Please tell me I am not the only oldish person without a pension plan

[QuentinLettsisAbitofAtool]

Not a TAAT well it is a bit but sod it

I'm having a bit of a panic attack brought on by the MN survey about pensions. I don't have one, have a big mortgage, not due any parental inheritances and am in my 50s.

Please tell me I'm not alone as that might make me feel less dumb!

Oh and I put "oldish" in the thread title because I mean old in terms of a pension. Twenty somethings who don't have a pension don't fit my criteria!

I have a work pension which will give me less than £10 a month, once I "retire".

My options are:

• die early
• work until I drop

or

• win the lottery.

I have worked for tuppenny ha'penny charities my entire life, hence only just recently getting onto a pension scheme.

With lots of little pension pots it can make sense to just let them all sit 1) to avoid exit / transfer fees and 2) because you can treat them all discreetly for cashing in purposes and 3) different schemes with different terms and underlying investments gives a degree of risk diversification.

@Storm4star Ah, I see. I had forgotten about Pension Credit. The voluntary contributions are worth it for me because I won’t be eligible for Pension Credit, but I can see that it’s different for others.

Pension credit is assessed on "couple" income so if you are the non-pensioned spouse in a couple it is unlikely to step in.

Can you get two country's state pensions, Foof?

I know someone (who has yet to be caught...) who claims a state pension in UK in her married (foreign) name and one abroad in her maiden (English) name.

Does pension credit take account of assets? Dh and I will be on minimal pensions but will own a house and have some savings. It doesn't seem fair that those whose money in a pension are exempt from means testing.

I'm beginning to think that unless you have megabucks it's worth it to blow everything on the horses and present yourself with nothing.

Further to my post on page 16, I just wanted to say I have lost all faith/trust in pensions!

@IrmaFayLear

This link explains it well. You can have up to 10k without it affecting pension credit.

*My options are:

• die early
• work until I drop*

There's nothing to stop you from doing both of those.

Fuck all here AND no house! Lone parent working on a low wage for years, now self employed and building a business.
My current plan is to take myself out with a speedball and Jack Daniels at 67. Or, at least, it is when I read about 20 somethings with proper pensions. Bastards.

Would also anticipate pension credit being phased out and coming under UC as most people transfer to new single rate State pension.

I think funding your retirement through BTL is immoral.

I don't have one, nor does dh. We are both over 60. We do own the house, butcan't afford to maintain it so it's falling down around our ears. I am disabled and can't a job, though I really am trying. The sort of work there is around here which is low paid enough that I think they'd be unchoosy about is beyond my physical capabilities, ie, places like Tesco.

Before Imet dh, I had a good careeer ahead of me, several fairly hefty savings plans in place of pensions, all of which I had to give up.

Our plan was to sell the house, downsize massively and live on the interest. I doubt that that will happen now.

OP I know a few people who were made redundant and bought a buy to let property with a mortgage. They are retired. Nothing immoral about it at all.

I rent my home, no pension, no spare money. 50 yrs old. Disabled, lone parent.

My mother died at 68 - slow and painfully - after a shitty life of backbreaking, low paid work.

I don't see funding through BTL as immoral - it's taking responsibility for yourself in the future, in the way that you are able.

I don't see funding through BTL as immoral - it's taking responsibility for yourself in the future, in the way that you are able

But if you look at it another way....why is it ok to fund your old age by charging the younger generation extortionate rents but it's not ok to claim housing benefit paid by the younger generations taxes? Either way you are taking money from the pockets of younger people. Either way you are living off others.

@toffeeghirlinatwirl

My mother died at 68 - slow and painfully - after a shitty life of backbreaking, low paid work.

That's just awful your poor mum. I bet there's millions out there who have worked themselves to death and are treated with contempt by the "ruling classes" simply for being poor.

If someone - young or old - rents a property at the market rate, that is their choice. Our lives are shaped by the choices we make, together with a dollop of luck. It's not only young people who rent or pay taxes.

I don't own a BTL - not been my choice - but I have worked very hard for many years, and made 'sensible' decisions, which mean that I can be responsible for myself. I do appreciate that I am lucky, but to a certain extent, we make our own luck.

If someone - young or old - rents a property at the market rate, that is their choice

Eh? If they can't afford to buy they have no choice but to rent.

And spare us your hackneyed cod philosophy.

But when we reach the age where the Workplace pensioners retire and there is no social back up, those who didn't bother will complain like those on UC now!

Rents round here aren't extortionate. You can rent a 2 bedroomed house for under £400. My friends are providing well maintained nice homes to people. They are good landlords. I know this because I know someone who rents from them. Nothing immoral about them at all. Do you think all rental properties should be owned by the Council?

In the unlikely event of that happening, they won't just complain, they'll starve. Which some people on this thread will see as a most satisfactory result.

At least my 'hackneyed cod philosophy' (whatever that might be!) hasn't left me wondering how I will provide for myself in my old age!

Rents round here aren't extortionate. You can rent a 2 bedroomed house for under £400.
A take it you are not in London or the South East then.
Where the jobs are .......

Three bed house down the road from me in a shit school catchment is £1200 a month