Who is going to support you in your old age ?

[mozhe]

...in other words..what pension plans have you made ?

My dad has had to (afyer the pensions collapse), but can't for much longer as his legs are bad and ts dangerous for him. He was a manager in a huge factory, now ge's a cleaner in a sausage factory but he'd rather work than claim as long as he can

Contribute 20% of my income into my pension scheme, whioh may or may not amount to anything. They are pretty bad forms of investment tbh. I also save in ISAs and have an investment property.

I do not personally believe that the state pension will be freely available to all by the time I retire. Would be prepared to bet you all a bottle of stout that they are means-tested by then. Mucho unfair to the poor sods who worked and paid NICs into the system for all their working lives, but we will hit the timebomb of inadequate pension provision by then.

Not sure I buy the idea of inheritance as sound financial planning for retirement. What happens if aged parents are disobliging enough not to die on schedule? Or leave all their lucre to a cat's home?

Incidentally my DH is a public servant so he has a proper pension.

Anna 4x8, I think I was the one who suggested pensions should be another strand. Let's have a group hug!

What do people think about the property route though....am wondering whether to expand a bit more in that area ?

Not a chance I want to eb working in my 70s and beyond. Don't want to be in my 60s TBH.

Well I as hoping you were all going to put £50 in a pot and I would come and get it!

Over 2000 new menbers every month, must be worth a car trip around the UK.

Mozhe - buy an old abandoned farm/hamlet for a song in rural France and convert it into a rural getaway for stressed urbanites - you can charge a fortune if you get the services right.

So we discussed this today (so actually thank Mozhe)- when Dh graduates in 5 years he will concentrate on funding a smaler house to own when we retire (will need 2 beds to cover ds3, ds1 we'd find a small local flat very close by as he si mroe able). My job is to sort a pension, which will be possible in 2 years. And buy in the extra years.

Not perfect but something.

Hi,

I am a financial advisor so find the answers to the above very interesting.

Of course everyone is different and has different priorities for their limited finances. So there is never a right answer.

Just wanted to add my two pennies worth....

1. retirement planning does not have to equal a pension. As someone mentioned, Maxi ISAs can be put to good use for retirement planning. They are tax effiecent and you can get to them whenever you want if you have an emergency (unlike pensions). You can each put £7,000 per year into them. For a couple that is £14,000 per year.

2. If you are going down the route of pensions, do not forget that even SAHM can have one! ;) The limit for someone not working is £2,808 per year. There is no reason why all pensions have to go into the man's name. If it was a bit more even, then it might make you feel more secure about that side of things?

3. With all kinds of investments - make sure you get regular reviews. At least yearly. The financial plan that was perfect for you two years ago might not be now you've had a payrise/another child etc etc. I think this is where alot of people go wrong.

4. When people ask about 2nd property as a form of investment, I would very seriously consider other forms of investment first. The simply reason being that for a lot of people their own home makes up the majority of their assets. By buying more property you are putting all your eggs in one basket.

5. For those saying that they don't ever want to save anything for their retirement -think carefully. The average state pension is £5,000 per year for each person at the moment. Could you honestly live on that? Think about what you want to do in retirement. Most people spend the first part of their retirement doing more activities (fishing, holidays, visiting family, whatever) and spend the last part of their retirement needing care of some sort. Both are expensive!!!

If you have any questions, I'd be happy to try and help as I think people should have access to information to be able to make the right decisions for them and its something I feel very passionate about.

Ta.