cancel
Showing results for 
Search instead for 
Did you mean: 

How to make a pension last a lifetime

Anonymous
Not applicable

How to make a pension last a lifetime

Stay at school until aged 18.

 

Get a good education, study hard, with excellent results.

 

Get  a good job, well paid.

 

Invest in yourself.

 

Further Education to improve job prospects.

 

Save into a Pension as early as you can.

 

Don't cash in Pension Funds when you change jobs.

 

Keep fit & Healthy to enjoy a long Retirement.

 

Don't blow the pension freedom drawdown 25% cash on frivolities

 

Plan ahead.......

 

Spend wisely.

 

Live long & prosper.

 

Keep working after retirement.

 

Invest wisely, probably in property 

 

A neighbour of mine, who was a Paramedic throughout his working life, and saved, has at least  4 Cruises a year.

 

 

Or..

 

Save nothing & let the State take care of you, sort of.

 

or....

Be naughty, and let the State provide you with food & lodgings !

 

or...

The easiest way to make a pension last a lifetime is to die ! (DM comment)

 

Rubbish article....

https://www.dailymail.co.uk/money/pensionsguides/article-7050733/How-make-pension-lifetime-essential...

 

 

 

8 REPLIES 8
Minivanman
Aspiring Legend
Posts: 13,776
Thanks: 5,401
Fixes: 1
Registered: ‎04-11-2014

Re: How to make a pension last a lifetime

Whether it's a bog standard pension or a generous one, surely both are going to "last a lifetime"?

Just my smuggery from a smug little tabloid. 


I have not failed. I've just found 10,000 ways that won't work.
Thomas A. Edison
Champnet
Seasoned Champion
Posts: 1,786
Thanks: 602
Fixes: 7
Registered: ‎25-07-2007

Re: How to make a pension last a lifetime

When making decisions on your pensions you need just one piece of information, the date of your demise.....

idonno
Champion
Posts: 1,438
Thanks: 486
Fixes: 6
Registered: ‎22-10-2015

Re: How to make a pension last a lifetime

@Anonymous Oh dear, so that is where it all went wrong.............. Sad

Didn't stay on till 18, Left at 16

Did a 4yr apprenticeship. Got pretty good college results though.

Got a job, reasonably well paid - not mega though.

I expected the companies I worked for to invest in me...... and they did.Knuppel

Started a pension when I was 16yr ........ Shocked No complaint there even though it cost me 6%, rising to 8% of my salary.

Have only had 4 jobs over my employment and my current employer is eager for me to go back after my recent illness.

Certainly invest. Banks give such lousy interest rates. But do the research. I started off at £25 a month years ago. Surprising how soon it adds up.

I did move my original pension into my last employer's scheme (as was pointed out it was 'dead' money - not growing) whereas my pension at the time was very much alive and active. I lost £3000 in the process but soon recouped it. Definitely need pension advice for things like that.

Do have yearly pension advice. I can still recall the day I asked how much I would get if I took early retirement. It was a 'How much' moment!!! I took it and my max pension lump sum payout when I 'retired'. 

Do retire early. Smiley I retired at 56. I took 5 years out of work touring the Far East before some kind folk in the UK made me an offer I couldn't possibly refuse to go back to work.

Make sure your pension doesn't expire when you do....when I go, the wife gets a monthly payout until she pops her clogs! Win win!

But do enjoy your retirement. And don't work until the bitter end. No point paying tax all your life and only retiring when you fall ill! I've never forgotten an old work colleague who could have retired at 55 but was still working at 63. Went home one evening, wife heard a thud. never did get his retirement. Sad

 

But saying all that, my sister Angel isn't doing too badly. No real pension, didn't save and she has Sky TV..........and lives by the sea. Not too certain who did right! Cheesy

 

Ever helpful. Grin Sure, I’d love to help you out. Now which way did you come in?
Minivanman
Aspiring Legend
Posts: 13,776
Thanks: 5,401
Fixes: 1
Registered: ‎04-11-2014

Re: How to make a pension last a lifetime

Edit:

"Just my smuggery from a smug little tabloid" 

Just more smuggery from a smug little tabloid. Tongue


I have not failed. I've just found 10,000 ways that won't work.
Thomas A. Edison
Minivanman
Aspiring Legend
Posts: 13,776
Thanks: 5,401
Fixes: 1
Registered: ‎04-11-2014

Re: How to make a pension last a lifetime

Not sure that having a fat pension pot alone is all it's cracked up to be if you cannot retire early enough to enjoy it, but then what is there to enjoy?

Several cruises a year, a big house and some monster SUV sat in the drive was never something I hoped and prayed for.  I just wanted to get out as earlier as I could devoid of any responsibilty and a house that was paid for. Fair health has been a bonus and apart from a slight hiccup a little while back, things are far better than for some I guess.

Had to shake my head when I read some blurb the other day about how much of a pension could a million quid get you, as if somehow that's what today's thirty somethings need to aim for in order not to be destitute pensioners. Good grief. 

Work your socks off for fifty years so you can fanny around for ten like some latter day Lord Muck? I don't think so.

 

 


I have not failed. I've just found 10,000 ways that won't work.
Thomas A. Edison
gleneagles
Community Veteran
Posts: 10,859
Thanks: 2,347
Fixes: 16
Registered: ‎02-08-2007

Re: How to make a pension last a lifetime

Or just get a government job as their pensions are much better than private company pensions, then retire at a early age on health grounds, stress, bad back whatever and that's it.

No I did not do that but I know a few who did !

We are born into history and history is born into us.
Minivanman
Aspiring Legend
Posts: 13,776
Thanks: 5,401
Fixes: 1
Registered: ‎04-11-2014

Re: How to make a pension last a lifetime

@gleneagles 

Indeed Sad


I have not failed. I've just found 10,000 ways that won't work.
Thomas A. Edison
Minivanman
Aspiring Legend
Posts: 13,776
Thanks: 5,401
Fixes: 1
Registered: ‎04-11-2014

Re: How to make a pension last a lifetime

Capture (3).PNG

"Of course I'd like to retire and spend more time with my family, but I still feel there is more I can skim off the top"


I have not failed. I've just found 10,000 ways that won't work.
Thomas A. Edison