What's Your Pension plan?

User avatar
User

Andrew Krajewski

Posts

69

Joined

Thu Nov 27, 2014 8:40 pm

What's Your Pension plan?

by Andrew Krajewski » Sat Jan 17, 2015 6:08 pm

Clearly we all need a retirement income when we retire
and most of us would struggle to survive on just the State Pension.

So what's your Pension Plan?

One answer is to keep on working and the sad thing is
that many people will have to do just that.

Maybe your employer has been paying into a scheme for you
along with your contributions.

Maybe you've been paying into a private pension scheme?

Personally I don't like pension schemes because I have little control over where my money is invested
and more importantly I have no control over the regulations governing those pension schemes.

I prefer to invest in property because then I control my pension pot and how and when I retire.

What about you?

What's YOUR Pension Plan
User avatar
User

Peter

Posts

23

Joined

Wed Jun 24, 2015 3:46 pm

Re: What's Your Pension plan?

by Peter » Fri Apr 15, 2016 2:05 pm

Have a read of the post by Andrew the Muse entitled 'The Death of Retirement'

It makes it very clear what we have to do now
in order to enjoy a good retirement.
User avatar
User

Sue Moseley

Posts

5

Joined

Thu May 19, 2016 8:42 pm

Re: What's Your Pension plan?

by Sue Moseley » Thu May 19, 2016 9:16 pm

My plan for 'retirement' is basically to keep working. When we set up our company we did start a pension scheme, but it became clear over the following years that the figures we were quoted for the income we could expect in retirement were a complete fantasy, so we quit paying in to it.

Having gone through the illness and death of both my parents and seeing just how expensive end of life care is (upwards of £70k per year for my mother) I have realised that retirement is just something that my parent's generation enjoyed and is not something that the rest of us can look forward to (unless you worked in the public sector - I think they may get a reasonable pension - for now at least). Given that we baby boomers will soon outnumber the people working, I think it is completely unfeasible for the state to fund our old age and the fact the we have paid into it for years is irrelevant since that money has already been spent. I see 2 choices ahead - either we continue to support ourselves financially until death, or the state will introduce euthanasia for people who can't pay their own way once they are passed a certain age limit. A bit of a grim outlook maybe, but I think it's a realistic one under the circumstances.

So, my current plan is to do work that I love, that I can do part time and fit around my life, and that I will still be capable of doing right into old age. This work needs to be something that generates passive income and will continue to generate money over prolonged periods of illness and incapacity. I am working on this right now.

We have property - 3 houses and land, but realistically we can't make much money from it as 2 houses we live in and the third house my son lives in and the land was an investment in our health, to grow our own food.

So, passive income and continuous work it is - but work that is fun and not a chore and leaves me plenty of time to enjoy my grandchildren (future ones - not here yet) and the kids.

I think retirement is overrated anyway. I was forced into it in my 20s due to illness and hated every minute of it.

Getting healthy is also a massive priority. We need our health in order to keep working and life is miserable anyway once you've lost it.
User avatar
User

Andrew Krajewski

Posts

69

Joined

Thu Nov 27, 2014 8:40 pm

Re: What's Your Pension plan?

by Andrew Krajewski » Thu Jun 09, 2016 5:06 pm

I agree with so much that you say, Sue.
Health is the number one priority.

And if you enjoy what you do
then it's not work.
So why not work until you drop?

The point that you make about the high cost of Care Home fees
is also very valid and worrying.

Clearly you are aware that
you could be forced to sell your properties in order to pay Care Home fees.
Have you done anything about
protecting your assets from these potential Care Home fees?

I ask
because this is something that I'm currently organising for us
as I too was very concerned about Care Home fees as well as Inheritance Tax.

If this could be of interest to you Sue
or indeed anybody else
just send me an email ( andrew@50plusfriendship.com )
with your contact number
and we can talk further.

I feel very strongly that having worked hard all my life
I want to ensure that my assets are protected
so that my children and indeed future grandchildren benefit
and not the Government.

Who is online

Users browsing this forum: No registered users and 1 guest

Copyright 50 Plus Friendship
cron