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Lion Queen
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08-12-2019, 09:57 PM
1

Retirement

We have just watched a recorded programme about how people will manage in their retirement. It was with Michael Beurke, forgot what it was called but it was very informative.

There was a couple who were hoping to retire at 55, he had a good job in the army and she also worked. They had a good income between them of around £60,000.

Their dream was to retire at 55 and go on an adventure holiday for 3 months at a time. When they priced up the holiday it was £14,000!!! For one holiday??? What the hell.

The programme was a real wake up call. Can we really hope to retire early and live a decent life. I think not, I think many people are going to have to think again about possibly retiring early. The state pension isn't much and many people haven't been able to save up for the future because they had no spare money.

The couple in the film lived in a massive detached house and the reality to retire would be for them to downsize but when they took her to look round a smaller house she wasn't happy. She was still thinking of her kids who by now in their retirement would have left home.

I think if it were me and I had such a big house I would be happy to downsize so I could still have my dream retirement. Bugger buying a home for the kids, they could stay on the sofa or a makeshift bed if they came to stay. I think when you've brought up your family and they've flown the nest isn't it time to start thinking about you?

I think that couple may well still be working until they are 66/67 unless they are willing to make compromises which the lady of the couple didn't seem to want to do.

I'd be happy to make compromises if it meant I could retire 10 years earlier than most people. To me that couple are so lucky to be in the position they are in.

The programme was quite frightening and a real eye opener.

I do wish the pensionable age was still 60 for women, I could have been retiring in 6 months lol. Instead I've another 7 years and possibly more to do. I sometimes get to thinking are we born just to pay bills work our butts off. Work for some causes nothing but stress which will kill many people in the end, do we not deserve to stop work so at least have some time to do the things we want and enjoy what life we have left. It seems to me they are making the retirement age higher and higher so they can hope we 'pop off' before we can claim what is rightfully ours when we have worked so hard all our lives.

Sorry just having rant, I'm thinking my husband isn't a well man I'm thinking is he going to have to carry on working till he drops. It stinks. Our income is nothing near that couples income, probably only half of that if that so is there any hope? Probably not. Quite a depressing thought for our future. I wish I hadn't watched that programme now lol.
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The Artful Todger
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08-12-2019, 11:56 PM
2

Re: Retirement

£14.000 for a three month holiday is very reasonable if you think about it.

£7,000 each for 13 weeks. That's iro £550 per week.

Presumably it would be a cruise or inclusive holiday so that's not a bad price at all.

£80 a day all up including traveling place to place --- quite a bit cheaper than many Premier Inn's or Travel Lodges and that would be without nosh or entertainment.
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09-12-2019, 12:50 AM
3

Re: Retirement

I watched it too LQ and thought their expectations were very unrealistic, particularly trying to hang onto the big house. I think anyone still of working age now is pretty much stuffed when it comes to expecting a normal state pension.
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09-12-2019, 06:40 AM
4

Re: Retirement

It ISN'T a pension though. It is a State Age Related Benefit (SARB) and in my opinion should have been abandoned years ago and replaced with means tested Benefits. That way support would be focused where it is needed.

It falls me when I hear or read about people claiming to have "paid into" some thing as if it were a private pension fund.

They haven't.
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09-12-2019, 06:52 AM
5

Re: Retirement

Hi

I have to agree with Artful on this one.

People were sold the lie that they were paying for their Pension when they they were not, they were paying for the State Pensions of those who had already retired.

Other Countries do it different, your payments are made into a State Pension Fund which is kept separate and invests that money long term.

We have a very low State Pension compared to a lot of other Countries simply because of this and the fact that we are a low tax economy.

You cannot have your cake and eat it.
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09-12-2019, 07:38 AM
6

Re: Retirement

So, do OAP's now have to be referred to as OASARB's, see by 2030, we have to be Carbon Neutral, so, Pensioners or others will by and large, not be allowed to fly, by that reckoning, it won't take much of the budget to procure a Bicycle.
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09-12-2019, 08:33 AM
7

Re: Retirement

Originally Posted by swimfeeders ->
Hi

I have to agree with Artful on this one.

People were sold the lie that they were paying for their Pension when they they were not, they were paying for the State Pensions of those who had already retired.

Other Countries do it different, your payments are made into a State Pension Fund which is kept separate and invests that money long term.

We have a very low State Pension compared to a lot of other Countries simply because of this and the fact that we are a low tax economy.

You cannot have your cake and eat it.
But unlike other countries we have a overinflated Benefits system which make up for the low SARB.
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09-12-2019, 09:28 AM
8

Re: Retirement

Originally Posted by The Artful Todger ->
It ISN'T a pension though. It is a State Age Related Benefit (SARB) and in my opinion should have been abandoned years ago and replaced with means tested Benefits. That way support would be focused where it is needed.

It fails me when I hear or read about people claiming to have "paid into" some thing as if it were a private pension fund.

They haven't.
Maybe the contributions we pay should be invested in a private pension fund, at least we would get more for what we pay in.

I know that £ for £ and over a shorter time of contributing I receive far more from my private pension than the state pension or benefit, whatever name you like to give it. Also nobody changed the date by which that 'pension pot' become available, it was of my choosing too.

The same with NHS payments, no waiting times with private healthcare, if a procedure or operation is required it is done within a few days.
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09-12-2019, 09:59 AM
9

Re: Retirement

Retire Early? You will regret it. I retired when I was 70 That was 22 years ago and even now wish I could go back to work.
As for an old age pension. By the way some are talking it seems as though we should only get a pension for a certain time after retirement and then it should be "Sod you, you are now on your own"
Apart from my time in the forces I have never, ever been out of work and would dearly like to know my total contributions into NI over these years.
Holidays? Too costly. I booked a holiday in a hotel on the Isle of Wight. The cost of insurance, because of my age and the single room supplement was going to cast almost as much as the holiday (A week) itself. I cancelled.
IMO Everyone who has worked all their lives and contributed to their pension should not, as has been suggested, thrown on the scrap heap and receive nothing as thanks for what they have done for their country.
I and millions like me have never claimed anything in the way of benefits from the state. Still some say we deserve nothing when the time comes when we are unable to work.
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09-12-2019, 10:39 AM
10

Re: Retirement

Originally Posted by The Artful Todger ->
It ISN'T a pension though. It is a State Age Related Benefit (SARB) and in my opinion should have been abandoned years ago and replaced with means tested Benefits. That way support would be focused where it is needed.

It falls me when I hear or read about people claiming to have "paid into" some thing as if it were a private pension fund.

They haven't.
I bet you don't hand yours back to the government
 
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