenties & thirties now are going to be shafted in retirement!

[SueEllen]

Plenty of jobs around, they are sh*t jobs mind you, but there are plenty of them.

Like Milan Benes points out the young start off in middle management, work their way down into Tesco's on the tills, before finally ending up as car park attendants, and picking up the litter after Football matches.

What you are going to see in the future is retired people all living together sharing houses and flats, and topping up their pensions by selling football tickets and serving hotdogs.

Least there will be a generation of old people who won't be complaining that they are lonely...............

[Mich the Tester]

I'm not talking about living in luxury. Just to get an income of about £20,000 per year would require a pension fund of about £400,000. It would take either a serious amount of saving or some phenominal investment returns to accumulate a £400,000 pension pot.

I was getting there until the financial wizards at a pension company went and pissed most of what I'd saved up against the wall.

[moder8or]

I was getting there until the financial wizards at a pension company went and pissed most of what I'd saved up against the wall.

With reference to the points in this thread
I got the double whammy with Equitable life and low cost endowment from Aviva both expected to realise provision of a retirement fund, having paid in for the last 30 years, but no they are in fact crooks, and the government and FSA do nothing.
I wrote to 5 MP's and the Prime Minister and told them they were a complete shower. I added that I will work until I am 80, if I can find it, one replied, point noted, I guess the others laughed their socks off
Its a fact that however anyone invests they would never retire comfortably
Spend your earnings on income protection, life insurance, mortgage, pension, and see it all go to pot, what is left? just a can of beans
To those in their 20's and 30's the best advice I can offer is to build their property portfolio, and yes aim to work until you are 90

[Mich the Tester]

With reference to the points in this thread
I got the double whammy with Equitable life and low cost endowment from Aviva both expected to realise provision of a retirement fund, having paid in for the last 30 years, but no they are in fact crooks, and the government and FSA do nothing.
I wrote to 5 MP's and the Prime Minister and told them they were a complete shower. I added that I will work until I am 80, if I can find it, one replied, point noted, I guess the others laughed their socks off
Its a fact that however anyone invests they would never retire comfortably
Spend your earnings on income protection, life insurance, mortgage, pension, and see it all go to pot, what is left? just a can of beans
To those in their 20's and 30's the best advice I can offer is to build their property portfolio, and yes aim to work until you are 90

It's a miserable prospect indeed. I've tried to ensure I'll always have work by qualifying for other things aside from IT; now earning a little on the side as a fitness coach and forwards coach at a rugby club; I suppose every little bit helps. perhaps it's more realistic to do a job you love and are happy to keep doing until old age, like in my case, sports coaching. Won't earn much, but don't mind carrying on for a long time.

[russell]

Having 4-5 properties paying rent forever (in a high demand area) and you still have the capital which is increasing is a far better plan.

[MarillionFan]

So you have to make provision yourself. These days you'll need a balanced portfolio(no doubt the prawn has covered it earlier)

For me it's the double allowance of ISA each year. I only have £40k saved, but it's paying 5% per year, rolling over and adding 10k per year for the next 25 or so years

Pension pots. Presently 5k per year. Have about 60k in it.

Equities. About 60k at present. About to move some into a SIPP and then use share allowance for ISA - safe dividend shares, paying a script.

Bonds. Keep rotating them where you can. 5 year bonds at present. The other half down for paying no tax.

And then for now National Savings Bond.

Probably worth a property as well, but not at the moment.

Diversification is best. You're bound to get stiched or have government legislation change over the years, but frankly I prefer to manage my own retirement plans.

[OwlHoot]

To those in their 20's and 30's the best advice I can offer is to build their property portfolio, ...

Everyone thinks that; but it won't work either - More and more tax is being offloaded onto council tax, and in coming years property owners will be treated as big fat waddling geese ripe for the plucking.

They're sitting ducks (or in this case geese), because you can't very well hide property, and it's a tangible asset to seize if you default on the tax.

[jmo21]

Having 4-5 properties paying rent forever (in a high demand area) and you still have the capital which is increasing is a far better plan.

Hope you diversify the area....

[Mich the Tester]

So you have to make provision yourself. These days you'll need a balanced portfolio(no doubt the prawn has covered it earlier)

Plenty of people were busy doing that until they were shafted.

[domcobb180]

Everyone thinks that; but it won't work either - More and more tax is being offloaded onto council tax, and in coming years property owners will be treated as big fat waddling geese ripe for the plucking.

They're sitting ducks (or in this case geese), because you can't very well hide property, and it's a tangible asset to seize if you default on the tax.

Yes a few gold bars in a couple of Swiss safety deposit boxes is always a prudent policy.