Pensions UK explained - Pension Basics
ฝัง
- เผยแพร่เมื่อ 30 พ.ย. 2024
- Pensions UK explained - Pension Basics
In this video I talk you through what a pension is, how you can get free money if you have an employee pension, what are some of the points to consider when finding out more about your pension options, the main advantages of a pension over other types of investments and much more.
*Disclaimer - my channel and blog are for information purposes only. Any advice given does not act as financial advice unique to your situation, so always consult a professional advisor if you are unable in any way with your money choices*
You can find the blog post that matches this video here:
wp.me/p5eEI4-J2
If you are thinking of opening a Private pension and believe it is the right decision for you and your financial path ahead, we both could earn £50 as a thank you from PensionBee using the below URL:
Your capital is at risk when investing.
www.mamafurfur.com/pensionbee
(Note that this URL is a unique Refer-a-friend code for myself, we both receive £50 into our pensions as a thank you gift, so if you are ok with that the click away!)
If you would like to support my work and receive exclusive content, please check out my Patreon: / jenniferkempson
If you enjoy this video, here are some others you might enjoy of a similar investing basics theme:
😍How to Become A Millionaire at any age • HOW TO BECOME A MILLIO...
The Money Stacks System (that I use to budget and create financial freedom for our family) - • THE MONEY STACKS SYSTE...
💵How to Open an Investment ISA (Stocks and Shares ISA) • Investment ISA - How t...
Intro to Investing ➡️ • Investing for Beginner...
Want to know your exact financial freedom number?
➡️ • How to Calculate Your ...
My products you might love:
AutoPilot Money System for all your budget, financial freedom calculations, debt repayment system, Net worth calculator, Sinking funds and Investment Tracker
bit.ly/goalsspr...
MY BOOK - The Master Money Blueprint available on Paperback and Kindle - www.mamafurfur.com/mmbpbook
The only step by step course that shows you how to design a Budget that allows for financial freedom and also creating the life you want. Check out my
BUDGET SUCCESS BOOTCAMP Mini-Course here // bit.ly/BudgetSu...
Where else to find me:
Blog: www.mamafurfur.com
Instagram: / mamafurfur
Facebook: / mamafurfur
Pinterest : www.pinterest....
DISCLAIMER - Any advice given in on my channel and videos is for information purposes only, and does not act as financial advice. Your financial decisions are your full responsibility, and if you are in any doubt, please contact a Finance adviser before undertaking any investment with your money or change to your financial activities.
TAGS : #pensionsuk #financialfreedom #retirementincomes
I am currently 12 years old. I thought, school is never going to teach me this. Obviously now we are in quarantine, I have plenty spare time. I thought, I'll teach myself all the fundamental skills of being an adult, so in a few years, I'll be all ready to go off and start a life. Thank you for this video, it helped a lot :)
I love this! Well done you x
From the way you structured your paragraph I can tell you are not 12.
Very smart kid! :)
Wow! I wish I was learning about this when I was 12! Very smart decision Maya!
M a y a - S a n g h e r a
Concentrate on your studies and how you will fund a degree first. If your lucky you will be debt free after uni and then get a good paying job. Build a deposit for a house and if you even have any money left over save in pensions for the future.
I did and managed my pension fund, diversified, maxed it out to 7.5% before this video has finished. Thank you ☺️
what Pension plan did you choose ? and whos the company , please? Im looking for a PP with Royal London but cannot decide ...
Great video. I wish this is taught in schools. I am going to share this with my sons who are in their 20s. It's TRUE to realise that state pensions may be eradicated in the future.
Thank you so much for that very kind comment - hope it helps you and the next generation then!
This what you should be taught in school pension morgages
I'm shocked at how some of my work colleagues have opted out from the work pension where our employer matches our contribution. Their reasons for doing this is because they read on the internet that the pension scheme has bad reviews. I actually took the time to call them, speak about the investing terms, charges, etc. and they seem decent. I don't plan on working there for the rest of my life, because I'm building my business and other sources of income, but, for now, that's free money. Why would you say no to free money? When people are ignorant, they lose a lot.
Completely agree Marius - even if the charges are higher, you are adding much more to your total amount and FREE money to make it grow. Take it and smile :O)
and most funds will let you take your pot away as well to a SIPP or new provider... so you dont have to keep in the scheme if you leave the company.
I've paid into my workplace pension for ten years, basically since graduating from uni. Initially it was a salary sacrifice but now moved to a CARE scheme. Previously you could draw your pension at 55 without penalties but now it has aligned with the state pension age. At the moment I can still take it at 55 but it will be at a reduced amount as it is being paid longer. I suspect in the next 10 years they will increase it to 60/65 but anything at all can be taken. Great video thanks
inlfation will make it worthless by the time you cash it. Look at history
Thank you so much I don’t comment much but I have watched all of your videos and have learned such a lot .I work in health care and have a pension and try and encourage all of my students to have a pension rather than opting out . Sadly most opt out due to financial commitments but I will keep reminding them of the benefits.
Wonderful - and thank you for that kind comment. You are doing a great job, and thank you for time to comment on my video too!
A am 14 and I don’t want to work my entire life so I want to have fundamental financial skills like pension funds, basic investing ,taxes and what skills are considered valuable
This is really useful, thank you. I'm 26 and my company contribute 25% each month, I contribute 5%
Fantastic!
hey Cal if you added say another 2% would your employer match the extra money added?
Can you please do a video for self employed persons pension?
A few things that could be emphasised even more...
(1) if you are on the 50k boundary for taxable income: as well as gaining 40% marginal relief on pension contributions until you come below that number, if you are a parent you can salary sacrifice to reduce your gross income and retain maximum child benefit. This is a double whammy for middle earners. (2) higher earners not only get good relief on gross pay today, they are unlikely to have the same marginal tax rate in retirement that they have in paid employment. (3) if you have a gross salary in the region of 100-125k, then salary sacrifice into a pension to get below 100k. That band is an effective 60% income tax (due to loss of personal allowance). Therefore, every £1 sacrificed in gross salary is only 38p lost in take home pay.
Great points Tom - thank you for that added detail that I know will help others. Thanks for watching and commenting.
I agree, the state pension will become means tested before too long. So what makes you so certain the extra money you generate with a private pension won't simply be taken off any state pension? So in effect, you'll have lost out big time. It's a difficult decision.
If you don’t save (or have no plan for any sort of passive income), you are guaranteeing a meagre retirement. No state/welfare support will get you beyond a roof over your head and food on your plate. (Who knows... maybe it won’t even be worth that in a few decades.) All any of us can do is attempt to plan with the information we have. Anything saved is better than nothing saved. At the moment, pension schemes and ISAs are reasonable vehicles through which to save and invest. And if you prefer tangible assets... devote your income to a paid for home. Bricks and mortar that you own is always a good feeling.
Thank you for the video, I'm 30 and learned alot from this video I was never taught this at school. If you can could you do a video on how you are taxed on your pension at retirement age, is there any difference between Private and State pensions when it comes to tax? I'm finding alot of co-workers I've worked with are coming to retirement age and getting hammerd by tax?
I learned a lot. Thank you. I was finding this pension research very confusing but you really clarified a lot to me. Thank you very much
I'd absolutely love a video on the NHS pension scheme as it makes no sense to me!
What an informative upload. Thank you.
Very clear and interesting video!
Glad you enjoyed it :)
i know you covered it briefly in the video but is there any chance you could explain the low medium and high risk factors.
How much of a risk is high, and can you lose it all. Also should what i contribute be changed to a higher amount in my workplace pension or should i take that % of my wage and place it in a private pension?
Great question - so in investments in any form there is always a "risk" you could lose it all, but given that a company has hundreds/thousands of people's future incomes within that pension scheme, it is highly unlikely to lose everything. I would say personally I take the maximum matched contributions by my employer without question as it is free money on top - then I choose to have an Investment ISA (tax free up to £20k a year deposits plus I can get access any age) for the rest of my future planning with a private pension now containing past employer pensions all together in one place. Hope that helps you in some way decide what suits best for your level of risk and goals ahead. Thank you for asking a great question!
Question, I direct debit in a Vanguard index fund every month as a retirement investment. I recently started a direct debit into the Nest pension scheme as I often change jobs and countries. Is it worth me putting this money into Nest? Or should I really put that into other investments or a sipp?
Great that you made video on the topic 😃
Thanks for watching and time to comment - appreciate it!
Great video with clear and concise infomation. Learnt a lot from this presentation. Many Thanks
Glad it was helpful!
Thanks for this video, Jennifer. Although I have taken a workplace pension, I have never understood it. Your video has be really helpful and I’ll be taking a closer look at what I’ve signed up for.
Nice video,Thanks 🙏🏻 , I subscribed 👍🏻
Hi, I’ve enjoyed the videos, thanks, though I’m unsure how tax works with regards to when I reach pension age. I have a Db pension which will give me around £10k at 60yo. I also pay into a personal pension, which will give me £3k per year though I get 25% on tax relief. £13k would exceed the tax threshold of around £12.5k and will exceed it even more if I reach state pension age. Is it now better to stop paying into the personal pension as the tax relief I presently benefit from will inevitably become tax that I will pay as I withdraw my pension in 5 years time, all being well. Is that money better off in a bank account? Thanks
Hi! I’m 16 and want to learn more! So if someone setup a 10 year private pension at 25, they don’t get access to the money until 55?
Pensions are awesome!
Good vid. THe thing that concerns me a bit is, there is all this talk of there being no state pension in the future. So what;s the point in all these N.I. contributions which are taken off me every time I'm paid - seems like money down the toilet if the government will never give me anything back for these N.I. contributions??
Thank you so much for this video
Most welcome 😊
Great video, keep up the great work!
Thanks, will do!
Is it worth having a pension and a life time ISA?
Hello,
Do you know If I can withdraw my pension fund earlier then age of 55? The minimum working year for pension is 10 years. What if I leave the country after 8 years and I would like to withdraw the pension fund? Is it possible?
Thank you!
I have the same question. Have you found any answers?
@@mouhamadyoussoufibnusyed909 No I am afraid. I just read that there might be a possibility to withdraw, but they would tax you a lot, some websites wrote about 50% taxation some even more. If someone knows a way I am keen to know!
Thanks!
Are NEST PENSION same at GOV pension? im 25 i really start to worrie about my retriment, i have my workplace pension i think was good idea to start think in my future even i can’t enjoy that money my family can do :) really great video explain thanks
so do you gain interest with a sipp? im confused whether to invest in a sipp or an investment isa.
Mentioned the husband after the Rescue cats. I know where he sits in that family hierarchy 😂
Every home has the hierarchy - those cats I'm sure are right at the top!
Hey, great video 😀I do have a couple of queries though about my current situation. I have an NHS pension that I paid into between 2011-2014 I then stopped working to have my children. I’m now back working for the NHS but on the bank (0 hours contract which at the moment suits me) but NHS pensions have confirmed I can’t contribute into my pension whilst on the bank.
So my question is shall I set up a private pension so that I am making some contributions or should I save my money elsewhere such as an Investment ISA? In the future I anticipate being a full NHS staff member again and therefore making pension contributions but I am not currently sure when that will be. I’m confused as to my best options and feel concerned that I need to sort this out soon 🙈
Thanks in advance
Sarah Howard I’m on bank and on my payslip there’s a contribution towards pension. I’m going to go back and check in case I imagined it as you have me worried 😟 now.
Nhs pension is the best value for money in the Uk. NHS offers you 14.5% or thereabouts. Retired and drawing on a full nhs pension and returned to full time Nhs employment again. Excellent
Great video, learnt a lot! Keep up the good work.
Glad you enjoyed it!
Is it better to put all your pensions in one pot? I have a small pension from a previous employer, a private pension and a work place pension that started recently? All are relatively small at the moment. Also - do employers have to match your contributions into the workplace pension or is this optional? Thank you. Great video.
Great question - it really is up to you and your experience if you prefer to manage everything from one place. I personally keep my work pension with the company that it is with currently as I'm still making and receiving contributions and then have my private separate. I believe employers don't need to make contributions - however most will do as they receive tax benefits on the money they place into pensions for their employees. And for them they would want to encourage you to do that too and save them some money in the process essentially. Hope that helps!
MamaFurFur following this comment, I also have small pension pots from 2 previous employers. I left my first job approximately 5 years ago and the employer and I haven’t contributed since then. I have a couple hundred pounds in that pot and a couple more in another pot from my second employer which also has been untouched for over a year. What do you advise I should do? Should I leave them as they are or should I combine them all into the most recent pot which my new employer and I contribute to? I am in my 20s and I want to be on top of this from early!
Hard to fine companies who put in the same as you these days...
HI Gary - most companies will match contributions usually as they receive tax benefits for doing so, but agree harder to find companies that go over and above those amounts. My advice still is take any free money and enjoy it!
Love your videos
Thank you so much for that - keep up that positive way in life supporting others too. Makes you one of life's good people!
So you put money in to a S&S ISA and also a private pension every month?
Hi Jen, great video thank you! Can you talk a bit about salary sacrifice? I'd like to understand more how much of a benefit it is. Thanks!
Thank you very much for the information you have provided it has helped me a lot
You are welcome!
Thank you very informative!
Private pension or LTD company pension if I’m a small limited company owner. Only found your channel tonight. I’ve had a SIPP but sold off the stocks last crash. Bought some back. I’m a noob to starting a pension
Was the husband a rescue?
Some might say he was rescued, yep :) Thanks for a fun comment!
When I spoke with the Pensions Advisor at work, he steered me clear of opening a private pension as he said the benefits wouldn't match the employer pension I'm in via Royal London. I know its bespoke, but is a private pension worth it - what could I get from going private that a workplace pension wouldn't offer? I've ramped up the amount I'm paying in monthly to £600 which gives me £150 in tax relief, with the employer contribution, that's £800 a month going in - still short of the £1,100 a month for a 35 yr old to get between 18 and 20 grand annually and I'm 44 - yikes!
drgigglesuk don’t forget your state pension. That will be about £7.5k a year??
Thanks for sharing, it was really informative, I've now subscribed to your channel and I'm looking forward to watching more of your videos.
Awesome video, thanks. What’s the difference between private and state pension?
Good video although you didn't mention one important thing about pensions. Majority of people when they think about pension, they really think about annuity (financial product that you exchange your pot to which you saved over your lifetime, that thing guarantees you an income for the rest of your life).
To save 100k it is a good achievement. In the real life majority of people will have less saved in their DC pension pot.
The most interesting thing (that you did not mention) is how much actual pension income (annuity), you can get with your 100k pot and it is... shockin low! At the moment it is about £300 a month. So even if you had 200k in your pot (which is a lot of savings) you only get around £600 a month. This is bad, isn't it ?! Many pensions company don't even mention this because they don't want people to wonder:, is it actually worth doing for the sake of extra few hundred pounds. I migh be better off buying property a side... and it is a fair question to ask!
Fantastic comment indeed - and you are completely right that pensions do come with hidden charges and what you might get in return could be lower than you hope. I would always say think about pensions and Investments ISA/High interest savings as part of your whole strategy so more money long term stays in your pocket. Pensions are great for employer free contributions (where you are able to get them) to make that pot as big as possible. Thanks for taking time to comment and watch my video though, and the indepth discussion over that one point that I know will help others too.
With this in mind Does it make sense to make voluntary contributions or to pay of one's mortgage by overpaying? Thanks for the video.
sunny Okunuga the age old question. It depends how much risk you are happy to expose yourself to. In the end, a mortgage is a liability until it is paid off. Getting that security in your life of a paid for home is no bad thing. Is it the _optimal_ use of your money? Possibly not... but perhaps there is a psychological value in clearing that debt. Also it really depends on what your income is and what your mortgage balance is. Someone who has just borrowed £200k on a £50k household is in a much tighter spot than someone who has £50k left on their mortgage and £100k income. For most people... make sure you put enough money into your company pension to get any freebies from your employer. If you can afford to get your overall savings for retirement up to 15% of your income, that’s a good ballpark. (Eg. 5% you into pension, 3% employer into pension, then another 7% into ISA/pension top up/whatever works best for you.) Then if you have spare cash on top, overpay your mortgage. Then you’re not going 100% in a single direction. Lastly, overpaying on your mortgage early in its life has the most effect on reducing interest paid.
For a higher rate taxpayer is it simply a case of maximising personal contributions to a workplace pension to help avoid 40% tax? This was always the advice I got since any gains you may realise through ISAs will already have been taxed at 40% and so means you start on a worse footing.
Thank you for a well delivered presentation video. I will retire soonish with only my state pension to live on. I’m renting my flat privately. Will my rent be paid when I’m retired? How does this work?
Many thanks, I hope you’re well. Dave
thank you a very informative video
Excellent info!
Good video thanks!
Glad you enjoyed it! Thanks for watching and supporting my channel!
Loving all your vids
Hiya great video. Do you recommend investing in a pension and a ISA? I'm confused on if it's better to put all into my ISA as I can access it sooner?
Hi Daniel - great question - so depends on if you are a high tax payer or not as well as when you want access to the money/goals you have for it. If you are a high tax payer then potentially paying into pension with the top up of 41% works more in your favour, but then you still have to hold out until you are 57+yrs for access (plus tend to have higher fees to withdraw). I would say really depends on when you want access to the money and your goals for it. For me, I grab my matched free contributions maxed out with my employer then invest 10-20% post tax each month into ISA but that is just how I like to do it :O)
@@JenniferAMThomson thanks for the reply. I only pay low tax. The only problem is the company i work for are small. They pay 3% and I pay 5% to my pension so not sure if I should ask them what's the highest they will contribute before raising my side?
Yes exactly - doesn't matter the size of the company it is all about maxing out that FREE MONEY on top where you can allow it in life. It is free money you aren't having to earn for your future, so find out what their maximum contribution is and try and snap it up! Great question!
I just got a pension update from reassure my plan lost 8 grand last year nearly one sixth , what's the point?
I'm sixty now and this is very depressing, I want to move it now but where?
Thank you for this!
My pleasure!
Hello ma’am! What can I do ? Should I move my pension to another provider?
Hey would you have the link to the website to find out about the years gained on NI contributions? Just started watching this series this morning and I have so many questions! I'm in Glasgow too 😉
HI Jules - This URL should help you check your NI status - www.gov.uk/check-national-insurance-record
Very useful content. Please invest in a microphone.
HI Obinna - invested already in that and you can hopefully hear the difference in my recent videos. Thank you for taking time to comment and watch
my dad is on disabiltity benefits he turned 65 last week does that mean he has to apply for a state pension or does he automatically receive it
State pension age is now 66 for those currently getting to it. It’ll start increasing towards 67 in the near future too
Aussie here. Interesting to compare our superannuation to your pension pot.
I'm curious abour the pension pot though. If you are over 55, retired and draw a regular wage from your pot, is this taxed at normal income tax rates?
Brad Keen you can take up to 25% lump sum tax free. After that... typically what you take each year (be that annuity or drawdown) is taxed at your marginal rate. If your pension pot is _large_ (currently over about £1.03M) then you attract other taxes too.
I’m an Aussie living in London I don’t know all the thing lingo (trying to learn)but I can tell you right now it’s shit over here with the pay, the pension they give you ect all of it haha it’s so much better back home
I have been working in the same place for about 2.5 years and only have a few grand for my pension/super … 😒 it’s bad !
what is the website where i can check my NI contributions for my state pension?
So I just been auto enrol into a work pension , however I have looked into the reviews of the work pension my workplace uses and they are horrendous, I would like to take advantage of the free money but I’m abit worried considering how bad the reviews seem to be! What would your advice be in that case?!? Many thanks
Jennifer did you do a video on draw down pensions specifically.
Thanks Jennifer I pay in extra about 20 pound a week called smart avc not 100 percent sure if the government give me more money steve
Great questions Steve - tried my best to find out and I think it is just another form of adding more to your pension, so should get the top up. Speak to your company's HR team and they should know and tell you :O) Thanks for watching!
AVC = Additional Voluntary Contribution. Typically in the form of salary sacrifice, so from gross pay.
Should I consider consolidating all my past pensions to pension bee and keep my current workplace pension pot open?
Thank you Madam
I have to contribute NI for 35 years and be 68 before I can get the state pension :(
Urrrr, yeah, like everyone?!?!
OK I paid into a private pension and I was forced to take early retirement. I paid tax and NI for 42 years. If I never got housing benefit I would be below the poverty line, I am 63 and live on £410 a month. Please explain why I can't claim anything worth claiming ?
I am 65 next month when I qualify for a final salary pension. Which is better to take 25% lump sum plu reduced pension . Or take the monthly amount no lump sum with RPI. Alternatively should I transfer it too something else? I m not sure what happens then but sounds worrying.
Is the £40,000 limit per year or in your lifetime?
Per year :) You can put in more, but you will be taxed on what you put in on top of that. Great question and thanks for that!
i'm confused regarding private pensions. The money the gov gives you to invest in a private pension is then taken away at the end when your pension is taxed so how is that helping your pot? I know 25% is tax free so that is the only benefit I can see. Most private pensions charge a 1% fee so wouldn't it be more efficient to open an investment isa with a low fee(vangard) and make a bigger pot that way as it's all tax free? Thanks in advance for answering.
I currently have a work place pension which they double my contribution I also have a private pension for 30 years which is only wort 30k my problem is if I close my private pension to reinvest the mony better dose this affect my works pension, as in dose the tax shield still applie or dose the 4% reduction apply ,sry if this is not the place to ask this question but no one seems to talk about what can trip you up with pentions
Thank you for such great content! Just one question, if I’m planning to make a passive income from investments, do I need a separate pension? Or can this count as a pension? And if I do need a separate pension, which one should I prioritise saving into, the passive income or the pension?
Great question - you can have a pension or not. Completely up to you - really the benefit is for pretax savings that you know you will want post 55 yrs and for most people they only think pensions. I'm here to teach about passive incomes in general, so you can absolutely count your Investments as a "pension" like income. Great thing of Investment ISA is they aren't taxed when you withdraw money - unlike your pension. Priority of one or the other - completely based on when you want to access the money and also if you receive any top ups from employers etc (FREE MONEY) and your goals. Great comment!
MamaFurFur thank you so much! That’s really cleared things up for me :)
Many many thanks.... lots of useful information, funny enough, i'm going to my work Pension's meeting tomorrow & was browsing u-tube and came across this channel.... i've now subscribed.. excellent Video :)
Great video Jen I think your channel is great, but for once I think you made a mistake (from 10:57 onwards) - I double checked and Mr Google confirmed "You'll need 35 qualifying years to get the full new State Pension." - so even worse than the 30 years you stated.
Also since you made the video the state pension has increased; so in today's money the maximum state pension (after 35 years full contributions) is just over £9,300 per year (or £775 per month) and this can be double for a couple who have each made at least 35 years pension contributions.
Thanks Mike for that - it is a while ago I made the video, so appreciate the kind corrections.
I'm waiting for a email from my workplace pension company as they could explain where 31% of my pension is invested. It says 'fixed income' and that's it, no more information. The live chat person couldn't help me so the question has gone to 'the team'. I've got almost 30 years until I'm 60 and it should be easy to find out what asset allocation I have, and not just be call something as generic as that, I think it's some low return low risk bonds. And as it's a workplace pension all the portfolio options are managed so come with significantly higher fees and I can't tweak my allocation myself to fit my risk level and time horizon.
I'm 40 years old. I know I will not get a state pension. I am considering opting out of the basic employers pension 5% me 3% company and investing it myself in a Vanguard retirement funds. I don't trust the government schemes investing £10 of my money, they will loss it or simply give me a small figure at retirement. Would it not be better to keep the money, invest it myself and that way have full control of it?
I’d keep your company pension. Why throw away 3%? Most company pensions offer a degree of autonomy when it comes to selecting investments, funds etc. I logged into my company pension and changed where my money is invested from the defaults and had a wide range of options to choose from. Would you get _even more_ autonomy in a SIPP? Probably yes... but it is in the realm of the law of diminishing returns. Will you be watching your investments super carefully for the next three decades? Possibly not.
Do you know anything about the rule of taxation on withdrawal of 25% tax free and 75% taxable? The pension is a proper investment that may lead also to a loss of capital.
Sahar Nora Ibrahim if your pension pot is less than about £1M, then yes you can withdraw 25% lump sum tax free. Note that reduces your options to pay in, so exercise with caution. As for “you can lose money” aspect... that is kinda true but really a limited perspective. For starters: pension contributions are tax free. So £1 saved from nett pay would need to grow approx. 50% to catch up with £1 invested from gross pay just to keep pace with that pension investment. Secondly, good pensions are invested such that the portfolio is spread across a lot of instruments. Thirdly, short term fluctuations happen, but it’s about long term gains. Your money will grow over decades. As you approach retirement age, your pension provider will automatically move to lower risk investments such as cash for you.
I am either fortunate or unfortunate enough to have very little outlay to run my business. As such, I have few expenses for tax relief. Rather than give my money to the tax people, I am instead looking to pay into a private pension
I’m 40 with no pension. Is it too late?
Never too late for anything Kerry - all you have to do is start somewhere :)
You have another 29 years to work. Get saving!!
No, but unless you are on a terrific wage or have very low living costs you are going to have a less than average pension pot. Not a problem if you live within your means. Don’t worry unduly, I suspect about 50% of the population is in the same boat.
Why is my dads pension only $600 a month? He can’t take lump sum because it’s over $100K?
I'm afraid I can't answer about individual pensions, have you tried reaching out to the pension company to ask?
It's depressing to think you need to put £1,000+ combined a month away just to get £20,000 per year
Dave Ramsey esque!
I feel like I'm about to get a pinching.
Please help me obtaining my pension i have been a victim of a pension scam
ITts amazing how people believe in pensions. once you cash it out its not worth much due to inflation. Most think its mandatory. Blind people always give money to strangers in suits.
E
State pension was designed to run out just before you died and what you contributed would go back to the government at 65 now people are living longer so they can’t grab it back so easily so they pay you shit pension.if I had my life again I would never work