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http://news.bbc.co.uk/1/hi/business/8068728.stm

Half of UK adults aged between 20 and 60 are not putting aside any funds into a pension, a survey commissioned by the BBC suggests.

Can't decide if pensions are an essential investment or a ponzi scam :blink:

either way imo the crash that's coming when everyone now paying into a pension turns up looking for an income is going to make the housing crash/bank disaster look like a walk in the park ;)

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http://news.bbc.co.uk/1/hi/business/8068728.stm

Can't decide if pensions are an essential investment or a ponzi scam :blink:

either way imo the crash that's coming when everyone now paying into a pension turns up looking for an income is going to make the housing crash/bank disaster look like a walk in the park ;)

Malthus- and that`s only half the story.Wanted to ask David Cameron this one during his visit to B`mena last week:

How are they going to deal with the ever widening public sector pensions deficit?Simply put there is nowhere near enough moolah to cover existing

commitment and private sector is subsidising this very heavily indeed.Imho this is a massive timebomb that no politician wants to talk about.Truth is

thereare going to be a lot of disappointed peeps who are going to face working much longer than they thought and/or face a drastic lifestyle downsize.

Edited by redprince

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Guest vicmac64

I have placed numerous posts to say - but to be honest it doesn't take too much thinking to work out that our entire financial system cannot be trusted with out money.

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My view is that private pensions are a racket. Very few people now have jobs for life, they switch careers all the time. Also people do not trust companies/banks anymore. People think what happens if my company is not around in 50years? Spend now worry later.

The only option in my view is for for all pensions to be provided by the state, people pay into it from their wage, they have no choice and will not miss the cash. At least governments generally do not go tits up.

My personal view is that as people are now living longer people will just work longer. As I understand it when retirement was first introduced the average person only living 2 or 3 years after they retired, now they live 20 or 30 years longer.

I work for myself, and personally I can see myself never retiring.

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My view is that private pensions are a racket. Very few people now have jobs for life, they switch careers all the time. Also people do not trust companies/banks anymore. People think what happens if my company is not around in 50years? Spend now worry later.

The only option in my view is for for all pensions to be provided by the state, people pay into it from their wage, they have no choice and will not miss the cash. At least governments generally do not go tits up.

My personal view is that as people are now living longer people will just work longer. As I understand it when retirement was first introduced the average person only living 2 or 3 years after they retired, now they live 20 or 30 years longer.

I work for myself, and personally I can see myself never retiring.

I prefer a solution where we move to an economic system that does not require constant expansion or painful collapse and we all work less, spend less and spend more time with our families and friends and consequently less time imagining that we are all in competition and every stranger is someone out to hurt us. Perhaps the huge technological leaps we have made could, as promised, actually be used to benefit all of us rather than vastly increase profits for the few. Just a thought.

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Perhaps the huge technological leaps we have made could, as promised, actually be used to benefit all of us rather than vastly increase profits for the few.

You're hoping the technology singularity takes place before you retire then. The linked article doesn't seem optimistic on the economic impact of the singularity but it also doesn't seem to take molecular assemblers into account.

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My personal view is that as people are now living longer people will just work longer. As I understand it when retirement was first introduced the average person only living 2 or 3 years after they retired, now they live 20 or 30 years longer.

Agreed , anyone who thinks they will retire in their 60's had better think again imo

Unless of course they pick the next bubble early and get out before the bust , if you are convinced you've spotted it please pm it to me ;) , promise to keep it hush hush :lol::lol:

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Agreed , anyone who thinks they will retire in their 60's had better think again imo

The thought of working in my 60s isn't appealing at all, aiming for 55 with a mixture of pensions, investments and savings. It should be easily doable if you start early enough on a decent salary and don't do anything stupid :)

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The thought of working in my 60s isn't appealing at all, aiming for 55 with a mixture of pensions, investments and savings. It should be easily doable if you start early enough on a decent salary and don't do anything stupid :)

give us a shout on pensioncrash.com when you hit 55 ;) and let us know how it works out

:lol::lol:

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You're hoping the technology singularity takes place before you retire then. The linked article doesn't seem optimistic on the economic impact of the singularity but it also doesn't seem to take molecular assemblers into account.

I was thinking more of the promises squandered since the industrial revolution than what the future holds - technology has always been used to feed the economic expansion required by our system (which in turn has fed population explosion), rather than ease the work burden/provision for all that was its original promise. We can only hope that that changes at some point. I'm not hopeful. The idea that in a world of 'progress' we should be working to an ever later age is utterly nonsensical. I'll take regression in that case.

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I was thinking more of the promises squandered since the industrial revolution than what the future holds - technology has always been used to feed the economic expansion required by our system (which in turn has fed population explosion), rather than ease the work burden/provision for all that was its original promise. We can only hope that that changes at some point. I'm not hopeful. The idea that in a world of 'progress' we should be working to an ever later age is utterly nonsensical. I'll take regression in that case.

As you probably guessed from my name i think overpopulation is the real problem facing mankind , as the politicians choose to ignore the problem i'm afraid it's going to be "four horsemen" who take care of it for us .

All civilisations / empires pass , western civilisation will be no different so best bet is to learn chinese and practice bowing ;)

As for pensions they are a dodgy bet imo , if some spiv doesn't nick your cash you have to live long enough to enjoy it and have good health . long odds i'd say .

Best bet borrow as much as possible , live fast , die young and leave a handsome corpse :lol::lol:

That the Nu Labour way

Edited by Malthus

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my sporadic thoughts on personal pension policies

ppp's end up in the necessary purchase of annuity (ok, after some draw-down and a small % cash-out within limits if required). this annuity may be joint but even so, once you and the missus (in the case of joint) pops yer clogs, the proceeds of all inv. funds go to the life insurer (annuity supplier).

So...........why pays monies you have slogged for into a scheme that cannot be left to your offspring?

that's my gripe

ps. occupational penisons have merits but I'm talking ppp's here

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give us a shout on pensioncrash.com when you hit 55 ;) and let us know how it works out

:lol::lol:

:lol: be happy to, been putting near 1k a month away since I was 25 and even as cash it will be better than nowt :)

Edit to add kids are a big unknown in this calculation!!!!

Edited by ratatat

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The thought of working in my 60s isn't appealing at all, aiming for 55 with a mixture of pensions, investments and savings. It should be easily doable if you start early enough on a decent salary and don't do anything stupid :)

I think that important words in this statement are "start early enough on a decent salary". Young people are the worst paid people in any economy and, given that incomes for the majority have largely stagnated over the last couple of decades, finding the money to put aside into a pension is becoming harder and harder for most age groups. I'm not sure fixing over population will get rid of the problem either. The fact is that we're all living longer, a trend that is set to continue, and having less kids which is skewing population figures towards having more older people than young. Under the current system we will simply have to accept that more older people will have to continue working for longer to continue to make a contribution. Personally I feel that alternatives will have to be sought but I can't even conceive of what those might be under the current structures.

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I think that important words in this statement are "start early enough on a decent salary". Young people are the worst paid people in any economy and, given that incomes for the majority have largely stagnated over the last couple of decades, finding the money to put aside into a pension is becoming harder and harder for most age groups. I'm not sure fixing over population will get rid of the problem either. The fact is that we're all living longer, a trend that is set to continue, and having less kids which is skewing population figures towards having more older people than young. Under the current system we will simply have to accept that more older people will have to continue working for longer to continue to make a contribution. Personally I feel that alternatives will have to be sought but I can't even conceive of what those might be under the current structures.

You're right, the key being 'under the current structures' in my view. The real reason why we must work longer is wealth inequality. The simple facts are that low and middle disposable incomes have been flat or decreasing for decades while high incomes have increased exponentially. Increasingly easy credit has filled the gap. In other words, every single ounce of productivity increase (wealth) since the 60s/70s has gone to those on already high incomes.

You would think that in a democratic world where we are supposedly in charge, people might see through this and things might be different. I find it difficult to believe that people will vote to work longer given these facts, but they will.

Does anyone really believe that CEOs, bankers et al will extend their working lives as well?

The real laugh is that people not only accept this insane situation, they will argue in favour of it.

Edited by shipbuilder

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