Thursday, September 27, 2007

Your Pension or Your Mortgage – You Choose

Many pension schemes 'inadequate'

So you thought paying 15% of your salary would buy you a decent pension when your retire - think again as you currently need to put away 25% to get a 50% of salary pension after 40 years or so. Amazingly most workers total contributions currently average a measly 10.4% and defined contribution schemes, in 2006, had contribution rates of just 8.9% of salaries. So where are you going to put your money, a mortgage or a pension. Hmmmm this country is broke.

Posted by enuii @ 09:19 PM (771 views)
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2 thoughts on “Your Pension or Your Mortgage – You Choose

  • Or do like I did and wait until your 40’s before putting away serious amounts and you’ll find yourself like me, having to put away around two thirds of your income to stand any chance of getting a pension of around 25%. Having said that. it was a conscious decision to some extent, as I just didn’t have enough before to buy a home, bring up a family as well as fund a pension – I always knew that I would be working for my pension in my 50’s, once the mortgage was paid and the kids had left home. Mind you, it’s now greatly assisted by the very reasonable rent I pay.

    But it’s no wonder that people think BTL is the easy answer. For most it will only make things worse – it will destroy the finances and probably also the lives of so many as they approach retirement age and find themselves having to just keep working to pay off the negative equity.

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  • Lord D'arcy Pew says:

    I paid for 22 years into the Post Office pension scheme, but now it looks like this will be greatly weakened by the government. I think we should all have access to the M.P’s pension , the most generous in the land all paid for by the tax payer, and you can vote for an increase anytime you like with a simple show of hands. Also free travel to and from London, a £40,000.00 expense account, with no need to show reciepts. A generous housing allowance, to pay the mortgage on a second home, any increase in value of property you get to keep if sold. Parliament is full of self serving, hypocrites who make sure they are well looked after with tax payers money, yet try to screw the rest of us out of a future.

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