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

[jmo21]

I think it would be wise to start a pension for my little guy now. Then he can take care of me when I get old

I'm planning to start a child ISA for my daughter as soon as they are released.

I am also looking at the possibility of starting a SIPP for her as well.

[Churchill]

Even a permie, on a decent salary, should still be able to save for retirement. It comes down to priorities:- do they want a new/flash car, regular foreign holidays, the latest electronic gadgets etc... or do they want to put a decent amount into their pension fund. Don't get me started about mindless-consumerism...!


Jeff.

Define a decent salary. Then see if you can find any stats that show how many are in that demographic.

[Jeff Maginty]

..

[milanbenes]

i did a mortgage calculation about a year ago

calculated on paper,
for an annual basis how much we spend on:

heating lighting power

cars

food

clothes

holidays

entertainment

unforeseen

etc



I made all of the figures realistic, like for example calculating for a new luxury car every five years, filling the tank every week

and then I was able to see the total cost

then I could what percentage of the total cost every item was

then I could where if necessary costs could be shaved

cheaper car, less holidays, less entertainment etc


what this showed me was what is basically needed to maintain our standard of living per year


with this figure I was able to simple take an arbitrary life expectency of say 85 and then work back to find out how much it would cost me to retire at the earliest opportunity and how much it would cost every five years I delayed

with that I was able to start to plan the kinds of funds I need and the kinds of private (I mean not products from any pension company) investments I need to make


having done all that, I know the goals and why I am contracting


all the best all

Milan.

[PAH]

It appears that pensions are becoming more and more pointless. Too much of a gamble that it will be worth such a long period of investment.

Better to blow it all and fall back on the state if you live long enough to reach retirement age. Who knows what that age will be in another 20 or so years anyway. No guarantees you'll live to that age.

Besides, I'd rather enjoy my money while I'm relatively healthy than stash it away until I'm potentially too old and decrepit.

[SueEllen]

I'm not a pensions expert, so this is just my humble opinion...

I reckon that a lot of people who are in their twenties and thirties now are going to get a very nasty shock when they reach retirement age only to find that they haven't saved anywhere near enough to get a decent retirement income.

Since you have been reading about pensions you would be aware that loads of young people have worked out they will be working until they drop anyway.

[EternalOptimist]

I'm going for the bottle of wine and a one way ticket to Switzerland option

[Churchill]

I'm going for the bottle of wine and a one way ticket to Switzerland option

Are you shacking up with Heidi during your dotage? She likes toblerone, and the odd mounting goat...

[Jeff Maginty]

..

[milanbenes]

well, there's an easy way for them to see what lays ahead of them....

just go to the local Tesco's

everytime I come back to blighty, a trip to Tesco's shows the future...


on the tills, mid 50's ex middle management

it's the middle management scrap yard


that is why folks, us contractors we gotta make hay while the sun shines

and make sure less slips through our fingers than comes in

because, who knows how long we'll have this [TOOT][TOOT] .Net gravy train for

Milan.