Cari
 |
As has already been pointed out, 50 year olds don't get pensions. You are not eligible until you are 65 (the pension age is now 65 for people of both genders).
The reality is, it depends on what sort of a lifestyle you're prepared to accept. Take my mother for example: she's British and is 55 years old, and has lived in New Zealand for the last 20 years. She'd tell you that no, she couldn't afford to ever return to live in Britain. But the reality is that she could. Yes, she wouldn't have the same lifestyle - i.e. a big brand new house two minutes from the beach, being able to live a five minute drive from work, etc. If she lived in the UK, she'd likely have to live in a small flat somewhere. But the difference in lifestyle is not the same as not being able to afford to live.
I'm 29 and am single and can afford to live in London with no help from the state (and I have a very average job, not a great-paying one) ... would my situation be any different if I was 39, or 49? No, I don't think it would. Okay, so I live in a small flat in an area that's a little on the dingy side, although certainly not unsafe. It's simply a matter of budgeting and so on, although I certainly do not go without anything, and frequently have overseas holidays and go out a lot. Really your expenditure as a single person can be quite low - you may only have one income coming into the house, but you're not supporting children either. These days as people have children older and education costs more, a couple of 50 year olds are likely putting two or three children through university so it's not like they're saving hard for their retirement.
So to answer your question, the answer is yes, but:
- Be prepared to work until you're 65, not to retire any earlier
- That leaves you with 15 years of working life left, which is time to save up some money and even if not go into a pension scheme, perhaps invest in bonds or shares
- Don't expect to have the greatest lifestyle in the whole world (although you don't have to have an awful lifestyle either) |
My Grain
 |
Nope not unless you have a good skill that's paid well.I've worked all my life and am not even due a government pension-I'm 43. Because I've worked abroad for many years to get away from an abusive relationship and unemployment.This worked out for many years but then fell apart due to circumstances involving another abusive relationship and Euros destroying the economy,had to come back to the UK and because I've worked abroad have been cut off from the UK pension and also abroad cos they use the same system. I basically need to work 70+ hours until I drop.If I live until 65 I'm just doing myself in.Makes me sick when I got out the country originally so I don't just sponge off the State and now I'm being punished because of it in later life.Can't afford a private pension on my money either,been checking out to get help with education too but when working all the time with no financial aid it's impossible! |
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