Why is everyone worried about mortgages but no one worried about pensions?

[Icanstillrecallourlastsummer]

There's numerous threads with people wanting to pay thousands to get out of their mortgages, but noone seems concerned that pension funds are (or were, before urgent intervention from the BoE) on the brink of collapse as result of the mini-budget.

Anyone urgently cashing in on their pensions?

Your pension fund won’t be invested with the government or Bank of England. It is invested by your pension fund on the stock market. The Bank of England have had to start buying up bonds to stop pension funds going bust.

Don’t forget you are getting a 25% uplift (40% if you pay higher rate tax) on pension contributions and if you pay via sal sac you are paying less tax, plus whatever your employer contributes!
So you aren’t actually losing money that you paid in, not until losses go over 25-30% in a year.
Don’t panic.
If you had all that cash in the bank it would be devalued by inflation too.

Well, as PP have said, if you can't pay your mortgage you risk ending up homeless - a tangible possibility that could affect some people in the near future.

As opposed to being able to draw a pension in a distant future that there is no guarantee you will even live to see.

Obviously if you are nearing retirement age, that's a different ball game and I imagine those people are bricking it.

I've not got one hence not bothered. I'm nearly 50 and know this means I will be working until I drop then relying state pension plus hopefully enough from downsizing. There's a possible inheritance that could be life changing but then again could all have gone down the drain by then!

Is there no chance of you starting something at the moment?

Id be terrified if I were you. Im older than you and worried enough about the fact that I dont have a great pension anyway, started too late, no lump sum despite it being local government pension, my OH also have a local government pension with no lump sum.

At your age you'll be retiring when you're about 69, and state pension at current prices is about 8k I think, its pennies, you wont be able to survive on that.

MN has a wide range of ages probably but I get the feeling the majority are in the 30 to 55 age range so many will have mortgages as the priority. But I know two people who took medical retirement because of serious ill health aged 49 and 52, they were fortunately awarded their pensions early. Pensions are not just about old age.

Market fluctuations are good for pensions as the money invested in the downturns will gain more value. Since pensions are about compound interest over long periods of time you can be certain that during your working life of 40+ years your pension savings will experience numerous economic recessions and growth periods. The stock market is still the best performing way of investing.

I’m only 10 years of retirement and yes I am absolutely out raged I’ve lost 15 grand in three days that’s real actual losses rather than on paper losses with house values

She will get pension credit which will take her up to at least £180 a week to live on and then potentially some help towards housing three prescriptions no council tax in many ways should be better off than some others with pensions. @bellac11

I've got at least another 20 years at work for my pension to recover, the huge mortgage increase will be next year

You dont measure pensions over 3 days!!!!

Nobody is worried about pensions OP because by this time next year we will be living feral Mad Max style lives and fighting each other to live in stolen country estates with our war clans.

Yes there would be some extra help but its really a subsistence level. Only help towards housing though if that poster is in rented and that doesnt pay toward day to day living anyway, plus not everyone needs lots of prescriptions (I have a pre pay certificate which is a great bargain)

Obviously but it’s still a bloody shock to see in black-and-white. Imagine if you were planning to retire next week

I have a teacher’s pension.

Before anyone starts huffing and puffing (I’m looking at you brother/SIL) the days of early retirement, generous lump sums and a healthy monthly pension are LONG LONG gone… Rewind 30 years ago and people were set up for life after 50.

My pension is pitiful. I get it when I’m 67.
It wouldn’t cover basic monthly bills let alone anything else.

I am more concerned about us all being in a cold house now, than pensions in the future.

Well who knows what help will be available in the future. I wouldn’t be relying on government benefits. People really need to be saving into their own pensions if they don’t want poverty in old age.

I have money invested in stock markets and last week contacted Scottish Widows to move money from risky markets to safer gilts. My fund has dropped over £5k in last month. Very depressing.

There’s an argument that people are fed up of being sat next to somebody in the nursing home who enjoyed themselves went on wonderful holidays didn’t save and ended up in the same boat.

Yes thats a big shock to see but dont worry too much. Even if you were planning to retire next week you could give it a few months.

A small minority end up in nursing homes. Its not the projection for the majority of us.

Most people have no care or end up with carers visiting them at home. These days, only those who are poor with advanced dementia tend to get state-paid home care.

I can only worry about so much really. I just literally do not have it in me to care right now.

There’s no pension credit on the new state pension ….that’s a thing of the past ( old state pension)

In our family with both sets of parents dead, none went into a home and only one had home carers paid by their savings.