| Did anyone watch that pensions programme? (ITV 19:30 9/5) 19:51 - May 12 with 7373 views | J2BLUE |
I thought it was a good watch. Some of those numbers were pretty scary. I felt sorry for the older man who 'only' had £75,000 saved and was a renter.
The pensions dashboard sounds good. It would be motivating to see the difference saving some extra money would make.
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| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 09:52 - May 21 with 1542 views | ElephantintheRoom |
Didn't see the programme but I suspect it was largely horse dung. There is a lot of rubbish talked about pensions and rightly so - very few people have ever had them and they have taken off in recent decades as a tax avoidance vehicle for the middle classes and get a lot of mention now because the government cuts and lack of investment over many decades have surprise surprise, created a black hole for pensioners (or those of pension age) to fall into at a boom time for taking out pensions. The government's answer is to steal people's national pensions, especially women, reaching retirement age now - whilst slashing funding for just about everything they need, telling them to keep working AND suggesting increased taxes to fund overpriced care when they are dribbling in a 'care'home. LIke everything else governments do this is merely applying a cheap plaster to a haemorraging wound and kicking the can down the road. Go back a few decades and the national pension was deemed a sacred cow to be worshipped much as our now grossly inadequate NHS. The answer to the 'pension crisis' is not to save money you do not have. Nor is it to fantasise about £500,000 'pots' for greedy financial companies and incompetent financial advisers to feast off. It's more to do with living within your means as much as you can - and looking after your own family - as it used to be. Brexit of course, if it happens will make things exponentially worse for pensioners - as the threat of Brexit already has, as the bloke living in India will no doubt tell you. Ironically this is a golden age for pensioners who have had final salary pensions, businesses to sell, houses which have increased exponentially in value etc etc. It is an utterly unsustainable bubble though - especially in an era when we live longer. To pretend otherwise is pie in the sky promoted by our grossly inadequate (and highly profitable) financial services industry. |  |
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| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 10:50 - May 21 with 1515 views | No9 |
Pensions industry in the UK is an enormous rip-off | | | |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 11:22 - May 21 with 1490 views | PrideOfTheEast |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 09:52 - May 21 by ElephantintheRoom |
Didn't see the programme but I suspect it was largely horse dung. There is a lot of rubbish talked about pensions and rightly so - very few people have ever had them and they have taken off in recent decades as a tax avoidance vehicle for the middle classes and get a lot of mention now because the government cuts and lack of investment over many decades have surprise surprise, created a black hole for pensioners (or those of pension age) to fall into at a boom time for taking out pensions. The government's answer is to steal people's national pensions, especially women, reaching retirement age now - whilst slashing funding for just about everything they need, telling them to keep working AND suggesting increased taxes to fund overpriced care when they are dribbling in a 'care'home. LIke everything else governments do this is merely applying a cheap plaster to a haemorraging wound and kicking the can down the road. Go back a few decades and the national pension was deemed a sacred cow to be worshipped much as our now grossly inadequate NHS. The answer to the 'pension crisis' is not to save money you do not have. Nor is it to fantasise about £500,000 'pots' for greedy financial companies and incompetent financial advisers to feast off. It's more to do with living within your means as much as you can - and looking after your own family - as it used to be. Brexit of course, if it happens will make things exponentially worse for pensioners - as the threat of Brexit already has, as the bloke living in India will no doubt tell you. Ironically this is a golden age for pensioners who have had final salary pensions, businesses to sell, houses which have increased exponentially in value etc etc. It is an utterly unsustainable bubble though - especially in an era when we live longer. To pretend otherwise is pie in the sky promoted by our grossly inadequate (and highly profitable) financial services industry. |
Agree, the current generation of recently retired folk are indeed firmly in a bubble.
Living within your means though - how does a nurse in London do that then? | | | |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 12:15 - May 21 with 1462 views | chicoazul |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 09:52 - May 21 by ElephantintheRoom |
Didn't see the programme but I suspect it was largely horse dung. There is a lot of rubbish talked about pensions and rightly so - very few people have ever had them and they have taken off in recent decades as a tax avoidance vehicle for the middle classes and get a lot of mention now because the government cuts and lack of investment over many decades have surprise surprise, created a black hole for pensioners (or those of pension age) to fall into at a boom time for taking out pensions. The government's answer is to steal people's national pensions, especially women, reaching retirement age now - whilst slashing funding for just about everything they need, telling them to keep working AND suggesting increased taxes to fund overpriced care when they are dribbling in a 'care'home. LIke everything else governments do this is merely applying a cheap plaster to a haemorraging wound and kicking the can down the road. Go back a few decades and the national pension was deemed a sacred cow to be worshipped much as our now grossly inadequate NHS. The answer to the 'pension crisis' is not to save money you do not have. Nor is it to fantasise about £500,000 'pots' for greedy financial companies and incompetent financial advisers to feast off. It's more to do with living within your means as much as you can - and looking after your own family - as it used to be. Brexit of course, if it happens will make things exponentially worse for pensioners - as the threat of Brexit already has, as the bloke living in India will no doubt tell you. Ironically this is a golden age for pensioners who have had final salary pensions, businesses to sell, houses which have increased exponentially in value etc etc. It is an utterly unsustainable bubble though - especially in an era when we live longer. To pretend otherwise is pie in the sky promoted by our grossly inadequate (and highly profitable) financial services industry. |
But Nerdy surely the problem here is your point about "living within one's means". If you are a CNC Operator in Woodbridge or a nurse in London or a Fireman in Chester how the heck are you supposed to do that *and* buy a home so as not to have to pay rent in your 80s? |  |
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| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 12:22 - May 21 with 1455 views | chicoazul |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 20:29 - May 12 by bluefunk |
That’s the average for a single pension pot, it doesn’t take account of people who have more than one pot - that said there is a crisis, people simply don’t save enough for their retirement.
As a rough guide, if you want to have a pension of your own, not including the State pension, you need to have a pot of £500,000 to generate £20,000 a year (a 4% return from an income generating portfolio, leaving the capital intact over the longer term) |
Any man at 67 who has a 500k "pot" that they give to some FA or institution as an "investment" for an annuity or whatever is utterly insane. You're going to live for about 20 more years, just give yourself 2000 a month and enjoy your Winter years. I'd disappear to Thailand.
EDIT; more like 13 years, it turns out. 3 grand a month! Think how many season tickets and trips to Nevada brothels that pays for! [Post edited 21 May 2019 12:30]
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| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 12:25 - May 21 with 1451 views | J2BLUE |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 12:22 - May 21 by chicoazul |
Any man at 67 who has a 500k "pot" that they give to some FA or institution as an "investment" for an annuity or whatever is utterly insane. You're going to live for about 20 more years, just give yourself 2000 a month and enjoy your Winter years. I'd disappear to Thailand.
EDIT; more like 13 years, it turns out. 3 grand a month! Think how many season tickets and trips to Nevada brothels that pays for! [Post edited 21 May 2019 12:30]
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And if you live on to 100? | |
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| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 12:28 - May 21 with 1444 views | chicoazul |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 12:25 - May 21 by J2BLUE |
And if you live on to 100? |
Seriously blud I wouldn't worry about it, you have a .8% chance of making it past 90. | |
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| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 13:45 - May 21 with 1402 views | J2BLUE |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 12:28 - May 21 by chicoazul |
Seriously blud I wouldn't worry about it, you have a .8% chance of making it past 90. |
Might be different in 36 years when i'm 67.
Also 500k divided by 240 months, 20 years is £2083 per month. A 4% annuity provides £1667 a month before taxes which gets adjusted with inflation. Is it worth the risk? At 2% inflation per year your £2083 of purchasing power declines to £1668 after 11 years. If you can get interest on it which beats the true rate of inflation maybe it's worth considering but seems a bit of a risk to me. | |
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| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 14:21 - May 21 with 1383 views | JakeITFC |
I don’t know anything about pensions.
I’m 29 - how much should I look to be putting in the pot now? |  | | |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 14:33 - May 21 with 1369 views | chicoazul |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 13:45 - May 21 by J2BLUE |
Might be different in 36 years when i'm 67.
Also 500k divided by 240 months, 20 years is £2083 per month. A 4% annuity provides £1667 a month before taxes which gets adjusted with inflation. Is it worth the risk? At 2% inflation per year your £2083 of purchasing power declines to £1668 after 11 years. If you can get interest on it which beats the true rate of inflation maybe it's worth considering but seems a bit of a risk to me. |
Even if the chances treble its still only a 2.4% chance!
Buying an annuity means you are lining the pocket of some shtbag in the City, and I know of what I speak as some of them are my friends. If you'd rather invest that money than just spend it then buy a couple of flats to rent out. | |
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| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 14:45 - May 21 with 1363 views | J2BLUE |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 14:21 - May 21 by JakeITFC |
I don’t know anything about pensions.
I’m 29 - how much should I look to be putting in the pot now? |
Impossible to say. Google pension calculator and have a play around with it based on your finances/desired lifestyle etc. | |
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| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 14:54 - May 21 with 1356 views | PrideOfTheEast |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 14:21 - May 21 by JakeITFC |
I don’t know anything about pensions.
I’m 29 - how much should I look to be putting in the pot now? |
As much as you can afford to, within reason. Assuming you're employed, your employer should have a pension scheme and will also contribute on your behalf.
Depends on your personal circumstances but if something between 10% and 20% of your salary is being contributed you'll be along the right lines (that's including an employer contribution). | | | |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 14:55 - May 21 with 1354 views | PrideOfTheEast |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 12:22 - May 21 by chicoazul |
Any man at 67 who has a 500k "pot" that they give to some FA or institution as an "investment" for an annuity or whatever is utterly insane. You're going to live for about 20 more years, just give yourself 2000 a month and enjoy your Winter years. I'd disappear to Thailand.
EDIT; more like 13 years, it turns out. 3 grand a month! Think how many season tickets and trips to Nevada brothels that pays for! [Post edited 21 May 2019 12:30]
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You can't access the pot tax efficiently all at once but you woudn't necessarily have to.
Annuities at the moment are a complete waste of time and you're right, there's often better alternatives. Worth spending a little bit on some proper advice. | | | |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 15:28 - May 21 with 1336 views | Pinewoodblue |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 12:28 - May 21 by chicoazul |
Seriously blud I wouldn't worry about it, you have a .8% chance of making it past 90. |
Think you made up that figure. I am 73 next birthday statically I have a life expectancy of another 14 years but it isn't as simple as that. I have a 1 in 4 chance of hitting 93, a 1 in 10 chance of making it to 97 and a 3.9% chançe of getting a birthday card from the King.
On the other hand I might not see another birthday. You have to cover all options. |  |
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| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 16:04 - May 21 with 1297 views | chicoazul |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 15:28 - May 21 by Pinewoodblue |
Think you made up that figure. I am 73 next birthday statically I have a life expectancy of another 14 years but it isn't as simple as that. I have a 1 in 4 chance of hitting 93, a 1 in 10 chance of making it to 97 and a 3.9% chançe of getting a birthday card from the King.
On the other hand I might not see another birthday. You have to cover all options. |
Yeah Just made it up for the benefit of internet points and cred with strangers.
"England and Wales beat Norway to 5th place, since residents have a 0.8 in a 100 chance of making it past 90."
https://www.theguardian.com/news/datablog/2013/sep/27/super-old-how-many-centena | |
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| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 16:08 - May 21 with 1293 views | itfcjoe |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 14:21 - May 21 by JakeITFC |
I don’t know anything about pensions.
I’m 29 - how much should I look to be putting in the pot now? |
Ideally about 15% of your salary - much easier if your employer matches a contribution up to a certain amount - especially as a lot will do up to 7.5% which would get you there
If you half your age at the start of your saving and then continue that percentage through career (i.e. don't increase it by 0.5% every year) then it used to be said you'd end up with a pension that should give you about 2/3rds final salary |  |
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| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 16:08 - May 21 with 1292 views | SpruceMoose |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 09:52 - May 21 by ElephantintheRoom |
Didn't see the programme but I suspect it was largely horse dung. There is a lot of rubbish talked about pensions and rightly so - very few people have ever had them and they have taken off in recent decades as a tax avoidance vehicle for the middle classes and get a lot of mention now because the government cuts and lack of investment over many decades have surprise surprise, created a black hole for pensioners (or those of pension age) to fall into at a boom time for taking out pensions. The government's answer is to steal people's national pensions, especially women, reaching retirement age now - whilst slashing funding for just about everything they need, telling them to keep working AND suggesting increased taxes to fund overpriced care when they are dribbling in a 'care'home. LIke everything else governments do this is merely applying a cheap plaster to a haemorraging wound and kicking the can down the road. Go back a few decades and the national pension was deemed a sacred cow to be worshipped much as our now grossly inadequate NHS. The answer to the 'pension crisis' is not to save money you do not have. Nor is it to fantasise about £500,000 'pots' for greedy financial companies and incompetent financial advisers to feast off. It's more to do with living within your means as much as you can - and looking after your own family - as it used to be. Brexit of course, if it happens will make things exponentially worse for pensioners - as the threat of Brexit already has, as the bloke living in India will no doubt tell you. Ironically this is a golden age for pensioners who have had final salary pensions, businesses to sell, houses which have increased exponentially in value etc etc. It is an utterly unsustainable bubble though - especially in an era when we live longer. To pretend otherwise is pie in the sky promoted by our grossly inadequate (and highly profitable) financial services industry. |
Paragraphs please. |  |
| Pronouns: He/Him/His.
"Imagine being a heterosexual white male in Britain at this moment. How bad is that. Everything you say is racist, everything you say is homophobic. The Woke community have really f****d this country." | | Poll: | Selectamod |
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| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 16:32 - May 21 with 1264 views | chicoazul |
So you agree you were wrong to say you thought I made it up? | |
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| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 16:43 - May 21 with 1252 views | heavyweight |
That's fair enough - but if you've already made it to retiring age , your chances of reaching 90 are much higher. | | | |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 16:44 - May 21 with 1247 views | chicoazul |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 16:43 - May 21 by heavyweight |
That's fair enough - but if you've already made it to retiring age , your chances of reaching 90 are much higher. |
Well...yes. | |
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| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 17:25 - May 21 with 1216 views | JakeITFC |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 16:08 - May 21 by itfcjoe |
Ideally about 15% of your salary - much easier if your employer matches a contribution up to a certain amount - especially as a lot will do up to 7.5% which would get you there
If you half your age at the start of your saving and then continue that percentage through career (i.e. don't increase it by 0.5% every year) then it used to be said you'd end up with a pension that should give you about 2/3rds final salary |
Just checked, I put in 5% and my employer puts in 10%.
Vegas for hookers and blow on my 68th birthday by the sounds of it. | | | |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 17:29 - May 21 with 1208 views | flimflam |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 14:21 - May 21 by JakeITFC |
I don’t know anything about pensions.
I’m 29 - how much should I look to be putting in the pot now? |
They recommend you should put in half your age in % which seems a lot!! |  |
| All men and women are created, by the, you know the, you know the thing. |
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| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 17:35 - May 21 with 1195 views | flimflam |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 13:45 - May 21 by J2BLUE |
Might be different in 36 years when i'm 67.
Also 500k divided by 240 months, 20 years is £2083 per month. A 4% annuity provides £1667 a month before taxes which gets adjusted with inflation. Is it worth the risk? At 2% inflation per year your £2083 of purchasing power declines to £1668 after 11 years. If you can get interest on it which beats the true rate of inflation maybe it's worth considering but seems a bit of a risk to me. |
If you buy an annuity ie guaranteed income per month then when you die the pension company keeps the rest.
If you draw down each month ie - 2k then whats left can be left to your kids / partner / family and tax free if under 75 when you clog it and at income tax rates after 75.
This is only on private / company workplace pensions not final salary.
A pension is not classed as part of your estate so an efficient way to bypass 55% inheritance tax.
https://www.pensionwise.gov.uk/en/when-you-die [Post edited 21 May 2019 17:37]
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| All men and women are created, by the, you know the, you know the thing. |
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| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 18:56 - May 21 with 1147 views | itfcjoe |
| Did anyone watch that pensions programme? (ITV 19:30 9/5) on 17:25 - May 21 by JakeITFC |
Just checked, I put in 5% and my employer puts in 10%.
Vegas for hookers and blow on my 68th birthday by the sounds of it. |
Be 88 by the time you are old enough to retire | |
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