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23 Aug 19, 09:03 PM |
#191
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Imagineer
Join Date: Feb 08
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Not neccessarily true. With interest rates at near-zero, and inflation at 3 or 4%, the value of that penny gets eroded quite quickly.
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23 Aug 19, 09:45 PM |
#192
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Proud to wear my Ears
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There's been so many heartbreaking posts on the dibb lately, that it makes me realise how short life is.
I know it's sensible to plan ahead and put money away, but my mum did that, looked after the pennies, and she died just shy of 53 having worked every day of her life. I think a balance is always sensible. Save some, spend some. Just be happy.
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24 Aug 19, 03:28 AM |
#193
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VIP Dibber
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I have just checked mine and I have36 full years of paying in, so I’m entitled to full pension at age 67 as it currently stands. I was born in 1967 so hope I don’t end up working til I’m 75 if these new proposals were put in place. I do have a council pension in my current job, but I’ve only been there for four years. I am hoping to stay there till I retire, as I had a pension from aged 18 til age 28, but I stayed at home raising babies and working from home, paying my own NI contributions, so no pension contributions and when I returned to work, my employer didn’t offer a pension scheme and naively I didn’t start my own pension. At least my current pension should give me a reasonable return and DH has been paying into his for a very long time. At least our mortgage is almost finished, so we can save some extra money.
On a separate note, we have had many years where we had caravan holidays and have recently been going to Florida most years, as cheaply as possible. We could have saved this money for our pension, but we funded these trips by my husbands hard work. He does 12 hour days and works most Saturdays in a physical job in a boatbuilders to pay for these holidays, he misses DS sports days and school productions etc and I don’t think it’s unreasonable to use the money to go on holiday instead of putting it in a pension. We were told we would get the SP at 65/60 when we started work, so there was no real emphasis on putting extra away at that time.
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ALISON 1998 Villa in Kissimmee 2009 Animal Kingdom Lodge 2011 Animal Kingdom Lodge 2014 Villa Lake Berkeley 2016 Villa Bass Lakes 2017 Villa on Solana and Vero Beach 2018 Villa on Highlands Reserve and St Pete Beach 2019 SLC, Cabana Bay, Highlands Reserve & Coronado Springs, 2020 Feb half term villa chilling. 2022 villa on Calabay Park and a trip Clearwater beach. 2023 Orlando and Clearwater |
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24 Aug 19, 06:20 PM |
#194
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Imagineer
Join Date: Feb 13
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24 Aug 19, 09:52 PM |
#195
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Imagineer
Join Date: Apr 11
Location: Warwickshire
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The country cannot afford to pay the amount of pensions at 60 years, where do you think the money comes from? Who do you think funds your civil service final salary pension, a scheme removed from those who produce the wealth in this country.
I’m not retiring until at least 75, can’t afford to and pay your pension
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24 Aug 19, 10:02 PM |
#196
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Guest
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24 Aug 19, 11:14 PM |
#197
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Imagineer
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I think most people will do what I have had to do - retire, take your company pension, and then go into a minimum wage job. I will be working until I'm at least 70
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24 Aug 19, 11:28 PM |
#198
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Imagineer
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We are so lucky I’m 59 DH is 60 I went at 50 NHS pension scheme but worked 6 more years in a florist buiness
DH at 57 40 years with a power supply pension scheme Neither of us will get the pensions we were promoted me 60 DH 65 We had 10 months of my retirement that I was with my sister for mum and SIL for MIL almost 24 hour care 6 days a week I’d hate my kids to Still be working and although we have provision for care home fees for us both to have to fit caring for us till the wheels of care provision Get all ther ducks I;a row We are loving every bit of retirement we’ve worked hard yes we have a villa on Florida but we’ve and the kids have always know it came at a price be it so and so got another pair of £100 trainers phone etc All our boys have since they daynthey started working pension funds Mortgages they can afford with only one wage and all have good jobs Yes we help out because my kids may be the first generation for years that won’t be better off than their parents |
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25 Aug 19, 09:57 AM |
#199
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VIP Dibber
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We are in the lucky position of nearly owning our own home(2years to go) So at least DS will not have to worry about it too much. When we are gone he will have the inheritance so can either live mortgage free and save for a pension or put it all in a pension pot.
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25 Aug 19, 10:19 AM |
#200
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Thread Starter
Imagineer
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I took the hit in advance. I had a difficult choice to make in my 20s.
We were always told - right from day 1 - that salaries are lower in the civil service because benefits are higher. You have decent annual leave, family friendly hours, decent pension, but wages are lower (in my chosen field, significantly lower). I could have had my jam at the start of my career, I chose to have it at the end. (You do know that I also paid tax, in fact still do, as I also currently work part time?) |
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