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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

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

579 replies

QuentinLettsisAbitofAtool · 19/11/2018 17:45

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!

OP posts:
NaiceShoes · 19/11/2018 23:58

You feck off.

You think you're a nice person to say this to someone who's worrying about the future:

You have no-one but yourself to blame - I don't know anyone my age (late 40's) who would be so naive not to have pension

You're the disgusting one, not the people who might need benefits as you also said.

NaiceShoes · 19/11/2018 23:59

Good idea Quentin

Oliversmumsarmy · 19/11/2018 23:59

I would love to know how you would advise my friend and people like her who had a good job and because of an incident 20 years ago has never worked since.

She could think about her future till she was blue in the face but wouldn’t be able to do anything about it.

Ladygodivasroom · 19/11/2018 23:59

If you own your own home it isn't too late in 40s or 50s even to start paying in. You'll get the state pension plus what you've saved on top. With tax relief and employer's contributions even the basic workplace pension will give you a fair bit of wriggle room when put together with the state pension.

I personally am kind of fucked as I've lost two separate pensions due to companies merging without pension liabilities (90s and early 00s when they could do this - the money's gone). Ten years of patchy short term work while raising little kids, no spare cash to save. Am saving now but as a tenant most of what I save will go on rent. I did, after the workplace pension was introduced, come up with a plan to save, take my lump sum and buy a little place on the continent with it so that I could have a decent quality of life without paying UK level rent. And now Brexit ... so that's three times now I've had my retirement plans fucked over.

Hidingtonothing · 20/11/2018 00:00

how many people here will be on benefits - disgusting

Wow, previous posts were bad enough but that comment is breathtakingly nasty. You may have a good pension but you don't have an ounce of compassion or decency, I think I'd actually rather have no money than be morally bankrupt like you.

hamblehumpty · 20/11/2018 00:00

Oliversmumsarmy Mon 19-Nov-18 23:52:09
hamblehumpty

Aren’t you the lucky one.

Never having been made redundant.

Never having any ill health.

And being in a job which paid enough for you to pay into a pension scheme.

I bet you live in a relatively cheap area as well.

Quite cheap as in the North yes = not mega bucks no.

NaiceShoes · 20/11/2018 00:02

Hiding, we're ignoring the goady fucket

NaiceShoes · 20/11/2018 00:03

Ooh, my phone is very polite

Hidingtonothing · 20/11/2018 00:03

Just caught up Naice, got it Smile

Hidingtonothing · 20/11/2018 00:04

Goady fucket, I like it!

Ladygodivasroom · 20/11/2018 00:06

I tell you what, I wish the robbing bastards who sold the company I worked for on condition that our pensions weren't paid took a bit of fucking responsibility. Less than concerned about people legitimately claiming money that the state has decided they are entitled to in order that they can stay alive.

abacucat · 20/11/2018 00:12

I started paying into a pension at 22. But the character in a comedy I worked rang true - he was cashing in his pension plans, said he had started paying into them 30 years ago, and they are now almost worth as much as he paid into them.

Lots of younger people don't seem to realise that there was very little protections in place until recently with pensions and lots of people lost all they paid in, or got a crap pension for what they paid in. Not those in high paid jobs of course, they are always protected. Its people on low paying jobs like me that suffer. And yes, I am bitter.

NaiceShoes · 20/11/2018 00:12

Hiding 😂

dahliaaa · 20/11/2018 00:16

I wonder what will happen to the ‘retirement industry.’
My parents both worked very hard and have a very healthy pension which allows them to take great holidays etc.
I’ve also worked very hard in similar roles but my pension won’t be anything like there’s. I don’t spend huge amounts so should be fine but there must be lots of companies who rely on comfortably off pensioners.

Umbongointhejungle · 20/11/2018 00:18

I don’t have a mortgage or a pension or a decent job. So I guess when they bring back workhouses I’ll be first at the door

Umbongointhejungle · 20/11/2018 00:19

Yes! @dahliaaa
Under no circumstances put any money into cruise liners! They’ll be fucked in 20 years

Ladygodivasroom · 20/11/2018 00:22

Lol umbongo. On the upside, nice little apartments in Lanzarote will be a steal.

abacucat · 20/11/2018 00:28

dahlia Those from well off backgrounds will be fine as they will inherit more money than any other generation.

gluteustothemaximus · 20/11/2018 00:32

No inheritance on either side.

No pension for either me or DH.

Ariela · 20/11/2018 00:32

Frankly I'm shocked how small an amount a pension pot will pay out per year, think mine were all invested in the wrong places (despite knowing some savvy financial advisors), the estimate for every £50K saved the annual pay out is not even 1.5K. So I won't even get the whole amount invested back considering I'm destined to pop my clogs at around 70 like all females in my family.

Oliversmumsarmy · 20/11/2018 00:50

I think those that have a property but no pension pot will be renting it out and living somewhere cheap and hot abroad or selling up and buying a couple of apartments again somewhere cheap and hot and renting out one whilst living in another.

I know one guy who spends 6months if the year abroad whilst renting out his UK home as a holiday let over the winter months and 6 months in the summer living in the UK renting his foreign home out.

He has been doing it for a number of years and has a great life.

NaiceShoes · 20/11/2018 01:02

Frankly I'm shocked how small an amount a pension pot will pay out per year, think mine were all invested in the wrong places (despite knowing some savvy financial advisors), the estimate for every £50K saved the annual pay out is not even 1.5K.

Oh gosh, that is really poor management Sad
I can't imagine what they invested in that did so badly!

Oliversmumsarmy · 20/11/2018 01:38

I read somewhere years ago so things might have changed that if you are not going to be able to put more than £100,000 into your pension then don’t bother as income support kicks in and gives you the equivalent of a £100,000 pension pot

itsthemenopausenotme · 20/11/2018 01:40

I'm in my mid fifties, never earned enough to pay into one, divorced recently and used equity from marital home to pay off marital debt due to idiot ex, now live in rented and have nothing. Not sure what's going to happen tbh. Can't see anything changing in the near future although will one day inherit a very small amount, not enough to make a difference.

RamblinRosie · 20/11/2018 01:54

Equity release is the next PPI scandal, pay off your 3% mortgage, have a holiday, give your kids a deposit, then pay 6% or more on what you’re released...in 12 years you owe more than you borrowed.

If your house is your pension, downsize, don’t equity release.

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