news & politics:discussion

[fraybentos1]

48 minutes ago, fred quimby said:

Very lucky where I am that the add upto 15% on top. Hoping more people get switched on to saving younger, but I do remember what is was like and with rents mortgage and having fun thinking about being old is not really top of the pile

15% is wild, that is very very rare. Auto enrolment is actually one of the few success stories of the tories being in power. It makes me wince if I hear from someone that they’ve opted out tho. 

[Crazyfool01]

1 minute ago, fraybentos1 said:

15% is wild, that is very very rare. Auto enrolment is actually one of the few success stories of the tories being in power. It makes me wince if I hear from someone that they’ve opted out tho. 

Think that’s when I started paying in … can’t remember how long ago ? Maybe 10 years 

[fraybentos1]

1 minute ago, Crazyfool01 said:

Yep this I started a pension late . Prioritised saving for a house . No way I could afford both now I only make a small contribution on low pay that’ll make buggar all difference when I retire … oh well . I’ve a house at least 

If you’re mortgage free by the time you retire then your living costs are gonna be very low anyway so with the state pension then a bit on top you’d probs be ok.

It’s never too late to up contributions if you can afford it? It’s essentially free money from your employer. A couple extra percent over the 20 odd years till u retire can make a big difference.

[fraybentos1]

1 minute ago, Crazyfool01 said:

Think that’s when I started paying in … can’t remember how long ago ? Maybe 10 years 

2012 so roughly that aye. Happy to offer a bit of advice if you want it over PM at any time.

[philipsteak]

My company just pays the minimum, 3% I think. And while I am on relatively low pay i'm lucky that my outgoings are very low as my employers do provide cheap staff accommodation. So I can chuck a decent amount of that low pay into my pension and savings. If I was paying normal rent though I have no idea how you'd do it

[Crazyfool01]

1 minute ago, fraybentos1 said:

If you’re mortgage free by the time you retire then your living costs are gonna be very low anyway so with the state pension then a bit on top you’d probs be ok.

It’s never too late to up contributions if you can afford it? It’s essentially free money from your employer. A couple extra percent over the 20 odd years till u retire can make a big difference.

Yep that was my take and with no dependants I could live off some equity as I’ve no need to pass anything down . But yeah might look at that 

[fraybentos1]

2 hours ago, philipsteak said:

So annoyed with myself for not taking this seriously when I was younger. I do now, and am making a real effort but missed out on so much and am just playing catchup. I genuinely think I thought I wouldn't make it to pension age! Seemed so far away, my dad died when I was 19 (and he was 53) and my lifestyle was very much leading me down the same path. But then I only bloody went and got healthy in my 40s didn't I. Bloody idiot. Really complicated things!

I'd already got better with this stuff years before then but honestly, not at a high enough level and when it occurred to me I might actually live long enough to need a pension now I massively upped my contributions. I was already pretty good at saving) But it would have been so much better and easier just to start earlier. 

I'm like a pensions Jacob Marley with the younger staff at work now. Hopefully auto-enrolment is making a difference. I know the base level is very low but at least it's something

Yeah it’s tricky when you’re younger especially if you don’t have a parent who gives advice on it. 
 

well Done for getting on track with it tho 

[philipsteak]

7 minutes ago, fraybentos1 said:

Yeah it’s tricky when you’re younger especially if you don’t have a parent who gives advice on it. 
 

well Done for getting on track with it tho 

Cheers. 

It's that thing of "The best time to start was X years ago, the 2nd best time is now" 

[Crazyfool01]

I presume anything paid in is protected ? Because it’s held elsewhere  ? I’ve little faith my supermarket will last the year the way things are going 

[Neil]

1 hour ago, fred quimby said:

Ah you were talking about the olden days, you hadn't made that clear.

Was clearly talking about what fish might have done in the past.and what I did do in the past.

Edited January 18, 2024 by Neil

[Neil]

11 minutes ago, Crazyfool01 said:

I presume anything paid in is protected ? Because it’s held elsewhere  ? I’ve little faith my supermarket will last the year the way things are going 

The value of your investment might go up-or down. When you're giving your money over for someone to gamble with you take the consequences of their gambling.

[Neil]

45 minutes ago, fraybentos1 said:

If you’re mortgage free by the time you retire then your living costs are gonna be very low anyway so with the state pension then a bit on top you’d probs be ok.

It’s never too late to up contributions if you can afford it? It’s essentially free money from your employer. A couple extra percent over the 20 odd years till u retire can make a big difference.

Was chatting to a mate yesterday about his living costs The big cost everyone seems to forget is council tax. Also is good to try and transfer costs, can get your GP to pay for a gym membership.

[Neil]

Govt being despicable and trying to pressure NI devolution parties by withholding a pay rise for public sector staff. If the govt want to pressure those parties they should do it directly rather than by f**king about with people's wages who are nothing to do with the stalled devolution.

[lazyred]

39 minutes ago, Crazyfool01 said:

I presume anything paid in is protected ? Because it’s held elsewhere  ? I’ve little faith my supermarket will last the year the way things are going 

Yes things have tightened up since Maxwell robbed his pensioners. I assume you have a DC pension (a pot of money rather a guaranteed income). The markets go up and down but historically over decades the value goes up. You choose when and how much to withdraw or you buy an annuity for a fixed income.

[Crazyfool01]

Just now, lazyred said:

Yes things have tightened up since Maxwell robbed his pensioners. I assume you have a DC pension (a pot of money rather a guaranteed income). The markets go up and down but historically over decades the value goes up. You choose when and how much to withdraw or you buy an annuity for a fixed income.

I think so although I’d probably best check 😂

[steviewevie]

47 minutes ago, Crazyfool01 said:

I presume anything paid in is protected ? Because it’s held elsewhere  ? I’ve little faith my supermarket will last the year the way things are going 

it will be with a private pension company so yes should be protected. 

[Neil]

4 minutes ago, lazyred said:

Yes things have tightened up since Maxwell robbed his pensioners. I assume you have a DC pension (a pot of money rather a guaranteed income). The markets go up and down but historically over decades the value goes up. You choose when and how much to withdraw or you buy an annuity for a fixed income.

Not tightened up that much the Wilko pension fund is missing money.

[lazyred]

12 minutes ago, Neil said:

Not tightened up that much the Wilko pension fund is missing money.

Thats probably a DB pension unless they didn't pass the money over to the administrating fund. DB pensions that fail are covered upto a point by the Pension Protection Fund.

[steviewevie]

 

[fraybentos1]

1 hour ago, Neil said:

The value of your investment might go up-or down. When you're giving your money over for someone to gamble with you take the consequences of their gambling.

A good pension fund isn’t ‘gambling’ and it’s poor advice to suggest it is. If you don’t have a pension you're basically f**ked, that’s the reality. 
 

 

[fraybentos1]

1 hour ago, Neil said:

Was clearly talking about what fish might have done in the past.and what I did do in the past.

You said 20 years. You could easily invest yourself 20 years ago in a safe index fund. No need to enlist the help of anyone else who appear to have conned you.

[Crazyfool01]

So todays speech another party political broadcast do the opposition partys get an opportunity for the same airtime ? 
 

and Coffey how bloody thick is she ? Really embarrassing these people supposedly run our country … maybe they should sit some kind of exam before they stand for election 

[stuie]

4 minutes ago, Crazyfool01 said:

So todays speech another party political broadcast do the opposition partys get an opportunity for the same airtime ? 
 

and Coffey how bloody thick is she ? Really embarrassing these people supposedly run our country … maybe they should sit some kind of exam before they stand for election 

It's not even that bad that she didn't know what the capital of Rwanda is.  What's super embarrassing is that she didn't have the sense to thing 'what is Kigali and why has Yvette said that?' or done any kind of fact check before standing up in parliament and making a twat of herself!  

[stuie]

16 minutes ago, fraybentos1 said:

A good pension fund isn’t ‘gambling’ and it’s poor advice to suggest it is. If you don’t have a pension you're basically f**ked, that’s the reality. 

The first part is totally correct.  The second is a bit isn't true at all.  By far the safest long term investment to make is in property.  If you can use your equity to purchase further property and retire with these assets, which will increase in value over time, you'll be in a good position. 

[steviewevie]

Anyway this lovely private pension thing just shows the unfairness in capitalism...there are winners and losers. Maybe it would be better if everyone paid into a pot based on income, and then when comes to retirement everyone gets the same amount. We could call it the state pension.