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mark l | Why save for a pension?My mother saved for a little pension now get no help from the Government!!!? |
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 |
 
ascoile
 |
Depends how much you have saved. State benefit for pensioners only allows them to live at a very basic level with no luxuries.
If you save you can have a good standard of living when you retire.
Your choice, don't save and have a basic lifestyle, save and have a good lifestyle. |
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Bluebell
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I started my pension with Legal and General when I was 23. My parents are getting close to retirement age now and didn't start saving for a pension until they were in their 40's. Now they're stressing that they're not going to have enough money to live off when they do retire. The earlier you start saving for a pension, the better off you're going to be when you retire. |
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Andy W
 |
I know what you mean and the government on an annual basis change the rules and try and squeeze more out of us.
The good thing about a pension is that you get tax relief so the government will put around £2 in for every £8 you contribute. (More if high rate tax payer) Problem is they will tax you again when you get it. (After a tax free lump sum of 25% I think which you are allowed to take out)
Also once the money is in its stuck in there
(Good thing for some) so if the fund is performing rubbish there is nothing you can do.
I worked in the industry for 20 years and when I left and set up my own company I found it interesting that I opted not to do one.
I would endorse the other comments though. If you don't make some provision you will struggle and the sooner you start the better. An ISA keeps the money away from the tax man and keeps the money accessible. That way you can get at it when you want to retire and without penalty. In saying that the government will probably penalise you just for having money!!!
If that turns out to be the case at least you can spend it all. This is my plan for what its worth and I feel it keeps me in control. I am not being dictated to about when I can retire but age limits and annuity rates
The exception to all this is is the scheme is a company scheme and they are putting in a chunk of money for you.
Generally these wipe the floor with any alternatives and if I had the opportunity I would jump at the offer.
Good luck! |
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Suburban
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Your folks are in a classic poverty trap situation.
They didnt invest enough in Additional Voluntary Contributions, to lift them into a higher pension income bracket, or they may have not had a final salary scheme.
Its too polictical to understand. |
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hobbit
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You have a point about socialism penalizing thrift.
The way it works in Canada there are 2 trap areas on retirement. If you have very little investment income, you lose most of it at the low end. If you have above average income, another state benefit is clawed back.
Solution. If everyone is dependent on state pensions they might just be severely curtailed. Perhaps as well the age eligibility might be adjusted upwards. Disability pensions might be quashed. What happens if you are 58 unable to work and not eligible for welfare. Suppose you wish to move to another country when you retire. Will your state pension be portable?
I think this is akin to trying to squeeze every last penny out of your income tax payments. Obsessing about it might lead to bad choices. |
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moneyoffman
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Hi,
Its probably better to have on than not as who else will lok after you in old age.
Try out the following site it is packed full of articles, tips, resources and links you can use for all of you’re financial needs.
Thanks
http://www.good-financial-planning.info/financial-planning-for-retirement.php |
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Soup Dragon
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It seems that the more you save the more you're penalised when it comes to Social Security benefits. You get penalised if you save and handed out cash if you don't. This doesn;t seem very fair to me, surely you should be rewarded for saving for your own retirement instead of spending every penny you earn/get from benefits. My Mum and Dad did the same and were deeply penalised, theyd have been better off not saving a penny!
Have a good day Hun ;-) |
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Mickeyfinn
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I opened a small personal pension. Now they take it out of my state pension |
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Sandy
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Hi, Mark. Be patient, I am sure it just a bureaucratical thing.
I am sure your mother will get her pension.
I prayed for you, and your mother.
God bless you. |
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Daniel J
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I don't understand everyone who pays their national ins stamps 44 yrs for men 40 yrs for women get a state pension doesn't matter how many other pensions they've got so how are they penalised? |
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taz man
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I wanted to correct the views of LIEGHTON. Yes pension are poor at the moment but this is a trend. as Interest rates are constantly changing it is imposable to know what a pension will return next year let alone in 30 years time. Their is nothing better than a pension when it comes to saving because of the tax treatment of the payments and the fund. I know that your parents have fallen into a trap that they can now not get out of. But learn from this. If all you can afford to do is pay a small pension then it may not be in your best interest. However you should be saving 10% of your income as a minimum. I know alot of people can't afford to do this but it is not compulsary. If you can only afford to save a few pounds a month then use an ISA but remeber in retiremnt if you have savings this will also affect means tested bennefit. If i were you talk to an adviser and yes they will earn money if you do a pension but that is what they do for a living.
I wish you luck and do not give up or you will have to survive in retirement on a little over £100 per week. |
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leightonorient
 |
As a former employee of a pension company, I can definitely tell you that personal pensions are not worth having. Thats not to say that you shouldn't provide for you old age though.
Ok pensions work like this. An agent selling any product such as pensions, life assurance, health cover gets initial commission and then drip commission over the life of the plan. They love selling pensions as you can imagine how many years drip commission they get when a person in their twenties pays in for 40 years!
Why pensions are not worth having? The only advantage to a personal pension is that your contributions are boosted by the government and your fund grows more quickly than a savings account. However. On your retirement date the funds in your personal pension are NOT yours to do with as you please. You can only withdraw a proportion as cash. The rest must go into an annuity(that actually pays your pension). Annuity rates(that govern how much you get) are not good and only getting worse. So you will get a bad return for your money. If you then want to guarantee you payments for a time period(in case you die and want it paid to your partner) the pension company will reduce the amount paid to you still further and hit you again.
What to do. 1. ensure you own a property outright when you retire. 2. Put the amount into a savings account each month that you were going to put into a pension. It won't grow as quickly but it will be all yours to do with as you please. 3. Put your savings fund into an income paying bond when you retire and this will give you a regular income. |
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