Pension

[Master]

Does anyone have a pension? I am 40 and have not got one but am thinking of joining the government one which is very generous now that I have found out. It is a lot better than savings, for every £2 I put in they put £1. I probably have to work for another 25 years, and would get 25/60 of my final salary. It is protected, if I die wife gets it and index linked so inflation will not hit it. Should have done it 10 years ago!

[Gandalf]

I pay into a private university pension, but I need to pay into it for a minimum of 5 years to get anything back on it. For it to be anything substantial I would need to pay into it for years. One of the good things is that I can take all the money out with interest if I ever decide to change my line of work.

I also pay into a compounds savings scheme with Samsung and I basically pay into it for 10 years and it accumulates over the years after and I am given the money every month once I hit 60. It stops when I am 70 though, so I need to make sure I have other investments on the go and generally speaking I am quite careful. I don't plan on living a seriously elongated life though. 70 is usually the genetic limit in my family.

[Gandalf]

And totally, people should never wait too long when thinking about retirement. It is only ever going to get harder rather than easier. I think children should be informed about this kind of stuff in schools. People are given next to no advice when it comes to financial management and it shows in our debt laden consumerist societies.

[BIG H]

Pensions used to be great security, not so much now. So many people have lost huge amounts becuase of losses or chnages in pension schemes. I have a pension, but only because it's a company one and if I pay in 5% of my salary they match it. If they didn't, I wouldn't bother and would get an ISA or put the money in a box under my bed. Long term, property is the best pesion, but not many people can afford to invest in another (if at all) property

[Gandalf]

Pensions used to be great security, not so much now. So many people have lost huge amounts becuase of losses or chnages in pension schemes. I have a pension, but only because it's a company one and if I pay in 5% of my salary they match it. If they didn't, I wouldn't bother and would get an ISA or put the money in a box under my bed. Long term, property is the best pesion, but not many people can afford to invest in another (if at all) property

Yes, pensions are gradually being decimated by governments in collusion with big finance. Also even if you are sensible about go into things like compound savings that accumulate, you are still being negatively affected when governments allow inflation to hit 10%. They seem to be trying to kill the working classes and then suffocate anyone who was sensible enough to tide money over. Modern capitalism is a brutal and cutthroat thing.

[Andre]

Ive never had one (its called a superannuation fund out here) super for short.
The markets themselves take and give back with its rises and falls, its the same as playing the stock market and there's no come back if they go to the wall they take you with them. Not the Market going to the wall so much but the Super company its self,if they cant make their wages they do so until they are broke, then they fold and take their cut first and then you get to split the rest which is a small percentage of what you have put in,(if you are lucky).

If I had spare cash ,I'd sooner buy into real estate and rent it out. A concrete factory is the way to go out here (they cant wreck that and they have to take out huge leases on them sometimes 15 years in sort after areas.

Land may go up and down but if you dont shit yourself and sell it on the down then you havent lost anything.

Same if you play the markets alone if you dont panic sell then you still got that amount of shares,unless your company folds and goes broke (which they love doing).Often they have mother companies that take over but still the punter pays for losses and the assholes can hide legally from you.