Today I turned 34 ... half way to my current expected retirement age.
Birthdays often turn to reflecting on acheivements and plans being made ... its a normal part of getting older ... I refuse to use the word old from now on.
Discussions across the dinner table turned to pensions ...
I stated that I had a local authority pension that I had paid into between the age of 18 and 26, that was currently worth about £1,800 per year with a £4,800 lump sum - not a lot but when it pays out at the age of 60 it will be a useful little bit extra each month.
I also have another local authority pension that is worth about £900 per year, that I paid into for almost five years, this one won't payout until I'm 65, again, it will be a useful small amount of money each month.
In addition I have my active pension that is currently with Virgin Money, there is not a lot paid in yet, this one will not pay out until my 70th birthday ... and I intend to pay into this one right up until I'm 70.
My cousin who is in his late 20's ... said he didn't beleive in paying for a pension, the government will pay his pension ... I said there's a difference between you and me that won't be obvious for some time ... I'll have money in my pensionable years!!!
He told me the reason he pays tax and national insurance is so the state can look after him in his older days ... his wife who is on disability benefit and has never worked added that the government will not let them go without money, because they are not allowed.
Do they not realise that there are now more people aged over 65 than under 21 in the UK ... who is going to pay for the state pensions?
In my view it really is time to start saving money in bonds, shares, instant access savings accounts, ISA's and pensions ... I'm trying to save something into various accounts each month, so that I am comfortable in my retirement ... if that is 34 or 36 years I want to be sure I can afford to live, as my life expectancy is over 100 ... I don't want to scrimp and scrap to find money to pay for things, I want to be able to afford my older age.
Birthdays often turn to reflecting on acheivements and plans being made ... its a normal part of getting older ... I refuse to use the word old from now on.
Discussions across the dinner table turned to pensions ...
I stated that I had a local authority pension that I had paid into between the age of 18 and 26, that was currently worth about £1,800 per year with a £4,800 lump sum - not a lot but when it pays out at the age of 60 it will be a useful little bit extra each month.
I also have another local authority pension that is worth about £900 per year, that I paid into for almost five years, this one won't payout until I'm 65, again, it will be a useful small amount of money each month.
In addition I have my active pension that is currently with Virgin Money, there is not a lot paid in yet, this one will not pay out until my 70th birthday ... and I intend to pay into this one right up until I'm 70.
My cousin who is in his late 20's ... said he didn't beleive in paying for a pension, the government will pay his pension ... I said there's a difference between you and me that won't be obvious for some time ... I'll have money in my pensionable years!!!
He told me the reason he pays tax and national insurance is so the state can look after him in his older days ... his wife who is on disability benefit and has never worked added that the government will not let them go without money, because they are not allowed.
Do they not realise that there are now more people aged over 65 than under 21 in the UK ... who is going to pay for the state pensions?
In my view it really is time to start saving money in bonds, shares, instant access savings accounts, ISA's and pensions ... I'm trying to save something into various accounts each month, so that I am comfortable in my retirement ... if that is 34 or 36 years I want to be sure I can afford to live, as my life expectancy is over 100 ... I don't want to scrimp and scrap to find money to pay for things, I want to be able to afford my older age.
