How are you sorted for your retirement?

c_man

Came up kinda on another thread, the looming pensions crisis. How are you set? Do you make contributions? Or is something you've given much thought to?

I'll admit I was a bit late to getting around to looking into it all properly. I've been making the matching contributions to get the most of what my employers have offered since starting to work, but didn't think on it much. Now I feel a bit happier about the state of affairs but I think lots of people are gonna find themselves in a bad position come their late 60s...

Persephone kindness

I don't plan on living that long:cool:

c_man

Persephone kindness wrote: »

I don't plan on living that long:cool:

Most of us should go past that age in reality.

Persephone kindness

c_man wrote: »

Most of us should go past that age in reality.

I always did things differently;)

suicide_circus

Paying the max allowed into a pension scheme in work. Won't be at all suprised if a few recessions over the coming decades wipe it out.

drunkmonkey

Won't give a ****, buying a small holding somewhere sunny to grow my orange trees and a hell of a lot of pot. I'm ****ed if i'm spending out my days going to the funeral home every week or two.

somesoldiers

Been paying into a pension for 15 years, 24 to go. Work pays 8% I pay 6% something like that. It will be worth 15k p.a and 100k lump that's if it all doesn't go tits up which it probably will a few times over by then

OldMrBrennan83

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Elessar

Started a pension 2 years ago, at 29. Company contributes 10%, I put in about the same. Worth feck all at the moment but I'm hoping to increase AVCs as I get older. I'm hoping to get at least 20k/pa return and a nice lump sum, anything more is a bonus. Though I'm under no illusion I'll have to pump an eye watering amount of money into it over the years.

About the time I retire, circa. 2050, there won't be enough working people to support the state pension for all the retirees so it will be slashed or taken away all together, which is why it's so important to have my own.

ancapailldorcha

I've finally gotten used to the idea that retirement is a fantasy for me. I pay into a pension which will just mean that I have more money at the time.

Atlantic Dawn

suicide_circus wrote: »

Paying the max allowed into a pension scheme in work. Won't be at all suprised if a few recessions over the coming decades wipe it out.

A few recessions along the way is exactly what you need for the pension fund to grow long term, your contributions will buy much more shares when economies take a dip.

drunkmonkey

Elessar wrote: »

About the time I retire, circa. 2050, there won't be enough working people to support the state pension for all the retirees so it will be slashed or taken away all together, which is why it's so important to have my own.

If that happens our society will collapse. It won't happen.

LirW

I have a house, shotgun and rocking chair on the porch will follow in a few years. Muuuuuh property

c_man

Elessar wrote: »

About the time I retire, circa. 2050, there won't be enough working people to support the state pension for all the retirees so it will be slashed or taken away all together, which is why it's so important to have my own.

That's why it's important for us to band together at the time, and vote for whoever will safeguard our pensions. Whatever the cost. The young will hate us but it'll be hard to care while you're living the goodlife i.e. having a midday pint while reading Ireland's Own.

Persephone kindness

c_man wrote: »

whoever will safeguard our pensions..

My honest opinion is ..NO ONE will. No one can. People have this idea that you can deflate the public debt away. I doubt it.

Whatever you think you expect. EXPECT LESS ..my dad taught me that.

ELM327

Property investment is my plan, have a couple of small rental flats at the moment, above 12% yield with high performing tenants. Even allowing for the income being taxed at over 40%. When I retire I intend to sell the property and live off the cash in addition to the state pension if it exists.

namloc1980

Paying into a pension for years but as it's a DC it could be worth nothing by the time retirement comes around.

D0NNELLY

Patww79 wrote: »

Not a chance in hell I see retirement, so it doesn't cast me a thought.

Not even 20 years away pat.. think about how fast 1997 to now. Blink of an eye..

OldMrBrennan83

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D0NNELLY

Patww79 wrote: »

Yeah but the body and insides give up a lot more in the forthcoming 20 than the last 20.

Actually my brain isn't operating at 100%. It's 30 years for us!!

Fück it, where's that bag of coke?

Burial.

Either I won't make retirement age which sounds pretty good in most ways, or I'll have enough money lying around in the bank, investments and assets to cover me. If I do reach that age, there are far too many ways to make money to be worried about it too much.

OldMrBrennan83

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bmwguy

People are in for a big shock. My generation of mid 30s and below, many of them are just burying their heads in the sand and not making any provision for retirement. It's madness. For most it would be easy to sacrifice a few things to fund this but they won't . They think they will start in a few years but that's just putting a bigger hill in front of them to climb.

The fact is most people on boards will not receive a state pension until 68 and not a day before. Many are renting and will continue to rent for life. How in the hell are they going to pay rent and live a life in retirement. Work forever? Don't think so. Personally I will be pulling back from work completely or partially in very early 60s.

Thelomen Toblackai

Paying maximum contribution matched by company but started late (30s) so unsure what way I'll be fixed come retirement age.

LirW

bmwguy wrote: »

People are in for a big shock. My generation of mid 30s and below, many of them are just burying their heads in the sand and not making any provision for retirement. It's madness. For most it would be easy to sacrifice a few things to fund this but they won't . They think they will start in a few years but that's just putting a bigger hill in front of them to climb.

The fact is most people on boards will not receive a state pension until 68 and not a day before. Many are renting and will continue to rent for life. How in the hell are they going to pay rent and live a life in retirement. Work forever? Don't think so. Personally I will be pulling back from work completely or partially in very early 60s.

Well, the problem is a lot of young people simply have such a burden of ongoing bills to pay that they can't. When I was 21 and started a new job, after the first month I got a call from the bank guy because he wanted to talk about my pension. I told him nicely to f off, I really was living hand to mouth and had absolutely no interest in talking about what could be in 50 odd years. This was more than twice my current age.
The truth is, we don't know what's going to be in 35 - 40 years. You don't know if you can pull back, you don't know if your funds won't be eradicated at that point.

Good for you that you can pay into a pension, but don't assume everyone can. That's not burying their heads, it's simply paying ongoing bills now because that's the most urgent need.

c_man

LirW wrote: »

Good for you that you can pay into a pension, but don't assume everyone can. That's not burying their heads, it's simply paying ongoing bills now because that's the most urgent need.

I think there's a huge amount of people "burying their heads in the sand" who are not living hand to mouth.

No need for retirement. This woman is still working at 83

http://www.bbc.com/news/uk-england-devon-37297631

Permabear

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Zaph

Married someone a good bit younger than me. Hopefully she'll look after me when I retire.

Permabear

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bmwguy

Good for you that you can pay into a pension, but don't assume everyone can. That's not burying their heads, it's simply paying ongoing bills now because that's the most urgent need.[/quote]

It absolutely is. It annoys the hell out of me listening to people in Work, in my circle of friends saying they are broke and worried about the future. Moaning about tax too but still will not reduce their bill by paying into a pension savings account. You should see the lifestyle of them. All well paid people. Not hand to mouth or anything like it. Just can't plan.
A cousin that I avoid because she is such a moan spent 40k on a wedding. She will have plenty to moan about later on when she really is broke. Like 50% of the ostriches in private sector. Public employees don't know how they lucky they are that deductions are forced on them.

Tsipras

Start dealing drugs when you retire, if you're caught you get free room and board in some cushy prison probably

RayM

I drive too fast to worry about that kind of thing.

PMBC

Persephone kindness wrote: »

My honest opinion is ..NO ONE will. No one can. People have this idea that you can deflate the public debt away. I doubt it.

Whatever you think you expect. EXPECT LESS ..my dad taught me that.

Maybe hope for the best and plan for the worst.

The only optimistic thought I can have is that since heaven has gone, hell has also.

Wesser

I am trying to buy a house first.

One thing at a time.

Can't cope with anything more than that.

EndaHonesty

In b4 Srameen gets to boast about his wonderful PS pension.

Woo! :pac:

somesoldiers

Lots of people on my job probably on 40-50k in their 30's have never signed up for the pension because "they can't afford it". They are all missing out on the 6% the company will pay if you pay a minimum of 4%...and this is in financial services...always seemed like a no Brainer to me

bmwguy

somesoldiers wrote: »

Lots of people on my job probably on 40-50k in their 30's have never signed up for the pension because "they can't afford it". They are all missing out on the 6% the company will pay if you pay a minimum of 4%...and this is in financial services...always seemed like a no Brainer to me

My company has approx 70 employees. About 10 are paying into a pension. I am the financial controller and I am offering every one of them 100 euro contribution if they also put in 100. So they will get 200 into a pension for a net cost of 60 euro a month after tax relief. Guess how much interest? Very little. I think they are all nuts. They want a pay rise instead so they can spend more money now and still have none later. But they are not getting it.

Galwayguy35

Must be great working for a company that matches pension contributions, pipe dream for any place I've worked in.

I started paying 100 quid a month into a pension 2 years ago when I turned 40, in hindsight I should have done it years earlier but better late than never I suppose.

Capt'n Midnight

I've a small pension put aside so I'll be able to continue my present lifestyle in retirement.








For about a month







One of the worries is how much the rules will change by the time we get to use the private pension. Will it count against a state pension ? How will it be taxed ? How screwed will you be if you have to buy an annuity during a recession or time of high inflation. Which type of annuity should you go for ?

It's like saving up all your life and then you get one spin of the wheel. Except you know the wheel is rigged and pension consultants are on nice earners and shareholders have to be paid.



By the time you retire what sort of stealth taxes will there be then ? Not so long ago water and waste disposal was free, dental benefits where higher and health care costs have soared.

There's a reason why Irish money has historically gone into land and property.

bmwguy

Galwayguy35 wrote: »

Must be great working for a company that matches pension contributions, pipe dream for any place I've worked in.

I started paying 100 quid a month into a pension 2 years ago when I turned 40, in hindsight I should have done it years earlier but better late than never I suppose.

But you could be earning 100 more than the guys who have pension matched so technically you would be just as well off as them by choosing to put in 200 on your own. The only difference here is choice.

diomed

I'm 67, took early retirement at 56 with about half pension.
For years I had been paying 20% of my salary (from age 40) into the pension fund, with the company contributing about 12%.
The company closed 18 months later with the pension fund badly unfunded.

People on the thread say they are contributing to funds.
Are their contributions going into the fund?
They know their deductions are deducted from their salaries.
Is the company paying their deductions and the company's contribution into the fund?
It is a requirement to state the amount of the fund (assets) and the calculated amount due to employees (liability) separately in the company accounts.

If I had stayed I would have no pension.

.......

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This Fat Girl Runs

I'm fairly sure I'm fcuked. Only started paying into a pension last year and I'm 40. Unfortunately I lost about 10 years paying off a stupid loan that I should never have taken out in the first place. The only saving grace I have is my mortgage which will be paid off before I retire. In the meantime, any chance I get I up me pension contribution. I have a lot of catching up to do. Whenever the subject comes up at work I always tell people to start their pension as early as they can!

.......

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hytrogen

bmwguy wrote:

People are in for a big shock. My generation of mid 30s and below, many of them are just burying their heads in the sand and not making any provision for retirement. It's madness. For most it would be easy to sacrifice a few things to fund this but they won't . They think they will start in a few years but that's just putting a bigger hill in front of them to climb.

Well when you see the tears shed after a personal pension and Life assurance policy is worth jack when you go to cash in why wouldn't you be dismayed. Might as well enjoy life when your young and able instead of auld, spiteful and crippled with noone to help out.
I'm grand anyways I've got the boat so sod ye! :P

bmwguy

....... wrote: »

Lots of schemes only allow you to join at 25. I'm working since I was 15 so that was 10 years lost where I could have made small contributions.

Also people who change jobs frequently lose out, one guy currently in my job moves every 12-18 months or so. Because you are generally only allowed to join a pension scheme after 6 months in a role he has lost years where he isn't in one.

No they don't lose out they can just do an additional payment into it once you are in, making up for the months you are out. He will lose employer's contributions if it's a workplace pension though. People like that need to look into.personal pensions. Doesn't have to be workplace ones all the time. A lot of companies will not contribute to an employees workplace pension.

somesoldiers

diomed wrote: »

I'm 67, took early retirement at 56 with about half pension.
For years I had been paying 20% of my salary (from age 40) into the pension fund, with the company contributing about 12%.
The company closed 18 months later with the pension fund badly unfunded.

People on the thread say they are contributing to funds.
Are their contributions going into the fund?
They know their deductions are deducted from their salaries.
Is the company paying their deductions and the company's contribution into the fund?
It is a requirement to state the amount of the fund (assets) and the calculated amount due to employees (liability) separately in the company accounts.

If I had stayed I would have no pension.

I have log ins for my pension fund that I can log in any time I want, see contributions, current value, change funds etc so very transparent that way

mel.b

I'm hoping I'll be ok. Fingers crossed.

I am a public sector worker so I'll have that, whatever it will be in 30yrs time. I also have a superannuation policy in Australia where I am from that I started to contribute into when I first started part time work at 16. That fund currently has in the region of mid 5 figures so I hope with another 30yrs of compound interest it will have a decent amount of money in it. Who knows what the rules and taxation will be on accessing it though, especially if I'm not resident in Australia.

bmwguy

diomed wrote: »

I'm 67, took early retirement at 56 with about half pension.
For years I had been paying 20% of my salary (from age 40) into the pension fund, with the company contributing about 12%.
The company closed 18 months later with the pension fund badly unfunded.

People on the thread say they are contributing to funds.
Are their contributions going into the fund?
They know their deductions are deducted from their salaries.
Is the company paying their deductions and the company's contribution into the fund?
It is a requirement to state the amount of the fund (assets) and the calculated amount due to employees (liability) separately in the company accounts.

If I had stayed I would have no pension.

That's a defined benefit pension. They are unsustainable and are being discontinued.

arctictree

People talking about there being no state pension when they retire. In the last budget the state pension was raised. I can't see any politicians reducing the state pension, political suicide. Watch what they do, not what they say.