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Workers Say They Expect Retirement Income Equal To 37% Of Salary


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The nightmare scenario of millions upon millions of Britons relying on the state for financial support in retirement could be realised as many admit they are not putting money aside for later life, according to a survey.

Preparing for life after work appears to be far from a priority for many Britons, with a J.P. Morgan Asset Management poll finding that almost half of the current working population - 52 per cent of women and 39 per cent of men - say they are not saving for retirement.

That's despite the average person believing they will retire with a pension income of 37 per cent of their final pre-retirement salary.

Worryingly for a government trying frantically to get Britain to avoid a financial cliff come retirement, some 47 per cent of respondents listed state benefits - not including the state pension - as one of their sources of income in retirement, up from 29 per cent in 2006.

Keith Evins, of J.P. Morgan, said: 'If ever a nation needed a wake up call to start planning and saving for their long-term financial future and retirement, then this is it.

That, ladies and gentlemen, is how this nation is sleepwalking into a crisis with the full support of your government.

I don't want to be anywhere near Britain in 10 years time.

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Most pension payouts will be dependent on debts being paid. Does anyone in their right mind still think that all the debt in the system is going to be repaid? Unfortunately most people that thought they were doing the right thing and paying into a pension are going to find out the money is gone.

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Even my mum said to me last night, 'whats the point in trying to save with interest rates where they are'

Personally I will try to keep my isa topped up as much as possible in the hope that one day decent rates will return and I'll have a good pot to take advantage of them.

I stopped my pension 13 years ago, started when I was 16, I still have the card from the salesman with the fag packet predictions.

If I recall correctly it was something like 65k lump sum and 21k a year (quite decent in 1989), I think the last statement expected 1.3k a year!

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Even my mum said to me last night, 'whats the point in trying to save with interest rates where they are'

Shameful. People don't realise that they are not only spending away their futures, they are destroying what could be a decent one for their kids.

And what will she say when those who haven't saved are forced into state run senior citizen gulags/communes en-masse, eating gruel, with African and Eastern European labourers pinching the last valuables they have on this mortal coil?

Not saying it will come to that; perhaps there will be some kind of grim tax incentivisation to have your elderly ones euthanized?

However it plays out, folk will have to eat crow because they've ignored the parsimonious wisdom of their forefathers and blindly followed their new pin stripe suited god on television into debt laden ego gratification.

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some 47 per cent of respondents listed state benefits - not including the state pension - as one of their sources of income in retirement, up from 29 per cent in 2006.

this is the statement that worries me. If they expect extra (i.e. all the freebies that are currently handed out to those who cannot/willnot make provision for their own retirement) on top of a state pension - they are a mite deluded. Currently those who did not plan/save are quite well looked after but this will not last.

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However it plays out, folk will have to eat crow because they've ignored the parsimonious wisdom of their forefathers and blindly followed their new pin stripe suited god on television into debt laden ego gratification.

I'd suggest that this 'parsimonious wisdom' never really existed.. shower any population, any time with cheap, abundant and unregulated credit and the results are pretty much the same. The wisdom comes from not allowing the bankers to do it in the first place.

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I'd suggest that this 'parsimonious wisdom' never really existed.. shower any population, any time with cheap, abundant and unregulated credit and the results are pretty much the same. The wisdom comes from not allowing the bankers to do it in the first place.

I dunno. My gran, bless her soul, had three tins of everything in her cellar dating back to the war, and never threw out anything...much to the disdain of my back when cleaning out her house.

She always said 'never buy anything on tick' with the rationale that your job can disappear on the governments whim.

Edited by cashinmattress
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Not saying it will come to that; perhaps there will be some kind of grim tax incentivisation to have your elderly ones euthanized?

You didn't see my post on cryopreserving the elderly in off-topic..?

Avoids long term care, avoids end-of-life medical bills, offers a theoretical chance of immortality.. what's not to like?

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I dunno. My gran, bless her soul, had three tins of everything in her cellar dating back to the war, and never threw out anything...much to the disdain of my back when cleaning out her house.

She always said 'never buy anything on tick' with the rational that your job can disappear on the governments whim.

Problem is, even if perhaps 70% of people are like that, the other 30% can easily wreck things for everyone.. that was until BTL became popular at which point it became possible for less than 1% of reckless lunatics to wreck the entire economy.

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Problem is, even if perhaps 70% of people are like that, the other 30% can easily wreck things for everyone.. that was until BTL became popular at which point it became possible for less than 1% of reckless lunatics to wreck the entire economy.

Sorry, but I'll have to stop you there.

BTL mortgages have not wrecked the economy; it is symptomatic of the decline of empire and general dumbing down of the population.

The economy of Britain has been wrecked a long longer than the mid 1990's when BTL was introduced.

If it wasn't mortgages, it would be some other leveraged speculative 'investment'.

Besides BTL has made the government a lot of money in the form of entrance/exit/maintenance taxes and fees versus the continual haemorrhaging from social housing.

Edited by cashinmattress
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Sorry, but I'll have to stop you there.

BTL mortgages have not wrecked the economy; it is symptomatic of the decline of empire and general dumbing down of the population.

The economy of Britain has been wrecked a long longer than the mid 1990's when BTL was introduced.

If it wasn't mortgages, it would be some other leveraged speculative 'investment'.

Besides BTL has made the government a lot of money in the form of entrance/exit/maintenance taxes and fees versus the continual haemorrhaging from social housing.

Amen to that. Confusing the symptoms with the ailment.

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Sorry, but I'll have to stop you there.

BTL mortgages have not wrecked the economy; it is symptomatic of the decline of empire and general dumbing down of the population.

The economy of Britain has been wrecked a long longer than the mid 1990's when BTL was introduced.

If it wasn't mortgages, it would be some other leveraged speculative 'investment'.

Besides BTL has made the government a lot of money in the form of entrance/exit/maintenance taxes and fees versus the continual haemorrhaging from social housing.

Wrong. Landlordism is the problem, it has been the problem for a thousand years.

Of course, it's a mistake to ignore the debt bubble, but debt was just the petrol poured onto the fire.

Unlike land, other investments do not force costs on third parties.

That's one of the reasons we are in so much debt in the first place.

Moreover, investment in land does not lead to a new supply of land, and so bubbles are inevitable as well as unavoidable.

Compare the damage caused by a housing bubble to the damage caused by a stock market bubble, such as the dot-com bubble or the bubble in the 1980s that lead to the 1987 stock market crash.

To suggest that BTL has made the government money is just laughable when you look at the housing benefit bill.

Edited by (Blizzard)
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Most pension payouts will be dependent on debts being paid. Does anyone in their right mind still think that all the debt in the system is going to be repaid? Unfortunately most people that thought they were doing the right thing and paying into a pension are going to find out the money is gone.

Yes and NO

The likes of JP Morgan and govt leaders have and do steal from pension pots/change the goal posts on a grand scale.

The City then cheat a retiring prole again with massively reduced annuities.

The "living longer" bullshite propaganda the City thieves spout is to cover up how much they have stolen from pension pots over their lifetimes in overcharged fees and other charges

(hugely exposed when market returns go into a recession - which the feckers blame on markets not themselves.)

They get their unregulated, overpriced fees whether they make anything or not for the pension each year

Unregulated UK pension fees and charges = legalised robbery (which implicates bought off politicians)

If they were regulated properly most UK citizens could comfortably retire at 55 (which shows how much the City destroy pension pots (esp in the crucial first 15-20 years as the pot grows)

The added bonus being more jobs available for younger people to step into.

The elites are completely thieving mad in this country (on purpose)

Edited by erranta
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I keep hearing that private pension schemes are close to worthless due to the fees eating away any gains, so what's a guy to do? Should I be managing my own portfolio of stocks, cash, bonds, precious metals or what?

If Joe X Factor should be saving for retirement, how exactly should he doing so?

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I keep hearing that private pension schemes are close to worthless due to the fees eating away any gains, so what's a guy to do? Should I be managing my own portfolio of stocks, cash, bonds, precious metals or what?

If Joe X Factor should be saving for retirement, how exactly should he doing so?

buy a house on IO, then get a portfolio of BTL's. cant go wrong with bricks and mortar

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With pensions credit + housing benefit + council tax benefit + free prescriptions +winter fuel +fuel credit + free bus pass + xmas bonus + cold weather payments and more. Many should expect retirement income to EXCEED their final salary.

Well current political will suggests that this looks like a long term sustainable plan.

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Well current political will suggests that this looks like a long term sustainable plan.

When are the coalition going to announce

The closing/firing of ALL Quangos and their £1,000 an hr 'consultants'

The fecking Govt waste multi- Billions of pounds paying these troughers and the UK just gets worse in nearly every way.

When are we going to hear about crackdowns on PFi troughers who take the taxpayer pennies and offshore everything to avoid putting anything back into the system + others

Stop harassing the poor you b'stards

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